What A Day!
Today was a great day in the markets. Well actually the Dow, Transports, Industrials and Russell sank on inflation worries. Gold spiked up $23 and Oil closed above $60.
Novastar Financials(ticker: NFI), another mortgage lender, tanked 42%.
And the Bank of Japan raised interest rates a quarter of a percent. I didn’t think they had the back bone to do it! The BoJ’s prime lending rate is now a whopping 0.5%! But they said they’ll take their own sweet time in considering future rate increases so the Yen didn’t spike on that news.
Well a good day for gold and oil is a good day for my portfolio!
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Gold Is A Lousy Investment Gold hit another record today and is currently trading over $1,100 as I write this. However, it hasn't prevented several news stories coming out about how gold is a lousy investment. Investment stalwarts from Warren Buffet to Monish Pabrai have all denounced gold as an investment. And despite the decent......
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February 22nd, 2007 at 8:12 am
Oil is always a good commodity. I was surprised to see BOJ interest rates also.
You must be a Bloomberg junkie like me.