Finally, the Markets are Closed
August 8th, 2011It’s bear city right now in the world markets, and it looks like it could be the beginning of a long, bloody stretch of bad days. Today, the first day of trading after the S&P downgrade saw the Dow Jones fall over 600 points. This is the largest single day drop since the credit crisis of 2008, and the second of three days that the Dow fell by more than 500 points.
On the precious metals side, gold hit record highs today, as massive selloffs from New York to Hong Kong helped push gold prices past the $1,700/oz mark, resulting in a 2% increase during today’s trading. In a rather odd scenario, however, silver prices peaked at $40/oz before taking a downturn as the day wore on. While it still finished on a high, it is unusual that silver wouldn’t follow gold during the trading day. However, the spike in precious metal prices only enhances the lack of faith many have in both the US markets as well as markets across the world.
Even though this shouldn’t be taken as investment advice, if you’re wanting to be a player in the markets, you may want to sit out for a little while. Things aren’t looking up, and they might not for a very long time.
