Half of 2011 is gone and the economic picture is still very confusing and troubling. Today, S&P/Case-Schiller home price index showed that home prices have fallen to the levels from middle-2002. The Consumer Confidence Index also dropped to 60.8 from April’s reading of 66. Meanwhile, the Euro/USD rallied to around 1.44 with the news of [...]
The initial claims number released this morning was 424,000, an increased of 10,000 from the previous week’s revised number of 414,000. According to the Bureau of Labor Statistics’ April household survey data, the number of unemployed was 13.7 million and the number of non-farm payroll jobs rose by 244,000.
Gold has taken on multiple-personalities recently. Historically, gold has been an inflation hedge and a flight to safety. Lately, gold has also taken on the role as a currency of its own. We have seen gold rally to a historic high, above $1,500, as the greenback continues to lose its value. With the tensions of [...]