Broken!   05-01-09

To read at the website: http://www.globalprofiles.net/about.asp?page_id=2

Baltic Dry Index.  773

This is the way the world ends
This is the way the world ends
This is the way the world ends
Not with a bang but a whimper.

T.S. Eliot

“Capitalism’s broken,” bawled failed former guru Greenspan to then Treasury Secretary John Snow in the early years of the 21st century.  “And how,” is the view this morning from London, where the global economy now looks to be in the process of shutting down.  A global economy that was largely set up to cater to false American demand, boosted by the fraud of fiat money, and the massive debt prosperity it generated, has well and truly self destructed in an orgy of fraud and malinvestment.  The financialised world the central banks created to prop up the failing dollar reserve standard, went bust in 2007-2008 at the end of a multi trillion dollar structured finance, derivatives gambling wipe-out of the western banks. In effect, Mr Greenspan created one bubble too many, and Wall Street fraud and derivatives gambling spread the toxin far and wide.

Now every economy on the planet is in full retreat, and bad money having long ago driven out good, while politicians everywhere pretended we could all have a free lunch if we would just vote them into office, the fiat currencies have become destabilised mere proxies for money.  Fraud and unrestrained debt gambling got us into the predicament we face today.  More fraud and even more debt is the solution, say the Gordon Brown’s, George Bush’s and Barrack Obama’s of the world, backed up by trillions of new monetisation in the fiat currencies. Sadly I have come to the conclusion, it won’t work. Stay long gold and silver, we face a catastrophe of historic proportions. We have just faced our Amsterdam tulip moment. Trillions of wealth was lost last year, and oily weasel words and monetisation plus massive new debt will not bring it back.

Globally the world economies are just starting to reflect that. My guess is that 38 years on the fraud of fiat money is not offset with a mere few months of distress.  Read the rest of this entry »

Market closes for  Friday,  Jan. 2 , 2009

        Close   Change  YTD           
Dow Jones       9,034.69        +258.30 or +2.94%       +2.94%        
S&P 500 931.80  +28.55 or +3.16%        +3.16%        
NASDAQ  1,632.21        +55.18 or +3.50%        +3.50%        
TSX COMP        9,234.11        +246.41 or +2.74%       +2.74%        
TSX VENT     846.69       +49.67
BoC Open        Today   Previous      
Canadian $      0.8226  0.8210
US $    1.2156  1.2180

Euro Spot Rate  Today   Previous      
Cdn     0.5944  0.5896
Euro    1.6825  1.6959

Gold    AM      Previous PM   
London Gold Fix ($US)   $869.75 $874.50       

WTI Crude Future($US)   $46.23  +$1.63 or +3.65%      
Silver                  11.49         +0.19
Copper                  1.46         +0.05
Nat Gas                6.00          +0.38  
Nickel                  5.74          +0.59

News Summary

Investors feeling more optimistic about 2009 snapped up stocks Friday from some of last year’s worst performing sectors and sent the Toronto stock market sharply higher on the first day of trading in the year.

New York markets also surged despite data showing a further slump in the U.S. manufacturing sector.
Toronto’s S&P/TSX composite index was up 246.41 points to 9,234.11 with all sectors positive save gold and consumer staples stocks. Read the rest of this entry »

Market closes for  Wednesday,  Dec. 31, 2008

        Close   Change  YTD           
Dow Jones       8,776.39        +108.00 or +1.25%       -33.84%       
S&P 500 903.25  +12.61 or +1.42%        -38.49%       
NASDAQ  1,577.03        +26.33 or +1.70%        -40.54%       
TSX COMP        8,987.70        +156.98 or +1.78%       -35.03%       
TSX VENT     797.02     +23.96

BoC Open        Today   Previous      
Canadian $      0.8210  0.8190
US $    1.2180  1.2210

Euro Spot Rate  Today   Previous      
Cdn     0.5896  0.5820
Euro    1.6959  1.7183
Gold    AM      Previous PM   
London Gold Fix ($US)   $865.00 Closed

WTI Crude Future($US)   $44.09  +$5.06 or +12.96%     

Silver             11.30            +0.31

Copper             1.41             +0.09

Nat Gas            5.60            -0.26

Nickel              5.15            +0.43

News Summary

The Toronto stock market ended a horrible 2008 trading year down a stunning 35% — but ended the last session of the year with a strong, triple-digit advance led across all sectors, led by gains in financials and energy, the two biggest sectoral decliners of the year.

New York markets rose following jobless claims data that was better than expected.
Toronto’s S&P/TSX composite index closed up 156.98 points in thin volume to 8,987.7, its third consecutive triple-digit drive that added to a gain of points. Read the rest of this entry »

Market closes for  Tuesday,  Dec. 30, 2008

        Close   Change  YTD           
Dow Jones       8,668.39        +184.46 or +2.17%       -34.65%       
S&P 500 890.64  +21.22or +2.44% -39.35%       
NASDAQ  1,550.70        +40.38 or +2.67%        -41.53%       
TSX COMP        8,830.72        +193.43 or +2.24%       -36.16%       
TSX VENT     773.06      +30.07

BoC Open        Today   Previous      
Canadian $      0.8190  0.8207
US $    1.2210  1.2184

Euro Spot Rate  Today   Previous      
Cdn     0.5820  0.5874
Euro    1.7183  1.7024

Gold    AM      Previous PM   
London Gold Fix ($US)   $870.00 $869.75

WTI Crude Future($US)   $39.34  -$0.68 or -1.70%      
Silver               10.97            +0.16
Copper               1.33            +0.02
Nat Gas             5.84             -0.25
Nickel               4.72             +0.49

News Summary
The Toronto stock market racked up a triple-digit advance for a second day with all sectors well into positive territory except for the gold sector.

New York markets also closed up sharply as the U.S. Treasury Department invested US$5 billion into the ailing financing arm of General Motors.

With one day left in the 2008 trading year, Toronto’s S&P/TSX composite index closed 193.43 points higher at 8,830.72. Wall Street’s Dow Jones industrial average was up 184.46 points to 8,668.39. Read the rest of this entry »

Market closes for  Monday,  Dec. 29, 2008

        Close   Change  YTD           
Dow Jones       8,483.93        -31.62 or -0.37%        -36.04%       
S&P 500 869.42  -3.38 or -0.39% -40.79%       
NASDAQ  1,510.32        -19.92 or -1.30%        -43.06%       
TSX COMP        8,637.29        +326.74 or +3.93%       -37.56%       
TSX VENT    7742.99    +45.99
BoC Open        Today   Previous      
Canadian $      0.8207  N/A   
US $    1.2184  N/A   

Euro Spot Rate  Today   Previous      
Cdn     0.5874  0.5901
Euro    1.7024  1.6946
Gold    AM      Previous PM   
London Gold Fix ($US)   $881.00 $880.25

WTI Crude Future($US)   $39.66  +$1.95 or +5.17%      
Silver                      10.89     +0.28
Copper                      1.31      EVEN
Nat Gas                     6.14      +0.31
Nickel                       4.23        EVEN

News Summary
Investors started the last week of 2008 trading off with a bang Monday, sending the Toronto stock market up more than 300 points with the charge led by energy stocks as oil prices shot higher in the wake of Israeli air strikes against Gaza for a third day.

However, New York indexes were lower as Dow Chemical Co. saw a joint venture in Kuwait collapse.
Toronto’s S&P/TSX composite index surged 326.74 points or almost 4% to 8,637.29 in a broad-based advance.
The TSX energy sector moved ahead 5.7% as the February crude contract in New York rose $2.31 to US$40.02 a barrel after going as high as $42.20. Read the rest of this entry »