The U.S. dollar -- the vehicle of American consumption -- is at its weakest point of 2009. The dollar index is at 76 this morning, just a hair above the 52-week low set last Thursday.
But if you own some gold, rest easy. The spot price, at $1,058 as we write, is just a few bucks off its record high.
The great bear market rally of 2009 roars on today. Traders are still pumped about the surprisingly sweet start of earnings season last week. And with no economic data to speak of and a continually falling dollar, we can hardly blame them for “letting it ride” another day in stocks. The Dow opened up about 0.5% this morning with the S&P close behind. In fact, the Dow reached a fresh 2009 intraday high this morning and is steadily approaching every newspaper’s favorite “Dow 10,000!” Heh, though “Dow 10,000 Again!” just isn’t as exciting for some reason.
At the risk of raining on this parade, we add that this incredible rally over the last six months still pales in magnitude to the bust that preceded it. Just two years ago last week, the Dow hit its record high of 14,164. Caveat emptor.
But if you own some gold, rest easy. The spot price, at $1,058 as we write, is just a few bucks off its record high.
The great bear market rally of 2009 roars on today. Traders are still pumped about the surprisingly sweet start of earnings season last week. And with no economic data to speak of and a continually falling dollar, we can hardly blame them for “letting it ride” another day in stocks. The Dow opened up about 0.5% this morning with the S&P close behind. In fact, the Dow reached a fresh 2009 intraday high this morning and is steadily approaching every newspaper’s favorite “Dow 10,000!” Heh, though “Dow 10,000 Again!” just isn’t as exciting for some reason.
At the risk of raining on this parade, we add that this incredible rally over the last six months still pales in magnitude to the bust that preceded it. Just two years ago last week, the Dow hit its record high of 14,164. Caveat emptor.
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