Monday, August 8, 2011

Circuit Breaker on Korean Stock Exchange

Trading halted for 20 minutes on Kospi. That means it has dropped 10%. The Korean central bank is stepping in. It feels like a total panic in Asia.

Global sell-off continues.

Hang Seng down 1,500 points.
Nikkei down 390 points.

The consumer price rose by 6.5% in July in China, highest percentage rise in more than three years. In other words, a bad number for the market.

Riots spread all over the country in the UK.

Gold hit US$1,745, and hitting all-time high in other currencies. 1 ounce of gold is 1,225 euro, 134,536 Japanese yen, AU$1,736, 1,067 British pound.


It may continue, as my personal contra-indicator (a certain financial network owned by GE) is still trying to spin it positively and bottom-pick. Someone said Bank of America is a buy here.


Anonymous said...

Curious, with a rising yen, no inflation, in fact the opposite, is there any interest in gold amongst the Japanese public?

arevamirpal::laprimavera said...

Not that I know of. Many people think gold is dangerous, and continue to dabble in forex, which to me is way more dangerous. Even in yen terms, gold hit all-time high. I've given up on trying to advise my friends and relatives there on buying gold - first when it was about $500, then $900, then 1,000, then 1,200, most recently when it dipped below 1,500.

Anonymous said...

Riots in UK has not much to do with the actual crisis, it's "just" huge violent lootings done by young offenders...

Post a Comment