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US Dollar weakens driving Gold over $1000

admin — Wed, 09 Sep 2009 00:20:22 +0000

Gold prices rose over $1000 for the first time since February as the US Dollar weakened over fears of inflation and excess government stimulus spending. Inflation worries has forced investors to investments that are considered safe such as Gold.

When the value of the dollar, often considered the world’s reserve currency, is falling, investors often turn to gold as a relatively safe alternative place to put their money.

“When you have currencies weakening and there’s no currency of choice (among traders), you move to gold,” said Carlos Sanchez, an analyst with CPM Group in New York.

The market thinks inflation is coming and sometimes perception is reality. Some say Gold may finish the year at or above $1200 dollars an ounce.

According to Bloomberg.com “The SPDR Gold Trust, the biggest ETF backed by the metal, reached an all-time high of 1,134.03 metric tons on June 1. The fund, which held 1,077.63 tons as of Sept. 4, has overtaken Switzerland as the world’s sixth-largest gold holding. Bullion held in ETF Securities Ltd.’s exchange-traded products gained 6,640 ounces to a record 8 million ounces (248.8 tons) yesterday, its Web site showed.”

Cash for clunkers to end Monday

admin — Fri, 21 Aug 2009 13:15:47 +0000

The 3 billion dollar government program to trade in old cars for rebate incentives from the dealer will end Monday at 8 p.m. The month old program which initially was set to 1 billion dollars was extended for a total of 3 billion. The program ran for a month and the 3 billion funding has ended. Last minute shoppers can take advantage of the program this weekend. Dealers will have a deadline to submit paperwork to get reimbursed from the Government.

Oil Possibly to hit $85

admin — Fri, 21 Aug 2009 13:11:17 +0000

A weaker Dollar USD pegged against a stronger EURO with oil at $74 poses the possibility of oil breaking a technical level of $74 and rising to $85. Friday Crude Oil hit a 12 month high.

Sprint 4Q 2008 Loss less than expected but keeps losing customers

admin — Thu, 19 Feb 2009 16:25:21 +0000

NEW YORK -(Dow Jones)- Sprint Nextel Corp. (S) posted a narrower fourth- quarter loss and indicated that it’s on the cusp of turning around its subscriber losses.

The Overland Park, Kan., wireless carrier lost 1.3 million subscribers in the fourth quarter – still an alarmingly high rate – but suggested the declines were stabilizing as predicted. Such stabilization is occurring as growth in the broader U.S. wireless industry slows during a decline in consumer spending and market saturation.

“Despite losing customers, Sprint seems to be moving in the right direction, especially in light of a slow-growth quarter posted by AT&T and Verizon,” said Rick Franklin, an analyst at Edward Jones.

Chief Executive Dan Hesse said he sees subscriber losses narrowing this year. But the company declined to provide further financial details, citing the economic uncertainty.

“These are unprecedented economic conditions,” Hesse said in an interview with Dow Jones Newswires. “We’ve seen some impact, but not dramatic impact. But we can’t guarantee that will continue to be the case.”

Sprint shares recently rose 22.1% to $3.31.

HP’s Profit Drops 13%, Cuts 2009 Forecast

admin — Thu, 19 Feb 2009 14:48:03 +0000

Computer giant Hewlett Packard is feeling the recession as it reported a profit drop of 13 percent and was forced to cut it’s 2009 forecast.

“The swing in the revenue outlook is particularly glaring and suggests that, clearly, their business has slowed materially over the last two months,” said Calyon Securities analyst Shebly Seyrafi.

The company earned $1.9 billion in profit on $28.8 billion in sales for the last quarter — which ended on January 31 — though revenue increased only 1 percent compared to the same time in 2008. HP’s sales of PCs, printers, ink and servers also declined, with several other HP businesses expected to be hurt in the future.