Posted By RichC on August 18, 2011
The talk in financial circles has some pretty negative commentary on growing our economy. Traders and fund manager ran for low yielding safety today as the stock market was down and down big at over 500 points on the Dow just before the close. As the trading day ended, the stock indices were all red.
There is real fear that we’re in for a likely global recession with weak U.S. economic data and fresh concerns about Europe’s banks. Gold jumped to a new record of nearly $1,830 a troy ounce dipped below 2% in intraday trading for the first time since at least 1954 – investors were just looking for some refuge no matter how low the yields.
Perhaps the best quote on the day was: "If it’s not a recession, it sure feels like one. And if it feels like one, it doesn’t matter if you can prove it with statistics or not."