-- Posted 17 March, 2008 | | Source: SilverSeek.com
Just a quick update for now on what has happened this Sunday night well before markets are slated for opening in the US. News that JPMorgan will buy Bear Stearns for $2 a share and that this values Bear Stearns at $240 Million, a Tenth of its Value Last Week has sent world financial markets reeling.
“The Federal Reserve, struggling to prevent a meltdown in financial markets, cut the rate on direct loans to banks and became lender of last resort to the biggest dealers in U.S. government bonds.”
The dollar is plunging to new record lows, oil is rising to new record highs, and world stock markets in Asia and Europe are dropping as much as 4% or more while S&P futures currently trade a little over 2% lower at the time of writing, which is shortly after 2AM EST.
As they say, a picture is worth a thousand words, and the one following for gold is now well over a thousand dollars. Documented below is Sunday night’s active trading in Asia. Screen shot taken at 11:22 PM EST:
- Chris Mullen, Gold Seeker Report
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-- Posted 17 March, 2008 | |
