Russia Adds 5.7 Tonnes of Gold In April; Golden Truth 1 – BAC 0…
Just in: Bloomberg posted an article that reports Central Banks expanded their gold holdings the most since 1964: LINK Wonder what that means? The world was on a fractional gold standard per Bretton Woods back then…
Russia’s insatiable appetite for gold accumulation continues in April:
(Chart courtesy of Richard Nachbar, http://www.coinexpert.com/ – click to enlarge)
On another note, last Friday Bank of America poo poo’d the massive, record outflow of capital from the high yield market. I commented HERE that historically it was a bad omen for the stock market when hedge fund money races out of the junk bond market. Since last Thurday’s close thru right now, the Dow is down 6.7% and the SPX has dropped 7.3%.
And today Bloomberg reports this: “The loss in junk bonds this month is on pace to exceed the 3.47 percent drop in February 2009, which was last year’s worst. It is on course to be the biggest drop in the market since the debt tumbled 8.43 percent in November 2008” LINK. Wall Street analysts typically suck in their market assessments. B of A sucked in junk bonds back in the 1990’s and it’s good to see that nothing has changed since then.
Have a great weekend. If I get off my lazy ass I’m going to put together a post on the housing market. In the meantime Happy Friday