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Gold prices volatile as economic reports show home values plunging

January 29, 2009 by  

Gold is volatile in the current economyCommodity prices seesawed this week as a slew of economic reports depressed the markets and the U.S. government launched another initiative to promote economic recovery.

Gold prices hit $915 on Monday, the highest level in three months, before retreating later in the week as stocks rallied in the expectation of the House passing a new stimulus package.

The stormy week follows several major economic reports which suggest that the recession is deepening. Data from the S&P/Case-Shiller report for the 20 largest metropolitan areas show that in November U.S. house values fell by a precipitous 18.2 percent from a year earlier.

Meanwhile, job losses continued across the country, and the Conference Board reported a fall in its consumer confidence index to 37.7. In 1985, the index stood at 100.

Brian Bethune, chief U.S. financial economist at IHS Global Insight in Lexington, Massachusetts, told Reuters that "the adverse feedback loop from extremely tight credit conditions to reduced asset prices and … reductions in demand for labor services continued to spin at an alarming velocity in January."

Falling house prices not only destroy wealth, but they make banks even more reluctant to extend credit creating a vicious cycle of ever-reducing purchasing power.

The House of Representatives on Wednesday passed an $819 million stimulus package intended to restart the U.S. economy.
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  • Bob Livingston

    Gold prices have nothing to do with home values plunging. On the contrary, gold prices are directly related to the amount of fiat paper the government Federal Reserve printing presses are turning out.

    Home prices are plunging because of the greed of Wall Street and their twisted marketing schemes that caused the mania in home prices. This is another instance of confusing cause and effect which is typical of the U.S. news media.

    • Bob

      No gold prices are directly related to public opinion of its worth. In relation to the fed I will only quote Woodrow Wilson: “I am a most unhappy man; unwittingly I have ruined my ….. It will undermine and destroy the democratic institutions of this country

      Home prices are plunging because people were coned into believing a tract home with a true value of 200k was worth a million because you could get a bad mortgage for it in that amount. Houses could never continue to sell for such ridiculously high prices especially when they are being built so poorly that the life of the mortgage will probably be longer than the life of the home. Wall street had nothing to do with this The largest portion of the blame fall to the federal government for its forced idiocracy in lending laws and the few “leaders” of freddie mac and fannie may. These same subgeniuses are now the ones our newly (here is where the media is at fault) “leader” are now tasked with making more billions in bailout monies that are once again only lining the pockets of the criminally corrupt. This will never fix the problem only extend it to our grand children rather then allowing the economic checks and balances work.
      “This is how liberty dies. To the sound of thunderous applause.”

  • George Nickolas

    The Federal Reserve has printed nearly 11 Trillion dollars of Reserve Notes in the last 6 months. Where have they gone and how are they being accounted for? This printing lowers the value of the dollar and can only lead to a financial melt down. I hope it does not mirrow the German Economy of the early 1920′s.

  • http://jackiecox333@mac.com jackie cox

    home prices are plunging because the manufacturing infrastructure that used to makeup the majority of middleclass america has been removed (mostly) and setup in slave countries by the world class mafia that control the;retail, financial and commodities markets and their play on financial newsmedia, like the phony prices of gold, and other ever changing commodities. The simple fact becoming rapidly apparant is the goods and services our economy has been turned into, triples minium wage jobs every 10 years and homelessness is off the charts. The few who can afford decent homes work for the; government, energy, medical, financial sectors of the economy, and little more. There are too many people and not enough jobs.

    The lobbyst took down our firewall of protection for american jobs ” Import Taxation ” so long ago that the retirees from the goods and services are lucky to find an apartment, or shack, they can afford in the few years they have after retirement until sickness passes them on. With medical insurance near their social security incomes, the medical care they receive at the ERs is terminal. And will remain so in the forseeable future as the legal-medical-insurancefraud-mafia control americas health care, and the courtrooms of the land are in on it as well. Obamacare is a laugh, a political Public Relations Stunt, something to show and tell in the house of smoke and mirrors that rule this land of ever decreasing quality of life.

    Our saving grace is agricultural science, we produce the worlds food surplus,newsmedia, pretending to give it away to the less fortunate, the commodity prices controled by the DOA who allow farmers to produce the surpluses and buy them, sitting the commodity prices, and hense the farm size 600 +acres, compared to chinas 2 1/4 acre hand farmed plots. Provides us with the best food in the world, even the welfare sub-cultures have enough to eat, and the throwaway fashion economy provides all with warm clothes. Older, out of fashion, transportation is cheap, and dependable. However the oligopoly of fuel, chutzpas, several hundred dollars a year in profits from every citizen.

    My wish would be the dissappearance of; lobbyst, super delegates, the electoral college, supreme court, one party system pretends 2, and the automation of; health, education, law, and welfare of americas citizens, resurrecting americas import taxation and the return of our entire manufacturing sector, and jobs for all able to work, with a minium mage of 20 an hour- smaller families, universal education, healthcare, and nofault insurance. Kick the world class mafia to wherever they want to go, just not here. And maintain a military strong enough to protect the world from the bullies now gathering steam, by resurrecting NASA, and controling orbital space, and the security it brings to a world with one book where information is also doubling every few years.

    Voting with our social security numbers , when we resolve taxes the end of every year, government by referendum, We are smarter and more ethical than the lawyers now in charge, who go to DC to get at the lobbyst cash handouts, and little else. thinkng up predatory laws to ensnare the common citizen.

    Quit setting up a nonproductive unwanted country in the middle eastern desert, on stolen property using americam taxpayer funds, giving almost 60,000 dollars for each of their citizens annually. They are the world class mafia, attempting a one world power, theirs, in a one world economy, theirs. And we their whipping boys, their hirelings, servants, virtual slaves, as they, who double their population every 17 years are returning the world to Nobility, theirs, hidden, and not well hidden by title, deed, and illegal unethical predatory law.

    change

  • http://jackiecox333@mac.com jackie cox

    I am not afraid to tell the truth, and will not cower or bow down the the theives in the news who hide their stolen loot in swiss bank accounts, and are much heraled by the mafia run newsmedia. Telling us what to buy, then selling it to us. The newsmedia doesn’t even make good toiletry tissue. The schools are setup to graduate servants, hirelings, virtualslaves. or Nobility, if you have the cash to give the education companies.

    The one book has literally passed them by, law is all that keeps them afloat, like their other brothers, for lasting education occurs from interest and is rapidly becoming available free, on the internet

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