Most of my spare time over the last couple of weeks has been consumed with getting an exciting new website ready for launch next week, leading to a brief hiatus from blogging. While I cannot get into the details of this new website right now, it will hopefully become your first destination for financial information.
The markets have continued their downward march over the last two weeks with the Dow Jones Industrial Average joining the Nasdaq in wiping out all of its 2006 gains. This comes in the wake of a dismal loss of 0.6% in 2005. The global markets have fared even worse with India and Russia falling almost 30% since their peaks on May 10th. Have precious metals and commodities done better in the face of this global decline in stock markets? No such luck. Gold (GLD) fell another $44.50 to close at $566.90 an ounce today, down 24% from its peak in mid May. Copper companies that I have been following like EuroZinc (EZM) and the bigger (safer?) Phelps Dodge (PD) have also been feeling the pain. In a rising interest environment, bonds have also dropped in value though not quite as precipitously as stocks and commodities.