Friday, May 29, 2009

Home Price Stabilization Key to Recovery

May 29 (Bloomberg) -- Nicolas Retsinas, director of housing studies at Harvard University, talks with Bloomberg's Deirdre Bolton about the need for home prices to stabilize before the U.S. housing market can begin to recover.

Retsinas also discusses housing data released this week and the implications of rising foreclosures. (Source: Bloomberg)










Bob Chapman on The Alex Jones May 29 2009

Bob Chapman with Jason Bermas on The Alex Jones Channel talking about the Dollar Gold and silver , countries stsrt dumping the dollar while the FED is keeping on printing more ...

Oil extends gains to $66

Oil extends gains to $66

By Chris Flood

Published: May 29 2009 11:59 | Last updated: May 29 2009 17:16

Crude oil prices were on course on Friday for their strongest monthly rise in more than 10 years following this week’s Opec meeting where the oil producers’ group delivered a surprisingly upbeat assessment of demand.

Nymex July West Texas Intermediate hit a seven-month high of $66.47 on Friday befor

e easing to trade 92 cents higher at $66 a barrel, up 7 per cent this week.

US crude prices have risen 29.1 per cent in May, on track for their best monthly performance since March 1999.

ICE July Brent gained 76 cents to $65.15 a barrel, up 7.2 per cent this week.

Abdalla El-Badri, Opec’s secretary-general, said oil prices could rise to $70-$75 a barrel by the end of the year.

“The outlook is improving,” said Mr El-Badri, who also conceded that the market’s fundamentals were “still weak”.

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Gold hit the $980



Gold hit the $980-a-troy ounce level yesterday before easing back to $979.90, up 2.2 per cent on the day and gaining 2.5 per cent this week. It was helped by concerns about rising levels of government debt.

Silver rallied 6.4 per cent to $15.56 this week and was on course for a gain of 26 per cent in May, its best monthly performance for 22 years.

Source FT

Dollar continues its decline and Slips to $1.41 per Euro on Economy



Dollar Slips to $1.41 per Euro on Economy, Higher-Yield Demand

By Oliver Biggadike and Anna Rascouet

May 29 (Bloomberg) -- The dollar declined beyond $1.41 against the euro for the first time this year as evidence the global recession is easing sent investors in search of assets with higher returns.

The U.S. currency also headed for its biggest monthly drop versus the euro in 2009 and fell today against major counterparts including the Australian and New Zealand dollars as South Korea said its state pension fund plans to hold fewer Treasuries. The U.S. securities were poised for a second month of declines on concern debt sales will overwhelm demand.

“It’s a fundamental dollar-down trade,” said James McCormick, global head of foreign exchange and local market strategy at Citigroup Inc. in London. “The truth is that countries like the U.S. with handicapped banking systems, with overextended fiscal policy, are going to see very shallow recoveries.”

The dollar weakened 1.3 percent to $1.4128 per euro at 2:44 p.m. in New York, from $1.3941 yesterday, bringing its decline this month to 6.4 percent, the biggest since December, when it dropped 9.2 percent. The dollar depreciated 1.8 percent to 95.10 yen from 96.85. The yen advanced 0.5 percent to 134.38 per euro from 135.04 yesterday.

Sterling increased as much 1.6 percent to $1.6198, the highest level since Nov. 5, and headed for a 9.3 percent monthly gain, the biggest since 1985. Nationwide Building Society said U.K. house prices unexpectedly jumped 1.2 percent in May, and the market researcher GfK NOP reported consumer confidence matched the highest level in almost a year
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