Gold futures overshot on uptrend, says analyst. Now, gold futures bottoming at $1,500 an ounce or, and that doesn't hold, to between $1,100-$1,200.
Dysfunctional politics, both in Washington and in Europe, is spooking markets worldwide. While perhaps not as dangerous as the economic dysfunction of 2008, it is still a concern.
Stock markets have been swinging wildly of late. Even though corporate earnings have shown strength over the past year and not all economic indicators have been gloomy, investors are on edge. Uncertainty looms on several fronts – from concerns about the basic health of the economy to doubts about fiscal policies in the United States and Europe. Here's a look at the forces weighing on investors' outlook:
Emerging markets like China and Brazil, as well as US, are urging European ministers to address its sovereign debt woes. But emerging markets, US lack consensus on solution.
Prime Minister Papandreou canceled his US trip and hinted at further austerity measures after Europe's 'troika' of experts expressed doubt about the Greek government's plans to avoid default.
Stock prices plummeted in Europe and stock futures were down in the US after EU ministers failed to expand a bailout fund to help Greece. Bank stock prices led the decline in Europe.
At a meeting of European finance ministers in Poland, leaders largely rejected proposals from Treasury Secretary Timothy Geithner on how to rescue the ailing eurozone.
Five central banks take steps to funnel cash to eurozone commercial banks by year's end. Their aim? Avert a funding freeze – and perhaps another global banking crisis tied to bad debt.
Today's top stories include a report that the Taliban attack on Kabul may have been a 'last gasp.' Also; how Al Qaeda is being eclipsed by its affiliates. And is the eurozone on its last leg?