In This Issue..
* A Risk Off day...
* Currencies rally on Tuesday...
* Chinese bank has strong IPO...
* Kicking the can down the street...
Good day... And a Wonderful Wednesday to you! It was a Terrific Tuesday for the currencies VS the dollar, it was not a Terrific Tuesday for Gold, and the Cardinals!
Front and Center this morning, Gold is retreating again today and has fallen well below $1,200... Here's the skinny... Yesterday, it was announced that China's Agricultural Bank of China reported a very successful public offering, raising more than $22 Billion. Now, what does this have to do with a Gold sell off I hear you saying? Ahhh grasshopper... Come, sit, let's discuss...
Basically, it's like this... If a Chinese Bank can pull off a very successful IPO without breaking a sweat, then the daggers can be put away on a global risks, and that could be seen in the performance of equities all across the board yesterday....
Filed under: Australia, Currencies, Oil, China, Gold, Euro, Canada, Automotive Industry, Risk, Brazil, Paul Krugman