It’s interesting, and by that I mean terrifying, that gold would break the $1,000 per ounce barrier on the same day that there has been plain talk about nationalizing our banks.
To be clear, there have also been a spate of denials, from Bank of America, and clarifications that such a move would be ‘temporary.’
But what it’s really alarming is what Paul Volcker, former Fed Chief and tough guy and now an advisor to the Obama team, said to Reuters today. “I don’t remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world,” he said, according to the news wire service.
Today Citigroup shares were down 20%, at $2.01; Bank of America shares $3.52. The Dow Jones Industrial Average closed at 7,365.67, down -100.28 and the S&P 500 closed at 770.05, down -8.89 points.
