This week stocks and gold soared to new highs as Wednesday the Fed cut rates 0.5% in an apparent attempt to rescue the U.S. Treasury from being buried in unpayable interest debt. Of course, the U.S. Treasury will just roll over more debt to pay current interest obligations, but that’s a fools game that will end very badly.
Monday, stocks fell slightly in Europe but rose 0.3% in Asia and 0.7% in the U.S. on 10B shares traded. The Dow Jones Industrial average logged a record closing high.
Tuesday, stocks gained 0.4% in Asia but lost slightly in Europe and in the U.S. on 10B shares traded. Precious metals and their miners lost about 1%. The Dow Jones Industrial average registered another record closing high.
Wednesday, stocks fell 0.5% in Europe but just slightly in Asia and the U.S. on 12B shares traded. Precious metals and their miners lost 1%. Apple ended above its 220 benchmark.
Thursday, stocks shot up 1.5% in Asia, 1.4% in Europe, and 1.2% in the U.S. on 13B shares traded. The VIX fell 10%. Precious metals and their miners rose 2%. Dow, NASDAQ, and S&P 500 indices closed above 42,000, 18,000, and 5700 respectively. The Dow, S&P 500, and NYSE also logged record closing highs.
Friday, stocks rose 1.9% in Asia but fell 1.4% in Europe, and 0.3% in the U.S. on 21B shares traded related to options expiration. Precious metals gained 1% and their miners advanced twice that amount. The spot gold price closed above 2600 and logged another record closing high. The NASDAQ ended below its 18,000 benchmark. The Dow Jones Industrial average logged another record closing high. Finally, the obscene Federal Reserve balance sheet declined 6B to 7.11T.