Monday, August 08, 2011
Huge sell off continues overseas
Asian markets are all down sharply (it's Tuesday morning there). The Korean stock market has suspended trading with its main index already down 8%. Oil has dropped to $75 a barrel. The flight to gold and cash is continuing with gold trading near $1750 oz and short term government bonds offering record low yields (near zero). Selling is accelerating after worse than expected inflation reports from China.