Today's Top Videos: Time to Be Bullish on Gold?
The chairman of Cumberland Advisors predicts more bank failures, while Louise Yamada tells investors why now is the time to be bullish on gold. Following are today's top videos:
More Bank Failures Due
“I think the financial problem is halfway through the cycle, or something like that. There’s another shoe to drop ahead of us, and it could be more severe. The reason is that this time around, as financial firms need to raise capital, they’re going to have to pay a higher and higher price to get it -- some of them are not going to be able to get it. And so I don’t think we’ve seen the last of the bank failures…”
--David Kotok, Chairman and CIO, Cumberland Advisors
GE's Immelt on the Markets
“I would say environmentally and economically, we don’t see a lot different today than we saw in the middle of July –- the financial markets are still tough, housing prices are still going down, the U.S. consumer is still under some stress, but the global market remains robust. The export side remains very robust.”
--Jeff Immelt, Chairman and CEO, GE
Getting Technical
“Longer term, we are still [bullish on gold]. One of the things that have happened is that gold broke its support—its 8-month support—at $850. So the possibility of pulling back to the uptrend at around $760 still exists. We have to remember that it’s been 2 years since we had the major corrective pullback, which was also about 25 percent in 2006. So this is all part of the normal consolidation corrective cyclical bear market that occurs within an ongoing bull market environment.”
--Louise Yamada, Managing Director, Louise Yamada Technical Research Advisors
Discussing ARS Fallout
“First of all, the regulators, issuers and participants need to be commended for getting the ball rolling to restoring liquidity to this market. My concern is that the focusappears to be on sales practices point of sale between the financial advisor broker and their clients.”
--Ron Kruszewski, Chairman and CEO, Stifel Nicolaus