What, you thought David Rosenberg has been on the wrong side of the market? Think again, he says
THE DOW IS BACK IN A BEAR MARKET!
That is correct. While the market did make a new high in ‘deflated dollar’ terms
just a short two-days ago, in gold terms, the Dow actually peaked on August 27
and is down 13.5% since then. As an aside — just to show that the gold story is
not JUST a weak U.S. dollar, bullion prices rose a further 1.6% yesterday to yet
another new high even in the face of a 19bps recovery in the greenback (all sorts
of talk now that the Bank of Japan is set to intervene).