The dollar collapses
The dollar has suffered a spectacular collapse against the Euro, Swiss Franc, Gold and Silver as investors flee U.S. Assets in the wake of the spectacular collapse of one of Wall Street’s largest companies, Bear Stearns. The Swiss Franc recently traded through parity with the dollar at 0.9776. The Euro climbed 3 big figures to a record 1.5819. Gold and Silver were both up over 2% to $1022.90 and $21.125 respectively.
The Nikkei 225 was down nearly 400 points, over 3%, in overnight trading in Asia. Be prepared for chaos as the markets open in the U.S. on Monday.