The famed “Greenspan and Bernanke Put” that has helped to support the U.S. equity markets over the past two decades can rest in peace, according to David Rosenberg.
The chief economist and strategist at Gluskin Sheff had that to say after today’s plunge added to the significant decline seen in the U.S. equity markets in recent months.
Rosenberg has largely been bearish on stocks and bullish on bonds and gold for the better part of the past five years.
As such, with the Dow Jones Industrial Average (DJIA) lower by more than 500 points near 10,910, the yield on the ten-year note falling to a new all-time low of 1.98%, and gold futures at record highs, his market predictions are looking quite prescient.
Rosenberg wrote the following in his daily market comment:
“It should not be lost on anybody that every other time in the past when the equity market sagged as much as it has in the past few months — down almost 20% peak-to-trough — the Fed could always be relied upon to cut interest rates and hold everybody’s hand in the process.”
“The Fed now has no such cannon, nor does it even have a pistol — we are down to unconventional firecrackers. And even with these, the Fed has been doing little more than alter the wording in its press statement.”
“The Greenspan & Bernanke put: R.I.P.”
West Kirkland-Newmont JV Yields Positive Results
The TUG property is contiguous with 900 square kilometers (220,000 acres) of mineral rights in the Long Canyon Trend that the Company has optioned through a recent transaction with Rubicon Minerals (RBY). The combined Newmont and Rubicon option agreements give West Kirkland a dominant land position within the Long Canyon Trend and will be the focus of the Company's exploration efforts in Nevada. Full West Kirkland Mining Press Release.
*It confirms that the hinge of the gentle fold in the known gold-silver mineralization is prospective for high grades and good thickness near surface.
*WT11-002 is located at the northern end of the TUG deposit, approximately 75m, beyond any historic drilling and approximately 735m to the northwest of the Company's previously announced hole WT11-001 which cut 15.48m of 3.08 g/t gold and 94.75 g/t silver.