Chart of the Day
Today, the Dow edged above the 12,000 milestone for the first time. Considering the magnitude of the past bear market, it is a great achievement indeed. For some further perspective into the current rally, today's chart presents the Dow divided by the price of one ounce of gold. This results in what is referred to as the Dow / gold ratio or the cost of the Dow in ounces of gold. For example, it currently takes 20.1 ounces of gold to “buy the Dow.” This is considerably less that the 44.8 ounces back in the year 1999. When priced in gold, the current stock market rally hasn't amounted to much. In fact, the longer-term trend is actually down! Stay tuned…
- Should you be investing in gold, stocks, or gold stocks. Find out now with the exclusive charts of Chart of the Day Plus.
Source - Dow Jones
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Quote of the Day
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value." - Alan Greenspan
Events of the Day
October 24, 2006 - United Nations Day
October 29, 2006 - Daylight Saving Time ends (US)
October 31, 2006 - Halloween
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