Will this turn into spending or saving????

So today the markets fell on all sorts of issues... not the least of which was consumer confidence in June plummeted....

This after May's housing numbers were appalling...

There is also some uncertainty because of the G-M0NEY Summit... which came down on the side of cutting deficits as opposed to spending as the US wanted to do.

So I'm watching the markets today, and all sorts of value is lost....

Not much of which went into Gold, at least on the US market because the price of Gold at the time of this writing is up maybe .36% ~4 dollars an oz

So my speculative question is... how much of that money will be banked for savings, vs spent on summer vacations? Obviously not at the GoM.... as John Mellencamp sang about, but perhaps on the beaches of the east coasts? The mountains perhaps in gatlinburg etc....

And if it is turned into spending... wont that be the real reaction to the g-Money summit?

net-net... lots of value was pulled out of our markets today....

I wonder what will happen to most of it...



[edit on 29-6-2010 by HunkaHunka]

Well one of the things I don't think you realize is that gold prices are manipulated. So the price movement in gold during a day doesn't necessarily mean anything. Thousands of tons could have been purchased, then then govt's around the world short gold contracts to keep prices down. It is well known within financial circles about the manipulation of gold prices.

reply to post by johnny2127


There is that.... But I also found out that treasuries and bonds are up... Lots of the money went there....