Economic dominos falling one by one
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Across the globe, financial markets are falling like dominos, one by one.
As America and other developed nations struggle to recover from the financial crisis, the ongoing challenge now starts to claim casualties in multiple asset classes around the world.
Let's take a look at the dominos which have recently fallen and those that could be next in line:
Domino #1: Apple Computer: Apple Computer AAPL -0.76% was the first domino to fall as it reached an all-time high of more than $700/share in September 2012, only to fall to an interim low of $390 in April 2013. Recently, the stock has enjoyed a tepid rally but still remains firmly locked in bear market territory, down more than 35% from its September high. Viewed as a bellwether of the tech sector and a prominent player in the S&P 500, Apple was the first domino to fall.
Domino #2: Gold: In a long-term bull market until October 2012, gold has been variously viewed as the "barbarous relic," the only "true" currency and the ultimate "safe haven" against both currency collapse and runaway inflation. "Good as gold" and "gold standard" are part of our lexicon and demonstrate the yellow metal's historic place as the basis by which true value is measured.
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