Bank of America Daily
click on any chart for sharper image
Bank of America Weekly
Questions Abound
- Who would have believed in 2007 that a 44 cent drop in share price would amount to a 6.3% move?
- How long before Bank of America tests that spike low of $2.51?
- How much is CEO Brian Moynihan worth?
I suggest the answer to question number three is a negative number on the basis that Moynihan and former CEO Ken Lewis drove the company into the ground with excessive risk-taking and stupid-beyond-belief mergers.
The best I can report however, is that Moynihan has voluntarily reduced his bonus to $0, suffering the pain and agony of having to live on salary of a mere $950,000.
This of course brings up question number four. How can CEOs possibly scrape by on such meager sums of money?
Note: Bank of America closed down 55 cents (7.89%).
Gold Goes Parabolic
While pondering the brutal injustice of ridiculously low CEO wages, we now must turn our focus to gold.
Gold Daily Chart
This is no longer an orderly-looking move, but a weekly chart can help maintain perspective.
Gold Weekly Chart
If this is the start of gold-bugs long awaited extreme move, there is no telling where it stops.
Is it? I don't know (and they don't either).
What should be plain to see is that financial stocks, especially banks have been clobbered this year. Banks are under-capitalized, over-leveraged and realistically bankrupt. Mistrust of fiat currencies is high and rising.
Global Banking System Insolvent
For more on banks please see ...
- August 21, 2011: Is Germany's Commerzbank in Need of Another Bailout?
- August 20, 2011: Bank of England Regulator Argues "Banks Need to Take More Risks" to Underpin Economy; Revisionist Roosevelt History
- August 15, 2011: BNP Paribas leveraged 27:1; Soci�t� G�n�rale Leveraged 50:1; Sorry State of Affairs of U.S. Banks; Global Financial System is Bankrupt
- August 10, 2011: European Banks Hammered; Societe Generale "Denies All Rumors"; French Bank Option Prices Soar; Credit Default Swaps on France Under Attack
- July 18, 2011: Bank of America Clobbered on $50 Billion Capital Shortfall Related to Mortgage Losses
The entire global financial system is balanced on a mountain of debt, and that debt cannot be paid back. That is the message of gold, not the popularly believed fallacy regarding massive inflation.
Is gold reflecting a chance it once again has a role in international trade? I believe so, and let's hope that happens.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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