Jim McCament, editor of the Medical Technology Stock Letter, speculated in an update yesterday that some investors were simply selling on the news, a trend he said he sees often with small biotech stocks.
The thinking behind selling on good news for the U. S. economy is that it means less quantitative easing in the future and that is bad news for gold and silver.
The Eric Schmidt selling news had no effect on the stock, it was just a buying opportunity.
The Euro currency rallied in the wake of the Spanish budget news, which put further selling pressure on the U.S. dollar.
FORBES: P.M. Kitco Metals Roundup: Gold Surges on Spain Budget News, Ideas of Fresh China Stimulus
On the sixth day, after selling thousands of copies of this sensational news, the paper claimed that a fire had destroyed Herschel's telescope.
This comes on the heels of news in mid-March that Alwaleed is selling his stake in the historic Fairmont Hotel in San Francisco.
FORBES: Saudi Billionaire Alwaleed Does The Fairmont Hotel Shuffle
Asian stock markets fell on the China news, while raw commodity markets, including gold and silver, were also seeing some selling pressure on the weak China data.
FORBES: Gold Weaker amid Bearish Outside Market Forces; Bulls Still in Technical Control
It was an awesome institution when I was a child, selling for 2 cents on the newsstand, what you paid for a Pepsi or The Daily News.
That news boosted the U.S. dollar index but put modest selling pressure on many commodity markets, including the precious metals, and also limited buying interest in the U.S. stock indexes.
Asian stock markets fell on the China news, while raw commodity markets, including gold and silver, also saw some selling pressure due to the weak China data.
FORBES: P.M. Kitco Metals Roundup: Gold Ends Near Steady; Gains Limited by Stronger U.S. Dollar
Schering only has one potential blockbuster on the way: Zetia, a cholesterol pill it is selling with Merck (nyse: MRK - news - people ).
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