Late Day Action: Goldman vs. Gold

Goldman Sachs shares fell 5% near the end of trading today on news that CEO Lloyd Blankfein hired high-profile defense attorney Reid Weingarten. Looking at the list of some of Mr. Weingarten’s previous clients (here at WSJ), I’m sure Lloyd is hoping he makes out better than Bernie Ebbers. More on the story here at Bloomberg.

In other news, gold, the barbarous relic, reached $1900 in futures trading today. I don’t think it has gone parabolic yet, but that doesn’t mean that it won’t enter a phase of extreme price appreciation. That is very well what may be in front of us. But I wouldn’t be going “all in” here either. Steady accumulation of physical gold and silver is always the best strategy. Here’s a look at late day action in gold via Zero Hedge.

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