Market notes May 17 - Silver was near-flat.

Market notes May 17

As of 2:30pm ET, gold was down .8% in trading. Silver was near-flat. The S&P 500 dipped .40%.

Palladium was the only green precious metal on my screen, and gained around a half a percent.

We got an "ugly" number today showing new housing construction a lot lower than analysts had expected. I actually view that as a good thing. We really don't need any more houses on the market here in the States...

In Florida, 20% of all houses are vacant. Let's not build any more for a while. Shift those jobs to more productive areas.

We are closely watching the EU debt situation. Leaders are finding new ways to kick the can down the road a bit. One of the recent ideas floated: "Delay" payment for bond holders.

I wish they would start the haircutnegotiations, for the love of God... Investors and banks bought the bonds, they knew the risk. Taking a loss isn't the worst thing in the world.

Good investing,

Adam Sharp
Editor, Wealth Wire

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