- Art Cashin – Precipice of a Broad, Dangerous Global Contagion!
With global stock markets plunging and gold rallying, today Art Cashin told King World News that we are on the verge of a broad and dangerous global contagion. He also said that market participants “are looking to raise cash anywhere they can.” Art also commented on the spectacular rally in gold today. Cashin, who is Director of Floor Operations for UBS, which has $612 billion under management, also warned about, “the great risk here.” Here is what Art Cashin had to say: “For months now we’ve been looking at Europe and seeing that on the precipice of contagion. What looked like something that was euro-centric has now become a global concern.”
“Next week could be critical. It is interesting that as you and I speak near the close here, there is no sign of a rally. Usually going into a weekend there would some short covering — that’s almost a Wall Street tradition. With no short covering coming in here, it underscores the great concern that the players have about potential surprises for the weekend, and potential surprises for Monday morning. If it is in fact a global concern, which it appears to be, the level of contagion can be very broad.