From the Desk of Keith Fitz-Gerald: November 29, 2009

Good morning! I've received a blizzard of email in recently and much of it has been focused on three questions: Q:  The U.S. markets look toppish to me - what's your opinion? - K. Requard A: While I think the rally could generally continue for as long as Team Bernanke keeps meddling with the money, I'm more than a little leery that short-term Treasury yields went negative this week. It suggests that the big money may be taking a breather. That's why I'm encouraging investors to do two things: 1) make sure they've got protective stops in place as a means of capturing gains and minimizing losses if things do rollover for any reason; and 2) double-check their “short” list for companies they want to own or positions they might want to add to if the markets do get beaten down temporarily. Q: Can gold go higher? - R. Cliveson A: Sure. That's not to say it will, but it certainly could. In fact, I'm regularly hearing estimates of $2,500 to $4,500 within the next two years - and not from card-carrying members of the tin-foil hat club, either. But don't do anything rash. My take is that the rapid rise we're seeing has nothing to do with inflation protection and everything to do with increased demand being created by countries like China, India, and Russia, for example, that are buying gold as a means of actively diversifying away from the dollar. Once they're done, gold is likely to do what oil did last year after peaking at $147.27 a barrel - go on an “e-ticket ride” straight down before stabilizing again. And believe me, the one thing you don't want to do this holiday season is be the last person to the party when the lights go out. Q: Jim Chanos of hedge fund Kynikos Associates made a name for himself by shorting Enron when nobody else thought to do so. Now he's calling to short China. What's your take? - J. Cohen A: Chanos is certainly a bright guy but his arguments are not substantially different than those who have called for China's demise over the last 40 years, which is why I take them with a grain of salt. That having been said, I can certainly see a near-term pullback, but longer term, I wouldn't bet against the Dragon, especially at this stage of the game. I'll actually have five reasons why in our upcoming January issue. In closing, I recently appeared on CBSMarketWatch and thought you might enjoy some of my comments: http://moneymorning.com/media/KFG_marketwatch.html Best regards, Keith

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What's It Going to Take? Good morning. I can't help but wonder - like many Americans lately - what's it going to take for the US financial industry to show just a little contrition? Granted, the $500 million small business initiative Goldman and Buffett just announced this week is a step in the right direction, but there's still a lot of room for improvement. At this point, I'd settle for just one exec with a backbone who steps up and says "I'm sorry" to both the shareholders of the company he vaporized and to the American public whose trust he's blatantly abused. Instead, big bonuses are back and we're bearing witness to a sort of moral bankruptcy that's hard for millions of hard working men and women to contemplate. That point was brought home to me the other night when our 12 year old son Kuni innocently asked, "why the CEOs of these companies continue to do what they're doing when they know it's wrong." By his reckoning, it just doesn't seem fair that these guys rake in billions when everybody else is struggling. And I've got to say I agree. But how do you explain that to a 12 year old for whom the world is still filled with innocence and wonder? Or to the families that are struggling to make ends meet? Or to the retirees that are effectively "unretiring" just to get by? There are no easy answers. The way I see it, we have reached a point at which the upside we want to achieve must take a back seat to the risks we want to avoid because the risks of success have never been higher than they are today. Neither have the opportunities for failure. You might think I mean the "opportunities for success" and the "risks of failure" but I don't. We're living through a period of unprecedented government intervention and monetary meddling which suggests to me that we must not only plan for profits differently than we have before, but we must be extra diligent about protecting our gains once we've achieved them. As part of that process, we must look to markets that we've never considered before and recognize that formerly emerging markets are rising to new positions of global prominence and strength. Even if our own executives can't seem to look beyond their own greed and avarice... Best regards, Keith Editor's Note: To plan for your profits - and protect your gains- you need to know how to play the new global economy. Keith's just-published book, Fiscal Hangover, shows readers in easy to follow steps exactly what it takes to profit from the "new rules" of making money. Order your copy and save $10 off Amazon's publisher's price by clicking here.

oney Morning : You are receiving this e-mail as a part of your free subscription to The Money Morning E-Letter . Remove your email from this list: Unsubscribe To cancel by mail or for any other subscription issues, write us at: Money Morning Attn: Member Services 105 West Monument Street Baltimore, MD 21201 2009 Money Morning All Rights Reserved Money Morning 105 West Monument Street Baltimore, MD 21201 North America: 1 888 384 8339; Fax: 1 410 223 2650 International: +1 410 230 1200 ; Fax: +1 410 223 2650 Website: http://www.moneymorning.com Nothing in this e-mail should be considered personalized advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. Protected by copyright laws of the United States and international treaties. This Newsletter may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), in whole or in part, is strictly prohibited without the express written permission of: Money Morning. 105 W. Monument Street, Baltimore MD 21201.