In the News:
High Yield Report

Portfolio manager Axel Merk comments on the Federal Reserve's  emergency rate cut to High Yield Report.

" ... market observers were skeptical that the move would have a long- term effect on market liquidity. 'It's a panic reaction,' said Axel  Merk, manager of the Merk Hard Currency Fund. 'We've had years where  the market went up and up and up. The market is overdue for a  correction. The lower Fed rate is not a cure to the problems we have  in the credit market.'"