Gold soars above $1,700 after S&P downgrade

xchrom

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Mon Aug-08-11 07:14 AM
Original message

Gold soars above $1,700 after S&P downgrade

http://www.marketwatch.com/story/gold-tames-1700-after-sp-downgrade-2011-08-08?dist=beforebell

HONG KONG (MarketWatch) — Gold prices soared above the $1,700-an-ounce barrier on Monday to set another record as the Standard & Poor’s downgrade of U.S. credit ratings amplified worries about global economic outlook, luring investors to the metal’s safe-haven appeal.

Gold futures for December delivery /quotes/zigman/661658 GC1Z +3.43% spiked $54.10, or 3.3%, to $1,705.90 an ounce in electronic trading on Globex, more than recovering the losses it made in a regular session on Friday.

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KharmaTrain

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Mon Aug-08-11 07:17 AM
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1. There's Plenty Of Money Being Made...

...if you're fortunate to be in the position to play. There are many rooting that this downgrade will start moving interest rates higher that mean higher returns on their sheltered portfolios and bigger profits. There's a lot of money sitting on the side and those with it want it to start making more...and a raise in the interest rates is the latest game. For those who can't play...well, just blame President Obama...

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Mike Niendorff

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Mon Aug-08-11 07:27 AM
Response to Original message

2. Market manipulation.

You can bet your ass that a lot of wingnuts are heavily invested against the dollar right now.

MDN

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