Gold futures rose to a record $1,500.50 an ounce as U.S. debt concerns weighed on the dollar, boosting demand for the precious metal as an alternative investment.
The greenback dropped against a basket of six currencies following Standard & Poor’s revision yesterday of its long-term rating of U.S. debt to negative from stable.
“Investors are shocked and flocking to gold as the downgrade threw a cold blanket over the dollar,” said Lim Chae Myung, a Seoul-based trader at Hyundai Futures Co. “The bullish trend becomes pronounced as more and more people get out of the dollar to buy hard assets.”
I love the part about “investors are shocked” – as if they suddenly realized the US is insolvent just now because S&P gave the US a negative outlook.
The real farce is the media, which acts like a bunch of statist sycophants and blindly regurgitates the lies the political and banking classes spew without question.
May Mao bless you and keep you.
May Mao make his face shine upon you.
May Mao monetize your debt, and give you peace…