Gold Explodes On S&P Downgrade Warning -- high @ 1498.60
posted on
Apr 18, 2011 09:57AM
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Who would have thunk that the one beneficiary of an insolvent US (with both bonds and stock futures plunging) would be gold. Oh wait... Gold Explodes On S&P Downgrade Warning
Submitted by Tyler Durden on 04/18/2011 09:13 -0400
Treasury And Market Responses To S&P Stunner
Submitted by Tyler Durden on 04/18/2011 09:31 -0400
The Treasury's prepared statement is out 25 minutes following the S&P planned downgrade, which only those who don't get inside information were surprised by.
But the comment of the day comes from Hugh Johnson (no seriously): "This is tape bomb. It doesn't come as a complete surprise to the markets however seeing it in black and white print it is going to shake the market up for sure. You see the dollar down a bit, gold getting bid...and a break of 1298 on the S&P could send it to 1285 in the course of the week."