I posted this on Peter's blog but since this is my green blog, wanted to post here as well. I hope this doesn't creat havoc with all markets - who knows what the overall impact will be. Wonder what impact this might have on gold?

Ps. Thanks Chris and Klaus for your tolerance "if I did bad" by suggesting Ed to check out Synergy. It would be depressing for me to get kicked off this blog on Thanksgiving Day....I'd have to go out and eat some flys!

Dollar could get a spike from this news as the minions think they may be flocking to safety – see the article below concerning Dubai’s default:

FRANKFURT (MarketWatch) — Dubai World, the conglomerate whose debt woes are roiling global financial markets, is by its own description Dubai’s “flag bearer in global investments.”

Dubai, one of the seven emirates comprising the United Arab Emirates, said late Wednesday it would restructure Dubai World and announced a six-month “standstill” on repayments of the conglomerate’s debt. The news sent shock waves through global markets.

Fear of a debt default by Dubai sent European stocks tumbling and the pound down on fears for U.K. bank exposure. The price of gold retreated from its new record high and the dollar rebounded from recent lows, helped by talk of BOJ intervention and suspected SNB moves to halt the franc’s rise.

http://www.marketwatch.com/story/dubai-worlds-sprawling-empire-2009-11-26