Sunday, August 7, 2011

Gold rockets towards 1700 after US loses AAA rating

Will Gold go to 2000 before the end of 2011? Gold prices are stronger after the S&P downgrade and seem to be supporting higher prices. There is no sign of raising the rates any time soon with Bernanke in charge of the FOMC.

Gold blasted through resistance after the downgrade. The market was closed when S&P downgraded but opened much higher in reaction to the downgrade and market fear.

Market analyst like Peter Schiff, Marc Faber, and Jim Rogers would likely lean towards gold going above 2000 before the end of the year if I read their impression right on the US dollar and fate of the US economy.


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