Gold Futures Rise to Record on Debt Impasse
Source: Bloomberg, Pham-Duy Nguyen and Maria Kolesnikova (7/27/11)
"The cost of insuring U.S. debt rose to a 17-month high, and the dollar fell to a record against the Swiss franc."
Bloomberg, Pham-Duy Nguyen and Maria Kolesnikova
Gold futures rose to a record $1,631.20/oz. as the impasse on the U.S. debt ceiling boosted demand for the precious metal as a haven.
The cost of insuring U.S. debt rose to a 17-month high, and the dollar fell to a record against the Swiss franc as congressional leaders offered competing budget plans. Moody's Investors Service, Standard & Poor's and Fitch Ratings have said they will cut the U.S.'s top-level credit rating should a failure to raise the debt ceiling lead to a default. . .View full article
Gold futures rose to a record $1,631.20/oz. as the impasse on the U.S. debt ceiling boosted demand for the precious metal as a haven.
The cost of insuring U.S. debt rose to a 17-month high, and the dollar fell to a record against the Swiss franc as congressional leaders offered competing budget plans. Moody's Investors Service, Standard & Poor's and Fitch Ratings have said they will cut the U.S.'s top-level credit rating should a failure to raise the debt ceiling lead to a default. . .View full article