April 18, 2011 / Jeb
Gold and Silver Continue Higher On U.S. Debt Downgrade
Regardless of whether a compromise is reached over the approaching lockdown of the United States ceiling and the raising of the debt, this impasse has momentous significance for holders of gold (SPDR Gold Shares (GLD)) and silver (iShares Silver Trust(SLV)). The serious weaknesses of our economic structure is exposing it as a paper tiger. Instead of seeking fiscal sanity, the inability of our leaders to agree on even the smallest of issues is reminiscent of the Roman Empire dealing out bread and circus to the masses when Rome could no longer afford the good times and the games.
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They`ve basically put US on a watchlist but kept the triple A rating. S&P didn`t even have the guts to issue a full downgrade; too little, too late.
It should have come years ago, not after everyone left the party. Goes to show the total bias of the rating agencies.