S&P US credit downgrade

[mts]

S&P US credit downgrade

So what will the S&P downgrade of the US credit rating do to the prices for silver and gold? I never thought they'd have the guts to do it. But honestly, it is probably for the best. Otherwise, there would be no impetus for Congress to really do anything about the real problem.

Will gold hit $1700 in the next week? $1800? $1500? Where do you see it going? And will silver follow along or just play by its own rules?

 

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[Jeep]

Re: S&P US credit downgrade

Hard to tell but it is going to be an interesting Monday at the ole stock exchange

They didn't drop the credit rating until after the market closed.

 

[mts]

Re: S&P US credit downgrade

Hard to tell but it is going to be an interesting Monday at the ole stock exchange

They didn't drop the credit rating until after the market closed.

Very true. They apparently were hoping that people would forget about it by Monday. As you said, it is going to be interesting indeed!

 

[DigginThePast]

Re: S&P US credit downgrade

Based on their presumption of what was coming I think many investors got a preemptive strike on the market this week, hence the near 700 point drop. It'll probably drop a few hundred points Monday and regain that loss by weeks end.

Of course this is all channeled from my cat and we never know what his true intentions are.

 

[hombre_de_plata_flaco]

Re: S&P US credit downgrade

Wow this is scary stuff.

Silver is "The Devil's Metal" and there is no telling what it will do IMO.

 

[RP4L]

Re: S&P US credit downgrade

It'll be interesting to see how the Asian markets handle it come Sunday... I'll take a guess and say gold will push $1700 before Tuesday.

Silver has taken on a mind of it's own recently. Not sure about it.

 

[jeff of pa]

Re: S&P US credit downgrade

Last report I Saw the AAA Rating was still going to stand.

this is the first I Saw of a downgrade.

Anywho ! Silver & Oil seem to be married right now,
and my guess they won't let oil drop much fruther.
Or they would have to pass
it on at the pumps.
so silver should start inchin' it's way back up
before too long.

 

[jim4silver]

Re: S&P US credit downgrade

It would seem the big money folks knew this was coming, hence the rout in the stock market last week on what should have been stock positive news, ie the raising of the debt ceiling.

If stocks continue to fall and things go like they did a few years ago, hedge funds and other big institutions might sell some of their profitable holdings (PMs), to make up for their losses in stocks. This is what happened in 2008 and silver lost over half its value.

No way to know for sure.

Jim

 

[Jeep]

Re: S&P US credit downgrade

Interesting:

http://www.reuters.com/article/2011/08/06/us-china-sp-idUSTRE7750R720110806