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Tuesday, August 9, 2011

Global economy into mire and gold on fire

By the time of this write-up Gold had soared to uncharted territory in response to the bleak economic signals from USA and the Euro zone.
Things did not begin on Friday night, when S&P downgraded US credit rating but US economy was already in doldrums and was falling in the negative spiral. US has amassed the debt which is almost equal to its GDP.

Chart courtesy: Kitco

Investors are fast losing faith in US treasury products and they shifted towards the safer havens like Gold. And this was not unanticipated, in my earlier posts; I had recommended my blog readers to buy gold systematically.

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