Thats epic, first time USD has had a sub AAA rating in 70 years! I wonder how this will affect market open...
What does this mean for silver prices? I was planning on buying some after the weekend but if this means an increase in silver prices, then I might as well do it now.
This is big. I hope sincerely that this is not another 2008 event. Anyone that bought precious metals as a way of protecting against SHTF might be finding out whether they backed the right horse soon.
Oz shares up. A flood of money out to any refuge. Bank holiday in USA. Good points P.S. http://www.guardian.co.uk/world/richard-adams-blog/2011/aug/06/us-credit-rating-downgrade-debt
Standard & Poor's has reportedly backed off a plan to strip the U.S WASHINGTON (MarketWatch) Standard & Poor's has reportedly backed off a plan to strip the U.S government of its prized triple-A debt rating Friday after White House officials challenged the analysis and said the credit rater was "trillions" off in its analysis. According to multiple reports, McGraw-Hill MHP -0.87% unit S&P told the government Friday afternoon of an imminent downgrade. But officials told the agency it was "trillions of dollars" off in its analysis, in part because of the complicated "baselines" that are used to compare long-term government spending and revenue projections, according to reports. http://www.marketwatch.com/story/sp-said-to-back-away-from-us-downgrade-2011-08-05
Yes, although I really do not know. I see either PM prices increasing faster than the AUD, or the AUD falling faster than PM prices, or the AUD falling and PM rising.
2 hours later... same website. http://www.marketwatch.com/story/us-triple-a-debt-rating-cut-by-standard-poors-2011-08-05
Hypothetically speaking, so if you had $3k US, would you convert it to CAD, buy Gold, buy Silver or keep it USD? Over the weekend before markets open.
I converted most of my holdings into AUD just earlier today, not gonna risk it. If AUD tanks, so be it. I'm 70:30 on USD tanking.