S&P downgrades U.S. credit rating from AAA to AA+

Discussion in 'Markets & Economies' started by Ouch, Aug 6, 2011.

  1. Ouch

    Ouch Active Member

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    Read more: Bloomberg
     
  2. A5ano

    A5ano New Member

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    Buy Silver :D

    [youtube]http://www.youtube.com/watch?v=eJlzhnZMChY&feature=feedu[/youtube]
     
  3. Peter

    Peter Well-Known Member

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    !!!

    The world reserve currency!
     
  4. Apollo

    Apollo New Member

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    Thats epic, first time USD has had a sub AAA rating in 70 years! I wonder how this will affect market open...
     
  5. jnkmbx

    jnkmbx Well-Known Member

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    The market open was gonna be bad anyway, but this will make it worse :p
     
  6. Diablo21

    Diablo21 Member

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    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.
     
  7. centralPA

    centralPA New Member

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    Restore glass steagall!
     
  8. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    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.
     
  9. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    My amateur guess would be a sharp drop for a short while and then a spike. But really, no-one knows.
     
  10. JulieW

    JulieW Well-Known Member Silver Stacker

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    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
     
  11. euphoria

    euphoria New Member

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    For us in aus, I would expect pm prices to increase.
     
  12. RetardedMonkey

    RetardedMonkey Active Member Silver Stacker

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    Now known as the USAA+
     
  13. f40

    f40 Member

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    So you are expecting the AUD to drop further?
     
  14. Peter

    Peter Well-Known Member

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    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
     
  15. euphoria

    euphoria New Member

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    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.
     
  16. mickjohn

    mickjohn New Member

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    2 hours later... same website.

    http://www.marketwatch.com/story/us-triple-a-debt-rating-cut-by-standard-poors-2011-08-05
     
  17. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    I honestly have no idea!
     
  18. f40

    f40 Member

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    Same, however my suspicion is the AUD will drop further with more turmoil.
     
  19. Diablo21

    Diablo21 Member

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    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.
     
  20. fishball

    fishball New Member Silver Stacker

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    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.
     

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