Dubai Debt Raising Fears Worldwide, Gold Drops and US Dollar Strengthen
November 28th, 2009 at 03:23am ibrahimo
My interest in Gold and the US Dollar grew in the past couple of weeks, as a person who is not that much into the financial world I didn’t care much when a friend started talking about the gold rise and how the dollar will become worthless soon. Well as much as that seemed a bit over the top and a very very far fetched thought yet the whole scenario intrigued me and I started reading more and educating myself about how things are playing out in the markets worldwide.
Between the truth and lies and the conspiracy theorists and the opportunists I had a huge struggle in really fully understanding how is this thing working, but the big picture got clearer day after day.
The Gold reached record highs in the past 9 days, and every day you would read the same kind of headline “Gold reaches a record high”. Every Day!! Yesterday it reached $1195 USD, but then news broke from Dubai stating that Dubai requested debt ’standstill’, that lead to fears in the worldwide markets, this caused a sell-off in commodities and stocks, while the U.S. dollar gained against its rivals.
The Gold dropped to a $1130 USD an ounce after reaching $1195 USD, as of the time of writing this post the gold is at $1176 USD. So this seems to be just a temporary drop that wont last long.
Did Max Keiser predict this back in February 2009 ?
Max Keiser Comments on the current events:
More to come soon ……
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