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 ……

Entry Filed under: Politics

Tags: alert, alex jones, billions, commodities, conspiracy, currency, debt, default, dirham, dollar, doubt, dubai, dubai world, economics, emaar, euro, europe, forex, gold, government, investment, japan, lindsey williams, max keiser, peter schiff, rivals, sell-off, silver, sovereign, speculation, stocks, trade, tsunami, uk, usa, usd, yen