Gold In Pounds Rises To New Record High After Moody’s Lists 14 UK Banks For Downgrade Review

Tuesday, May 24, 2011
By Paul Martin

by Tyler Durden

Gold is marginally higher in most currencies today as the yen, the dollar and the pound are all weaker.

Gold has reached a new record nominal high in British pounds due to the growing risk of stagflation in the U.K. and due to Moody’s somewhat belated threat to cut its ratings on most UK banks. This was not helped by Chinese ratings provider Dagong Global Credit downgrading the U.K.’s local and foreign currency sovereign credit rating from AA- to A+ with a negative outlook.

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