Gold And Silver Likely To Go Parabolic Due To ‘Global Shockwaves’ If U.S. Defaults

Friday, July 15, 2011
By Paul Martin

by Tyler Durden
ZeroHedge.com
07/15/2011

Gold is some 0.5% lower against the U.S. dollar and most currencies today but is higher in Australian dollars as the Aussie fell on Australian and global economic growth concerns. Asian equity indices were mixed as are European indices.

Bond markets have seen subdued trading but Greek bonds are again under pressure and the Greek 10 year yield has risen to 17.37% in increasingly illiquid trade.

The dawning reality that the U.S. will be downgraded due to its appalling fiscal position led to new record nominal gold and silver prices yesterday.

Denial regarding the possibility of a U.S. default continues with some analysts denying that such an event is “possible”.

The Rest…HERE

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