“‘If this shutdown continues to March 1 and the debt ceiling becomes a problem several months later, we may need to start thinking about the policy framework, the inability to pass a budget… and whether all of that is consistent with triple-A,’ Fitch’s global head of sovereign ratings James McCormack said on Wednesday in London.”
USAGOLD note: When Standard & Poor’s lowered its credit rating of the United States from AAA to AA+ on August 5, 2011, it set off a strong rally in the gold price. On August 4, the price stood at $1662. Within four days it was trading at over $1800. By August 21st it had hit its all-time highs of over $1900 per ounce.