Fitch sends U.S. triple-A rating warning


“‘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.

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