RE: Golds drop to 1161What I find comical is that Standard & Poor's downgraded Dubai World AFTER they defaulted on their debt payment. You think someone at the ratings agency would have downgraded Dubai World and others in advance, as the default has been speculated by many for quite a while. Dubai's airport has been a veritable ghost town and the construction industry came to a standstill months ago. All the ratings agencies have ZERO CREDIBILITY and are obviously run by delusional space cadets. You can't make up better financial comedy than this.
Central banks have a perfect opportunity to TEMPORARILY prop up the greenback but this event probably won't last more than a few hours at best. Gold will resume its ascent as a 'safe haven asset' and gain what its lost and then some. If anyone thinks gold won't head through 1200 dollars shortly is dreaming in technicolor.
For the record I believe India will buy the rest of the IMF gold for sale. China blew it completely with its lowball offer for the IMF gold and seems to have way too much stubborn pride to pay a much higher market price for the remaining gold.
Nice to see the bids building for EZ at 0.175 or so and 2 million shares traded in the first half hour. Don't give away your shares at 19 cents or so.