Monday, April 18, 2011

USA ratings outlook revised to negative by S&P

This is not a joke.

S&P just completed its review on US debt and reaffirmed its rating on the paper, but revised its outlook down to negative.

I presume that nearly all readers of IKN own gold. This is a good thing.

UPDATE: Still 10 minutes before the bell and we now have reporter-type articles appearing on this big news. Here's marketwatch with its take. Meanwhile, gold is already at an all-time high after having lost 10 bucks overnight and got within inches of 1500.

UPDATE 2: Felix Salmon does a good job with his post, "The implications of a downgraded US"