{"id":5178,"date":"2011-08-08T17:16:08","date_gmt":"2011-08-08T21:16:08","guid":{"rendered":"http:\/\/www.pgm-blog.com\/?p=5178"},"modified":"2011-08-08T17:16:08","modified_gmt":"2011-08-08T21:16:08","slug":"dow-30-below-11000-and-gold-at-record-high","status":"publish","type":"post","link":"https:\/\/www.pgmcapital.com\/nl\/dow-30-below-11000-and-gold-at-record-high\/","title":{"rendered":"DOW-30 below 11,000 and Gold at record High"},"content":{"rendered":"

<\/object><\/p>\n

Dear PGM Capital<\/strong>, blog reader,
\nStocks have treaded water today, all over the world as a reaction to the downgrade of the USA credit rating from AAA to AA+, by S & P, Friday August 5th<\/sup> 2011.<\/p>\n

The sell-off gained steam after President Obama’s speech of this afternoon, as can be seen from below DOW Intraday chart, for the DOW to close at 10,808.85\u00a0<\/strong>\u00a0-634.76<\/strong><\/span> or –<\/span>5.55%<\/span><\/strong>.<\/p>\n

\"\"<\/p>\n

On the other hand Gold soared with US$ 55.90<\/strong><\/span>\u00a0or + 3.35%<\/span><\/strong> an ounce to close at an all time high of USD 1,719.30<\/strong> an ounce at 4:30 pm EST.<\/p>\n

\"\"<\/p>\n

During the last 3 years in numerous blog articles we\u2019ve said that the days of the USA as an Economic Superpower, the status of US-Dollar as the world reserve currency and its AAA credit rating are numbered.
\nUnfortunately, this is likely to be the case.<\/p>\n

Ladies and Gentlemen, in our opinion with the downgrade of the USA credit rating the fall of (the once so mighty) USA has begun. Obama speech makes us even more concerned, because by quoting Warren Buffett in his speech, that the USA credit rating should be AAAA, president Obama is missing every sense of reality.<\/p>\n

With elections next year, politicians in Washington might continue to blame the other party for the problems instead of taking real measures to solve the problems of the country.
\nThis will put Mr. Ben Bernanke in the driver’s seat and we\u2019ll see QE-3 sooner than most people might realize.<\/p>\n

Those QE-\u2018s will destroy the value of the US-Dollar and those of currencies pegged to the US-Dollar.<\/p>\n

For the sake of humanity we hope that we’ll be wrong on our above mentioned predictions.<\/p>\n

Gold will shine brighter by the day and the psychological important price of USD 2,000.00 an ounce of Gold might be reached sooner much sooner than most people can imagine.<\/p>\n

Last but not least, please consider your risk tolerance and investment horizon\u00a0before investing and keep in mind that the prices of Gold, Silver and other precious metals, as well as the stock of their producers can be very volatile and that sharp corrections might happen in the short time.<\/p>\n

Yours sincerely,<\/p>\n

Eric Panneflek
\nChairman<\/p>\n","protected":false},"excerpt":{"rendered":"

Dear PGM Capital, blog reader, Stocks have treaded water today, all over the world as a reaction to the downgrade of the USA credit rating from AAA to AA+, by S & P, Friday August 5th 2011. The sell-off gained steam after President Obama’s speech of this afternoon, as can be seen from below DOW[…]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,8,10,19,12,15,1,17,32,18],"tags":[],"class_list":["post-5178","post","type-post","status-publish","format-standard","hentry","category-commodities","category-debt-crisis","category-eric-panneflek","category-financial-news","category-inflation","category-pgm-capital","category-uncategorized","category-us-dollar","category-video","category-world-economic-outlook"],"_links":{"self":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/5178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/comments?post=5178"}],"version-history":[{"count":0,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/5178\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/media?parent=5178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/categories?post=5178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/tags?post=5178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}