Gold Made Simple Downgrades the USA from ?AAA? to ?D?
Gold Made Simple Downgrades the USA from “AAA” to “D”
London (PRWEB) August 02, 2011
Gold Made Simple, a gold bullion company in the UK, has decided to downgrade the USA from “AAA” to “D” today after the US Congress passed legislation raising the debt ceiling from $ 14.3tn to $ 16.4tn. They’ve taken this step for the following reasons:
The rating agencies poor track record in doing their job
The debt of the USA increases in this deal
Spending increases in this deal
Total deficits increases in this deal
Complete lack of seriousness by Congress and the President to deal with the debt
It is clear that the USA will now default on their debt.
Thomas Paterson at Gold Made Simple said:
“In short the US has shown absolutely no appetite to seriously and honestly attack the historic levels of debt in the US and in fact they have decided to increase the debt. How can a problem of debt be solved with more debt? It can’t.”
After detailed work looking at the gold bull market from 1970-80 to today, the Central Bank’s balance sheet and the relationship of gold to the National debt, Gold Made Simple has set a four year gold price target of £4750-5000.
An in depth article on this subject with detailed research and charts is available at [http://www.goldmadesimple.com/gold-made-simple-cuts-usa-rating-from-aaa-to-d
Notes to editors
Gold Made Simple is an innovative provider of gold related news and physical gold bullion in the retail, wealth and fund investment markets that launched in 2010.
Supported by its website, http://www.goldmadesimple.com, Gold Made Simple takes a fresh approach to gold investment by simplifying and demystifying the purchasing process. Investors are able to buy from a range of LBMA-sourced gold bars and coins and get information on related matters such as gold funds using a simple online platform in a jargon-free environment. The http://www.goldmadesimplenews.com gold news portal keeps readers up to date on macroeconomic and gold related news.
Thomas Paterson is Chief Economist at Gold Made Simple
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