Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Thursday, July 14, 2011

Gold Soars To Record On Debt Fears

CBC -- The price of gold hit a record high Wednesday as investors continued to flock to the precious metal as a perceived safe haven amid global financial turmoil.

In early New York trading, August gold futures contracts soared $17.70 to $1,580 US an ounce. Spot gold prices also hit a record.

Gold has risen for eight straight trading sessions as European debt worries gained new traction. Tuesday's downgrade of Ireland's credit rating to junk status also rattled financial markets.

"With European sovereign debt fears intensifying again, [and] little clarity on what Eurozone officials intend to do next ..., gold has been a beneficiary," said UBS analyst Edel Tully in a report. "This should, in theory, be gold's time to shine as a safe haven and as an alternative currency."

The inability of the White House and Republican leaders to reach a deal on the U.S. debt ceiling added to gold's appeal, analysts said.

Bullion prices also got a boost from the release Tuesday of minutes from the U.S. Federal Reserve that seemed to hint that some members of its key Open Market Committee were open to the possiblity of further quantitative easing measures to stimulate the economy.

Gold prices are up 11 per cent so far this year and have more than doubled in the last four years.

Origin
Source: Huffington 

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