Patriot Radio News Hour 3/4 "What Service Economy?"

Monday, November 20, 2009
http://www.allamericangold.com/

[ Dubai shakes equity markets, helps gold ]

Overnight news out of Dubai has sent global equity markets reeling and generated a safe haven flow into the US Dollar as carry trades are unwound and a flight away from risk occurs. Dubai has asked for a 6 month moratorium on its debt obligations, which for all practical purposes is a type of default. Needless to say, this came with little to no warning and has sent the markets into quite a tizzy. Gold shot higher on the news and touched a record $1,195 before some light long liquidation connected with carry trade unwinding got underway. Look for it to be well bid on any setbacks in price as this sort of news is extremely disturbing. After all, we are talking about the financial hub of the Middle East. Imagine the repercussions that would occur should London have announced this sort of news and you can understand why stock markets were pummeled overnight.
http://www.commodityonline.com/news/Dubai-shakes-equity-markets-helps-gold-23...

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