Stocks Plummet, Gold Springs past $1700

Los Angeles, CA – Standard and Poor’s, the world’s largest credit agency, announced last Friday the downgrade of the U.S. credit rating from it’s AAA rating to AA+, causing market turmoil. The Dow Jones Industrial Average closed more than 630 points down on Monday, the worst single day loss since December of 2008. In addition, the motion for the European Central Bank (ECB) to purchase Spanish and Italian bonds in effort to alleviate the region’s debt crisis has exacerbated investor confidence and stirred more economic uncertainty on a global level.

This market panic sent investors running for safety in what has become one of the most rock-solid and most popular investment, gold. Gold (GCMX) soared to record highs monday exceeding $1700 an ounce. The rise in value represents a $90 increase since last week and over $200 in the past month.

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American Bullion specializes in adding gold and silver to retirement accounts. If you have a question or would like to know more about your investment options, please call American Bullion at 1-800-326-9598 to speak with a precious metals specialist.