The U.S. stock market surges higher as investors refuse to look at alternatives, even as the government risks defaulting on its debt and jeopardizing the U.S. dollar.
Key Takeaways:
- Gold turned around at $1,834 for the 4th time but has maintained its short-term bullish pattern of higher lows.
- Physical gold demand is surging in India and China (gold’s two largest consumer markets) after a slow summer, which could boost returns this month.
- Treasury Secretary Janet Yellen urged Congress to raise the debt limit as soon as possible, or risk irreparable damage to the United States’ credit rating and currency.