More on the exciting news out of the US factory…
The US treasury has ‘suspended’ the debt ceiling as it passes the date for dealing with it and has added another $300b in just the last 4 months. For the first time ever they have nominated a date not a dollar limit and even then said ‘at least’ 2 September. At $16.7t it was clearly not enough … Gold and silver jumped yesterday on news that Moody’s has warned of another downgrade to the US as Congressional Budget Office said the ratio of debt to gross domestic product will increase in the long term. Standard & Poor already stripped it of AAA last year.