I plan to have LOTS of popcorn (and adult beverages) close by Sunday evening when the markets open in Asia due to the S&P downgrade of our debt to AA+, a two step downgrade.
ZH has a LOT of comments on their main thread about this. There does NOT seem to be a consensus on what will happen Sunday / Monday.
At 24hgold.com I saw only an 8% or so premium in the widget (at bottom of their home page) of eBay price for AGEs vs. the spot price. This will be one indicator of how much Americans are worried about this (or not).
APMEX might be another, if they sell out or sell BIG this weekend.
Anyone who buys gold at a coin shop on Saturday, please share your experience here! I bought mine this afternoon before the S&P downgrade.
I will be at the ATM each day for the next couple of days, taking out the max...
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Please comment or email me with other indicators that we can see in advance of Sunday evening trading...
Edit:
And I will post such indicators ASAP...
Municipal financing is going to take it in the teeth, that much is certain.
ReplyDeleteI would have to agree. If national debt is downgraded, then the states and municipalities are next.
ReplyDeletePrepare accordingly!
Lima has ATMs that dispense $US?
ReplyDeleteDIYer, I live in the USA. My in-laws are the Peruvians who run the business, with my occasional "supervision"...
ReplyDeleteI think that yes, at least in some places in Lima you CAN get $ from the ATMs, but I am not about to EVER try that, with those little card strip readers that thieves can put in ATMs...
When I went to Oaxaca with a tour group a few years ago, my card worked in an ATM from Scotia Bank (in some neighborhoods, the thieves can actually _own_ the ATM), which dispensed peso notes.
ReplyDeleteIt quoted my balance in pesos, too. Woohoo, I was rich!