The Squeeze Is On (Gold at $1500 & Silver at $44)

The squeeze is on. Yesterday’s downgrading of the US economic outlook by Standard & Poor provided the catalyst for US Dollar shorts to cover, which drove up the Dollar index up, breaking its 15% decline over the last 10 months.  S&P revised its outlook on the US AAA credit rating to negative from stable, citing the massive US debt and Washington’s apparent inability to cope with it its fiscal problems; "we believe there is a material risk that U.S. policy makers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013."  While the S&P maintained the country's top AAA credit rating, the rating agency called the odds at one in three that the U.S. credit rating could be downgraded within two years.

http://news.goldseek.com/GoldSeek/1303220561.php