There are just days to go for US lawmakers to raise the country’s debt ceiling. If that doesn’t happen, the government will run out of cash on 18 October and a calamitous financial crisis will follow, the US Treasury Secretary has warned in extraordinary remarks this week.
Janet Yellen testified to the Senate that a failure to act now would heap pressure on the US dollar (something that heavily favours gold). She said, “If the debt ceiling is not raised, there would be a financial crisis, a calamity. It would undermine confidence in the dollar as a reserve currency … It would be a wound of enormous proportions. It is imperative that Congress swiftly addresses the debt limit. If it does not, America would default for the first time in history. The full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession.”
Yellen says that the US will not be able to service its debts if the ceiling isn’t raised and the fall out would be “catastrophic” for the economy. As we have seen countless times, economic pressure and uncertainty creates the ideal conditions for gold to thrive and we would expect the precious metal to make significant gains.
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