Wednesday, September 17, 2008, 9:54 AM
And I do mean 'breaking.'
Gold is now up more than $50 on the December contract (futures), indicating that the direct monetization of debt as implied by the AIG deal is being interpreted by the markets as the potential beginning of the end for the dollar. The S&P 500 is down 35 points.
I have long been watching for this sort of action.