Budget Debacle Drives Gold To $1471, Silver To $40.27

Forbes reports that the fiasco in Washington, D.C. is making precious metals speculators rich.

The editorial is quoted as saying,

Imagine a government  shutdown  at the very moment the budget deficit for the first 6 months of 2011 hits $830 billion; thats  $1.66 trillion on an annualized basis–  a far greater number than Wall Street was expecting. The shortfall just keeps climbing, putting downward pressure on the dollar– which is exactly the frightening scenario predicted by the gold and silver crowd. Platinum and palladium  prices  are up on a percentage  basis this morning  more than gold and silver.

For the complete editorial, click here.