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    Stocks tumble after S&P downgrade and gold surges above $1,700.

    Written by Investing News Network
    |
    Aug. 08, 2011 09:32AM PST

    Since S&P’s downgrade of the US on Friday investors have been seeking seeking safety in gold.

    Since S&P’s downgrade of the US on Friday investors have been seeking seeking safety in gold.

    Joe Foster, portfolio manager for the Van Eck Global gold mutual fund, said “In this current environment, I would say $2,000 [an ounce] is not an unreasonably expectation”.

    To view the full coverage by CNN, click here.

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