Dow is Down, Gold is Up – Update – Obama Says He’s Veto Cut, Cap and Balance

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If only I had invested more in gold when it was cheap. CNBC reports gold hit another record.

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Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday, as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk. …

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They say gold can continue its rise. Silver is up, too.

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The stock market today (noon) isn’t doing as well. Reuters has the depressing news.

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The Dow Jones industrial average .DJI slumped 150.23 points, or 1.24 percent, at 12,330.27. The Standard & Poor’s 500 Index .SPX dropped 16.02 points, or 1.21 percent, at 1,300.42. The Nasdaq Composite Index .IXIC tumbled 37.59 points, or 1.34 percent, at 2,752.12

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With five days remaining before U.S. President Barack Obama’s deadline for a deal, Republicans and Democrats scrambled to work out details on a fallback plan that would avoid an unprecedented U.S. default.

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The longer the debt ceiling debate remains unresolved, the bigger the risk for further declines in stocks and a spike in volatility. The CBOE Volatility index .VIX rose nearly 30 percent last week. It was up 11.6 percent on Monday.

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Now Moody’s recommends the US just scraps the debt ceiling. No restraint on government spending – oh yeah, that should help.

Oh, I almost forgot, gas prices are also going back up.

Update: President Obama, once again proving he’s not serious about debt reduction, says he will veto Cut, Cap and Balance if it makes it to his desk. (Which is unlikely, considering it would have to get through the Democrat controlled Senate.) I wonder if that’s why the markets are so jittery.