The price of gold went up $12.90 an ounce on Monday alone, closing at $1,614.40. But if the debt ceiling is raised, the gold price could come down over the short term.
American exposure to the Greece crisis is high in certain areas. Half the assets in the 10 biggest money market funds are invested in European banks, which hold a lot of Greece's debt.
Gold prices tumbled 6 percent after hitting a new record in late April. Investors who sense trouble ahead expect gold prices to surge higher. But other precious metals are poised to rise if the recovery strengthens.
The price of gold has soared almost 32 percent in a year, making it the best of investments. The rise has been fueled by rock-bottom interest rates and inflation fears. Can the good times last?
The gold price is hitting record highs almost every day, reaching $1,174 an ounce Tuesday morning. A gold chain that cost $300 five years ago could go for $900 on Black Friday.
Until then, employment, output, and housing prices will keep falling.