Today the US Senate ratified the bill passed yesterday by the House of Representatives which will raise the US debt ceiling in an attempt to avert an August 3rd default. Despite the passing of the bill, the US credit rating still might face a downgrade from Moody’s, Fitch and/or S&P which can threaten the status of US Treasury securities as the preferred saving mechanism of many banks and funds. Gold prices have soared around the debt deal, reaching another new all time high today of $1,644/oz.