Investors rushed to buy gold coins last week as another step in the European debt crisis hit the markets. Moody's Investors Services downgraded the sovereign debt of Ireland five levels last week to Baa1, or three levels above junk, from Aa2, with a negative outlook. The country's sovereign debt is now rated the same as Russia and Lithuania. They also threatened to take the same precautionary step with the government debt of Spain
Many gold coin investors saw the new flare up in the European debt crisis as an opportunity to buy precious metals, especially gold coins. Analysts believed that the new fold in the crisis will provide a floor in the price of gold coins and give investors a fresh opportunity to buy gold coins.
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