(Kitco News) -The early sentiment from the market place is not good following the late-Friday Standard & Poors downgrade of the U.S. credit rating and the latest pronouncements from European Union officials Sunday, regarding their own more serious debt situation. December Comex gold futures soared to a fresh all-time record high of $1,697.70 in early Sunday evening trading, up over $40.00 an ounce from Friday's close, while Dow futures were down over 300 points and crude oil prices were $2.80 a barrel lower, trading around $84.00 a barrel, basis September Nymex futures. The U.S. dollar index was only modestly lower in very early dealings Sunday. While it's still very early in the week's trading activity and many markets have not even opened for electronic trading, there is an ominous early tone to upcoming price action in the market place Monday.

By Jim Wyckoff contributing to Kitco News; jim@jimwyckoff.com