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"You hope it doesn't happen, but hope is not a strategy – so you prepare for it," he said in the interview. The gold market is not seeing much reaction to Moynihan's comments even as it holds some modest gains late Monday. April gold futures last traded at $1,880.30 an ounce, up 0.2% on the day. Monday, in an interview with ABC Yellen, said that defaulting on its debt would be an "economic and financial catastrophe."
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