What did gold do during the 2011 debt ceiling crisis? And what are the analysts saying now?

The high-stakes standoff over raising the U.S. debt ceiling is gathering more political drama. But what does it all mean for gold?

On Monday, Yellen once again called on Congress to raise the U.S. debt limit, stating that failure to do so would trigger"an economic and financial catastrophe." Analysts are warning that the path to a higher debt ceiling could be volatile. Credit Suisse's chief economist Ray Farris said that Republican' Freedom Caucus' lawmakers are asking for spending concessions, and those are likely to be the main obstacle.

"The impact could be economically calamitous and disruptive for investors ," JPMorgan said."If history is any guide, we expect policymakers to eventually find compromise and the impact to be short-lived."When trying to analyze the impact on gold, it is helpful to look back at how the precious metal performed leading up to August 2011 and what followed.

The lessons learned from 2011 could be"buy the rumor, sell the fact," Walsh Trading co-director Sean Lusk told Kitco News.

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