Gold Prices Near Record Highs as Its Safe-Haven Appeal Lure Investors Amid Middle East Tensions
Newsletter Aug 5, 2024 Gold Prices Near Record Highs as Its Safe-Haven Appeal Lure Investors Amid Middle East Tensions Gold Gold has long been considered a valuable asset due to its limited supply,
NewsletterAug 5, 2024
Gold Prices Near Record Highs as Its Safe-Haven Appeal Lure Investors Amid Middle East Tensions
Gold has long been considered a valuable asset due to its limited supply, universal demand, and high exchangeability worldwide. Historically, it has been a sign of wealth and an intrinsic store of value. Its negative correlation to stock markets has made it one of the few asset classes to reach record highs during global recessions over the past fifty years. Consequently, gold remains a top choice for investors seeking to hedge against inflation and protect against the volatility of stocks and fiat currencies like the US dollar.
Recently, gold prices surged to $2,470 per ounce, nearing its all-time high, driven by a weak US jobs report indicating economic distress. In July, the US added only 114,000 jobs, significantly lower than the expected 175,000, with the unemployment rate rising to 4.3%. This economic downturn has led to a significant drop in global stocks, particularly affecting large-cap tech firms, and a fall in US Treasury yields. The weak employment data is likely to prompt the US Federal Reserve to consider rate cuts, reducing the opportunity cost of holding non-yielding assets like gold.
Amid these economic uncertainties, geopolitical tensions are also escalating, particularly in the Middle East, further affecting market stability. There are various ways for investors to invest in gold. Purchasing physical gold offers direct ownership but comes with additional costs and risks. Alternatively, gold ETFs provide high liquidity and lower fees, while gold mining stocks offer indirect exposure but are influenced by various external factors. Closed-end trust funds like the Sprott Physical Gold Trust provide a middle ground, offering exposure to gold bullion without the complexities of handling and storage, and the option to redeem in physical units during market crises. (Full story)
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UK Finance Worker Steals £75,000 From Dead Clients To Fund Gambling Addiction And Lavish Lifestyle
Corey Casagrande, a 37-year-old finance worker in the UK, was exposed for stealing £75,000 from deceased clients at Credit Suisse to support his gambling addiction and lavish lifestyle. Casagrande, who managed high-profile clients for Target Financial Services in Newport, Wales, used his detailed knowledge of internal systems to forge documents and fraudulently access funds from deceased clients' accounts. His deceit came to light when his girlfriend's social media posts showcasing their luxurious lifestyle raised suspicions. Following his dismissal, Casagrande turned to transporting Class A drugs for an organized crime group, which led to his arrest. Despite his subsequent imprisonment, Casagrande has since started a construction business and turned his life around. He was sentenced to 20 months in prison, suspended for two years, and ordered to complete 80 hours of unpaid work. (Full story)
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UK PM Starmer Vows Far-right Rioters Will 'Regret' Worst Disorder In Years
TUK leader Keir Starmer warned far-right protesters they would "regret" participating in England's worst rioting in 13 years, as unrest related to the murder of three children earlier in the week spread across the country. Masked anti-immigration demonstrators targeted a hotel housing asylum seekers in Rotherham, while clashes with police in multiple towns and cities led to injuries and arrests. Starmer condemned the "far-right thuggery" and promised justice for the perpetrators. Misinformation about the stabbing in Southport fueled the violence, linked to supporters of the English Defence League. Police and religious leaders called for calm, with the UK interior ministry offering emergency security to Islamic places of worship. Some far-right gatherings remained peaceful, highlighting a complex and divided public sentiment. (Full story)
New Poll Shows Harris Strengthening Against Trump
A new poll confirms that Kamala Harris has drawn level with Donald Trump in the presidential race, transforming a contest Trump was increasingly confident of winning. As the November 5 election nears, Harris has erased Trump's growing lead, gaining a one percent advantage nationwide according to a CBS News/YouGov poll. In crucial swing states, Harris and Trump are tied. Harris, who joined the race last month following President Joe Biden's decision not to seek reelection, is quickly defining her campaign. A significant moment will be her imminent vice presidential pick, expected to balance the ticket with a moderate white male Democrat. Polling expert Amy Walter notes this decision reflects Harris's thought process as a leader. Despite Trump maintaining voter trust on the economy, Harris is preferred for her temperament, with concerns about Trump's cognitive health now paralleling those previously faced by Biden. Democrats aim to make the election a referendum on Trump rather than the economy. Trump, facing backlash from recent remarks and recalibrating after Biden's exit, has intensified attacks on Harris, calling her a "Marxist" and criticizing her economic policies. Harris's campaign counters by branding Trump and his running mate as "weird," emphasizing Trump's reluctance to debate her. (Full story)
Simone Biles Net Worth: Here's Where The 14th Highest-Paid Female Athlete Gets Her Money
After securing her second Olympic gold in Paris, Simone Biles has solidified her status as the most decorated gymnast in history, boasting nine Olympic medals, including six golds, and 30 World Championship medals. Despite her incredible success, her financial earnings primarily stem from endorsements and brand deals rather than gymnastics. According to Celebrity Net Worth, Biles' net worth is estimated at $20 million, with $7 million of her $7.1 million earnings in 2023 coming from endorsements with companies like United Airlines, Visa, and Athleta. In addition to her athletic achievements, Biles has used her platform to voice her opinions, recently trolling ex-president Donald Trump on social media following his remarks about Kamala Harris. At 27, Biles continues to inspire, becoming the first gymnast to win non-consecutive all-around Olympic titles and celebrating her legacy as the Greatest of All Time (GOAT) with a sparkly goat necklace. (Full story)