Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
After a slow start to the month, gold fetched its highest price since June 19 on Thursday. Comex gold futures hit $1362 while the spot price reached as high as $1370.
And for once the bullion’s rise is not attributed to Ben Bernanke: Analysts say gold is up on safe-haven buying from political violence in Egypt and stock market weaknesses.
Cairo erupted in bloodshed on Wednesday, resulting in the deaths of more than 600 people. Egypt controls the Suez Canal which is a vital international gateway for oil and other commodities.
Silver Comex for September also added on Wednesday’s gains, going up to $22.95, a 5.32% jump. The precious metal’s spot price spiked nearly 5% as well.
But some major players have already given up on the yellow metal. Securities and Exchange Commission filings revealed on Thursday that John Paulson, of hedge-fund firm Paulson & Co, sold more than half of his shares in the SPDR Gold Trust, the world’s largest gold ETF. He also got rid of his Barrick Gold (NYSE:ABX) shares. Paulson amassed much of his fortune through the precious metal but has seen big losses in the past year.
Comments
JH
Not at all surprised.
Most have been wondering about a black swan event that could trigger a gold rush. Not as if there was no choice, only a question which one would eventuate first – Iran and a nuke or blocking the Gulf, Syria, Europe having some sort of skin-head revolt, Egypt, South China Sea….North Korea…South Africa gold production total collapse…Saudi Arabia, and then of course the “none of the above”, could be a California earthquake (it is over due), …Britain or Japan turning turtle because of debt…
…spoilt for choice, but Egypt will do to start proceedings. (bad luck for those who have the misfortune to live there).