Samson: Analysts: Gold is heading towards $ 4000, but two events may change this course
10th August, 2020
Gold prices have witnessed a remarkable growth in the recent period, as they recorded historical levels, amid analysts’ expectations that the precious metal prices will continue to rise in the coming period.
Frank Holmes, chief executive of the US investment company, US Global Investors, told CNBC that it is “very easy to see gold reaching $ 4000 (per inch) with trillions of dollars being pumped into stimulating the economy.” He added that the G20 finance ministers and central banks around the world “work together like a cartel, all of whom are pumping trillions of dollars in.” He pointed out that “when you print money of this size at zero interest rates, gold becomes a very attractive asset class.”
One of them is the possibility of developing a vaccine against Corona, which will stimulate risky investments and lead to a decline in investment in gold. The second is the US elections, where the analyst points out that how the US elections will proceed will affect gold prices, for example, after Donald Trump won the 2016 presidential election, gold prices rose by about 5%.
According to the New York-based American think tank, gold prices may drop below $ 1,600 an ounce after the election, before rising again next year. Meanwhile, a provider of financial data, Refinitiv, says that US political developments could disrupt financial markets and support the rise in gold prices. LINK
Samson: After the disaster of Beirut Port … the Lebanese government submits its resignation
10th August, 2020
Lebanese media reported, on Monday, that the Lebanese government headed by Hassan Diab had resigned, days after the catastrophic explosion in the Beirut port. The Deputy Prime Minister and Minister of Defense, Zeina Aker, announced her resignation from the government.
In her intervention during the cabinet session, she said: “The occurrence of this disaster requires the resignation of a government, not individual ministers. Governance is a responsibility, revolution is a responsibility, citizenship is a responsibility, the judiciary is a responsibility, the media is a responsibility, and resignation is a responsibility.”
The massive explosion, which occurred in a warehouse in the Beirut port, caused great damage to buildings and properties. At least 160 people were killed in the explosion and about 5,000 others were injured. LINK