Title : Gold geopoliticals: IKN keeps it real
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Gold geopoliticals: IKN keeps it real
From the intro to this week's edition of The IKN Weekly, out last Sunday evening:All the geopolitical risk you can eat this weekend, what with the Suleimani episode over in Baghdad and the ramifications as “tensions escalate” (always wanted to work as a sub-ed at Bloomberg), so let us remind readers that geopolitical events do not have a long-lasting effect on the price of gold. Agreed that it used to be like that, but we have a mountain of evidence to show that spikes in the price of gold and precious metals (as well as dips in the industrial metals) are transitory at best, no matter how big or headline-capturing the event may be. We’ve seen it enough times before, when Israel flew bombing raids on Iranian nuclear facilities, or when Russia annexed the Crimea peninsula and shot down a passenger jet, or when the Brexit vote threw Europe into a tizzy. I do expect gold to pop tomorrow (EDIT: Sunday evening futures have gold up 2% at U$1,580/oz), but also expect the effect on the assassination of the General to be of limited effect to the gold market, once the ripples have died down.
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