LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

COT Gold, Silver and US Dollar Index Report - May 29, 2020
By: GoldSeek.com

The Comex Has Big Problems
By: Dave Kranzler

Scammers Exploit Pandemic to Peddle Fake Silver, Phony Collectibles
By: Mike Gleason

Silver Miners’ Q1’20 Fundamentals
By: Adam Hamilton

The Dollars And Deaths Of COVID-19
By: Bill Sardi

Fibonacci Queen and Elliott Wave King Market Proclamation
By: Avi Gilburt

Asian Metals Market Update: May-29-2020
By: Chintan Karnani, Insignia Consultants

Silver and Gold: Balancing More Than 100 Years Of Debt Abuse
By: Hubert Moolman

Precious Metals Update Video: Market cycling money out of tech, Gold is acting very good
By: Ira Epstein

HOUSTON WE HAVE A PROBLEM: Dow Jones Index Totally Disconnects From The Employment Data
By: Steve St. Angelo, SRSrocco Report

 
Search

GoldSeek Web

 
Iran Attack Poses First Serious Test for Trump

By: Rick Ackerman, Rick's Picks

 -- Published: Monday, 16 September 2019 | Print  | Disqus 

For a rare change, global markets seem genuinely concerned about the news. A drone attack by Iran over the weekend knocked out more than half of Saudi Arabia’s refining capacity, amounting to roughly five percent of global supply. Fox and other news outlets underplayed the story initially, putting it beneath the latest sex charges against Kavanaugh. But the Saudi story shot up to the top of the page when index futures began to trading Sunday evening and oil prices soared $8 to a high of nearly $63 per barrel. So far, though, traders have gotten it only half-right. Comex gold is up a mere $14 at the moment (see chart above), and S&PS futures are off only 18 points. This suggests that although the threat to the world’s oil supplies is perceived as real, it is not yet considered a full-blown crisis in the trading world.

Shades of Goldfinger?

They’ll wise up soon enough, though, especially if Trump chooses to confront Iran. Until now, the mullahs have confined their attacks to oil tankers bearing the flags of countries unlikely to retaliate. By launching drones (or possibly cruise missiles) on a Saudi facility, they have declared war on a key U.S. ally. Trump has responded by approving the use of America’s emergency oil reserves to dampen any price spike, but it is unclear how he will deal with Iran itself. So far, the President has been all words when handling North Korea, China and Cuba/Venezuela. But none of them has pressed him nearly as aggressively or persistently as Iran. It is one thing for Kim Jong-un to shoot missiles into the air, or even over Seoul, but quite another for Khamenei to actually bomb one of the world’s most important oil facilities.

Some are comparing this to Pearl Harbor, but that was a sneak attack. In this case, Iran’s destructiveness follows an entirely predictable pattern of increasingly menacing actions. One shudders to think of what it will mean if Trump, facing the first serious challenge of his presidency, rises to the occasion. As much could be said if he doesn’t. If all-out war results, it wouldn’t be the first time this happened when neither side wanted it. It’s also possible Iran has taken its inspiration from Auric Goldfinger, the James Bond character who nuked Ft. Knox in order to increase the value of his own bullion.  If so, and assuming the mullahs press no further, the strategy could succeed by drastically repricing oil. In the meantime, the mullahs re denying that they had anything to do with the attack — that it was Yemeni Houthis who did it. If the situation were not so grave, their denials would be laughable.
 

| Digg This Article
 -- Published: Monday, 16 September 2019 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.