Mohamed El-Erian warns gold’s status as a ‘must-have’ asset has made it develop a ‘bipolar personality’

Mohamed El-Erian has warned that gold’s status as a “must-have” asset has led to its “bipolar personality”, as investors buy it as a hedge against both inflation and deflation. Gold’s rapid price rise “is yet another unintended result in a lengthening list of the exceptional involvement of central banks in the functioning of markets,” he wrote in a Financial Times op-ed. He said gold has collected an “unlikely cast of backers,” in addition to those investors who have bought it through concern about factors such as the weaker dollar, or geopolitical shocks. Visit Business Insider’s homepage for more stories. Notable economist Mohamed-El Erian said in a Financial Times op-ed that… Read More

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Mohamed El-Erian warns gold’s status as a ‘must-have’ asset has made it develop a ‘bipolar personality’

Mohamed El-Erian has warned that gold’s status as a “must-have” asset has led to its “bipolar personality”, as investors buy it as a hedge against both inflation and deflation. Gold’s rapid price rise “is yet another unintended result in a lengthening list of the exceptional involvement of central banks in the functioning of markets,” he wrote in a Financial Times op-ed. He said gold has collected an “unlikely cast of backers,” in addition to those investors who have bought it through concern about factors such as the weaker dollar, or geopolitical shocks. Visit Business Insider’s homepage for more stories. Notable economist Mohamed-El Erian said in a Financial Times op-ed that… Read More

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Elon Musk seems furious that SpaceX has to split Space Force contracts worth billions with his nemesis, ULA

SpaceX recently won a 40% share of a prized agreement with the Space Force to launch classified US payloads into orbit. But the rocket company, founded by Elon Musk in 2002, remained curiously silent for days after the announcement. Musk broke the silence on Thursday by accusing rival United Launch Alliance, which won a majority of the rocket contracts, of being “a complete waste of taxpayer money.” Tory Bruno, ULA’s CEO, responded to Musk by congratulating SpaceX on its award. Musk has a longstanding feud with ULA over its history, rocket designs, and launch pricing. Visit Business Insider’s homepage for more stories. On August 7, the US Space Force announced… Read More

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Russia offered to help the US develop a coronavirus vaccine, but the Americans said no because they don’t trust it, report says

Russia offered to help the US secure its coronavirus vaccine, but the Americans turned it down, CNN reported Thursday. Russia this week became the first country to approve a COVID-19 vaccine, known as Sputnik V. But experts say the development was rushed, test data and methodologies are being kept secret, and truncated testing may have missed detrimental side effects. Russian officials told CNN they offered the US help, and access to the Sputnik V vaccine, but were rebuffed. One US public-health official told CNN: “There’s no way in hell the US tries this [Russian vaccine] on monkeys, let alone people.” The US has contributed funding to several vaccine projects as… Read More

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China is far behind and is ‘never gonna catch up’ with the Phase 1 trade agreement with the US, an expert says

Scott Kennedy of the Center for Strategic and International Studies, told CNBC’s Squawk Box that China may never catch up with its commitments under the Phase One trade deal with the United States. He said: “If it’s really based on the genuine commitments that they inked in January, they’re far behind and they’re never gonna catch up.” China and US signed the deal in January after more than a year of trade disputes. But tensions between both countries have increased over Hong Kong legislation, as well as who is responsible for the COVID-19 pandemic. Recent data by the Peterson Institute for International Economics, showed China has bought less than half… Read More

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China is far behind and is ‘never gonna catch up’ with the Phase 1 trade agreement with the US, an expert says

Scott Kennedy of the Center for Strategic and International Studies, told CNBC’s Squawk Box that China may never catch up with its commitments under the Phase One trade deal with the United States. He said: “If it’s really based on the genuine commitments that they inked in January, they’re far behind and they’re never gonna catch up.” China and US signed the deal in January after more than a year of trade disputes. But tensions between both countries have increased over Hong Kong legislation, as well as who is responsible for the COVID-19 pandemic. Recent data by the Peterson Institute for International Economics, showed China has bought less than half… Read More

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The Postal Service Can Handle the Election—If It’s Allowed To

President Donald Trump and his allies might well succeed in undermining the United States Postal Service’s ability to handle an expected surge in mail-in ballots this fall. But the biggest immediate threat to voting by mail isn’t blocked funding. Trump acknowledged yesterday that he opposes a major stimulus deal with Democrats in part because he wants to stop an infusion of $25 billion to the Postal Service ahead of the election. “They need that money in order for the Post Office to work, to take in these millions and millions of ballots,” Trump said in an interview with Fox Business’s Maria Bartiromo. But the president doesn’t want more voting by… Read More

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Global oil demand forecast is lowered for 2020 and 2021

Credits Haidar Mohammed Ali/AFP/Getty Images IEA report says jet fuel demand remains the major source of weakness One-Minute Read Mike Starling Friday, August 14, 2020 – 10:01am The global oil demand forecast for 2020 and 2021 has been revised down by the International Energy Agency (IEA) due to rising Covid-19 cases and weakness in the aviation sector. See related Why Europe may face an oil shortage within a decade Global oil storage almost ‘overwhelmed’ as price plummets In its August market report, the IEA says oil demand forecast for this year is expected to fall by 140,000 barrels per day (bpd) to 91.9 million bpd – eight million bpd down… Read More

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Big Brother Recap: Was That the Most Predictable Eviction Ever?

Big Brother: All-Stars has been light on the drama since it debuted a week ago. What the house needed was a good old eviction to increase the drama. Unfortunately, that did not work. Thursday’s new episode got underway with Keesha and Kevin still on the block, and only one of them campaigning to stay in the game. We wish we were kidding, but the legendary Keesha Smith continued to have terrible read on the game. Even when Janelle urged her ally to rock the boat, Keesha felt like she would be able to get Taylor’s vote. We think we speak for the Big Brother fandom when we ask the following… Read More

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