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Expanding military action and reaction in Gaza/Israel is pushing up commodity prices that react when safe haven investing is needed

Economy / news
Expanding military action and reaction in Gaza/Israel is pushing up commodity prices that react when safe haven investing is needed
28th Oct 23, 10:56am by David Chaston
Gaza and gold

The gold price has pushed up above US$2005/oz on geopolitical news. The oil price has risen on the same news.

Wider clashes in Gaza from Israel's "expanding ground activity" is behind the rises. The risks of military action on other Israeli borders is high. US involvement, already evident in Syria, is a factor too.

The highest daily gold close on record is US$2,060 on August 6, 2020.

The international price of oil (Brent standard) has risen to US$89/bbl so far today (Saturday). But that is a long way from it's all-time high of US$140/bbl in June 2008.

So far, the bitcoin price hasn't shown the same price reactions.

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8 Comments

by  Zwifter  |  28th Oct 23, 11:13am 1698444796

The Gaza war will be ongoing regardless of the truce called by the UN vote this morning. I wouldn't be surprised if the USA commits a 3rd Carrier to the region and it needs some support vessels there as well not just carriers. Bottom line there is no direct support for Gaza from other Arab counties and Israel knows it.

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by  NZGecko  |  28th Oct 23, 1:41pm 1698453702

Yes Israel,  under the mighty USA defense umbrella,  with go all out to kill and apprehend every Hamas operative they can get over the coming weeks/months.  They go all in and cut the head of this snake now, or they will see this attack repeated.



It will be the Mossad/IDF playbook,  after the Israeli Olympian killings  - make your enemies remember (all perpetrators perish) the pain for years.



Very sorry to see civilians on both sides, paying seriously.



Gold, Oil, miners/drillers,  will be the assets of 2024.

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by  J.C.  |  28th Oct 23, 2:41pm 1698457284

In Kiwi pesos, powering towards $3,500. Past 12 months, up 20%. Past 5 years, up 92%.

And from the supposed bull market starting point in 2014-15, now up a whopping 130%. 

Israel-Gaza is just an event along the way. Gold is doing what it does.  

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by  Wrong John  |  28th Oct 23, 4:45pm 1698464752

It's time to deal with the noisy neighbours. And they will deal with the noisy neighbours. Including the other noisy neighbours. It is time.

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by  NZGecko  |  28th Oct 23, 4:53pm 1698465187

US have already hit the other noisey neighbour's.  Expect a lot more street cleaning to be done.  

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by  Baywatch  |  30th Oct 23, 7:35am 1698604526

So far, the bitcoin price hasn't shown the same price reactions.? So the best preforming asset this year has not shown the same reactions? Will post this comment around Xmas for a laugh

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by  J.C.  |  30th Oct 23, 12:45pm 1698623106

Not gold but.....

Since Russia / Ukraine war TLT (US Treasury ETF) -16% vs BTC +50%

Since Hamas / Israel war TLT -3% vs BTC +24%

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