The increasing demand for safe-haven metals and the ongoing Ukraine crisis caused gold prices to rise and global stocks to slip on Monday. “A little bit of safe-haven flows (are) going into gold today because Ukraine officially rejected the deadline from Russia,” Matt Simpson, senior market analyst at City Index, told Reuters. In other news, experts are warning of dangerously high inflation. Michael Gayed, portfolio manager of Toroso Investments, told Kitco News that food prices could rise to the point where a “famine” could hit parts of the world. He said, “Let’s say Russia-Ukraine ends up worsening, let’s say you have nationalization of resources and you end up have more countries like we’ve been seeing saying they’re going to ban exports of wheat and other key food commodities, and then let’s say you have a bad weather scenario, you could have a massive, massive supply shock.” In that case, prices would skyrocket.

 

Reuters via CNBC
Gold rises as Ukraine crisis persists, hawkish Fed caps gains

Gold prices rose on Monday, lifted by demand for the safe-haven metal as the Ukraine crisis showed no signs of abatement, although the gains were capped by the U.S. Federal Reserve’s plan of aggressive measures to combat inflation.

Spot gold rose 0.2% to $1,924.45 per ounce by 0712 GMT. U.S. gold futures were down 0.3% at $1,924.00.

“A little bit of safe-haven flows (are) going into gold today because Ukraine officially rejected the deadline from Russia,” said Matt Simpson, senior market analyst at City Index.

Read the full story, here.

 

Kitco News/David Lin
Food prices are about to skyrocket even more; Prepare for a ‘famine,’ followed by housing crash, then equities wipeout – Michael Gayed

Food prices are about to go up by a considerable degree, to the point where a “famine” is going to hit parts of the world, according to Michael Gayed, portfolio manager of Toroso Investments.

“I don’t think most people have any clue how bad grocery prices could end up getting. Keep in mind when we’re talking about wheat, soybeans, and various crops, you’re talking about supply from the last growing season, which was last year. We actually don’t know what the real supply is going to look like, even though prices have already skyrocketed on the old supply,” Gayed told David Lin, anchor for Kitco News. “Let’s say Russia-Ukraine ends up worsening, let’s say you have nationalization of resources and you end up have more countries like we’ve been seeing saying they’re going to ban exports of wheat and other key food commodities, and then let’s say you have a bad weather scenario, you could have a massive, massive supply shock.”

In such a scenario, food prices would skyrocket and people would be forced to “tighten their belt,” he said.

People in the emerging markets will likely suffer the most, Gayed added.

You can read the full story, here.

 

Business Insider/Shalini Nagarajan
How to take advantage of rising interest rates

Global stocks slipped Monday as investors tracked a mixed bag of developments around Russia’s monthlong war with Ukraine, a sign of fresh pessimism about the prospects for peace, while oil rallied as European countries discussed a Russian ban.

Futures on the Dow Jones were down 0.3%, or 100 points, as of 6:10 a.m. ET, while those on the S&P 500 dipped 0.1%, and the Nasdaq lost 0.3%, suggesting a lower start to trading later in the day.

The MSCI All Country World Index, which tracks stocks in several developed and emerging market nations, inched 0.04% lower Monday.

Russia’s ultimatum for Ukrainian forces to lay down their arms and surrender the besieged city of Mariupol was rejected on Sunday.

You can read the full article, here.

 

 

 

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