WORLD FINANCE NEWS BRIEF
The Message Behind Gold’s Rally: The World Economy Is in Trouble
At the close of trading in New York on Friday, bullion had spiralled to $1,902.02 an ounce, some 30% higher than the low it hit in March and just 1% off a record high set back in 2011.
Gold is also drawing investors “concerned that stagflation will win out and will likely warrant even further accommodation from the Fed.”
Analysts have been predicting a huge upside for gold for several months.
Where to Invest $1 Million Right Now
- Gold is a great hedge against the debasement of currencies, including the U.S. dollar.
- Farmland offers a place where you can fall back to if things get bad.
- Holding equities only isn’t a big problem as long as you can make it into a big umbrella with global, solid names.
- I’ve been collecting Brazilian art for more than 20 years, so that would be my go-to.
- The second area we’re looking at closely is technology.
- Prices of Burgundy wines have climbed steadily in the last 20 years, but it’s a complex playing field.
- If I already had a diversified portfolio and I came into $1 million I’d be thinking about real estate outside of some of the class A cities.
- Go out and restore some old Land Rovers.
What the Heroin Industry Can Teach Us About Solar Power
It is the story of how Afghan opium growers have switched to solar power, and significantly increased the world supply of heroin.
It’s just how opium poppy is farmed now,” Mr Brittan tells me. “They drill down 100m (325ft) or so to the groundwater, put in an electric pump and wire it up to a few panels and bingo, the water starts flowing.”
The number of solar panels installed on farms has doubled every year.
Solar has transformed the productivity of farms in the region.
An upfront payment of $5,000 they can buy an array of solar panels and an electric pump. Once it is installed, there are virtually no running costs.
The area under cultivation has been increasing by tens of thousands of hectares every year.
The story of the revolution in Afghan heroin production shows us just how transformative solar power can be.
GCC NEWS BRIEF
Saudi Arabia Posts $29bn Deficit in Second Quarter as Oil Revenues Fall
total revenues dropped 49 percent to nearly $36bn from last year.
Facing a deep recession, Riyadh has taken unprecedented measures to support its finances, including tripling value-added tax, increasing import fees and cancelling some benefits for government workers.
First Abu Dhabi Bank Profit Drops 25% as Impairments Up Again
FAB’s second-quarter net profit was 2.41 billion dirhams ($656 million) versus 3.22 billion dirhams a year earlier. It was flat compared with the first quarter.