Dubai’s debt problems are weighing heavily on the global bourses, given that it has its fingers in so many pies. Many insist the scenario is very similar to when Lehman Brothers collapsed, and Dubai’s problems could well be the catalyst for the market to fall further. For gold, caught in the maelstrom and getting whipped …
Dubai’s debt problems are weighing heavily on the global bourses, given that it has its fingers in so many pies. Many insist the scenario is very similar to when Lehman Brothers collapsed, and Dubai’s problems could well be the catalyst for the market to fall further. For gold, caught in the maelstrom and getting whipped around, a crash is inevitable.
This is no storm in a teacup. The desert storm racking the Persian Gulf emirate of Dubai has reverberated across the globe. And the charge of the gold bull has clearly been stopped in its tracks.
On Monday, Dubai stocks sank in their first day of trading since the United Arab Emirates called for a delay in repaying billions of dollars in debt.
MARKETS
COMMODITIES
| Commodities | |||
|---|---|---|---|
| Gold | 1928.98 | +1.26 | |
| Silver | 23.60 | +0.01 | |
| Copper | 4.23 | -0.04 | |
| Palladium | 1713.17 | 0.00 | |
| Platinum | 1087.26 | 0.00 | |
| Oil | 79.38 | -1.63 | |
| Heating Oil | 3.19 | -0.11 | |
| Natural Gas | 2.85 | -0.09 | |
