TREND ALERT®: Saudi war drums: Gold, oil, cryptocurrency prices to spike
8 Nov 2017
Saudi war drums: Gold, oil, cryptocurrency prices to spike
KINGSTON, NY, 8 November 2017—Oil prices had jumped to two-year highs even before the Saudi Arabia palace purge that is now igniting concerns about oil production in the country and instability in the region.
Over the last three months, oil prices began rising following hurricanes in the US that reduced supply, moderate increases in global demand, extension of the agreement by OPEC and Russia to reduce supply and unrest in the Middle East, particularly following the Iraqi Kurdistan independence referendum.
While the media keeps its focusing on escalating tensions between the US and North Korea, our focus is on the Middle East and our eye is on 32 year-old Saudi Crown Prince Mohammed bin Salman, who has been installed as essentially the de facto leader of the nation.
In March 2015, it was he who launched the war against Yemen claiming Iran was supporting the Houthi rebels, who had overthrown the leader the Saudis and the US supported.
Ratcheting up his anti-Iran rhetoric, Salman warned this past May, “We won’t wait for the battle to be in Saudi Arabia, instead, we will work so that the battle is for them in Iran, not in Saudi Arabia.”
Current events form future trends and the trend line is heading for a “battle” with Iran. Saudi Arabia is now blaming Iran for a missile they intercepted near its capital Riyadh that was ostensibly launched by the Houthi rebels they are fighting in Yemen.
Concurrently, Lebanese Prime Minister Saad Hariri unexpectedly resigned Saturday during a trip to Saudi Arabia, saying his life was in danger, while accusing Iran of causing "devastation and chaos" in the region.
Hassan Nasrallah, the head of Hezbollah in Lebanon (founded with Iranian support in 1982 to fight the Israeli invasion of Lebanon), said, "It is clear that the resignation was a Saudi decision that was imposed on Prime Minister Hariri.”
War Drums Beating
With the Lebanese government on the brink of collapse following Hariri’s resignation and mounting tensions between regional Sunni powers and Iran, Bahrain has ordered its citizens to leave Lebanon.
In addition, with President Trump labeling Iran "a terrorist nation like few others,” while steadfastly supporting the Saudi regime and its invasion of Yemen, the war drums are now beating louder for conflict with Iran and/or Lebanon vs. the United States, the Arab League and Israel.
TREND FORECAST: Should the war of words escalate to a war of bombs, oil prices will pierce the $100-per-barrel mark in a matter of weeks, equity markets will decline and investors seeking safe haven assets will drive up both gold and cryptocurrency prices.
Moreover, higher oil prices will dampen already soft retail sales in western nations prior to the Christmas holiday. In fact, so worried are US retailers that sales and stock prices keep sinking, they are already kicking off Black Friday discount deals.
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