Over $20 Million in Gold Stolen in Canada’s Largest Airport Heist
Published: Wednesday, 17 April 2024 02:53 | 
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Nine people have been charged in connection with the largest gold heist in Canadian history, which occurred at Toronto’s Pearson International Airport last year. Peel Regional Police reported that 6,600 gold bars, valued over 20 million Canadian dollars, along with 2.5 million in various foreign currencies, were stolen. The stolen gold was later melted down and used to buy illegal firearms. Among those charged are an Air Canada warehouse employee and a former manager, who even guided the police on a tour of the cargo facility post-theft.
Global Recession Unlikely, Says IMF's Top Economist
Published: Wednesday, 17 April 2024 02:42 | |
| In a recent interview with CNBC, Pierre-Olivier Gourinchas, the International Monetary Fund's economic counselor, assessed the risk of a global recession as "fairly minimal." He highlighted several positive factors, such as robust economic performance in the U.S. and various emerging markets, and a quicker-than-anticipated decrease in inflation, despite some growth sluggishness in Europe. However, he cautioned that increasing tensions in the Middle East could pose risks to global economic stability.
China's Middle Class and Youth Turn to Gold as Traditional Markets Lose Shine
Published: Wednesday, 17 April 2024 02:32 | |
| The article highlights the intense activity in China's gold markets, particularly at the Hualin International Jewelry Market in Guangzhou, amid a surge in gold prices. As traditional investment options like stocks, property, and banking lose their appeal due to increased uncertainty, gold has become a popular safe haven for investors. This shift has brought an influx of buyers, including many from China's middle class and younger demographics, and has led to a significant rise in the number of gold stores within the market.
Precious Metals on a Winning Streak: Time for a Hard Money Heat Check
Published: Wednesday, 17 April 2024 12:57 | |
| In basketball, a "heat check" is when a player, emboldened by a series of successful shots, opts for a challenging attempt to gauge the persistence of their scoring spree. Today, we'll do our own financial "heat check" in the precious metals market, to assess whether the recent upward trend is set to continue.
Despite Economic Headwinds, Gold Continues Its Surprising Uptrend
Published: Wednesday, 17 April 2024 09:19 | |
| Gold prices have remained stable near record highs despite the Federal Reserve Chair Jerome Powell's recent remarks suggesting that interest rates may be maintained for a prolonged period. This year, gold has appreciated by about 15%, bolstered by safe-haven demands due to escalating geopolitical tensions in the Middle East and Ukraine. Even though rising Treasury yields and a stronger dollar typically undermine gold's attractiveness, the metal has continued its upward trend, surprising many observers. This resilience is supported by significant central bank purchases and growing demand from Chinese consumers. As of the latest trading session in London, spot gold was priced at $2,382.40 per ounce, nearing its peak of $2,431.52.