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Offbeat Gold jumps after Trump cancels North Korea summit

18:44  24 may  2018
18:44  24 may  2018 Source:   cnbc.com

White House: 'If the North Koreans want to meet, we'll be there'

  White House: 'If the North Koreans want to meet, we'll be there' <p>The White House said Thursday it is moving ahead with plans for a summit between President Trump and North Korean leader Kim Jong Un, despite Pyongyang's recent threats to scrap it.</p>"If the North Koreans want to meet, we'll be there," White House press secretary Sarah Huckabee Sanders told reporters.

Gold rises after North Korea 's foreign minister accused President Trump of declaring war. Cambridge Cyber Summit . eMerge Americas.

A combination photo shows U.S. President Donald Trump and North Korean leader Kim Jong Un, in Washington, DC on May 17, 2018 and in Panmunjom, South Korea on April 27, 2018, respectively. (Kevin Lamarque/Reuters and Korea Summit Press Pool/File Photos).

President Donald Trump's decision to cancel the Singapore summit with North Korea leader Kim Jong Un is moving financial markets, spurring a big move in the gold market.

Gold futures were trading up more than 1 percent Thursday after the news, above $1,305 an ounce.

Investors often seek refuge in the precious metal during periods of geopolitical uncertainty and turmoil.

Last year, Bridgewater Associates founder Ray Dalio recommended that investors buy gold, citing the rising tensions between the U.S. and North Korea at the time.

"Two confrontational, nationalistic, and militaristic leaders playing chicken with each other, while the world is watching to see which one will be caught bluffing, or if there will be a hellacious war," Dalio wrote in August. "We can also say that if . . . things go badly, it would seem that gold (more than other safe-haven assets like the dollar, yen, and treasuries) would benefit."

White House says Trump and Abe agree to meet before expected U.S.-N. Korea summit .
U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe discussed North Korea by phone on Monday and confirmed they would meet before an expected U.S.-North Korea summit, the White House said. A White House statement said that in their call, Trump and Abe "affirmed the shared imperative of achieving the complete and permanent dismantlement of North Korea’s nuclear, chemical, and biological weapons and ballistic missile programs."Earlier, Japan's Kyodo news agency quoted Abe as saying that the two leaders had agreed to cooperate to make the summit between the U.S. president and North Korean leader meaningful.

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