Gold Price 8 February 2024
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The price of gold on February 8, 2024, was £1,608.59 per ounce, down 0.27% from the previous day. Compared to last week, the price is down 0.04%, but it is up 0.91% from one month ago. The 52-week high for gold is £1,631.65, and the 52-week low is £1,585.59. Investing in gold is considered a safe-haven asset and a way to diversify an investment portfolio. There are several ways to invest in gold, including buying physical gold in the form of bullion or coins, investing in gold mining or processing companies, or investing in gold funds. Gold is seen as a hedge against inflation over long periods of time. However, the price of gold can be volatile, and it does not produce income or yield. It is important to consider storage costs when buying physical gold. Digital gold, which allows investors to buy fractions of physical gold, is another option. The price of gold is determined by supply and demand, and it is set by the London Bullion Market Association. Gold can be a profitable investment, but its price is dependent on various factors and can fluctuate. Gold is often seen as a safe haven during times of economic and geopolitical volatility. It is also considered a hedge against inflation. The value of gold can drop if there is a decrease in demand. The best form of gold for investment depends on individual preferences and goals. Options include buying physical gold in the form of bullion or coins, investing in digital gold, or investing indirectly through shares in gold mining or commodity funds. Forbes Advisor provides educational content and does not offer financial advice or recommend specific stocks or securities.
#GoldPrice #Investing #Safe-havenAsset #Diversification #InflationHedge
https://www.forbes.com/uk/advisor/investing/gold-price-08-02-24/
Middle East Tensions - 50 Years Apart In Time, Light Years Apart In Economic Impact
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On October 6, 1973, the Arab armies of Egypt and Syria launched a surprise attack on Israel during Yom Kippur. Almost exactly 50 years later, on October 7, 2023, the Arab terrorist organization Hamas launched another surprise attack on Israel during Simchat Torah. In both cases, Israel was initially caught off guard but managed to regroup and take the fight to the Arabs. However, the economic impact of the Middle East tensions has been different. Unlike in 1973, the world economy today has not been convulsed by economic headwinds, and the energy crises which resulted from the Arab Oil Embargo in 1973 have not reoccurred in 2023. This is partly due to expanding relations between Arab states and Israel, as well as the United States' record oil production and exports. The fracking revolution and the power of the environmental movement have also played a role in stabilizing energy prices. The current Mideast turmoil has had little impact on the world economy, giving the American President a freedom of action that his predecessors did not have.
#MiddleEast #Israel #ArabArmies #Hamas #EnergyCrises #Opec #OilProduction #FrackingRevolution #EnvironmentalMovement #WorldEconomy
Workplace Mental Health Failures: This Is What CEOs Need To Know
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Research shows that workplace mental health initiatives are not effective. A study by Oxford University found that people who participate in well-being programs focusing on improving mental health receive zero benefits compared to employees who don't. The study also emphasizes the importance of sequencing in designing an effective mental well-being program and an overall effective culture. Workplace wellness programs can serve as a net positive overall, but they cannot compensate for a toxic work environment, lack of career development opportunities, inadequate compensation, limited personal autonomy, and a disconnect from the organization's mission and purpose. Employees prioritize more than financial compensation—they seek a sense of belonging, autonomy, purpose, and fulfillment.
#WorkplaceMentalHealth #WellnessPrograms #EmployeeWell-being #WorkplaceCulture #Leadership
Defense Contractor Scale AI Quietly Scrapped Deal With Chinese-Owned TikTok Over Security Concerns
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Defense contractor Scale AI canceled a deal with Chinese-owned TikTok over security concerns. Scale AI CEO Alexandr Wang pursued the deal despite concerns from the company's leadership. Former President Donald Trump had previously announced plans to ban TikTok due to national security concerns. Scale AI reconsidered the deal after reports that TikTok's parent company, ByteDance, planned to surveil American citizens using the app's geo-location data. The deal was ended less than a month after it began. Bill Evanina, former head of counterintelligence for the U.S. government, called any deal between a defense contractor and TikTok a 'bad decision.' Scale AI's TikTok reversal was seen as a positive move to avert a catastrophe. Scale AI is a $7.3 billion AI startup that provides data-labeling services. The company has been expanding its government and military business and has raised $600 million from investors. Scale AI has spent $1.95 million lobbying the federal government and has generated $90 million in public government contracts. The company currently has 20 active government contracts. Scale AI's defense arm has faced concerns about overstatements regarding its work with the government and the capabilities of its products. The company's growth in the government business has not been as significant as its commercial business. Scale AI's first contract with the Department of Defense was worth around $100 million over four years. The company's defense business relies heavily on its Project Maven contract, which is due to expire soon. Scale AI CEO Alexandr Wang has positioned himself as a leader in defense tech and has emphasized the importance of supporting U.S. national security.
https://www.forbes.com/sites/davidjeans/2024/02/02/scale-ai-tiktok-bytedance-security-concerns/
Powell Says Only 3 Rate Cuts In 2024—But Market Still Doesn't Buy It
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Federal Reserve Chairman Jerome Powell stated that the central bank views a modest reduction in interest rates as the most likely scenario for 2024, with the first rate reduction not likely to come as soon as next month. However, investors remain unconvinced and believe that the Fed will ultimately slash interest rates more quickly than Powell suggests. Futures contracts indicate a 90% chance of a full percentage point or more rate cut this year. The dissonance is due to the Fed's focus on tracking inflation progress on an annual basis, while investors are pricing in growth-stimulating conditions associated with rate cuts. Former President Donald Trump has criticized Powell, accusing him of cutting rates to help the Democrats in the upcoming election, but Powell denies any political motivations and emphasizes the Fed's independence.
#FederalReserve #InterestRates #JeromePowell #Inflation #Investors #RateCuts
‘Snow Moon’ Visits Scorpius As The ‘Seven Sisters’ Sparkle: The Night Sky This Week
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This week is a great time for stargazing as the skies are dark and ideal for picking out constellations. A crescent moon can be seen both before sunrise and after sunset. On Monday, February 5, a 25%-lit waning crescent moon will be visible near Antares, a red supergiant star in the constellation Scorpius. On Wednesday, February 7, a 9%-lit waning crescent moon will be visible below Venus. On Thursday, February 8, it will be two months until the 'Great American Eclipse,' a total solar eclipse in North America. On Friday, February 9, there will be a new moon, signaling Chinese New Year. On Sunday, February 11, a 6%-lit slim crescent moon will be visible in the southwestern sky just after sunset. The Pleiades, also known as the 'Seven Sisters,' is a group of stars located in the Taurus constellation and can be seen with the naked eye as a small, bright cluster. The Pleiades group contains seven main bright stars—Alcyone, Atlas, Electra, Maia, Merope, Taygeta, and Pleione. These stars are around 100 million years old and are surrounded by a cloud of gas and dust that lights up with the radiation from the stars.
#Stargazing #Astronomy #NightSky #CrescentMoon #Constellations #TotalSolarEclipse #Pleiades #SevenSisters
Preparing Kids For The Jobs Of Tomorrow: Investing In STEAM Education
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STEM occupations are projected to grow 10.8% by 2032. The U.S. is falling behind in STEM proficiency compared to other leading countries. The U.S. ranked 28th in math in the latest Programme for International Student Assessment test. The STEM gap creates a shortage of skilled workers. Integrating concepts and practices of the arts into STEM education is important. Germany's approach to STEM education can provide lessons for the United States. The Haus der Kleinen Forscher Foundation in Germany supports STEM education for children ages 3 to 10. High-quality early STEAM experiences support children's growth. Germany collaborates with academia and policymakers to increase the number of educators and subject specialists. Germany's vocational education and training system equips students with real-world experiences. The U.S. needs systematic alignment and investment in STEAM education. States should invest more in public-private partnerships and collaborations between schools and employers.
#StemEducation #SteamEducation #FutureJobs #WorkforceDevelopment
American Job Market: Fill In The Superlative Of Your Choice
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The Bureau of Labor Statistics released the January Jobs Report, revealing that the economy added 353,000 jobs in January, surpassing consensus expectations of 176,500. December's figures were revised upward by 117,000 to 333,000 and November's figures by 9,000 to 182,000. The unemployment rate remained at 3.7% for the third consecutive month. Job gains were seen in professional and business services, health care, retail trade, government, social assistance, manufacturing, and information services. Wages have increased by 4.5% from last year, outpacing inflation, and the GDP has grown by 3.3%. The Job Openings and Labor Turnover Survey (JOLTS) also showed positive results, with a 5.4% open jobs rate and a hiring rate of 3.6%. The job market is described as a masterpiece.
#JobMarket #Economy #Unemployment #Wages #Gdp
Xi And The Red Sea: Protect Iran Or China’s Economy?
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A US bombing campaign against Iranian proxies threatens a regional conflagration. China's silence on the matter is significant as its ambitions for global leadership require expanding influence in the Middle East, while its economy and the legitimacy of the Chinese Communist Party are threatened by Iran's truculence. Despite its hostility to the US, China does not benefit from high-level violence and instability that may upset the global economic apple cart. Beijing seeks to remold and capture the system intact. Xi previously navigated this strategic conflict by mastering the art of deflection and strategic ambiguity. The US cannot afford inaction against Iran and the Houthis, even if it means inadvertently helping the Chinese economy. A long-shot idea is to publicly invite China to participate in anti-Houthi operations in Yemen, potentially driving a wedge between Teheran and Beijing. China may be nearing the limit of what it is willing to sacrifice to maintain positive relations with Iran.
#China #Iran #MiddleEast #Us #Houthis #Economy