Gold Prices Go Up On Rising US-North Korea Tensions

T-Online

Speaking Aug. 8 from the golf course he owns in Bedminster, N.J., where's he's huddled up for a 17-day "working vacation," the president told reporters that if North Korea "make any more threats to the United States... they will be met with fire and fury and frankly power, the likes of which this world has never seen before".

Flight-to-safety moves pushed up the value of classic assets perceived as safe, including the franc, the Japanese yen and gold prices after North Korean leader Kim Jong Un made an explicit threat to strike a US military base in Guam.

The North is apparently unnerved by the frequent appearance of US bombers, aircraft carriers and nuclear submarines in the vicinity of its territory. The S&P 500 was down 6 points, or 0.25 percent, and the Nasdaq was down 35 points, or half a percent.

In Europe, France's CAC 40 fell 1.6 percent to 5,135 while Germany's DAX was down 1.3 percent at 12,133.

"The next focal point is whether North Korea conducts a nuclear experiment and how the United States responds".

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"Geopolitical tensions are the key driving force this morning, boosting demand for safe havens", TD Securities analysts said in a note.

The Swiss franc jumped on Wednesday and higher yielding currencies such as the Australian dollar tumbled as the latest bout of geopolitical tensions emerging from the Korean Peninsula prompted investors to cut positions. The price of gold rose 1.2 percent and the Swiss franc had its best day in almost three years.

"I think what the President was doing was sending a strong message to North Korea", Tillerson said. Were the situation to escalate, much more than the stock markets would be at risk.

Guam, of course, is the USA territory that North Korea threatened August 9 with "an enveloping fire" from its Hwasong-12 "strategic ballistic rocket".

The dollar also slipped 0.26 percent lower against the yen to 110.01 yen. The Japanese currency, the yen, is often a safe have asset too.

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