David R. Kotok quoted in…

“Attack on Israel boosts appeal of gold, safe-haven assets”

By Reuters - Oct 08, 2023 - 11:45 PM EDT

Excerpt follows:

 


NEW YORK, Oct 8 (Reuters) - The violence in Israel that erupted this weekend is prompting a move into safe-haven assets as investors closely watch events in the Middle East to gauge the geopolitical risk to markets.

 

Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday. Western countries, led by the United States, denounced the attack and pledged support for Israel.

 

Rising geopolitical risk would see buying in assets like gold and the dollar , and boost demand for U.S. Treasuries, which have been sold off aggressively, analysts said over the weekend. As trading started in Asia on Monday those themes played out. U.S. stock futures slid < ESc1>, while crude , gold and Treasuries got a boost.


David Kotok, chief investment officer at Cumberland Advisors in Sarasota, Florida, said that the situation was concerning as the United States is weakened by dysfunction in Washington. Republicans are looking for a successor to ousted Speaker Kevin McCarthy of the House of Representatives, and a budget showdown looms.

 

"I am very worried about more explosive situations that require U.S. determination and U.S. defense capability which is being injured," by the situation in Washington, Kotok said.

 

Full story: https://www.reuters.com/world/middle-east/attack-israel-could-boost-appeal-gold-safe-haven-assets-2023-10-08/

 

 

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David R. Kotok
Published Date
News Source
Reuters