Special Report: Hamas Attacks Israeli – Causing Israel to Declare WAR
On Saturday Hamas, a militant group also known as the Islamic Resistance Movement initiated a surprise and coordinated attack on Israel by launching rockets at multiple cities. Hamas said it struck the Israeli cities of Jerusalem, Tel Aviv, Sderot, Ashkelon, and Ashdod with over 2,000 rockets.
Hamas, Unlike the Palestinian Authority, does not recognize the existence of Israel and is committed to replacing it through armed struggle desiring a Palestinian state stretching from the Mediterranean Sea to the Jordan River.
According to Al Jazeera, Izzedine al-Qassam Brigades a spokesperson for Hamas’s military arm warned on Monday “that attacks … would result in executions of captured Israeli civilians.”
According to the Washington Post, “At least 900 people have been killed in Israel and about 2,600 wounded, according to reports in local media. President Biden said in a statement that at least 11 American citizens were among the dead, and more “remain unaccounted for.”At least 260 bodies were recovered at the site of a music festival near the border with Gaza. Israeli authorities have also said that 73 soldiers have been killed and more than 100 people taken captive. Palestinian authorities said that in Gaza, at least 680 people have been killed and about 3,700 injured.”
In an address to the nation, Israeli Prime Minister Benjamin Netanyahu said, “The military would intensify its operations against Hamas … Its bombardment of Gaza is just the beginning … Every place where Hamas is active and working will be completely destroyed.”
According to many analysts, this conflict is far from over. The struggle for the Gaza strip is just unfolding and will have major ripples and implications throughout the financial markets, and a profound impact potentially moving both crude oil and gold prices higher.
Gold acts as a haven asset as the Israeli-Hamas war continues
Haven assets such as gold and silver showed strength and today.
Market participants including investors and traders flocked to haven investments. Causing gold to have a strong rally on Monday as Israel declared war following Hamas's surprise and bloody invasion of southern Israel over the weekend. Gold futures basis the most active December contract closed on Friday at $1845.20 after factoring in gains of $13.40.
Gold prices gapped higher when trading resumed in Australia on Monday as seen in the four-hour candlestick chart below. Gold resumed trading this week opening at approximately $1861. Gold futures closed at $1864.30 in New York today after factoring a gain of $19.10. As of 5:40 PM EDT gold futures are currently fixed at $1875 up approximately $29.80 as the differential between the close in New York and its current price as it trades on Globex.
Wishing you as always good trading,
Gary S. Wagner - Executive Producer