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Price of gold soars on report of Arab states ditching dollar

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The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.

Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades.

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Hours earlier on the London Bullion Market, gold surged to 1,043.78 dollars beating the previous record high of 1,032.70 dollars an ounce struck in March, 2008.

Barclays Capital precious metals analyst Suki Cooper said dollar weakness appeared to be related to reported secret talks about oil being priced in a basket of currencies including gold rather than the dollar,

This “has added to concerns about the future role of the dollar in international financial markets,” Cooper said.

The dollar’s future as the world’s top currency was thrown into doubt on Tuesday as a report said Arab states had launched secret moves with China and Russia to stop using the greenback for oil trading.

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Arab states have launched steps with China, Russia, Japan and France to stop using the dollar for oil trades, British daily The Independent reported on Tuesday, but the report was denied by Kuwait and Qatar and reportedly by other nations.

The Independent’s Middle East correspondent Robert Fisk wrote in his paper: “In the most profound financial change in recent Middle East history, Gulf Arabs are planning — along with China, Russia, Japan and France — to end dollar dealings for oil.”

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They would instead switch “to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council (GCC), including Saudi Arabia, Abu Dhabi, Kuwait and Qatar,” added Fisk.

Gold, viewed as a safe-haven investment, has won back favour in recent months as the global economy struggles out of its worst slump in decades.

The run-up in gold has been largely driven by weakness in the dollar, which makes dollar-priced commodities cheaper for holders of stronger currencies, boosting demand.

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Gold also wins support from fears about higher inflation because the metal is widely regarded by investors as a safe store of value.

Precious metals consultancy GFMS last month warned that the current upward trend in gold may not be sustainable should global stimulus packages fail to boost flagging demand in the battered world economy and inflation fall as a result.

The Group of 20 leaders of emerging and developed nations recently agreed at a summit in Pittsburgh not to roll back massive stimulus measures that helped contain a severe global recession.

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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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John Oliver cites Donald Trump’s final offer for Greenland: ‘$200 and I’ll throw in Don Jr.’

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"Last Week Tonight" host John Oliver's favorite highlight of the week was, of course, President Donald Trump's decision that he wanted to buy Greenland.

In his opener Sunday, the HBO host said that he wasn't all that surprised given Trump's track record.

"Of course, he f*cking did. Of course, he did. Greenland is icy, distant and autonomous is exactly Trump's type," Oliver said, showing a photo of Trump with the first lady.

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Florida teacher removed after bizarre rant about students not standing for the pledge

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Students were faced with a white-board rant in a classroom attacking anyone not standing up for the Pledge of Allegiance.

The moment went viral locally on Thursday after students posted Daniel Goodman‘s “inappropriate” message to students at First Coast High School in Duval County, Florida, The Atlanta Black Star reported.

“THINK: We had about a half million Americans die in our Civil War, which was largely to get rid of slavery. There are no longer separate water fountains and bathrooms in Jacksonville for ‘white’ and ‘colored,’ as Mr. Goodman remembers from the 1960?s. We had an amendment to the U.S. Constitution allowing women the right to vote. We have had a Black president. The superintendent of Duval Schools is a Black woman. Mr. Fluent, our principal, replaced a Black man. Mr. Simmons, who now is a DC PS admninistrator.”

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Angry Minnesota farmer bashes ‘insulting’ Trump comments that ‘we’re great patriots’ during his trade war

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President Donald Trump has insulted at least one Minnesota farmer by his claim that farmers are "great patriots" who want him to continue his trade fight against China.

"This wound is self-inflicted, by our president," said Gary Wertish, who is the Minnesota Farm Bureau president. "We definitely agreed with it in the beginning. But it doesn’t appear that there’s a plan B. Some of the callous comments come, especially from the president, you know, that farmers are 'winning,' we’re 'great patriots,' that’s very insulting. That’s coming from someone who never has faced the challenges of a family farmer. I go into the bank and tell the lender I can’t make the payment because we lost our market? The banker is going to tell me you don’t have to make your payment because you’re a patriot."

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