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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.

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.”

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.

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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.

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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John Oliver unleashes epic supercut of Fox News host who can’t stop bragging about learning German in high school

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Fox News host Brian Kilmeade took German as his foreign language in high school. If you didn't know that, then you likely don't watch Fox News, because the host has made a claim several dozen times.

HBO host John Oliver spent a few moments out of his Sunday episode of "Last Week Tonight" to mock Kilmeade for his desire to remind people of his three years of classes frequently.

Kilmeade has talked about it so many times that his co-hosts began preempting his comment every time the country of Germany is mentioned, or the German Chancellor Angela Merkel appears on the screen.

Watch the hilarious mockery below:

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Trump thinks he can create his own healthcare law that will take the issue off the table for Democrats

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One of the significant issues Republicans lost on in 2018 was their nearly decade-long crusade to unmake the Affordable Care Act, known as Obamacare.

This week Trump will announce that he's running for president again, and he promises a surprise announcement while there. While it's unclear what he intends for the surprise, one thing he is talking about is a better healthcare law than the Democratic one.

According to The New York Times, Trump is "vowing to issue the plan within a month or two, reviving a campaign promise with broad consequences for next year’s contest."

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Trump will go far-right in 2020 election because he thinks that’s why the GOP lost in 2018

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Donald Trump Tampa rally

An MSNBC panel speculated that one of the things President Donald Trump will do when he announces his reelection campaign this week is run a rerun of 2016. The reason, the panel explained, is he thinks it's the one thing that has worked for him.

Sunday, it was announced that Trump was so furious with his lousy poll numbers that he fired the team of pollsters. Trump apologists claimed that the anger had more to do with the leak of the poll numbers to the public.

Either way, Trump is in trouble, whether he's willing to admit it or not. But his solution is characteristically "Trump."

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