Gold, Silver Shine as US Falters

July 28, 2011 by · Leave a Comment 

By Alix Steel

NEW YORK (TheStreet) — Gold prices were soaring to record highs Wednesday as investors rushed to the safe haven after House Speaker John Boehner’s debt plan hit a brick wall.

Gold for August delivery was adding $9.20 to $1,626 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,626.80 and as low as $1,617 while the spot gold price was rising $7.10 according to Kitco’s gold index. Silver prices were climbing steadily higher as well, up 70 cents to $41.40 an ounce. The U.S. dollar index was adding 0.18% at $73.65 while the euro was shedding 0.22% vs. the dollar.

The House of Representatives had been gearing up to vote on Speaker Boehner’s debt plan in which the debt ceiling would be raised in two tranches based on spending cuts, but the plan hit a snag. The Congressional Budget Office said that his plan to cut $1.2 trillion over 10 years fell almost $400 billion short. This puts the Senate Democrat plan front and center, which also must face Budget Office scrutiny.

Although most experts think that a high gold price does not reflect a U.S. default, uncertainty over an agreement is a green light for investors to buy gold.

David Banister, chief investment strategist at ActiveTradingPartners.com, thinks that gold will hit $1,730 in a few weeks and maybe even soar to $1,800 an ounce. Banister doesn’t think the U.S. will default, however, but that global fiscal issues and negative real interest rates — the interest rate minus inflation — will continue to support high gold prices.

“Any reaction to the downside on gold will be temporary,” argues Banister. “Traders might be unwilling to make a commitment until they see the short term reaction,” explaining why gold hasn’t skyrocketed, “but I would say any short term pullback in gold on successful debt talks I would be a buyer.”

Stan Dash, vice president of applied technical analysis at TradeStation, also sees prices at $1,730. Dash, in measuring rallies since gold’s low in October of 2008, says that gold can typically move 20% in a leg of a bull market. A move to the $1,730 level would be a 17% rise from the May support level of $1,480 an ounce. “You can’t argue with price,” says Dash. “It’s making new highs. It’s still a bull market”

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A Muslim’s Murder: Double Standards, Crude Generalizations

July 16, 2009 by · Leave a Comment 

Why we must work harder to bridge the gulf between the culture of fear and the culture of humiliation

By Sheema Khan

The stabbing death of Marwa al-Sherbini in a German courtroom will have ramifications in the months to come. Already, there is palpable anger in Egypt, where she was buried this week. That anger will most likely spread to other parts of the Middle East and South Asia and amongst Europe’s Muslim minorities.

The Egyptian blogosphere is filled with outrage – outrage at the vicious murder of a pregnant woman in a court of law and, most notably, at the lack of attention given to this hate crime by political institutions and European media. Many note the double standard: The ghastly murder of Theo van Gogh in Amsterdam in 2004 was used as a pretext to cast suspicion on Dutch Muslims, whereas Marwa’s murder in Dresden last week is the work of a “lone wolf,” an immigrant from Russia (and thus not “really” German).

The muted reaction to the killing of a woman, in the heart of Europe, for wearing her hijab, also galls. No need to imagine the outrage if a woman is killed for not wearing a hijab – just look to the visceral reaction at the killing of Mississauga teenager Aqsa Parvez in 2007.

And while German authorities investigate whether Marwa’s murder was a hate crime, they might also want to focus on the reaction of court security. As Marwa was being stabbed, her husband tried to intervene. A court officer, apparently assuming the man with the Middle Eastern features to be the attacker, shot Marwa’s husband. He is now in critical condition.

Many do not see Marwa’s fate in isolation. The European Commission against Racism and Intolerance, in its 2004 annual report, said “Islamophobia continues to manifest itself in different guises. Muslim communities are the target of negative attitudes, and sometimes, violence and harassment. They suffer multiple forms of discrimination, including sometimes from certain public institutions.” The London-based Runnymede Charity, in its 2004 report Islamophobia: A Challenge for Us All, found that Muslims were seen by Europeans as the “other” and as lacking in values held by Western cultures, that Islam was violent, aggressive and terroristic, and that anti-Muslim hostility was natural or normal.

So, no surprise that European Muslims are increasingly seen as “outsiders,” with a monolithic, rigid culture that’s antithetical to that of Europe. Amidst sagging popularity and a recession, French President Nicolas Sarkozy redirected attention to the burka, saying it’s not welcome in his country. Even Muslims who don’t support the burka felt uncomfortable with Mr. Sarkozy’s spotlight on their community.

And so the double standards abound. As do the crude generalizations. When the perpetrator happens to be a Muslim, reports are sensationalistic, and Muslims, along with their faith, are cast in a negative light. In the Dresden case, the mirror reaction is happening in Egypt: All Germans are somehow complicit in Marwa’s fate. In the wake of horrific violence, the primal instinct is to blame all, to cast suspicion on those we don’t know.

Yet, in the wake of such episodes, we must work even harder to bridge the gulf between what Dominique Moisi calls the culture of fear and the culture of humiliation. Otherwise, the perpetrators of hate will achieve their goal of driving people apart. As Mariane Pearl, the widow of Daniel Pearl, wrote: “They try to kill everything in you – initiative, hope, confidence, dialogue. The only way to oppose them is by demonstrating the strength they think they have taken from you. That strength is to keep on living, to keep on valuing life.”

Let’s remember that the enemy is xenophobia, which can metastasize like cancer unless society is on guard against the pernicious tendency to view others as less human. We have seen the ugly spectre of racism at Keswick High School and in Courtenay, B.C. We have our own painful history of wrongs committed against ethnic groups and indigenous communities. Yet, the better part of the human spirit tries to overcome these dark episodes with the light of justice and restitution.

Marwa’s murder cannot be in vain. She took on her perpetrator in a court of law after he called her a terrorist. Some would say she lost. It is up to us to carry on the larger quest of fighting racism and building bridges, so her son – and all children – can grow up without fear and prejudice.

sheema.khan@globeandmail.com

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