Middle East Unrest & Canadian Gold Price Soars Higher | Golden Times

THIS WEEK

the U.S. economy exhibited substantial strength in the third quarter of 2023, recording an impressive annualized growth rate of 4.9%. This marks the most robust expansion in Gross Domestic Product (GDP) since the final quarter of 2021, surpassing market expectations of 4.3%. This surge comes after a 2.1% rise in the preceding quarter.

Market Watch

The broader tech landscape faced turbulence, exemplified by a 2.5% drop in the tech-heavy Nasdaq index on Wednesday. This decline punctuated a strong rally that had characterized much of the year. Many investors had heavily invested in a select few major tech stocks, betting on their ability to harness artificial intelligence-related innovations and sustain growth. However, some of the initial enthusiasm began to fade, coinciding with a week marked by third-quarter earnings reports and one of the most significant bond market disruptions in recent memory.

This week, Alphabet, the parent company of Google, faced a significant setback as its shares tumbled nearly 10% following a quarterly report that revealed underwhelming growth in its cloud business. This drop resulted in a loss of over $166 billion in market value for Alphabet, marking its most substantial single-day loss to date. The technology sector saw further ripples, with shares of Amazon.com and Nvidia also declining, underperforming the broader market. Simultaneously, fintech firm Affirm and payments company Block experienced sharp drops in their stock prices.

Israel-Hamas Conflict

Over the past week, the Israel-Hamas conflict has witnessed several significant developments. First, a UN resolution, backed by the United States, aimed to condemn Hamas and secure the release of Israeli hostages, while also advocating for humanitarian pauses to facilitate aid delivery into Gaza, failed to pass. Additionally, Israel called for the resignation of the UN Secretary-General due to remarks he made about the situation, which he later clarified were misinterpreted.

Efforts to free 50 hostages faced a major hurdle as Israel opposed the inclusion of fuel in humanitarian aid for Gaza, citing concerns that it could fall into the wrong hands.

The Israeli military took decisive action yesterday by targeting Hamas’s anti-tank positions and other infrastructure in a nighttime raid within Gaza, seemingly in preparation for a larger ground operation. Israeli forces reported the elimination of three senior Hamas. This volatile situation has been accompanied by a worrisome increase in violent threats against Jewish Americans, as reported by the Department of Homeland Security and the FBI since the conflict’s onset.