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Thursday, 19 May 2016
Gold Prices May Have "Odd Job" Ahead
Riyadh Saudi Arabia Previously we documented that as a result of the still low oil prices, largely a result of Saudi Arabian strategy to put high cost producers out of business and to remove excess supply, none other than Saudi Arabia has been substantially impacted, with the result being dramatic state budget, a sharp economic slowdown and mass worker layoffs. Just three weeks ago we reported that the biggest construction conglomerate in the middle east, the Saudi Binladin Group had announced it would layoff 50,000 workers, or a quarter of its workforce, slammed by the weak economy. Now, Saudi Arabia has admitted that in addition to acute economic problems, which will manifest themselves most directly in a soaring Saudi debt load… Related: European Natural Gas Prices Collapse … and rising default risk… (Click to enlarge) … Saudi Arabia can also add liquidity worries which just spilled out into the […]
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