Gold hits record high

GOLD
Gold hits record high

Gold recently reached an all-time high, surpassing $2,700 per ounce, driven by increasing geopolitical tensions in the Middle East and uncertainty surrounding the upcoming U.S. election. Investors are flocking to gold as a safe-haven asset, seeking protection from potential market volatility. The conflict between Israel and Hamas, along with concerns over the global impact of the situation, has amplified demand for gold. Additionally, the U.S. election race has added another layer of uncertainty, pushing investors to hedge with gold as a safeguard against political and economic risks.

The weakening U.S. dollar has also contributed to gold’s appeal, as a lower dollar makes bullion more affordable for buyers. This shift has helped push gold prices up by 30% in 2024, making it one of the best-performing commodities this year. With central banks around the world continuing to purchase gold and the U.S. Federal Reserve easing interest rates, the bullish trend is likely to persist.

Market participants, including traders and refiners, are optimistic that gold will continue to rise, with predictions of prices reaching nearly $3,000 by late 2025. In the current climate of uncertainty, gold's role as a reliable store of value remains strong.
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CRYPTO
US Election Crucial for Crypto's Future

As the U.S. election approaches, crypto events are increasingly focused on regulation and politics, highlighting the uncertainty surrounding the future of the industry. With congressional races gaining attention alongside the presidential election, many crypto executives believe the outcome could significantly impact the industry’s trajectory. The crypto sector has gained more visibility in 2024 compared to previous elections, as digital assets have become a mainstream political issue.

Both major presidential candidates, Kamala Harris and Donald Trump, have hinted at supporting the industry, marking a shift from Trump’s earlier stance, when he labeled Bitcoin a "scam." This shift in political attention has caused concern and frustration within the industry, with many arguing that technology should not be politicized.

Key conferences like Permissionless III and Ripple Swell have featured panels discussing regulatory frameworks, stablecoins, and Bitcoin mining, emphasizing how deeply regulation is now intertwined with crypto’s future. Industry leaders warn that the results of the November election will shape the landscape of digital assets in 2025, making this election crucial for the future of crypto regulation in the U.S.
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META
Meta Cuts Staff for Perk Abuse

Meta recently fired several employees for abusing the company’s $25 meal stipend, which is meant to cover meals for staff working late in offices without cafeterias. Reports suggest that some employees were misusing the credit by ordering food while not in the office, sharing the benefit with colleagues, or purchasing non-food items like groceries and household essentials.

The layoffs, which affected between 20 and 30 staffers, occurred at Meta’s Los Angeles office. While the company is highly profitable, valued at nearly $1.5 trillion, CEO Mark Zuckerberg has emphasized efficiency. In 2023, Meta launched a “year of efficiency,” cutting 10,000 jobs and freezing 5,000 more.

One former employee, who earned $400,000 annually, admitted to using the meal stipend for items like toothpaste and tea. They acknowledged the mistake but were still dismissed, highlighting Meta's strict approach to its cost-saving measures.

These firings demonstrate that despite its massive revenue, Meta is taking employee conduct seriously as part of its ongoing restructuring and efforts to maintain efficiency across its operations.
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Patek Philippe
Patek Philippe Launches Cubitus Collection

Patek Philippe has launched its first new collection in 25 years, the Cubitus line, featuring three distinct models. This release comes as luxury watch prices stabilize after a surge in demand during the COVID-19 pandemic, fueled by younger collectors.

The Cubitus collection includes two models in steel casings—one purely steel and another two-toned with rose gold for a vintage feel—and a third in platinum. The sporty yet elegant designs feature colorful faces and advanced technology, including an ultrathin, self-winding rotor and an instantaneous-jump mechanism for precise time displays. Patek Philippe has also filed six patents for innovations used in the collection.

This new lineup taps into high demand for luxury watches, blending heritage with modern craftsmanship. The platinum model stands out with a large-format date and moon phase tracker, offering a sophisticated touch. Accompanying cufflinks complete the collection, aligning with Patek Philippe’s reputation for timeless elegance.
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Meme of the day

Word of the day
Appreciable

Appreciable describes things that can be perceived or measured.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.