Trending Now
We have updated our Privacy Policy and Terms of Use for Eurasia Group and its affiliates, including GZERO Media, to clarify the types of data we collect, how we collect it, how we use data and with whom we share data. By using our website you consent to our Terms and Conditions and Privacy Policy, including the transfer of your personal data to the United States from your country of residence, and our use of cookies described in our Cookie Policy.
{{ subpage.title }}
Bitcoins are being displayed in Huai 'an city, Jiangsu province, China, on June 26, 2024.
Hard Numbers: Wisconsin school shooting, Crypto keeps cooking, what Russia got out of A$$ad, Japan’s biggest bank makes huge apology, Brazil tracks DNA of gold
2: Police have identified that the shooter who opened fire at a Christian school in Wisconsin was a 15-year old female student. The shooter killed two people, a student and a teacher, and left six others severely injured before taking her own life.
106,000: Whether you see them as heroes or as villains, one thing is for sure: the crypto bros are absolutely cooking these days. The value of Bitcoin, the world’s largest crypto currency, has tripled in value this year, hitting a record high of $106,000 on Monday before settling back to a still-scorching $105,000. Investors in the currency are eagerly awaiting a crypto-friendly Trump administration. Last week Trump proposed creating a strategic stockpile of Bitcoin, akin to the US strategic oil reserves.
250 million: What did the Kremlin get out of supporting the now-deposed Syrian despot Bashar Assad for so long? At least $250 million, for one thing. According to a phenomenally detailed report by the Financial Times, Assad, under severe US and EU sanctions, airlifted two tons of cash in that amount to Moscow in 2018 and 2019, as part of a broader scheme of embedding Syrian interests in Russia’s financial system.
1 billion: Japan’s biggest bank on Monday apologized after one of its employees allegedly stole more than 1 billion yen (about $6.6 million) from clients’ safety deposit boxes. The thefts occurred over the past four years at two Tokyo branches of Mitsubishi UFJ Financial Group, known as MUFG for short. Gomenasai indeed.
38: Call it the 23 and Me of Brazilian gold.Brazil, which has long struggled to rein in illegal mining in the Amazon, has developed a database that classifies samples of the metal from different regions, based on “radio-isotope scans and fluorescence spectroscopy” (we can’t tell you what that is but it sounds cool). This database of gold’s “DNA” has helped the authorities to better trace illegal gold hauls, boosting seizures of illegal gold by 38% in 2023 alone.Al Jazeera's bureau chief in Israel and the Palestinian Territories, Walid al-Omari, reads from military order papers that were handed to him by Israeli soldiers at the Al Jazeera office in Ramallah, in the Israeli-occupied West Bank, September 22, 2024 in this screen grab from video.
Hard Numbers: Israel raids West Bank newsroom, far right comes up just short in Germany, coal mine explodes in Iran, gold breaks records, Trump looks to get cash for coins
45: Israeli soldiers on Sunday raided the office of Al Jazeera in Ramallah, the capital of the occupied West Bank, ordering it to close for at least 45 days. Israeli authorities said the facility was “being used to incite terror” without immediately supplying evidence.
31-32: Germany’s ruling Social Democratic Party narrowly edged out the far-right Alternative for Germany in local elections in Brandenburg, the former east German state that surrounds Berlin. Exit polls show the SPD earning 31-32% of the vote to the AfD’s 29%-30%. The AfD has performed well in the former East, ringing up a historical victory in Thuringia earlier this month.
51: At least 51 people died in a gas explosion at a coal mine in Iran’s South Khorasan province on Saturday, and another 20 are injured. The proximate cause seems to have been a buildup of methane, which must be properly vented from coal mines. Rescue operations were underway Sunday to evacuate workers.
2600: The price of gold broke $2,600 per ounce on Friday for the first time, as investors continued to buy the metal as a hedge against rising geopolitical tensions in the Middle East, as well as concerns that Fed rate cuts could weaken the dollar. Other precious metals, including silver, platinum and palladium have all seen price declines in the last month. Analysts say gold’s run – up 27% on the year – may soon come to an end.
100: In other overpriced metal news, the Trump campaign has begun hawking $100 commemorative silver coins with the former president’s face on them. It’s the former president’s latest effort to grab more cash for the campaign, following Trump sneakers, Trump Bibles, Trump NFTs, Trump playing cards, and much more. In case you’re weighing, by the way, each of the $100 coins only contains only about $30 worth of silver.Canada's Minister of Immigration, Refugees and Citizenship Marc Miller.
Hard numbers: Ottawa pledges fresh immigration crackdown, Gold and ‘Black Gold’ deliver a surplus, US makes big power grid pledge, China cracks down on opioid precursors
5: Canada says it will clamp down further on temporary immigrants, part of its strategy to reduce their share of the population to 5% over the next three years, as frustrations grow about the pace of immigration. Last year, temporary workers made up 6.2% of the population. So far this year, the level has climbed to 6.8%. In recent years, the Liberal government of Justin Trudeau encouraged the arrival of more temporary workers to help employers fill pandemic-related vacancies. But the country’s broader housing affordability crisis has fueled concern about the pace of immigration. A recent Leger poll showed 60% of Canadians said there were “too many immigrants.”
461 million: Gold and “black gold” helped deliver some sparkling economic news for Canada this week. Defying analyst predictions, the country registered a trade surplus in June, exporting $461 million more worth of goods than it imported. It was the first time that had happened in four months. Analysts pointed in part to surging exports of gold as well as oil, which finally began flowing from the Trans-Mountain Pipeline after years of delays.
2.2 billion: The White House has earmarked 2.2 billion to strengthen the US power grid and speed up the green transition. The money, to be matched by nearly $10 billion in private financing, will flow to eight projects across 18 US states. A major focus is to create additional transmission capacity and regional connections so wind farms and other alternative energy sources can make a bigger contribution to power generation.
3: China has committed to tightening regulatory controls on three chemicals used to make fentanyl, the White House said earlier this week. This is the third such move that Beijing has made since the two countries resumed counter-narcotics cooperation last fall. Illicit fentanyl overdoses — known more broadly as “the opioid crisis” — have become a leading cause of death for American adults under the age of 45 in recent years. China is known to have subsidized the production and marketing of fentanyl precursors.FILE PHOTO: India's Prime Minister Narendra Modi waves towards his supporters during a roadshow as part of an election campaign, in Kolkata, India, May 28, 2024.
Hard Numbers: India’s exit polls, China’s moonshot, America’s launch woes, African gold
3: The world’s biggest democratic event has ended with polls closing on India’s multi-week election, and all indications are that Prime Minister Narendra Modi will cruise to a third term. No surprise there, but Modi’s attempts to build inroads in opposition strongholds appear to have fallen somewhat short. Official election results are due Tuesday.
4.4: China’s Chang-e 6 probe intends to collect a 4.4-pound sample from the surface of the far side of the moon after its second successful landing attempt. China is the only country to have landed probes on the dark side of the moon, which is challenging because radio communications from Earth are blocked by the moon’s mass and need to be relayed by a special satellite.
2: Meanwhile, NASA delayed the launch of Boeing’s new Starliner rocket on Sunday for the second time after a crucial computer program failed to load just minutes before launch, pushing back the arrival of two NASA astronauts to the International Space Station. Boeing’s public relations have been in turmoil following multiple safety failures on its airliners, but a successful launch could make it just the second private company to ferry people to the ISS.
30 billion: A Swiss NGO estimates that over $30 billion worth of gold is smuggled out of Africa each year, with the lion’s share going to private refiners in the United Arab Emirates who then push the metal onto legitimate markets. The silver lining? With so much of the industry concentrated in the UAE, the NGO says targeted enforcement efforts could prove effective.Hydraulic excavators scoop the broken rock into 100- or 150-tonne haul trucks at Agnico-Eagle's Meadowbank mine in Nunavut June 28, 2011.
Nunavut’s golden birthday present
The traditional 25th-anniversary gift is silver, but how about mines full of precious minerals? The vast northern Canadian territory of Nunavut turns 25 on Monday, and for its birthday it’ll also start having more control over decisions about its lands, waters, and reserves of gold, diamonds, iron, cobalt, and rare earth metals.
Background: Nunavut, which makes up about a fifth of Canada’s land mass, was created in 1999 from the eastern part of the Northwest Territories. The split was driven by the Inuit nation’s desire for a culturally grounded government closer to the people and lands it administers.
A January 2024 land transfer agreement gives Nunavut a say over many functions previously managed in Ottawa, putting it on the path to equal footing with the rest of Canada. As the territory’s Premier P.J. Akeeagok says, now “we'll decide our own future.”
The transfer of power from the federal to territorial governments will happen over the next three years.
If geopolitics are on your radar, Nunavut should be too. Nunavut yields minerals that are essential for battery production, which will be a source of increasing global leverage during the energy transition.
The draw of Nunavut’s (literal) goldmine of resources has already caused geopolitical tension. In 2020, Canada blocked a CA$230 million Chinese takeover of a Nunavut gold mine on national security grounds. That dealt an economic blow to the North, but sizzling US-China-Canada tensions surrounding the arrest on a US warrant of Huawei CFO Meng Wanzhou and the subsequent imprisonment of two Canadians in China likely helped kill the deal. Plus, China’s assertion that it’s already an “important stakeholder in Arctic affairs” with a right to a greater role in the region — even though it is nearly 2,000 miles south of the Arctic Circle — is ringing national security alarm bells.
While the territorial government’s new autonomy over its resources won’t override the federal government’s national security concerns, we’ll be watching as Nunavut balances local economic interests with geopolitical dynamics.
For a more lighthearted geopolitical ‘dispute’ involving Nunavut, check out the 50-year Canada-Denmark “Whiskey War.”