Oil Surges, Gold and Silver Spike as Saudi Arabia Bombs Yemen
By: GoldCore
GoldSeek.com
Thursday, 26 March 2015
– Geopolitical tensions in Middle East escalate dramatically as Saudi Arabia bombs Yemen
– Yemen’s government seized power in coup – Regarded as hostile to Saudi and ally of Iran
– Saudi attack is an escalation of Middle Eastern proxy war between Gulf States and Iran
– Action has broader geopolitical implications in deepening cold war between the West and East
– Oil surged 6% and gold 2% on the the news
– Should oil prices return to new record highs will impact struggling global economy
Geopolitical tensions escalated dramatically over night as Saudi Arabia launched military operations including air strikes in Yemen. The Saudis claim the action is to counter Iran-allied forces besieging the southern city of Aden where the U.S. backed Yemeni president had taken refuge.
Oil surged and gold rose nearly 2% following a sharp drop in stocks on Wall Street globally in response to the bombing in Yemen.
Gulf broadcaster al-Arabiya TV reported that the kingdom was contributing as many as 150,000 troops and 100 war planes to the operations. Egypt, Jordan, Sudan and Pakistan were ready to take part in a ground offensive in Yemen, the broadcaster said.
The Saudi’s seem determined to pull geopolitically strategic Yemen back into its orbit following the coup d’etat in February.
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