International News 26 February 2025
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Robert Kiyosaki Predicts Gold Price to Reach US$27,500, How Realistic?
Robert Kiyosaki, author of Rich Dad Poor Dad, has recently quoted investment banker James Rickards' prediction that the price of gold will reach $27,500 per ounce. This prediction follows a period of record high gold prices, with the price already exceeding $2,900 per ounce.However, it is important to consider a few points before taking these predictions as investment advice. Firstly, Kiyosaki's assertion that Rickards has updated his predictions is inaccurate, as the $27,533 per ounce forecast has been mentioned in previous articles.Secondly, Rickards' predictions are not based on current market trends, but rather on hypothetical scenarios, such as the US dollar returning to the gold standard and being backed 40% by gold. Consequently, the $27,500 figure is more of an estimate of the fair value of gold in a hypothetical situation than a prediction of actual price movement.
Ahead of Ramadan, Malaysia's Palm Oil Stocks Fall Due to Floods
Malaysia's palm oil stocks are set to reach a nearly two-year low of 1.5 million tonnes by the end of February due to production disruptions caused by recent floods, while demand is expected to increase ahead of Ramadan.The decrease in stocks, in the world's second-largest palm oil producer after Indonesia, is likely to support rising palm oil futures prices and maintain its price advantage over other vegetable oils. The floods, which have affected palm oil production since November, have displaced over 90,000 people and led to a reduction in output in January and February. However, with demand expected to rise during Ramadan, prices are predicted to remain stable and stocks to reduce further
This North Korean hacker group is suspected to be behind the Rp 23 trillion Bybit breach
According to blockchain analytics firm Arkham Intelligence, the North Korean hacking group Lazarus Group has been identified as the perpetrator behind the significant $1.46 billion hack of cryptocurrency exchange Bybit. The firm had previously offered a reward for information on the attackers, and renowned investigator ZachXBT provided "definitive proof" linking the group to North Korea. This incident has been dubbed the largest crypto heist in history, eclipsing the $600 million Poly Network hack` that occurred earlier this year.The hackers transferred nearly $1.5 billion in funds from Bybit to a primary wallet before distributing it to over 40 other wallets and converting various types of crypto into Ethereum.These findings underscore the persistent threat of cyber-attacks to the cryptocurrency industry.