On 14 April , President Trump ordered a halt to provide financial support to WHO, reason being the WHO officials have not done a good job in conducting the coronavirus survey. On the other hand, the Director General of WHO - Dr Tedros Adhanom Ghebreyesus has retaliated the U.S. President for politicising the matter after the WHO official has complimented China for their efficient management of the pandemic outbreak!
According to the WHO report, the Organisation has declared a global emergency on the 30 January. Meanwhile, President Trump was mitigating the pandemic spread and reassured the Americans that the contagion was under control in United States. When Trump finally ordered a national emergency, that was on 13 March and it came almost 6 weeks late after the WHO recommended action.
Obviously, President Trump is very unhappy now and wants his reputation to be salvaged by looking for someone to be blamed on. According to the source of WHO, the first quarter of 2020 has received more than USD300 million from several countries while U.S. is the largest contributor without doubt.
Data source shows that the United States has contributed USD115.8 million; China is ranked second with contribution of USD54.7 million; Third is Japan at USD41 million; other contributing countries include Germany, U.K., France, Italy and Brazil that has put up an aggregate of est USD100 million.
After President Trump announced teh pull-out of financial aid to WHO, Gold prices jumped to high since Nov 2012 at USD1730 /oz. We have seen market fund that has flight into yellow metal as safe haven while cash is moving out of Crude market.
According to the U.S. State law, the proposal initiated by the President will need the Congress to approve within 45 days, otherwise it will become ineffective of this order. Therefore, we foresee the Gold prices will continue to trade higher till end May with topside target aimed at USD1800 /oz.
Stay tuned to our next snippet. We would produce a video on this topic and discuss further on the market implication and what you should do within the 6 weeks. Come and search for DWChannel on YouTube and this video would be uploaded on 20 April 6pm (Singapore Time GMT + 8 hours).
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