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India and China had a bloody altercation this year (Photo: Getty Images)

China accuses India of ‘firing warning shots’ and ‘serious military provocation’

China’s military in a statement late on Monday accused India of “outrageously firing warning shots” in a new confrontation on September 7 on the south bank of Pangong Lake in the Chushul sector, which has seen escalating tensions for the past week, according to The Hindu.

While the Indian Army was yet to confirm the events as of Monday night, China’s military described Monday’s confrontation as “a serious military provocation”.

No shots have been fired along the India-China border since 1975.

The Chinese statement suggested the on-going stand-off south of Pangong Lake marks the most serious escalation in the recent tensions along the Line of Actual Control (LAC) since the June 15 clash in Galwan Valley, when 20 Indian soldiers and an unknown number of Chinese soldiers were killed. Shots were not fired during the Galwan clash.

"The Indian side's move seriously violated related agreements reached by both sides, stirred up tensions in the region, and would easily cause misunderstandings and misjudgments, which is a serious military provocation and is very vile in nature,” the statement said. “We demand the Indian side to immediately stop dangerous moves, withdraw personnel who crossed the LAC at once, strictly control frontline troops, seriously investigate and punish the personnel who fired the provocative shot and ensure similar incidents won't take place again.”

The Foreign Ministers of the two countries are expected to meet on Thursday in Moscow, where they are attending the Shanghai Cooperation Organisation (SCO) Foreign Ministers’ meeting. The two Defence Ministers met in Moscow on Friday at an SCO Defence Ministers’ meet, but the talks failed to make headway.

Biden and Trump go on the offensive as U.S. campaign enters final stretch

President Donald Trump and Democratic rival Joe Biden took rhetorical swipes at each other on Monday as the presidential campaign entered its traditional homestretch on the U.S. Labor Day holiday, according to Reuters.

Trump described Biden, whom he trails in national polls, as a threat to the economy and “stupid,” while Biden took aim at Trump’s reported disparaging of fallen troops.

At a White House news conference, Trump said: “Biden and his very liberal running mate (Kamala Harris), the most liberal person in Congress by the way - is not a competent person in my opinion, would destroy this country and would destroy this economy.”

He also called Biden “stupid.” Trump has frequently referred to the former vice president as “Sleepy Joe.”

Meanwhile, Biden cited the reported remarks while campaigning in the electoral battleground state of Pennsylvania.

Biden’s visit to Pennsylvania on Monday kicked off a flurry of travel to battleground states this week by both Biden and Trump as some opinion polls show the race tightening with less than 60 days to go until the Nov. 3 election.

Biden and Trump go on the offensive as U.S. campaign enters final stretch (Photo: LA Times)

World must be better prepared for next pandemic, says WHO boss

World Health Organization chief Tedros Adhanom Ghebreyesus said on Monday the world must be better prepared for the next pandemic, as he called on countries to invest in public health, as reported by Reuters.

More than 27.19 million people have been reported to be infected by the novel coronavirus globally and 888,326​ have died, according to a Reuters tally, since the first cases were identified in China in December 2019.

“This will not be the last pandemic,” Tedros told a news briefing in Geneva. “History teaches us that outbreaks and pandemics are a fact of life. But when the next pandemic comes, the world must be ready – more ready than it was this time.”

World Health Organization chief Tedros Adhanom Ghebreyesus (Photo: Reuters)

Gold markets quiet on Labour Day

Gold markets went back and forth during the trading session on Monday, as it was Labor Day. After all, a lot of the bigger players were there so it makes sense that we would simply go back and forth. The 50 day EMA sits underneath, at the $1911 level, signifying that the $1900 level will continue to be massive support. With that being the case, I like buying dips but recognize that the gold market might be a bit choppy. The Federal Reserve continues loosen monetary policy and that is the biggest driver of the precious metals markets these days.

At this point, if we get some type of bounce is likely that we could go towards the $2000 level which is obviously a major barrier right now. On the other hand, if we break down below the $1900 level it is likely that we could go looking towards the $1800 level, which is a large, round, psychologically significant figure, which also is the resistance barrier that the market broke out of to go much higher. If the market bounces from there, it is likely that the longer-term trend would return at that point in time.

(Photo: Sprott)

As long as we can stay above the $1800 level, I will remain bullish of gold, especially with the way the Federal Reserve is behaving. That being the case, I think it is only a matter of time before we go much higher. Ultimately, we are in an uptrend for a longer-term move, not only against the US dollar but multiple other currencies, FX Emprire reported.

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