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(Kitco News) - President Donald Trump on Friday said he has ordered sanctions on Iran's central bank at "the highest level."

The president made the remarks to reporters in the Oval Office, where he and Australian Prime Minister Scott Morrison were scheduled to hold a bilateral meeting.

Best-selling author Jim Rickards took to Twitter Friday, to sum up, the news: "if you're not a banking expert and want to understand the impact, it's like turning off the oxygen of a patient in intensive care. The result is predictable."

And in terms of the ongoing U.S.- China trade deal, President Trump said he was looking for a "complete deal" but is currently having a "little spat," with President Xi. He added that he does not feel a deal is needed before the election.

Earlier this week, mega-billionaire hedge fund manager, Leon Cooperman attributed the weakness in the economy directly to the tariffs. During the interview, he added that he believes that the Federal Reserve is "screwing the savers" by cutting interest rates as they did for the second time this year on Wednesday.

"I side with the two Fed governors that were against cutting rates. Rates were already low," Cooperman said.

In other news this week, three JP Morgan traders were charged with manipulating precious metals markets for nearly a decade, but as Neils Christensen reports, this could be only the start of a broader market-wide crackdown on previously-unchecked illegal market behavior.

According to media reports, federal prosecutors and regulators are intensifying their investigations of allegedly fraudulent precious metals trades at J.P. Morgan Chase to other U.S. markets and financial firms.

So where to seek shelter amidst the global turmoil and chaos?

Well for former Overstock CEO Patrick Byrne, he liquidated his position in his company and bought gold, silver and bitcoin to protect against a "recession" and the "deep state." Byrne sold 4.8 million shares to net about $90 million.

On Friday, Gold prices were rallying in late trading Friday and hit daily highs on reports just-restarted U.S.-China trade negotiations are breaking down again. December gold was last up $10.20 at $1,516.50.

The Kitco News team just got back from being one full week on the road covering the Beaver Creek Precious Metals Summit and the Denver Gold Forum. Both events are closed-door – but we have a full roster of interviews for you.

And if you thought earlier calls of $5,000, $10,000 gold were bold and loud, you might be surprised by some calls coming from the interviews….

Have a good weekend, it’s good to be back!

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.