[video] Quick Take: Syria Warfare Worries Send Oil and Gold Higher
NEW YORK ( TheStreet) -- The thought of U.S. military intervention is really weighing on equities this Tuesday. TheStreet's Debra Borchardt is with Keith Bliss, Cuttone's senior vice president, discussing the move.
Equities are deeply in the red, while gold and oil prices catch a pop. The latest news is that the United States may plan to execute some form of strike on Syrian soil.
But according to Bliss, the spillover effect could be even worse. When Iran and al Qaeda start to get involved, that's when people worry.
Iran has demonstrated its willingness to guard nearby maritime choke points that are essential in transporting oil and "aren't afraid to take shots at oil tankers if they need to," Bliss said.Although Syria isn't a big player in crude oil, the effects of global chaos tend to drive specific assets one way or another. In this case, oil prices usually rise with global tension. Bliss concluded that there's money to be made in situations like this, noting that defensive stocks are holding up well amidst strong selling pressure in the broader equity markets. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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