Egyptian President Mubarak May Step Down, Leaving Vice-President In Charge

The pressure may have finally gotten to him. There's a credible rumour that Mubarak will call it quits and step aside to let his new Vice-President, Omar Suleiman, take over.

The Egyptian military's supreme council has been meeting for several hours and will shortly issue a communique that they say will meet the protesters' demands, the Wall Street Journal reported on its website.

This item was good for a nice pop in gold, which not only erased its earlier decline but also jumped up to the low 1360s. The U.S. Dollar Index sunk a little on the news.


Update: As it turned out, the credible rumour was lobbying in disguise. Mubarak has refused to step down, but he will delegate some powers to his Vice-President. He will also continue the dialogue with protesting groups that he announced earlier.