Gold is trading at $1,305.50 an ounce Monday as escalating tensions between Russia and the West and continuing violence in the Middle East lift its safe haven appeal. Silver is trading at $20.64 an ounce. Platinum is trading at $1,492.20 an ounce.
Gold sticks above $1,300 as global tensions grind on, Reuters & CNBC
The week started off with more geopolitical issues brewing and exploding across the world. Obviously the tragedy of the downed airline over the skies of Ukraine reverberated across the markets and brought the entire conflict between Russia and Ukraine back to the forefront of the financial world once again. The events between Israel and Palestine continue to deteriorate with no end to the suffering in sight for either side, especially with leaders from both nations brandishing their arsenal of both weapons and human capital. On the financial side, the Bank of England minutes were released, and they were not as hawkish as the traders had expected, causing a decent pullback in the British pound, albeit within the context of a major bull market that has established prices at a 6 year high as recently as a couple weeks ago. The Eurozone continues to limp along, and the Euro currency has taken a beating this week, forming new weekly lows. Continue reading our market analysis
Download the latest free report from the World Gold Council to get a complete understanding of the macroeconomic factors contributing to gold’s performance in the first half of 2014. The WGC examines two trends that they believe make gold a reliable and affordable asset to ensure “protection and risk management” for one’s portfolio.
Read it here:
Investment Commentary: First half 2014, World Gold Council
In efforts made to completely bypass the dollar, an anti-dollar alliance among the BRICS central banks is underway. More countries may soon be following suit with plans to abandon the U.S. dollar.
The dollar’s status as the world reserve currency may be at risk.
BRICS morphing into anti-dollar alliance, The Voice of Russia
France stands against US dollar as main currency for int’l transactions, The Voice of Russia
Bundesbank: yuan will become “one of the global reserve currencies”, The Voice of Russia
Gold is on track for a sixth week of gains, up over 1% this week on safe haven demand resulting from fears about the health of one of Portugal’s biggest banks, Banco Espirito Santo (BES).
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Thomson Reuters and CME Group will replace the existing London silver ‘fix’ with an electronic system come August 15th.
Read more about the announcement here:
Thomson Reuters, CME to Provide Electronic Replacement for Silver Fix, The Wall Street Journal