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Ukraine Says 100,000 Russian Troops Massed At Border Posted March 27th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices dipped on Thursday as gold eased to $1,294.50 an ounce, and silver slipped to $19.68 an ounce, while the dollar rallied, causing demand for physical gold to dwindle on global markets. Analysts say gold prices pulled back ahead of the options expiry on the COMEX, but they add that in markets like this, pullbacks can be reversed at the first signs of an increase in physical demand.
Bargain hunting is expected to kick in under $1,300 an ounce and Sean Lusk, of Walsh Trading says that gold could see a small bounce ahead of the weekend. “Gold has been under pressure for most of the eight previous sessions amid an easing of tensions in Eastern Europe, mixed economic data, andan uptick in the U.S. dollar,” says Lusk.
“With all that being said I would suspect to see a dead-cat bounce in gold heading into the weekend. The last eight sessions have seen gold give back half of its yearly gains so far and it is my view that the attrition to the downside will abate as we inch closer to the weekend. It also appears that the stock market might be due for a brief sell-off as we head into end of month and end of quarter. This could prompt some safe-haven buying of the yellow metal.”
Meanwhile, the Ukraine/Russia conflict continues to escalate, after a top Ukrainian defense official claims that there are nearly 100,000 Russian forces massed on Ukraine’s border. “Almost 100,000 soldiers are stationed on the borders of Ukraine and in the direction … of Kharkiv, Donetsk, ” said Andriy Parubiy, chairman of Ukraine’s national security council, during a webcast from Kiev. “Russian troops are not in Crimea only, they are along all Ukrainian borders. They’re in the south, they’re in the east and in the north,” said Parubiy.
On the Russian side, with the West's proficiency in applying gradually harsher sanctions, President Putin warned the West on Thursday that restricting Russians' use of payment systems based in the United States and Europe with sanctions will backfire. "It is really too bad that certain companies have decided on ... restrictions," said Putin to Russian lawmakers. "I think this will simply cause them to lose certain segments of the market, a very profitable market."
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