|
|
|
Iraq Triples Gold Reserves While Crisis In Ukraine Escalates
Posted April 9th, 2014
Los Angeles CA, Apr 9 (Tangible Investments) - by James O’Dell - Gold and silver prices edged higher on Tuesday, with gold hitting a two week high after gaining $11.20 or 0.86 percent to close at $1,307.75 an ounce as the dollar fell amid increasing geopolitical tensions in Ukraine and ahead of the release of the March minutes of the Federal Open Market Committee (FOMC) meeting. The price of Silver rose $0.19 or 0.96 percent to close at $20.04 an ounce.
“I would attribute the gold move to the dollar weakness today and the continuing Ukraine political and social unrest,” said Frank Lesh, of Future Path Trading. Analysts believe news that Iraq remains in the market to bolster its gold reserves after buying 36 tons of the yellow metal in March, also helped in supporting the gold price. The Central Bank of Iraq published a statement on Tuesday saying the bullion purchases are helping the nation to “reinforce stability of monetary policy and the [Iraqi] dinar.”
Before this year, the last time Iraq boosted its gold reserves was in 2012 when it quadrupled its holdings after buying 23.9 tons to raise its total to around 30 tons. “The Iraqi purchase is a fairly chunky amount of gold, and the inference is that they bought through the open market,” said Tom Kendall, of Credit Suisse. “There was no chatter on the gold desks [of banks] about a central bank being in the market so they appear to have been quite tactical about it.”
Meanwhile, the Ukraine government was forced to send security forces to Kharkiv, the nations' second largest city when pro-Russian protestors, following a pattern that closely resembles the pre-annexation of Crimea, seized public buildings in eastern Ukraine. Kiev is characterizing the removal of protestors in Kharkiv as an “anti-terrorism” campaign, but Russia was quick to warn the fledgling nation against using force to control pro-Russian protestors.
Preserve your wealth and secure your retirement by making a tangible investment in physical Gold and Silver in 2014. Call Toll Free 1.800.741.5014 and allow the friendly staff at Tangible Investments (learn about us here), owned and operated by world-renowned coin expert Silvano DiGenova, to assist you in your next purchase or sale. We hope you will share our site with your friends on Twitter and Facebook, but whatever you do, don't leave the site before claiming your Free Coin.
|
|
 |
History
