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Gold Extends Gains As Equities Plunge
Posted April 11th, 2014
Los Angeles CA, Apr 11 (Tangible Investments) - by James O’Dell - Gold continues to extend gains after advancing $5.71 or 0.44 percent to close at $1,317.68 an ounce on Thursday as U.S. equities plunged across the board, weighed mostly by technology shares and earnings concerns. Escalating tensions in Ukraine also kept gold well supported. Silver climbed $0.19 or 0.96 percent to close at $20.03 an ounce.
“Obviously, the big driver has been the Fed minutes that was a lot more dovish than the actual statement or Q&A that Yellen had given,” said Societe Generale's Robin Bhar referring to Fed chair Janet Yellen. The sharp decline in equities, triggered by the release on Wednesday of the minutes from the March FOMC meeting, was led by the Nasdaq which tumbled 129.79 points, or 3.1 percent, its worst since Nov 2011, and the Dow, which dropped 267 points.
Meanwhile, with armed pro-Russian separatists still in control of government buildings in Donetsk and Luhansk in eastern Ukraine, NATO has spotted Russian forces in more than 100 separate locations close to the Ukraine border. NATO reportedly released satellite photos on Thursday showing an estimated 40,000 troops massed near the Ukrainian border, and they're backed up by tanks, armored vehicles, and aircraft.
“This is a force that is very capable, at high readiness, and, as we have illustrated through the imagery, is close to routes and lines of communication,” said British Brigadier Gary Deakin at NATO headquarters in Belgium. “It has the resources to be able to move quickly into Ukraine if it was ordered to do so,” he added.
Russia's President Putin is now tightening his grip on fledgling Ukraine by threatening to shut off Russian gas unless the country pays for all its supplies in advance. Putin warned European leaders that gas deliveries to several European Union (EU) nations would also be jeopardized as pipelines crossing Ukraine deliver Russian gas to many EU countries.
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