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Gold Boosts Safe Haven Appeal As Ukraine Banks Forced To Close
Posted May 5th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver edged higher in thin trade on Monday with gold climbing to a three week high of $1,309.70 an ounce and silver rising to $19.58 an ounce, as pent up demand and short covering sparked heavy buying in China's gold trade overnight. “We had a bit of an unexpected surprise when China opened up with some heavy buying going through,” said MKS.
“The SGE (Shanghai Gold Exchange) traded up to a premium of around $3-5 over spot and more importantly, the Shanghai Futures Exchange traded higher than the SGE for the first time in weeks, suggesting that the Chinese general public – non-institutional -- investors were in covering shorts.”
Noted investor and author Dennis Gartman, pointed out on Monday that gold recently made an upside reversal for a second time in two weeks. A reversal occurs when the gold price dips below the previous day’s low, then reverses course, and closes above the previous day’s high, and it bodes well for gold. “Something is taking place in the gold market that we find impressive,” said Gartman, adding that Friday’s rally occurred on rising open interest, not just short covering.
Meanwhile, the Eastern European nation of Ukraine continues to descend into chaos and violence as heavily armed pro-Russian separatists are now attacking Ukraine's banks. Privatbank, Ukraine's largest bank, has been forced to close branches in separatist-held Donetsk and Luhansk, because it could no longer insure the safety of its workers.
"In the current circumstances we cannot and do not have the right to make people go to work in the Donetsk and Luhansk regions, where armed people break into bank branches and seize security vans in the towns," said Privatbank in a statement. Astute investors with sufficient physical gold and silver stores on hand for emergencies will fare much better than those without such resources.
It's important to protect your hard earned wealth during these times of economic uncertainty, and at Tangible Investments (learn about us here), it doesn't matter whether you're new to precious metals or a seasoned veteran, you will always be dealing with top industry experts. Take a moment and browse our vast selection of valuable collectibles, then call Toll Free 1.800.741.5014 today and let the helpful staff at Tangible Investments assist you in your next purchase or sale. Have you claimed your FREE COIN yet?
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