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Gold Soars On Escalating Violence In Ukraine
Posted May 5th, 2014
Los Angeles CA, May 5 (Tangible Investments) - by James O’Dell - Gold and silver bullion prices rose sharply on Friday with gold climbing $14.55 or 1.13 percent to close the week at $1,298.75 an ounce after the Dept of Labor reported that more than 800,000 Americans dropped out of the labor force in April. Growing violence in Ukraine has also added to gold's safe-haven appeal. The price of Silver surged $0.45 or 2.37 percent to close the week at $19.46 an ounce, as the gold/silver ratio reached 66.73.
The crisis in Eastern Europe exploded into violence on Friday, with the downing of two Ukrainian military helicopters by pro-Russian separatists, and the death of more than 40 separatists in a blaze at a building they occupied after clashing with pro-Kiev defenders. Ukraine’s acting president, Oleksandr Turchynov, said on Friday that two Ukrainian soldiers were killed in clashes with insurgents, while there were also “many insurgents dead, wounded and arrested.”
President Obama condemned the violence, and suggested the clashes may have been orchestrated rather than spontaneous when he said, "Generally protesters ... do not have the ability" to shoot down helicopters. The president and Germany's Chancellor Angela Merkel, held a press conference to show their solidarity in handing out sanctions against Russia if that country attempts to obstruct the Ukrainian elections coming later in May.
Violence in Ukraine continued throughout the weekend, and spread to Odessa, the fledgling nation's most important port, and it has raised the stakes in the crisis. A mob made up of pro-Russian separatists attacked the Odessa police station on Sunday, releasing 67 of their cohorts arrested after Friday's fighting. Ukraine's Interior Minister said on Monday that he would install a new Special Forces unit into the city of Odessa after the police officers "outrageous" failure to halt the mob. The gold price is soaring on the unrest in Eastern Europe and currently trading at $1,314.30 an ounce.
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