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Gold Bulls Gaining Confidence
Posted May 6th, 2014

Los Angeles CA, May 6 (Tangible Investments) - by James O’Dell - Gold extended gains made last week on Monday, with the precious metal reaching a three week high while advancing $10.50 or 0.81 percent to close at $1,309.25 an ounce on a weakening dollar and mounting casualties in Ukraine. Silver added $0.13 or 0.67 percent to close at $19.59 an ounce, while the gold/silver ratio rose to 66.83, that's the number of silver ounces it takes to buy an ounce of gold.
 
Japan, Hong Kong and South Korea are all on holiday, so Asian demand was soft in overnight trade, said MKS in a note. "This morning you've got a weaker dollar, and there's a safe-haven bid with the deaths in Ukraine, and fighting intensifying. Those are the factors supporting gold." said Societe Generale's Robin Bhar on Tuesday. The dollar is being pressured by the euro on data suggesting a recovery could be gaining traction in the euro zone.

…”Gold is trading near the highest in three weeks as Ukraine once again attracts some safe-haven demand and the dollar continues to trade on the weak side,” said Saxo Bank’s Ole Hansen. “The weakness following the strong U.S. jobs report on Friday was quickly reversed and the subsequent rally of $30 may have given the bulls back some of the confidence that has been missing for the past few weeks.”

Meanwhile, nearly 1,000 ounces of gold, worth around $1.3 million dollars, has been recovered off the coast of South Carolina from an 1857 shipwreck of the SS Central America. The recovered gold consists of five ingots and two $20 Double Eagle gold coins; one minted in San Francisco in 1857, and the other minted in Philadelphia in 1850. According to historical records, the SS Central America, while carrying 425 passengers, was caught in a hurricane on Sept. 12, 1857 and sank 160 miles off the coast of South Carolina.

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