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Gold Firms Above $1300 An Ounce As Death Toll Rises In Ukraine
Posted May 6th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold edged modestly lower in thin trade on Tuesday as the yellow metal eased to $1,308.30 an ounce while silver advanced to $19.64 an ounce, and the dollar plunged to a 6-1/2 month low, while tensions continue to escalate between forces loyal to Ukraine and heavily armed pro-Russian separatists, boosting gold's safe-haven appeal.
A lack of conviction by the Fed to follow the scaling back of its massive quantitative (QE) program with an increase this year in its Federal Funds rate is at the heart of the dollar's weakness, say analysts. But it's a positive sign for gold, which benefits when real interest rates remain low.
Meanwhile, the crisis in Ukraine to many observers, appears to be beyond the control of the authorities in either Kiev or Moscow. “I’m convinced that we are struggling against a situation that has taken on a dynamic of its own,” said Germany's Foreign Minister, Frank-Walter Steinmeier. “There are groups in eastern Ukraine that are not listening” to the governments in Ukraine or Russia, said Steinmeier.
In a separate interview with several European newspapers, the foreign minister added that recent violence in the Ukrainian city of Odessa had “shown us that we are just a few steps away from a military confrontation.” Acting Ukrainian interior minister, Arsen Avakov, is claiming that more than 30 pro-Russian separatists were killed in clashes with Ukrainian forces on the outskirts of Odessa on Monday.
The U.S. warned Russia to stay out of the Ukrainian elections coming on May 25, or sanctions would be expanded to include selected sectors of the Russian economy. In an interview on Paris television, France's President François Hollande said that if the May 25 elections are not held, “there would be chaos and the risk of civil war.”
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