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Geopolitical Turmoil Drives Gold Price Higher
Posted May 12th, 2014

Los Angeles CA, May 12 (Tangible Investments) - by James O’Dell - Gold rose sharply in overnight trade, breaching the key $1,300 an ounce level, after easing $1.65 or 0.13 percent on Friday to close the week at $1,287.75 an ounce, following an announcement by Russia's President Putin that he was pulling his military troops back from Ukraine's borders, gold found solid support at its 100 day moving average. The price of Silver eased $0.04 or 0.21 percent to close at $19.14 an ounce, while the gold/silver ratio edged up to 67.23.
 
"We have held around $1,300 an ounce for the last month and a half, and gold needs something to shake it out of that," says Mitsui's David Jollie. "What could drive that? Geopolitical issues are likely to be a major driver.
 
Investor and author, Dennis Gartman, said on Friday that it bodes well for gold that Commodity Futures Trading Commission (CFTC) data through April 29, shows the broad category of “producers, merchants, processors and users,” is currently holding a historically small net short position of only 19,899 lots.  “Normally, this group is heavily short of the futures, hedging their inventories of unsold gold as a grain elevator hedges his inventories of corn or wheat or soybeans,” explained Gartman.
 
“This group tends to be a very canny group of traders, being short at opportune times and being long, rarely, at even more opportune times. If this group is holding its smallest net short position since the early winter of ’13, we are likely well positioned to be net long as we are presently.”
 
Bolstered by escalating violence in Ukraine, and after trading at a discount for much of February and March, premiums for gold in China shot up to $4 an ounce over the weekend. Pro-Moscow separatists declared a victory in a referendum vote on secession from Ukraine on Sunday sparking further unrest in the fledgling nation.
 
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