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Elections In India Bode Well For Gold
Posted May 14th, 2014
Los Angeles CA, May 14 (Tangible Investments) - by James O’Dell - Gold broke above the key $1,300 an ounce level in overnight trade after easing a modest $1.37 or 0.11 percent on Tuesday to close at $1,293.82 an ounce, as geopolitical tensions between Russia and the West continue to support gold's safe-haven. Silver rose $0.01 or 0.01 percent to close at $19.53 an ounce, while the gold/silver ratio dropped to 66.25.
The West remains wary after Sunday’s referendums in pro-Russian areas of Ukraine, that Russia will attempt to annex these regions as it did the Crimea peninsula just last month following a similar referendum. The Kremlin's response, however, has been far more conciliatory in tone than after the Crimean vote, with this announcement, “In Moscow, we respect the will of the people of the Donetsk and Luhansk regions and are counting on practical implementation of the outcome of the referendum in a civilized manner, without any repeat of violence and through dialogue.”
The separatists seem determined, however, to continue the bloodshed after reportedly ambushing and killing six Ukrainian soldiers on Tuesday in the eastern Donetsk region of the country. Some analysts, like Keir Giles, of Chatham House, suggest that Russia no longer needs to invade Ukraine. “They do not need to have physical control of these regions to achieve their objective for the Ukraine, which always has been to render Ukraine ungovernable,” says Giles.
Meanwhile, the elections in India have concluded and exit polls suggest that Narendra Modi’s Bharatiya Janata Party (BJP)-led coalition will be victorious, with many predicting an outright parliamentary majority. Modi's primary focus is on business, and he is viewed as pro-gold with many believing that, if elected, he will rescind in large part the current draconian restrictions on the importation of gold.
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