TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver bullion prices moved higher on Monday with Gold up $3.00 or 0.23 percent to $1,317.60 an ounce after the yellow metal posted a third straight weekly gain on Friday amid escalating turmoil in Iraq and Ukraine, while Silver gained 0.19 percent to $20.92 an ounce. Geopolitical events boosted Gold last week and will likely continue to effect price direction, says Morgan Stanley.
"The escalating situation in Iraq has turned a small bounce from support in Gold to a fully-fledged turnaround by the start of the week," said the firm."Post the FOMC meeting, Gold breached upward resistance levels around the US$1,280/ounce mark. Its likely price direction will be dominated by geopolitical events...."
Meanwhile, in an update on Germany's Gold repatriation efforts that were begun 18 months ago when the Bundesbank, Germany's central bank, announced its decision to repatriate 674 tons in Gold Reserves from the vaults of the New York Fed and France's Central Bank. The transfer was to have taken place over a period of eight years from 2013 through 2020.
It now appears, however, that after a political shift in Chancellor Merkel’s government, Germany has reached the conclusion that storing a portion of its 3,386.4 ton Gold stockpile abroad is the right thing to do after all. “The Americans are taking good care of our Gold,” said Norbert Barthle, budget spokesman for Merkel’s Christian Democratic bloc in parliament. “Objectively, there’s absolutely no reason for mistrust.”
Carl-Ludwig Thiele, the central bank’s official for payments and settlements said on May 23, “The Bundesbank never doubted the integrity of the foreign Gold-storage sites,” adding that, “We were able to see everything we wanted to see in New York. As far as we’re concerned, there are no more open issues.” The Munich-based campaigners who started the initiative to repatriate Germany’s Gold in 2012, said in a recent interview, “Right now, our campaign is on hold.”
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