Los Angeles CA, July 15 (Tangible Investments) - by James O’Dell - Gold and Silver prices retreated sharply on Monday, with Gold easing $31.85 or 2.38 percent to close at $1,307.15 ounce, as investors await retail sales data for June, and Fed Chair Janet Yellen's testimony to Congress later in the day. Silver slipped $0.51 or 2.39 percent to close at $20.93 an ounce, while the Gold/Silver ratio remained unchanged at 62.45.
Investors hope to glean clues of when the U.S. central bank will be increasing rates from Fed Chair Janet Yellen's testimony at the U.S. Senate committee later on Tuesday, and the meeting with the House committee on Wednesday. The Fed chief delivers testimony to Senate and House committees concerning monetary policy twice each year.
In a recent New Yorker article Yellen was quoted as saying the economy still faces headwinds. “And so even when the headwinds have diminished to the point where the economy is finally back on track and it’s where we want it to be, it’s still going to require an unusually accommodative monetary policy,” said Yellen in the article.
Meanwhile, geopolitical concerns continue to fester in Ukraine, Iraq, and Israel. In Ukraine, a military transport plane was downed by a missile that government officials say was launched from Russia. On Tuesday, the Ukrainian military reports that at least six Ukrainian soldiers have been killed in attacks by pro-Russian separatists on military outposts, while NATO accuses Russia of moving forces back to Ukraine's border.
In Israel, a cease-fire lasted almost six hours before the Israel Defense Forces (IDF) confirmed that it has resumed airstrikes in the Gaza Strip once again. There have been nearly 200 Palestinians killed in the week long assault. In Iraq, the Parliament achieved a political breakthrough by electing a new speaker on Tuesday. Salim al-Jubouri, is a member of the main Sunni bloc in Parliament and he has a large majority of legislators supporting his candidacy.
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