Uncertain Fate Of Malaysian Jet Boosts Gold

  • Posted Thursday, July 17, 2014 at 08:35 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold rose sharply on Thursday after incidents in Ukraine sparked safe-haven buying that has pushed the Gold price more than one percent higher to $1,319.80 an ounce, while the price of Silver surged to $21.18 an ounce on the growing geopolitical tensions building in Eastern Europe after a Malaysian passenger plane with 295 passengers and crew on board crashed in eastern Ukraine on Thursday.

The reason for the crash has not yet been determined but the Boeing 777 was believed to have been shot down by either Ukrainian forces, or pro-Russian separatist forces that are reported to be currently in control of that region of Ukraine. The incident occurs just one day after President Obama announced tougher sanctions against Russia on Wednesday for its actions in Ukraine.

The president's tougher stance bolstered the precious metals, but prompted a warning from Russian President Putin that the increased sanctions could hamper relations between the two countries while harming American businesses. Not long after the U.S. announcement on Wednesday, a Ukrainianfighter jet was shot down by an air-to-air missile allegedly fired from a village located inside of Russia, said a spokesperson for Ukraine’s Security Council on Thursday morning prior to the crash of the Malaysian jetliner.

Meanwhile, the Gold price jumped again, moments ago, when Israel initiated the ground assault on the Gaza Strip that it has been threatening to do all week. After rocking Gaza with a series of airstrikes and artillery fire for several hours when a temporary humanitarian truce ended earlier in the day, Israeli Prime Minister Netanyahu instructed the military to begin moving troops into Gaza, according to a statement from his office.

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