No Fly Zone Created After Jetliner Shot Down

  • Posted Friday, July 18, 2014 at 01:13 PM

Los Angeles CA, July 18 (Tangible Investments) - by James O’Dell - Gold and Silver prices extended gains on Thursday with Gold adding $18.40 or 1.42 percent to close at $1,317.95 ounce while the Dow posted triple digit losses on the increasing geopolitical turmoil developing in Ukraine and the Middle East. Silver climbed $0.37 or 1.78 percent to close at $21.16 an ounce, while the Gold/Silver ratio fell to 62.28.

Precious metals prices soared Thursday on the news of a Malaysian passenger jetliner being shot down in pro-Russian held eastern Ukraine, less than 35 miles from the Russian border. All 298 people on board were killed in the tragic incident. Malaysia Airlines originally reported 280 passengers on board and a crew of 15, but later increased the number to 283 passengers to account for three infants.

The downing of the Boeing 777 has heightened concerns that the conflict in Ukraine could escalate now that further U.S. sanctions against Russia were announced on Wednesday. "The concerns are that Russia could do tit-for-tat. They could get angry and cut off oil or natural gas supplies or palladium supplies. Then all of a sudden we have shortages," said Phil Flynn, of Price Futures Group.

"Geopolitical risks at the moment are quite elevated," said Victor Thianpiriya, of ANZ. "The move overnight (in Gold prices) is warranted given the risks out there. In the near-term, we can certainly see some more upside," he added. The United Nations Security Council, including Russia, a permanent member, will hold an emergency meeting on Friday to discuss the downing of the Malaysian jetliner.

Ukrainian aviation regulators, citing military operations against separatists in the area, closed the airspace over eastern Ukraine on Friday. The agency said the no-fly zone will be in effect in the Donetsk, Luhansk and Khakiv regions of eastern Ukraine.

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