Russians Losing Billions For Meddling In Ukraine Crisis

  • Posted Tuesday, July 22, 2014 at 08:25 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices were mixed on Tuesday with Gold easing to $1,305.60 an ounce, while Silver inched higher to $20.98 an ounce as the dollar hit eight month highs against the euro, and the Ukraine and Middle East conflict continued to heat up. Russia's President Putin has cost Russia greatly in financial markets with his interference in Ukraine's fight with separatists.
 
The Micex Index of top Russian stocks continues to decline, with losses since Putin began his move into Ukraine's Crimean peninsula in February at about $28 billion in market value. The U.S. is now pushing the European Union (EU) for further penalties against Russia less than a week after approving tougher sanctions designed to punish Putin for supporting the pro-Moscow separatists.
 
After the downing of Malaysian Airlines Flight MH17, international pressure is on Putin to keep Russians from interceding in the neighboring conflict and to keep its armaments out of the hands of Ukrainian rebels. "If it were not for the problems we are seeing, between the United States and Russia, with Europe and Ukraine caught in the middle, in the seas surrounding China, and in the Middle East, Gold probably would be down around $1,240 - $1,280 at present," said Jeffrey Christian, of CPM Group.
 
In Israel, the air and ground assault on the Gaza Strip continued on Tuesday, even as U.S. Secretary of State Kerry held talks in Egypt, to seek a halt to the shelling that has claimed more than 600 Palestinian and 25 Israeli lives. "Regional conflicts, like ISIS in Iraq, or Syria, or the Israeli-Palestinian situation, or the Ukrainian separatist’s situation all fester without a joint international effort to help resolve them. This means more problems being more difficult to resolve, which probably means that more investors will seek Gold as a portfolio diversifier and safe haven over the next several years than otherwise," added Christian.

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Metal BID ASK CHG$ CHG%
Gold 1247.60 1248.30 $0.60 0.05%
Silver 17.42 17.46 $0.01 0.06%
Platinum 1272.80 1275.80 $3.05 0.24%
Palladium 764.80 767.80 $3.10 0.41%
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