Turmoil Persists In Ukraine After Prime Minister Resigns

  • Posted Thursday, July 24, 2014 at 09:25 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver bullion prices retreated sharply on Thursday with Gold sliding to $1,289.50 an ounce, a four week low, while Silver dipped to $20.35 an ounce after stop-loss orders were triggered when the Gold price dropped below the $1,300 level, further exacerbating Gold's slide.
 
Bargain hunting and short covering should limit losses as premiums on the Shanghai Gold Exchange (SGE) inched up to between $3 and $4 an ounce on Thursday as China's physical buyers came back to the market. But the currency wars continue, and global central banks remain opposed to currency appreciation, when coupled with escalating geopolitical risks, the downside in Gold should be limited.
 
Troubles persist in Ukraine, now that Prime Minister Arseniy Yatsenyuk suddenly announced his resignation after two parties in parliament threatened to pull out of the governing coalition. "I am announcing my resignation in connection with the collapse of the coalition," said Yatsenyuk.
 
The nationalist Svoboda party and the UDAR, headed by former heavyweight boxing champ, Vladimir Klitscho, withdrew from the coalition of legislators that assumed control following the ouster of former President Viktor Yanukovich. Ousted in February, Yanukovych fled to Russia and is now facing charges, by the new government, of killing more than 100 Ukrainian citizens after allegedly ordering police to open fire on protesters in the capital city of Kiev.
 
Meanwhile, in Russia, Ambassador Gennady Ovechko said on Thursday that the latest U.S. sanctions against Russia violate World Trade Organization (WTO) rules and could force Moscow into a trade dispute that could be destabilizing. "It looks like we are being forced to seek the protection of our legitimate rights and interests through the WTO mechanisms," said the Ambassador. "Thus, the U.S. actions might cause the unfortunate chain of events that would ultimately undermine the credibility of the multilateral trading system."

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Metal BID ASK CHG$ CHG%
Gold 1247.00 1247.70 $8.70 0.70%
Silver 17.44 17.48 $0.16 0.92%
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