Gold Price Soars On Threat Of Russian Incursion Into Ukraine

  • Posted Wednesday, August 06, 2014 at 01:10 PM

Los Angeles CA, August 6 (Tangible Investments) - by James O’Dell - Gold and Silver prices were mixed on Tuesday as Gold gained a modest $0.45 or 0.03 percent to close at $1,288.30 an ounce while the dollar strengthened to highs not seen since September and the Dow plunged triple digits, which has become a common occurrence lately. Silver retreated $0.40 or 1.98 percent to close at $19.78 an ounce, while the Gold/Silver ratio climbed to 65.15.

Gold and Silver prices are soaring on Wednesday after Rados?aw Sikorski, Poland's foreign minister, said Russian forces are poised on the border of Ukraine to either pressure or invade the sovereign nation. Sikorski worries that a Russian incursion would further escalate the crisis, as he cautioned Russia about the impact a conventional war would have on Europe.
 
NATO, in a statement released earlier on Wednesday, agreed that the latest Russian build-up of an estimated 20,000 combat-ready troops on Ukraine's eastern border, had further escalated an already "dangerous situation."
 
At an emergency meeting of the U.N. Security Council requested by Russia on Tuesday, John Ging, director of U.N. humanitarian operations, warned the council of a deplorable humanitarian situation developing in eastern Ukraine as power and water supplies remain scarce while homes continue to be demolished and health workers flee the constant bombardments.
 
NATO is concerned that Moscow will attempt to use the reports of a humanitarian crisis as an excuse to send troops into Ukraine, which would further escalate tensions with the West. "We're not going to guess what's on Russia's mind, but we can see what Russia is doing on the ground - and that is of great concern. Russia has amassed around 20,000 combat-ready troops on Ukraine's eastern border," said NATO spokeswoman Oana Lungescu, in an emailed statement.

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Metal BID ASK CHG$ CHG%
Gold 1174.50 1175.20 $1.20 0.10%
Silver 16.20 16.24 $0.03 0.18%
Platinum 1233.00 1236.00 $5.25 0.42%
Palladium 791.20 794.20 $1.55 0.20%
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