TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices retreated slightly on Friday as profit taking kicked in, with Gold easing $4.15 or 0.32 percent to trade at $1,309.30 an ounce, while Silver slid $0.03 or 0.15 percent to trade at $19.95 an ounce. Gold is back in a range, but remains above the psychological $1300 an ounce level and key moving averages. Chartists view the latest overseas gains in Gold as a breakout to the upside of a descending wedge pattern, a bullish indication.
Geopolitical risk in Ukraine and the Middle East continues to underpin Gold as Moscow accused NATO on Thursday of "selling soap bubbles" while prompting fears of invasion with its claims of a Russian troop build-up on Ukraine's border. NATO has accused Moscow of massing 20,000 battle ready troops on the border with Ukraine and fears an incursion by Russia disguised as a humanitarian effort to help restore stability to eastern Ukraine.
In Israel, the 72 hour ceasefire lapsed and shelling resumed, as the Palestinians have declared that until Israel removes the blockade, opens its borders, and withdraws its troops from the Gaza Strip, the crisis will continue.
In Iraq, airstrikes against Islamic State forces authorized by President Obama on Thursday evening have begun and some speculate that Pope Francis' appeal to world leaders to help in ending the crisis in northern Iraq, may have swayed the president's decision.
Not only did the president authorize air support for the American advisors working in Erbil and Baghdad, he gave the green light for humanitarian aid and U.S. protection to tens of thousands of helpless Yazidis, who were targets of the militants and facing certain death.
Pope Francis' request to leaders went as follows: "His Holiness addresses an urgent appeal to the international community to take action to end the humanitarian tragedy now underway, to act to protect those affected or threatened by violence and to provide aid, especially for the most urgent needs of the many who have been forced to flee and who depend on the solidarity of others."
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