Los Angeles CA, August 8 (Tangible Investments) - by James O’Dell - The Gold price continued to climb in overnight trade, after adding $7.75 or 0.59 percent to close at $1,313.45 an ounce on Thursday, when the yellow metal got a safe-haven boost following President Obama's announcement to authorize limited air strikes in Iraq against Islamic State fighters, formerly known as ISIS. Silver eased $0.04 or 0.20 percent to close at $19.98 an ounce, while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, rose to 65.74.
"There is some panic in the equity markets after the Iraq announcement, and that, along with the Ukraine crisis is bringing safe-haven demand for Gold," said Peter Fung, of Wing Fung Precious Metals. "Gold could climb quickly up to $1,325 an ounce."
With Islamic State fighters just 30 minutes from the Kurdish capital, Erbil, and Baghdad being threatened, President Obama felt compelled to authorize limited strikes against the insurgents, if necessary, to protect American lives in Iraq. The president was even more certain of his decision after the Islamic militants threatened to slaughter tens of thousands of Yazidis, a religious group with close ties to the Kurdish sect.
President Obama said that he delayed his announcement until the military had finished its humanitarian food and water drop to the thousands of fleeing Iraqis now trapped and dying atop Mount Sinjar. President Obama has been reluctant to order any military action in Iraq saying “As commander in chief, I will not allow the United States to be dragged into another war in Iraq,” but faced with this unfolding crisis the president said that “When we have the unique capacity to avert a massacre, the United States cannot turn a blind eye.” It was announced moments ago that airstrikes against the Islamic State militants have just begun.
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