Russia Accused Of Ukraine Incursion As Silver Fix Gets Facelift

  • Posted Friday, August 15, 2014 at 08:36 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - The Gold price was slightly lower on Friday, and currently trading at $1,304.20 an ounce, with Silver trading at $19.56 an ounce, after reversing sharp losses earlier when safe-haven buying kicked in amid reports that Ukrainian forces had destroyed a major portion of a Russian armored column that had intruded onto Ukrainian soil. "The news definitely helps Gold reverse higher and shows that Gold is very susceptible to geopolitical tensions," said Phillip Streible, of RJ O'Brien.

The incursion happened at the same time a nearly 300 vehicle Russian convoy purportedly carrying humanitarian aid was halted at the eastern Ukrainian border awaiting an okay from Red Cross personnel to enter the country. “Last night we saw a Russian incursion, a crossing of the Ukrainian border,” said NATO Secretary General Rasmussen, and it confirms suspicions that Moscow persists in supplying separatists with “a continuous flow of weapons and fighters.”

Ukrainian President Poroshenko told British Prime Minister Cameron that most of a column of Russian military vehicles “had been destroyed by the Ukrainian artillery at night.” The announcement came after British journalists said late Thursday that they watched while at least 20 Russian military vehicles, fully identified by their markings, crossed a rebel controlled border into Ukraine.

Meanwhile, the Silver market began a new era in electronic benchmarking on Friday, following the demise of the 117-year-old “Silver Fix” on Thursday. The final conference call between banker/dealers using the old process came on Thursday in the $3 billion a day London Silver market. The London Silver fix got its start in 1897, and actually predates the “Gold Fix” by 22 years.

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