TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices were mixed on Monday, with Gold easing to $1,299.20 an ounce, while Silver inched higher to $19.64 an ounce, after the dollar rose 0.2 percent after six straight weeks of losses to pressure the metals.
Russia said on Monday that it had resolved with Ukrainian officials, all issues related to its humanitarian convoy to Ukraine. Officials added, however, that no progress had been made in achieving a ceasefire or a political solution to the conflict following talks on Sunday, between Russia, Germany, France and Ukraine.
Tensions mounted on Monday when Ukraine accused pro-Russian separatists of shelling a convoy of buses carrying refugees, killing dozens, near the eastern city of Luhansk. Separatists have, of course, denied any responsibility.
Geopolitical risk remains at its peak in both Ukraine and in the Middle East, as Iraq reports that its military troops along with the Kurds, and air support from the U.S., were able to retake the Mosul Dam from Islamic State fighters on Monday. The number of geopolitical hotspots seems to be expanding and its fueling uncertainty and making it more likely that Gold will be well contained on the downside.
In the U.S., Fed Chair Janet Yellen heads this week to the annual gathering of central bankers in Jackson Hole, Wyoming, which lasts three days and begins Thursday with the topic of the meeting being “Re-evaluating Labor Market Dynamics.”
Yellen's speech titled “Labor Markets,” is scheduled for Friday, and the focus will be squarely on the struggling labor market. With 7.5 million part-time workers looking for full-time employment, many believe not enough is being done to fulfill the Fed's mandate of full employment. “We still have quite a long ways to go,” said Aneta Markowska, of Societe Generale SA. In discussing monetary policy she added, “I’d be surprised if the message is anything other than dovish.”
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