Tangible Investments

July 28


Weekly Gold Market News

Gold And Silver Prices Underpinned By Geopolitical Turmoil

Los Angeles CA, (Tangible Investments) - by James O’Dell - Gold and Silver prices are off slightly on Monday with Gold trading at $1,305.10 an ounce and Silver at $20.70 an ounce, as investors await the Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday, second-quarter GDP data on Wednesday, and the non-farm payrolls report will wind out a very busy week for Gold.
Precious metals prices rebounded sharply last week after Gold soared $15.35 or 1.19 percent to finish the week at $1,308.55 an ounce, while Silver added $0.36 or 1.76 percent to end the week at $20.40 an ounce, as the Gold/Silver ratio fell to 63.03.
The week began with Russia's President Putin facing intense pressure to halt Russian involvement in the Ukraine crisis, after more evidence surfaced that Russian backed rebels in the Donetsk region of Ukraine used a Russian made BUK rocket launcher to shoot down the Malaysian Airlines passenger jet on July 17, killing everyone onboard.
In Israel, the air and ground assault on the Gaza Strip continued as U.S. Secretary of State Kerry held talks to seek a halt to the shelling that has claimed more than 1000 Palestinian and 40 Israeli lives.
Deepening geopolitical unrest in the Middle East and Ukraine has helped Gold rebound 8.7 percent this year while bolstering investor demand for safe-haven assets. When it comes to precious metals, "I have argued again and again that investors should hold some assets in precious metals as an alternative to cash," says Marc Faber of the Gloom, Boom & Doom Report. With rates near zero and inflation on the rise, paper money isn't worth much, he added.
The IMF lowered its forecast for U.S. growth in 2014 to 1.7 percent from the 2 percent it predicted in June, saying the slowdown will prolong the recovery in the labor market. The IMF cites the contraction in the first quarter for its outlook, but left its 2015 forecast unchanged at 3 percent, which may be overly optimistic since it would be the fastest expansion since 2005.
Ed Moy, former U.S. Mint director, says the weak recovery has contributed to the United States’ "weak hand in foreign policy," and that in turn has created an opportunity for the rest of the world. The result has been China's call for a de -Americanized world and “the introduction of a new international reserve currency that is to be created to replace the dominant U.S. dollar.”

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Latest Spot Prices

Gold 1305.50 1306.20 $3.05 0.23%
Silver 20.59 20.63 $0.17 0.82%
Platinum 1489.80 1492.80 $8.30 0.56%
Palladium 881.30 884.30 $1.30 0.15%

Other News This Week

Leading Banks Accused Of Rigging Silver Price

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - The Gold price edged lower on Monday, easing 0.36 percent to $1,303.80 an ounce, as COMEX Gold options for August expire, while Silver dipped... [Read More]

Singapore Launches Massive Gold Contract

Los Angeles CA, July 28 (Tangible Investments) - by James O Dell - Gold and Silver prices rebounded sharply on Friday with Gold soaring $15.35 or 1.19 percent to finish the week at $1,308.55 an... [Read More]

Gold Above $1300 An Ounce And Continues To Migrate West To East

TANGIBLE INVESTMENTS - Los Angeles - by James O Dell - Gold and Silver prices rebounded on Friday with Gold climbing 1.13 percent to $1,307.80 an ounce at the time of this writing, and Silver... [Read More]

About Tangible Investments

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