Gold Advances as Mideast Tensions Boost Haven Demand
July 09, 2014
Gold futures headed for the biggest gain in almost three weeks as increasing tension in the Middle East boosted the appeal of the metal as a haven.
Israel began a military offensive in the Gaza Strip this week by declaring its purpose was to halt Palestinian rocket attacks. The escalation in violence between Israel and Gaza-based militants is the worst since November 2012.
Gold gained 9.5 percent this year through yesterday amid escalating hostilities in Ukraine and Iraq and signals from the Federal Reserve that it will keep U.S. interest rates near record lows. Bullion slumped 28 percent in 2013 as equities surged and amid concern that the U.S. central bank would slow the pace of monetary stimulus.
“Some investors are buying gold as the Middle East region is very tense,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview. “We have been seeing an increase in the safe-haven premium since the violence in Ukraine started.”
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http://www.businessweek.com/news/2014-07-08/gold-trades-below-three-month-high-before-fed-releases-minutes
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Here's a great tip for gamblers...buy gold whenever there's shots fired (or likely to be fired). LOL
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Showing posts with label Gold. Show all posts
Showing posts with label Gold. Show all posts
July 10, 2014
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