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SP Angel: Geopolitical Tensions Drive Safe-Haven Gold Demand

Kitco News

Safe-haven flows into the gold market have continued as the world awaits a possible U.S. military response to suspected chemical-weapons attacks in Syria, says SP Angel. The commodities brokerage cites news reports that flights of coalition aircraft have been spotted near the Syria-Iraq border, and U.S. President Donald Trump intensified preparations for a response by cancelling a planned weekend trip to South America and conferring with European allies on retaliatory steps. Then this morning, Trump warned missiles “will be coming” to Syria. As of 9:40 a.m. EDT, Comex June gold was $9.50 higher to $1,355.40 an ounce and hit a two-week high of $1,359. SP Angel cites news reports showing holdings in gold exchange-traded funds have climbed to the highest level since 2013.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Commerzbank: U.S. Sanctions Vs. Russia Boost Palladium

Wednesday April 11, 2018 10:02

The tensions between Western nations, including the U.S., and Russia have enabled palladium prices to bounce lately, says Commerzbank. Nymex June palladium traded up to $954.80 an ounce Tuesday and Wednesday as a rally continues from a low last week of $890.85. “Palladium is continuing to surge as it has been doing since Friday on the back of U.S. sanctions against Russia…,” Commerzbank says. Russia is the world’s leading producer of palladium.

By Allen Sykora of Kitco News; asykora@kitco.com

 

RBC’s Gero: Gold Investors Finding Reasons To Add To Positions

Wednesday April 11, 2018 10:02

Investors are returning to gold amid geopolitical and other worries, says George Gero, managing director with RBC Wealth Management. As of 9:40 a.m. EDT, Comex June gold was $9.50 higher to $1,355.40 an ounce and hit a two-week high of $1,359. “Gold continues up moves as investors see more reasons to add to positions – more-than-usual geopolitics, more than economic numbers, more than stocks’ violent moves, [and] more than tariff talks,” Gero says. He notes that the number of positions in gold futures has been rising lately. “Asset allocators are sure to notice that price makes news and vice-versa, as [the] price of gold is a political and economic barometer,” Gero adds. 

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