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Gold Consolidates Above $1300

by Peter A. Grant

Jul 23, AM
(from USAGOLD.com) --

Consolidative trading prevails in the gold market today, with the yellow metal confined to a narrow band just above the $1300 level. Geopolitical risks continue to support, while expectations of higher interest rates are seen as limiting the upside.

Russian president Putin, remains defiant in the face of harsher sanctions, sticking to his version of events that culminated with the downing of a Malaysian airliner. Russia and pro-Moscow separatists in Ukraine on the other hand, lay the blame at the feet of the Ukrainian military.

Ukraine reported that rebels had shot down two fighter aircraft today, near where flight MH17 crashed. One of those shoot-downs was confirmed by a rebel commander.

During an emergency Security Council meeting in Moscow, Putin vowed he would respond to NATO's "expansion towards Russia’s borders." It seems unlikely that the situation in Ukraine will deescalate any time soon.
“No matter what our Western counterparts tell us, we can see what’s going on. As it stands, NATO is blatantly building up its forces in Eastern Europe, including the Black Sea and the Baltic Sea areas. Its operational and combat training activities are gaining in scale.” — Vladimir Putin
While U.S. Secretary of State John Kerry claims there has been progress on another Gaza cease-fire, fighting between Hamas and the IDF rages on. The FAA has banned U.S. airline flights to Israel after a Hamas missile landed "within a mile" of Ben Gurion International Airport in Tel Aviv. The ban has been extended for a second 24-hour period, putting additional economic pressure on Israel.

ISIS continues to wreak havoc in both Iraq and Syria. The Sunni-extremists have implemented Sharia Law in Mosul, demanding that Christian convert, leave or die. They also burned an 1800 year-old Christian church.

The three Christian churches in Raqqa, Syria have been shuttered as well. However, the Christians have not been expelled. They are allowed to stay if they pay a tax.

BoE Governor Carney continues to send mixed messages regarding rate hikes. Carney warned today that rates need to rise, but they would be "gradual and limited." This is the same Carney that railed on the BIS just last week for calling for rate hikes.

Expectations of a Fed rate hike continue to ebb and flow with the economic data. Recent data have been generally favorable, suggesting the first rate hike may come sooner than expected. However, even the optimists don't see tightening until next year.

As long as the Fed's favored measure of inflation (PCE) remains below target, a rate hike seems less-than imminent. A hike is even less likely as long as influential members of the FOMC perceive their to be slack in the labor market.

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

 

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