David Levenstein: Gold prices climbed back above the $1,400 an ounce on Tuesday after Interfax reported that Russia detected a missile launch. A Russian Defense Ministry spokesman quoted by the Interfax news agency said the launch was picked up by an early warning radar station at Armavir, near the Black Sea, which is designed to detect missiles from Europe and Iran.
RIA, another Russian news agency, later quoted a source in Syria’s “state structures” as saying the objects had fallen harmlessly into the sea.
The Russian Defense Ministry declined comment to Reuters.
However, later in the day Israel’s Defense Ministry said that it, along with a Pentagon team, had carried out a test-launch of a Sparrow missile. The Sparrow, which simulates the long-range missiles of Syria and Iran, is used for target practice by Israel’s U.S.-backed ballistic shield Arrow.
“Israel routinely fires missiles or drones off its shores to test its own ballistic defense capabilities,” a U.S. official said in Washington.
Western naval forces have been gathering in the Mediterranean and the Red Sea since President Bashar al-Assad was accused of carrying out an August 21 gas attack in his more than two-year-old conflict with rebels trying to topple him.
Moscow is Assad’s big-power ally and has mobilized its own navy in the face of U.S. military preparations to punish the Syrian government for its alleged killing of more than 1,400 people in the chemical strike in an embattled Damascus suburb.
Russia opposes any outside military intervention in Syria’s civil war and says it suspects the gassing’s were staged by rebels seeking foreign involvement in the conflict.
The news caused a spike in gold prices which later dropped back below $1400 an ounce only to rise again during the second London gold fix.
In South Africa, more than 120,000 unionized gold miners In South Africa, represented by the National Union of Mineworkers (NUM), are set to go on strike as of today. Yesterday, Reuters reported that South African union leaders warned that mine owners’ handling of pay talks could provoke violence, and bosses said wage hikes would force mine closures and cost thousands of jobs.
Mining companies have already explained that they cannot afford to agree to the demands made by the unions due to soaring costs and depressed prices. The president of South Africa’s Chamber of Mines warned unions against stoking workers’ hopes.
Mark Cutifani, who is also chief executive of mining giant Anglo American said, “Promoting expectations above the capacity of the industry to pay is a dangerous road that may have tragic consequences for employees who do not understand how close we are to economic devastation in certain sectors.”(...)Click here to continue reading the original ETFDailyNews.com article: The Upward Momentum In Gold Prices Looks Set To ContinueYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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