Gold, Silver, Oil, Wheat Surge After Malaysian Airliner Shot Down Over Ukraine

Thursday, July 17, 2014
By Paul Martin

by GoldCore
ZeroHedge.com
07/17/2014

Gold, silver, oil and wheat surged today after confirmaton that a Malaysian passenger airliner was shot down over the Ukraine. The tragedy is set to be used by opposing sides as a stick to beat each other with and inflame an already very tense geopolitical situation.

Finviz

Gold surged 1.85% and is on track for its best day in almost a month. Stock markets around the world extended losses while safe-haven assets rose following the news.

U.S. stocks fell and risk aversion returned to markets on speculation that the incident could lead to an escalation in millitary confrontation in the Ukraine and tensions with Russia. The VIX (VIX), which measures volatility and is sometimes dubbed the “Fear Gauge”, shot up as much as 17%.

Gold was already higher for a second-day prior to news of the tragedy. Geopolitical tensions with Russia and in the Middle East are leading to haven demand and there are bargain hunters buying gold bars and coins at the levels.

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