Silver was back in positive territory on Thursday and gold inched up again as U.S. jobless claims rose more than forecast, clocking in at a six-week high of 311,000. “Concerns about the labor market are back,” according to one broker quoted by Bloomberg, who added that “safe-haven bids continue to come in because of the geopolitical developments.” Those bids were likely tempered on Thursday by Russian President Putin toning down his rhetoric on Ukraine. But that was before reporters for the Guardian and the Telegraph wrote of spotting Russian armored personnel carriers and support vehicles crossing the border into Ukraine.
And concerning a report from the World Gold Council that Q2 demand for gold fell by 16% from 2013, USA Gold points out that “While not as strong as the seemingly insatiable demand seen in 2013, 964 tonnes is still a pretty darn good number; better than Q3 and Q4 of last year. As Jim Rickards noted in a recent interview, ‘[B]ig banks looted the GLD warehouse,’ of 500 tonnes in 2013. That’s a one-time event. ‘You can’t do that twice,’ said Rickards.”
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