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(Washington, D.C. – July 17, 2014) – Investor and industrial consumption of silver has advanced at a healthy pace in 2014, reflected in the silver price increasing 5 percent as of July 15 from the beginning of the year. . .

* Malaysian airliner crash intensifies Ukraine tensions
* U.S. imposes more sanctions on Russia
* Investors monitor Israeli ground offensive in Gaza
* Coming up: U.S. consumer sentiment Friday

NEW YORK/LONDON, July 17 (Reuters) - Gold surged 1.5 percent on Thursday as investors sought shelter in the precious metal on fears of further turmoil after news that a Malaysian passenger jetliner had been downed in Ukraine. . .

Last year, Germany blew up headlines when its central bank – the Bundesbank – announced that it was planning to repatriate its gold from the United States Federal Reserve, the Bank of England and the Banque de France. The Bundesbank owns nearly $200 billion worth of gold, but only a third of it is stored in Frankfurt. . .

Gold has gone nowhere fast over the past two weeks, trading in a mere $30 range. But Carter Worth, chief market technician at Sterne Agee, predicts that the metal is about to heat up—beating a path to the upside that leads gold prices up to $1,500 per ounce, which would be the highest level since April 2013. . .

Gold and silver have had phenomenal weeks, with the metals rising nearly 3 percent and 6 percent, respectively. Many columnists are claiming that this is due to escalating tensions in Iraq and the rising possibility that the Iraqi state will enter a state of chaos. . .

In January, the contrarian investor in me won out: I decided to buy gold.

In March I talked about how increased activity in the gold market might mean the precious metal has turned a corner.

But today, I ask that you forget all about gold’s recent price action. That’s a story for another day. . .

The Russian central bank has again increased its gold reserves by another 900,000 ounces worth $1.17 billion in April. . .

Billionaire hedge fund manager John Paulson stuck with his holding in the biggest exchange-traded product backed by gold as prices rebounded on the escalating tension between Ukraine and Russia. . .

Seventy-three percent of silver jewelry retailers reported increased sales last year, according to Silver Jewelry Buying Trends, a survey conducted by trade publication National Jeweler on behalf of the Silver Institute’s Silver Promotion Service (SPS). . .

Italy’s central bank, the Banca d’Italia, has recently published an important document detailing the storage locations and composition of the country’s gold reserves. . .