Gold and silver spot values received some uplift early in the day but did not capitalize on it. By the time the day was through, precious metals were hanging on to marginal gains or were trading ever so slightly downward. In general, this week is not expected to emit too much in the way of markets-moving economic data and, as such, there is only a limited number of factors catching the attention of investors.

Seeing that we are in the middle of summer, and many businessmen are using this time of year as a time to take vacation, it only makes sense that the marketplace is a good bit quieter than it is normally.

Tensions Surrounding the Russia-Ukraine Crisis Rise Again

Throughout much of this year, the eyes of the investing world have been placed on Ukraine and all the turmoil unfolding there. This time around, investors are fixated upon a Russian humanitarian convoy that departed Russia earlier today. The convoy, which consists of more than 200 large vehicles, is believed to be heading towards the besieged Ukrainian city of Luhansk. According to many sources, the people of Luhansk have been without running water or electricity for nearly 10 days now and the situation is slowly but surely devolving into a humanitarian crisis.

While, on its face, the Russian convoy seems to be delivering help to people in need, Ukrainian officials have not been so quick to accept Russia’s convoy as a token of their good will. Instead, there are widespread beliefs amongst Ukrainian government officials which hold that the Russian convoy is nothing more than a Trojan Horse meant to resupply pro-Russian rebels that have been losing ground to the Ukrainian military over the last two weeks.

Though it is not clear when the convoy will arrive at the Ukrainian border, officials have made it clear that it will not be allowed to cross into the country. Though it may seem a bit harsh that officials are withholding support for their own citizens, the Ukrainian government cannot afford to fall victim to a Russian trick. One Ukrainian government official was even quoted as saying that the convoy should lay down its supplies at the border and allow Ukrainian forces to deliver the food and aid. For now, this situation and the wariness surrounding it are supporting precious metals, but there is no saying how long this will last.