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Ukraine Turmoil Pushes Gold Price Higher
Posted February 24th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold added to gains on Monday, advancing near a four month high to $1,338.01 an ounce, on rising economic concerns in the U.S., and China. "Short-term sentiment towards gold is pretty positive, but the metal should break through $1,337 to gain further momentum," said Sharps Pixley's Ross Norman.
While political tensions in Thailand have not led to safe haven buying, some believe the political upheaval now taking place in Ukraine helped push gold higher. Turmoil in Ukraine and data from the European Union “has led to another breakout in the gold market,” said Phil Flynn, of Price Futures Group, in a note. Silver climbed to $22.07 an ounce, and for the second week in a row, net-long positioning increased on short covering.
The Fed pledged to keep rates near zero until the unemployment rate, now at 6.6 percent, falls below 6.5 percent, that is, as long as inflation remains below 2 percent. The central bank is now faced with issuing new guidance to financial markets on the future path of interest rates as the targets rapidly approach, said a Fed official on Friday. "The most important thing is where do you go next, what do you signal to the markets, what is your 'forward guidance?'"
Dallas Fed President Richard Fisher told journalists at the University of Texas. The Fed will likely continue the measured reduction of its monthly purchases by $10 billion each meeting, said Fisher, on Monday. Fisher added that business leaders, today, have a much more positive outlook on the economy than in the past.
Meanwhile, the National Association for Business Economics (NABE), held its twice-a-year survey of 230 participants between Jan. 30 and Feb. 6, and that was prior to Janet Yellen appearing before Congress as Fed chairwoman. Well, it seems business economists are about equally divided over whether the Fed will pause its quantitative easing (QE) taper early to allow the economy to recover, or continue at the current pace. About 43 percent said the Fed would complete its so-called "tapering" in the fourth quarter, while 42 percent said the taper would not finish until at least 2015.
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