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Crisis Escalates In Ukraine After Vote To Secede
Posted March 7th, 2014
Los Angeles CA, Mar 7 (Tangible Investments) - by James O’Dell - The Gold price climbed $13.66 or 1.02 percent to close at $1,350.00 an ounce on Thursday, as the yellow metal remained on pace for its fifth straight weekly gain while the dollar weakened and rising tensions in Ukraine boosted gold's safe-haven appeal. Silver rose $0.27 or 1.28 percent to close at $21.43 an ounce.
The Ukrainian political crisis in the Crimean peninsula region deepened on Thursday after the Crimean Parliament voted to secede from Ukraine and join the Russian Federation. "If the situation in Ukraine gets worse, prices will go higher. However, if the crisis is resolved, gold could fall back to $1,320," said Yuichi Ikemizu, of Standard Bank.
The crisis certainly isn't getting better when the upper house of Russia’s parliament is considering confiscating the assets of European and U.S. companies if sanctions are adopted against Russia. One more ominous sign of further escalation of the crisis is the six F-15 fighter jets sent by the U.S. to join NATO air patrols over the Baltic states as both a signal to the Kremlin and a show of strength to our eastern European allies. Another twelve F-16 fighters and 300 ground troops will be deployed to Poland to take part in military training exercises, while a U.S. destroyer is deployed to the Black Sea.
Meanwhile, the Fed is unlikely to alter the pace at which it is scaling back its massive quantitative easing (QE) program this month, according to three central bankers on Thursday. Even three consecutive months of sub-par jobs growth in the U.S. would not warrant such a move, said Atlanta Fed President Lockhart on Thursday. "In my mind, unless we really fall off track in the economy pretty dramatically, I think the tapering program should proceed," said Lockhart. Fed Chair Janet Yellen has made it clear that the tapering of QE is not on a preset course, but her fellow policymakers leave no doubt there is a high hurdle for any changes.
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