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Gold On Pace For A Fifth Straight Weekly Gain
Posted March 7th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices retreated on Friday, with Gold easing to $1,339.40 an ounce but remaining on pace for a fifth straight weekly gain while silver dipped to $20.90 an ounce, after the U.S. Labor Department reported that employers added just 175,000 jobs to their payrolls in February.
Economic data has been so weak lately, that the jobs numbers rose the dollar 0.1 percent against a basket of major currencies, at the same time the unemployment rate ticked up a notch from its five year low of 6.6 percent to 6.7 percent. The rate ticked up because more people are re-entering the labor force looking for jobs but not everyone has found one.
Mark Leibovit, of the VR Gold Letter, sees higher gold prices next week. “(I’m) liking platinum and palladium more than gold, but will still give gold the benefit of the doubt for further gains, especially (if) a currency war could be unfolding between Russia and the U.S.,” said Leibovit, referring to the tensions building in Ukraine. Gold hit a four month high on Monday at $1,354.80 an ounce over the deepening crisis in Eastern Europe after Russia's armed incursion into Ukraine's predominately Russian speaking Crimean peninsula.
Meanwhile, over the years, government officials in nations near Russia have seen their warnings of Russia’s aggression fall on deaf ears in Washington and NATO. Now after Russia's invasion of Ukraine's Crimea region, several countries, including Lithuania, Latvia, and Sweden are re-thinking their national defenses. Plans are quickly being made to expand defenses from adding fighter jets to updating aging missile systems. "After the events in Ukraine, the Russian aggression, the need to increase spending will be better understood by Lithuanian people, and there will be more support for it," said Lithuania's Defense Minister Juozas Olekas.
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