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Ukraine Crisis Has Gold Outperforming Most Major Assets In 2014
Posted March 21st, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices were mixed on Friday with gold advancing to $1,336.20 an ounce, as silver eased to $20.28 an ounce while the dollar rose to one month highs, in the wake of remarks made by new Fed Chair Janet Yellen, following the Federal Open Market Committee (FOMC) meeting on Wednesday.
"After the Fed policy meeting we saw gold fall and touch support around $1,320" said Afshin Nabavi of MKS SA. "But with tensions again escalating between Russia and the West, the market has become more jumpy because it is not only the macroeconomics driving prices but also the political situation, at least in the short term." Russia's President Putin signed a treaty annexing the Crimea peninsula region this week, further inflaming the Ukraine crisis while ratcheting up tensions with the West.
Putin's move prompted President Obama to extend the list of sanctions against individuals and "entities" deemed responsible for the Ukraine crisis, and this time a major Russian bank, Bank Rossiya, made the list. Russia retaliated with its own list of sanctions against U.S. politicians and even some White House staff. Igor Sechin, head of Russia’s biggest oil company, Rosneft, was clear in his response to the West, warning that if Europe and the U.S. isolate Russia, Moscow will take its business to Asia, and that includes energy deals, military contracts and political ties.
United Nations Secretary-General Ban Ki-moon is traveling to Russia and Ukraine on a mission to de-escalate rising tensions, while senior U.N. officials are urging strict adherence to U.N. Charter principles which call for Russia to respect Ukraine’s sovereignty and territorial integrity. Meanwhile, even after the sharp correction this week, gold is still up 11 percent for the year and outperforming most major assets in 2014, including U.S. equities, bonds, and the dollar.
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