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G7 Nations Meet To Halt Russian Aggression
Posted March 24th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold turned lower on Monday, easing to $1,311.20 an ounce, while silver dipped to $20.02 an ounce, in the wake of Fed Chair Janet Yellen's comments last week that the central bank will likely end its massive quantitative easing (QE) program by the fall. The Fed chief roiled markets when she said the central bank could start raising interest rates in "probably something on the order of around six months, that type of thing." Of course, many savvy investors view it as a buying opportunity in the face of the expanding Russian/Ukrainian crisis.
President Obama met with Group of Seven members on Monday to form a consensus of nations to put pressure on Russia for its seizure of the Crimea peninsula region from neighboring Ukraine. President Obama sought the G-7 meeting to deliberately exclude Russia, which joined the gathering in 1998 and subsequently formed the G-8. "We're united in imposing a cost on Russia for its actions so far," said President Obama after his meeting with Dutch Prime Minister Mark Rutte.
The president seemed to imply with that statement, that more severe sanctions will be forthcoming should Russian aggression escalate. Some believe the president has been bolstered in his use of sanctions against Russia due to their effectiveness against Iran and its uranium enrichment program. President Obama has been much harsher than the European Union (EU), in imposing sanctions on Moscow after it annexed Crimea.
German Chancellor Angela Merkel, with closer ties than the U.S., to both Ukraine, and Russia, managed this before the talks. "As long as the political environment for the G8 is not at hand, as is the case at the moment, there is no G8 - neither as a concrete summit meeting or even as a format for meetings." The West continues to struggle to strike a balance between pressuring Putin to halt further aggression, protecting each nation’s own economy and avoiding an escalation of hostilities. The Ukraine crisis continues to underpin the gold price.
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