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Gold Resilient In Wake Of Putin Promise To Pullback Troops
Posted May 7th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices turned moderately lower on Wednesday with gold easing to $1,288.30 an ounce while silver dipped to $19.30 an ounce, after Russian President Putin told diplomats that Russian troops have been pulled back from the borders of Ukraine. Putin went on to urge the heavily armed separatist insurgents in eastern Ukraine to postpone their referendum on autonomy planned for Sunday.
Putin reiterated his call to Ukraine's military for a halt to operations against pro-Russian activists even though they have seized government buildings and police stations in more than a dozen municipalities throughout eastern Ukraine. A spokesman for the Pentagon, U.S. Army Col. Steve Warren, said however that "We've seen no change in the Russian force posture along the Ukrainian border," adding simply "we would know" if Russian troops were on the move.
Despite Putin's comments, the Donetsk People's Republic, a group of pro-Russian separatists said they would still be holding the referendum on Sunday. Russia wasted no time under similar circumstances in annexing the Ukrainian peninsula of Crimea in March after a referendum by a majority of pro-Russian residents backed secession. "There are still some questions out there about the Ukraine situation, and whether the Fed will increase interest rates or leave them here, so all of these uncertainties are weighing down on gold," said Thomas Capalbo, a Newedge trader.
Gold seems to have held up very well considering Putin's comments. Fed Chair Janet Yellen said in congressional testimony today that the economy still has "considerable slack" in the labor market, and that "a high degree of monetary accommodation remains warranted." Yellen also cited the slowdown in the U.S. housing market, growing geopolitical tensions, and financial stress in emerging markets as potential risks to the economy. One should not be surprised by a rally in gold.
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