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Gold Rallies Near Six Month Highs
Posted March 12th, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices extended gains on Wednesday with gold adding more than one percent as it climbed to $1,367.10 an ounce for a near six month high, while silver advanced more than two percent to $21.27 an ounce, after China suffered its first corporate bond failure, sending copper prices to 44 month lows. The price of copper plunged because it is often used as collateral in lending.
The geopolitical wrangling between East and West has hurt the equity markets, but its boosting gold's safe-haven appeal. "Risk events in China and Ukraine are supportive factors for gold because [they] are generating some safe-haven demand," said Afshin Nabavi, of MKS SA.
“I think what we’re having here is continued nervousness about…the EU (European Union) situation – where the fear of deflation is again taking hold – along with continued worries about the situation in Crimea and the Ukraine leading people into the gold market,” says Sterling Smith, of Citi Institutional Client Group. “Gold seems to be playing its alternative currency card here at the moment,” added Smith.
Ukraine's interim Prime Minister Arseniy Yatsenyuk is meeting with President Obama, Vice President Joe Biden, and Secretary of State John Kerry in the Oval Office, at the time of this writing, in an attempt to secure U.S. support of the new government. Yatsenyuk was an opposition leader and was chosen after President Viktor Yanukovych was ousted along with his pro-Russian government in Kiev last month.
The crisis in Ukraine is an incredibly volatile situation that President Obama described as "an unusual and extraordinary threat to the national security and foreign policy of the United States," before he signed an executive order denying visas and blocking financial transactions for Russians deemed to be a party to the incursion into Crimea.
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