Social Gold Mine
A large part of gold’s rise in the last month, but significantly so in the last week, has been due to the tensions over Ukraine between Russia and the West. Yesterday Crimea voted, overwhelmingly, to become a part of Russia. Overnight the gold price touched highs of $1,392.oz. Today it has returned to levels around $1,375 as trade is quiet on Comex and the yellow metal moves slightly lower. Is this because the stand-off between Russia and the West is subsiding somewhat as both parties realise they have too much to lose.
Global tensions are decreasing. Seems both sides don’t want to escalate the Crimea conflict. Temporary bearish for gold.
— Dan Popescu (@PopescuCo) March 17, 2014
Wondering what tensions between Russia and the US really means? Who is the biggest threat to whom? In this great interview with USA Watchdog, Jim Sinclair outlines what is and isn’t possible.
— Sprott Money Ltd. (@SprottMoney) March 17, 2014
This last week has seen some interesting numbers released in the gold world. Last week it was the March holdings by central banks, thanks to the World Gold Council. Today it is the turn of gold production in the US which was down in 2013. This isn’t so surprising given the fall in the gold price and the fall in gold demand from the West.
— Mineweb (@Mineweb) March 17, 2014
And finally, some St Patrick’s Day fun for you.
I put this on Nouriel Roubini’s lawn this morning as a joke. pic.twitter.com/09azl08UdF
— Rudolf E. Havenstein (@RudyHavenstein) March 17, 2014
And finally (again), Max Keiser gives us the real lowdown on what Russia could do to the financial markets.
The oligarchs have enough buying power to bust Comex’s ceiling on Gold and destroy USD. (entire gold market is less than 7 tr.)
— Max Keiser (@maxkeiser) March 17, 2014