Gold Over $1,300 on Ukraine Vote: Morning Market Update May 12 - Gainesville Coins News
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Gold Over $1,300 on Ukraine Vote: Morning Market Update May 12

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Gold Over $1,300 on Ukraine Vote: Morning Market Update May 12

Gold is back above $1,300 as the chaotic "separation referendum" in Ukraine went off about as expected - the separatists say they won, and no one but Russia recognizes the results. This is a replay of the Russian annexation of Crimea -- Same band, same song, different venue.

Silver is up over 2%, while platinum and palladium have more than made up Friday's small losses.

Gold was smacked down $10 on the Asian open overnight, but had regained all that by midday in Hong Kong. Strength built through the Euro trading day on the Ukraine situation, then popped upwards at the COMEX open. Silver, as it often does, followed gold's lead, but at double the pace. The PGMs saw a big boost on the Ukraine situation, amid renewed fears that more sanctions against Russia would be implemented.

End of Week Re-cap

Gold and silver closed flat on Friday, while the platinum group metals saw minor losses.  The Dow was up two-tenths percent for another record close, but the index is only up 7 measely points for the entire year. The S&P 500 is up only 1.7% for the year, despite recent record closes, and the Nasdaq has been hammered, at a -2.51% year to date.

In contrast, gold is up 7.88% this year, despite its recent stickiness in a narrow range.

Markets This Morning

The dollar is only slightly lower today, as it gains support from a euro which has dropped to a one-week low on talk of ECB quantitative easing.

That talk has European stock indices hit another six-year high, despite the Ukraine kerfluffle. Wall St. opened higher, on optimism over recent earnings reports. Shanghai and Hong Kong stocks gained as Chinese president Xi Jinping said that China must adapt to a "new normal" that includes allowing more foreign investment. The Nikkei was about the only stock index in the red, on a risk-off day.

There are no big economic reports today, so prices will turn on geopolitical and technical signals.

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

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