Gold and silver were as erratic Friday as the day’s news reports about whether or not Ukraine artillery destroyed parts of a Russian column that did or didn’t cross into Ukraine. The metals fell early, and hard, in what was described as “a pretty obvious takedown,” occurring as initial inspections of the “humanitarian convoy” vehicles, which definitely did not cross the border, came up “almost empty,” according to a BBC correspondent.
Then, writes Dan Norcini, recapping the action in gold, “around mid-morning, up went the yellow metal, recapturing the $1300 level as reports filtered into the market that Russian forces had crossed the Ukrainian border and been engaged by their troops.” When all was said, but far from done, spot gold and silver ended off 0.7% and 1.4% respectively, with their near-term direction possibly hinging on the answer to this question.
Bloomberg/WSJ: First daily silver price set after end of London fixing
GoldCore: New ‘LBMA silver price’ – Still not transparent
RT.com/GoldSeek: Russia seeks safe haven in gold, away from dollar and euro; No escape from the dollar as the currency standard
Zero Hedge/Bullion Baron: “Soros put” rises to record – Is the billionaire investor betting on a market crash?
Mineweb/Barron’s: Soros invests in gold stocks, Paulson holds his big ETF position – rode gold higher in 2Q
Short Side of Long/MarketWatch: Aging bull! – 283 weeks; Four signs this bull market is on its last legs
Confounded Interest: Falling 10Y Treasury yields, flattening curve are not signs of a dynamic economic recovery