GOLD - Waiting on Russian Response to EU
The EU announced that a new round of sanctions against Russia would take hold starting Friday. Because of the ceasefire agreement between Russia and Ukraine, the sanctions were held up as Europe debated what to do. The final conclusion of the group of nations was to implement the sanctions despite the new peace in Ukraine, but to review and/or revoke them in less than a month’s time depending on progress in Ukraine. Europe’s mistrust of Russia is evident in the way it went about this, and now the ball is in Russia’s court. It seems that what was meant by the EU to be a power play against Russia has exposed its division and weakness. I believe this leaves Russia more likely to now test the European resolve by countering these latest sanctions with some harsh Russian rebuttal. Such an action would serve to disrupt the euro, lay warning to the dollar and boost the price of gold. Much depends on the patience of Russia and its next move. See full report here. Article should interest SPDR Gold Trust (NYSE: GLD), Market Vectors Gold Miners (NYSE: GDX), Direxion Daily Gold Bull 3X (NYSE: NUGT), iShares Silver Trust (NYSE: SLV), Goldcorp (NYSE: GG).
Labels: Europe, GLD, Global Affairs Geopolitics, Gold, Gold-2014, INDUSTRY-Gold, Russia
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