Phil Carr
The Gold & Silver Club
Summary
This week GOLD PRICE soared to Six-Month highs on Friday as fears of economic slowdown in China and lingering worries about Russia's standoff with Ukraine continue to boost safe-haven demand. On the open of the New York Trading Session Gold prices hit $1387 an ounce – to record Gold’s best run of weekly gains since August 2011. Since Gold’s low of $1185 an ounce, prices have gained 17.04% YTD since the start of 2014. Gold is one of the top four high performing commodities of 2014. (1st Place: Coffee +53% YTD. 2nd Place: Natural Gas +43% YTD. 3rd Place: Corn +24% YTD). Gold continues gain over Worries that China's first bond default and weak export data earlier in the week have stoked concerns about the health of the world's second-largest economy. Amid concerns about the Chinese economy, the geopolitical tensions between Russia and Ukraine is driving for gold as demand as a safe haven. As we enter the weekend, Ukraine's Crimean region is preparing for a March 16 referendum on splitting away from the Ukrainian region and joining Russia. This could spur further demand for safe-haven assets as we move into next week. The big question now is: Will Gold price continue to soar next week on safe-haven demand? Watch Phil and Nik as they review the commodities markets, analyse charts in real-time and provide a trading plan for the week of 24th - 28th February 2014.Latest Live Videos
Editors’ Picks
Gold surges on safe-haven demand, tests $5,400
Gold benefits from intense risk-aversion on Monday and climbs to the $5,400 region, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.
Oil retreats from seven-month high, WTI holds above $71.00
Cure oil prices started the week with a huge bullish gap and the barrel of West Texas Intermediate (WTI) touched its highest level since June above $75 as markets reacted to the closure of Strait of Hormuz following the US and Israel attacks on Iran. Although WTI retreats in the Euroepan morning, it holds comfortably above $71.
EUR/USD slumps below 1.1750 as USD benefits from risk-aversion
EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.
Bitcoin on brink of breakdown amid US-Iran war
Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.
The week ahead: Conflict in the Middle East jolts markets
Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%.
Here is what you need to know on Monday, March 2:
Safe-haven flows dominate the action in financial markets to start the week after the United States and Israel carried out a coordinated attack on Iran over the weekend. The US economic calendar will feature the Institute for Supply Management's Manufacturing Purchasing Managers' Index data for February later in the day but investors will remain focused on headlines coming out of the Middle East.