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
EUR/USD: Yes, the US economy is resilient – No, that won’t save the US Dollar Premium
Some impressive US data should have resulted in a much stronger USD. Well, it didn’t happen. The EUR/USD pair closed a third consecutive week little changed, a handful of pips above the 1.1800 mark.
Gold: Metals remain vulnerable to broad market mood Premium
Gold (XAU/USD) started the week on a bullish note and climbed above $5,000 before declining sharply and erasing its weekly gains on Thursday, only to recover heading into the weekend.
GBP/USD: Pound Sterling remains below 1.3700 ahead of UK inflation test Premium
The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week.
Bitcoin: BTC bears aren’t done yet
Bitcoin (BTC) price slips below $67,000 at the time of writing on Friday, remaining under pressure and extending losses of nearly 5% so far this week.
US Dollar: Big in Japan Premium
The US Dollar (USD) resumed its yearly downtrend this week, slipping back to two-week troughs just to bounce back a tad in the second half of the week.
Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight
US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.