Financial Markets Heavily Reacting To Russian Sanctions

GOLD

The financial markets saw yesterday’s world sanctions on Russia as being a 7 on a scale of 10. They didn’t hurt oil production, distribution or oil banks, and crude oil prices moved lower. The concerns about higher gasoline prices leading to higher inflation outweighed taking stronger actions against Russia. Equity and interest rates moved higher while the Gold market reacted negatively to this news, selling off from yesterday’s highs. I’ll provide more details in Monday’s Weekly Market Report. At 11am PT today, Gold is trading at $1,890 per ounce, down $33 on normal volume.

SILVER

Silver’s recent sell-off reached a low of $23.84. Strong physical and futures demand drove the price back above the $24 per ounce support/resistance level. Silver is also being affected by the recent anti-inflation news. At 11am PT today, Silver is down $0.44 per ounce, trading at $24.16 on average volume.