Daily Market Report 03/03/14

GOLD

Gold gained around 2% today as escalating geopolitical and military tensions between Ukraine and Russia bolstered demand for precious metals worldwide, while driving down equities and bonds. The Group of Seven major industrialized nations condemned Russia’s intrusion into Ukraine and cancelled preparations for the G8 summit, that includes Russia, scheduled for Sochi in June.

Spot and US Gold futures prices for gold hit a high of $1,355 an ounce, with the United States threatening to isolate Russia economically in Moscow’s biggest confrontation with the West since the Cold War. Crude oil, which often dictates gold, hit multi-month highs.

At 11am PDT today, Gold is trading at $1,349 per ounce, up $28 from Friday on heavy volume.

SILVER

Silver has moved higher with gold this morning, but at a lower percentage increase. At 11am PDT today, Silver is up $0.29 per ounce, trading at $21.41 per ounce on better than average volume.