Ukraine War Causing High Volatility In Gold & Silver Prices

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We have just seen an extraordinary week of volatility in the precious metal markets. From last Wednesday until Friday, Gold traded with a $100 high/low range, from $1,877 to $1,976 per ounce. After a record amount of trading volume in Gold futures, options, ETFs, and physical metal, Gold ended the week at $1,890 per ounce, down $10 for the week.

It all started on Wednesday when Russia invaded the Ukraine. Gold spiked up on emotional panic buying, reaching a high of $1,976 per ounce in Asian and early European trading. When Gold opened trading in the U.S. market on Thursday morning, sellers appeared and the price calmed down when sanctions imposed on Russia weren’t as severe as originally thought and the Gold price quickly sold off.

Over the weekend, the Russian sanctions intensified with removal from the SWIFT payment system by most countries, the price of oil jumped $5 per barrel and flights from Russian airports are being cancelled. The resistance of the Ukrainian people has been surprisingly strong and this war may not be over quickly.

Based on the updated Ukrainian news, Gold opened $25 higher in early morning Asian trading as equity markets, interest rates, and Bitcoin move lower.

Professional commodity traders are no longer focused on inflationary news, interest rates or the U.S. Dollar Index. They are monitoring the incoming Russian/Ukrainian news and energy news. Gold could easily move towards $2,000 per ounce in the short-term, especially now that Putin is talking about a nuclear deterrent.

Today: This morning the Russian sanctions are taking hold, as the Russian ruble drops 30% and oil prices are moving toward $100 per barrel. Gold, Silver, and Palladium have rallied as interest rates move lower.

Last week Silver showed unbelievable price volatility, ranging from $23.76 to $25.71 per ounce. Almost a $2 trading high/low range in a 24 hour period is extraordinary and shows how explosive the next Silver rally could be. Silver closed last week at $23.99, up only $0.03 after all of the heavy trading. The Silver-to-Gold ratio is still at an unbelievable high level of 78-to-1.

Today: As the Russian/Ukrainian war continues demand for safe haven assets continues. Silver firmly moved over $24 this morning, reaching a high of $24.66 before seeing profit taking.