Gold, Silver Hit 4-Month Highs On Bullish Chart Postures


Kitco News
February 24, 2014

Gold and silver prices ended the U.S. day session solidly up and scored four-month highs Monday. The markets were boosted by slowly improving technical pictures. Gold saw increasing safe-haven demand amid geopolitical concerns. April gold was last up $14.30 at $1,337.90 an ounce. Spot gold was last quoted up $11.80 at $1,338.50. March Comex silver last traded up $0.283 at $22.065 an ounce.

The Ukrainian president was ousted over the weekend and is now in hiding and wanted for murder. The situation there remains very fluid. If violence escalates in Ukraine, much more risk aversion would enter the market place. The Ukrainian developments and some civil unrest and violence in Thailand are prompting increased safe-haven demand for gold.

There was a Group of 20 economic and finance ministers meeting in Sydney, Australia, during the weekend. The group laid out a plan for the major industrial economies to continue with their aggressive monetary stimulus plans, while at the same time called for the emerging countries to restructure their economies to contain inflation. The proclamation was mostly ignored by world markets. However, the confab’s declaration does hint that the major central banks of the world are going to be reluctant to cut back too much on their heretofore aggressive monetary policy easing measures.

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