-- Published: Friday, 7 April 2017 | Print | Disqus
– Gold silver oil spike after U.S. bombs Syria
– Gold and silver spike 1% as oil rises 1.4%
– Gold breaks 200 day moving average, 4th week of gains
– Stocks fall after U.S. strikes in Syria rattle markets
– U.S. missiles hit airbase; Lavrov says no Russian casualties; Russia deploys cruise missile frigate to Syria
– Russia denounces ‘aggression’ & warns of ‘considerable damage’ U.S. ties
– “Aggression against a sovereign state in violation of international law” – Russia
– Iran warns “destructive and dangerous” strike
– China warns against “further deterioration” in Syria
– Trump sending message to China and Russia
– Concerns of wider war see World War III trend on Twitter
– Brexit and French elections sees robust demand for gold and silver bullion
Gold and silver prices spiked sharply higher today, as investors piled into the safe haven asset in the wake of U.S. bombing of Syria.
Gold and silver bullion rose more than 1% and oil prices rose 1.4% after the bombings.
Gold reached a 5-month high as risk aversion returned to markets leading to a sell off in stocks and oil prices rising. Brent crude futures surged more than 2% after the US attack and were last up 1.5% at $55.72 a barrel.
Gold earlier climbed as much as 1.4 percent to its highest since Nov. 10 at $1,269.30. Gold is now trading at levels not seen since the November election of Donald Trump as U.S. president.
Gold is on track for a fourth straight week of gains and this in conjunction with the higher 2016 close and the higher Q1, 2017 close is bullish from a technical and a momentum perspective.
Gold has not managed to close above the 200 day moving average – $1,257/oz – in recent days and a weekly close above that level today will be very bullish for gold. This is especially the case given the very uncertain geo-political backdrop.
The unilateral action by President Trump and the use of cruise missiles against a Syrian air base, has escalated tensions with Syrian allies Russia and Iran.
Russia has denounced the U.S. ‘aggression’ and warned of ‘considerable damage’ to ties with the U.S. The Kremlin warned that “aggression against a sovereign state is in violation of international law.”
China warned against “further deterioration” in Syria and Iran said that the U.S. bombing was “destructive and dangerous.”
Markets were already nervous as Trump met Chinese leader Xi Jinping for talks over flashpoints such as North Korea and the U.S. massive trade deficits with China and massive and continuously increasing national debt.
Other geo-political concerns such as Brexit and the upcoming French elections is leading to ongoing robust demand for gold and silver bullion.
News and Commentary
Gold Rallies on Haven Demand as U.S. Missiles Hit Syrian Targets (Bloomberg )
Gold hits 5-mth peak after Trump launches missile strike on Syria (Reuters)
Stocks skid, safe-haven assets oil, gold and yen jump as US strikes Syria (Straits Times)
Gold and crude are surging (Business Insider)
Gold and silver are jumping after the US missile strike on Syria (Business Insider)
Why now is the time to invest in gold – Schroders (WhatInvestment.co.uk)
What’s coming next – inflation, deflation or more muddling through? (MoneyWeek.com)
The Walls Close in on Team Obama (DailyReckoning.com)
Gold, Silver Score Strong Quarterly Increases | Coin News (CoinNews.net)
For Gundlach, These Are The Three Key Charts To Watch (ZeroHedge.com)
Gold Prices (LBMA AM)
07Apr: USD 1,264.30, GBP 1,017.38 & EUR 1,188.82 per ounce
06Apr: USD 1,253.75, GBP 1,004.88 & EUR 1,175.27 per ounce
05Apr: USD 1,252.50, GBP 1,003.88 & EUR 1,174.47 per ounce
04Apr: USD 1,258.65, GBP 1,011.07 & EUR 1,181.49 per ounce
03Apr: USD 1,246.25, GBP 997.25 & EUR 1,168.48 per ounce
31Mar: USD 1,241.70, GBP 996.46 & EUR 1,161.98 per ounce
30Mar: USD 1,250.90, GBP 1,005.72 & EUR 1,165.34 per ounce
Silver Prices (LBMA)
07Apr: USD 18.40, GBP 14.81 & EUR 17.31 per ounce
06Apr: USD 18.22, GBP 14.63 & EUR 17.09 per ounce
05Apr: USD 18.26, GBP 14.63 & EUR 17.11 per ounce
04Apr: USD 18.34, GBP 14.73 & EUR 17.23 per ounce
03Apr: USD 18.16, GBP 14.52 & EUR 17.05 per ounce
31Mar: USD 18.06, GBP 14.50 & EUR 16.91 per ounce
30Mar: USD 18.10, GBP 14.53 & EUR 16.85 per ounce
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-- Published: Friday, 7 April 2017 | E-Mail | Print | Source: GoldSeek.com