The Phaserl


Daily Nugget – No One Wants To Be Short Gold When Ukraine Votes

by Jan Skoyles,

The gold price has climbed above $1,350 to its highest in over five months, and is holding its ground this morning, following reports that Ukraine has begun military drills as Russia strengthens troops’ positions on the Crimean peninsula.

Barclays have warned that the price of gold is vulnerable to a rebound in the US Dollar, should the geopolitical risk of conflict between Russia, Ukraine and the West subside.

The referendum, due to be held on Sunday, over whether or not Crimea will secede from Ukraine to join Russia, will likely prompt further buying due to uncertainty over the outcome. It is unlikely that speculators will want to be short gold over the weekend.

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