Gold gained more than 1.4% today on escalating geopolitical tensions. Ukraine mobilized for war after Russia bloodlessly seized Crimea, in what some are seeing as the most serious geopolitical crisis since the end of the Cold War.
The last weekly COT report to show money managers betting on aggregate against the silver price were published in April -– prior to that no managed money net short silver position had been published since September 2007.
A new wave of stimulus seems certain to undermine confidence in the dollar, and now also the euro. And as Germans wake up to the possibility of their third currency wipe-out in a century, there is only one escape route for them: the accumulation of gold.
Speculations on Greece have increased before the EU summit which will take place on Wednesday night. Fear of the contagion in other European countries resulting from Greece's Euro exit has prompted investors to sell risky assets and the euro.
Spot gold prices touched a seven-session high just shy of $1,600 per ounce in London's wholesale market early Monday, falling back to last week's finish at $1,593 as European stock markets rose for the first time in 10 days.
On the one year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC has yet to issue a final ruling to implement the landmark oil and mining financial transparency law, and the oil industry is fighting to weaken it.
With the increased global momentum for mandatory disclosure rules on payment disclosure by oil, gas and mining companies, it's telling that competitiveness arguments largely haven't carried water with policy makers.