Silver price gains on Ukrainian tensions, eyes Fib resistance
New York (Feb 28) Silver’s price has this week appreciated as heightened tensions In Ukraine have bolstered the case for owning safe-have assets like precious metals. The gains for gold and silver come as volatility spread across financial markets after pro-Russian gunmen stormed parliament buildings and raised Russian flags in Ukraine’s Crimean region on Thursday. After the incident, Ukraine’s acting president warned that any movements by the Russian military in Crimea, aside from the Russian Black Sea fleet’s base in Sevastopol, would be treated as an act of aggression.
If this situation escalates it would put even more risk aversion into the world market place, which would likely be bullish for gold and silver.
During the month of February, spot silver rose nearly 8% to close the week at $21.22 due many to escalating Ukraine tensions.