Silver price slips below $21 ahead of Putin statement on Crimea
Frankfurt (Mar 19) Silver has been under intense pressure from short-sellers since the Crimean referendum on Sunday duly produced an overwhelming vote to join Russia and warmongers yesterday got nothing more than limited sanctions from the West. The precious metal touched a six-day low of $20.94 at the start of today’s European session.
Although silver yesterday opened with a four cent gap up at $21.464, the rally had fizzled out by the end of the day’s Asian session, as the markets downplayed the geopolitical risk in respect of Crimea. While both the EU and the US yesterday imposed economic sanctions against some senior Russian and Crimean officials, military intervention seems virtually off the table.
“If Russia continues to interfere in Ukraine, we stand ready to impose further sanctions,” stressed US president Barack Obama.