Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By GoldCore (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

War in Ukraine Intensifies - EU Threatens Russia, Greece Pivots to Russia

% of readers think this story is Fact. Add your two cents.


EU foreign ministers are meeting in Brussels today to discuss imposing further sanctions on Russia following an upsurge in fighting in east Ukraine.

A woman pushes a cart as she visits a hypermarket of French grocery retailer Auchan in Moscow, Jan. 15, 2015. A new poll shows 80 percent of Russians would give up Western food for a stronger economy. Reuters

The EU and the US have already imposed sanctions on Russia and slapped asset freezes and travel bans on Russian individuals and businesses.

NATO says hundreds of Russian tanks and armoured vehicles are in east Ukraine. Moscow denies direct involvement but says some Russian volunteers are fighting alongside the rebels.

Tensions between Russia and the West are intensifying. President Obama’s suggestion that Russia would be cut out of the SWIFT banking transfer system was met with a degree of hostility and threatening words that has not been customary of the Russian government.

Prime Minister Medvedev warned that the “Russian response – economically and otherwise – will know no limits.”

The EU‘s push for further sanctions on Russia may be imprudent and only help ‘bait the bear’. Measures under discussion include asset freezes, travel restrictions on certain Russian individuals, and restricted access to capital markets.

The consequences of such a move could be dire. China have made it clear that it can provide liquidity to Russia if necessary, an offer the Russians have not felt the need to avail of as yet. Russia still sits on vast dollar reserves which it could dump on the market and buy Chinese yuan and other allied nations fiat currencies and indeed precious metals such as gold and palladium.

Or Russia could choose to cut off natural gas to Europe causing a crisis for homes and industry across Europe and paralysing industry and agriculture in already struggling periphery economies.

The war in Ukraine, in which 5000 people have already died, is growing in scope and intensity.

At some point Russia may directly enter the conflict – which it would justify given that the ethnically Russian people of Donetsk voted to secede from Ukraine following the overthrow of democratically elected, albeit corrupt, President Yanukovych.

Moscow’s intervention in Ukraine and its continued support for rebels in the east of the country is not “not a wise course for Russia”, former UK foreign secretary and leading government politician William Hague has told CNBC.

“If Russia continues on this course of the last few days there will be a further grave deterioration in relations between the European Union and Russia,” Hague who is close to NATO told CNBC’s Worldwide Exchange.
The risks now fomenting in Greece as well the escalating tensions with Russia, along with the tacit admission that the EU is already in serious crisis by initiating emergency QE measures, mean that that the risk of banking contagion and collapse, economic collapse and currency collapse are real threats.

Bail-ins of deposits remain a real possibility.

In the event of any and all of these possibilities gold and silver bullion will perform well as a currency of last resort.

Comprehensive Guide to Bail-ins: Protecting Your Savings in the Coming Bail-in Era

MARKET UPDATE

Today’s AM fix was USD 1.275.50, EUR 1,129.36 and GBP 842.25 per ounce.
Yesterday’s AM fix was USD 1,287, EUR 1,131.93 and GBP 846.71 per ounce.

Gold and silver both dropped yesterday. Gold lost 0.76% or $9.80, closing at $1,284.90/oz. Silver fell 0.55% or $0.1 and closed at $17.99/oz.

Gold Performance since 2006 and in 2015

In Singapore, gold for immediate delivery fell by 0.5 per cent to USD 1,278.27 an ounce and silver by 0.9 per cent to USD 17.84 an ounce and that weakness continued in European trading.

On the wider markets this morning, European shares are down 0.7% on concerns about the health of the Eurozone economy and risks of a new crisis.

Global economic growth concerns pushed stock markets lower in Asia overnight. Non-gold safe haven assets such as German bund futures rose sharply, mirroring an earlier move in U.S. Treasuries.

Greek Prime Minister Tsipras challenged to international creditors by halting privatisation plans agreed under the country’s bank bailout deal, prompting a third day of heavy losses on financial markets in Greece.

The U.S. Federal Reserve remains remarkably sanguine on the U.S. economy and signalled that it remains firmly on track to raise interest rates this year, despite an uncertain global outlook. As ever, we prefer to watch what the Fed actually does rather than what it says it will do.

Get Breaking News and Updates Here



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Total 1 comment
    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.