NATO has called for an emergency meeting to take place on Friday with foreign ministers of member countries. Talks will be held in Brussels regarding Russia's invasion of Ukraine. This, despite claims they will not get involved to defend non-NATO member, Ukraine. Stocks and bonds are getting hammered as news of the meeting spreads.
Oil jumped $4 while gold is up $30. Bitcoin also surged higher and now sits at $43, 889 USD, a nice 5.7% increase on the day. That adds up to about $3,300 increase in 24 hours. Go Bitcoin!!!
But it was silver that stole the spotlight, rising a full dollar per ounce since last midnight and is sitting at $25.35 which is almost a full percent increase on the day.
Today, about 100 diplomats from around the world walked out of a speech by Russian Foreign Minister Sergey Lavrov at the United Nations Human Rights Council. They didn't bother to stick around for Lavrov's -pre-recorded message. At this point, the pressure point driving silver, gold and Bitcoin higher is the Russia / Ukraine standoff which doesn't appear to be de-escalating any time soon. Expect higher silver prices for the next little while??
What I'm waiting for now is a two-dollar intraday move by silver. That'll really get peoples' attention. By that time, it might be too late to get your hands on physical silver. We came close to witnessing that just last week.
Last week, silver jumped by $1.50 only to be smacked back down below $24 before quickly recovering to settle around $24.20 USD. Bix Weir of RoadToRoota.com discovered that Bank of America sold off a whopping billion ounces of silver (all on paper only) just as silver hit $25.50 and was the sole cause for the silver smackdown. How they could get away with this without any notice from regulators is questionable. Yet, it's great to see my favorite precious metal recover so swiftly, even after so much 'paper' silver was sold off. A billion ounces is slightly more than all the silver mined around the world in a year.
Check out Bix Weir's latest interview with Clif High whose datasets predict silver shooting higher to $600 and beyond. Click here to watch the interview.
Spot Gold March 1, 2022: $1944 per ounce
Consider diversifying by adding precious metals to your portfolio!
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