Gold: $1,290.86 -2.48
Silver: $17.10 17.10
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May 9th Weekly Silver Market Update
Article By: Kyle Wanchalk on May 09th, 2014

Gold and silver are seeing safe-haven demand drive precious metals spot values upward today though both metals are still well below key resistance levels. There are few headlining events on the slate for today as investors are more readily looking back on the prior days’ events and/or looking ahead to what is shaping up to be another uncertain weekend in Ukraine.

Tensions In Ukraine Flare Up Amid Referendum Talks

Though we have not really talked about Ukraine too much this week, investors will more than likely be paying close attention to the crisis as we head into the weekend. The reason for this is due to a planned referendum expected to be held in another eastern Ukrainian region. The referendum, which is expected to more or less hand the region over to Russia. The referendum is scheduled for Sunday and is looking like it will carry on despite Vladimir Putin calling for the pro-Russian rebels to postpone it.

Violence between the Ukrainian military and pro-Russian rebels has carried on all week but was mostly overshadowed by both EU economic news as well as remarks by both Putin and Janet Yellen. Ms. Yellen, when speaking to Congress on Wednesday and Thursday, once again reiterated her positive outlook on the US economy. What’s more, Ms. Yellen also stated that interest rates will more than likely remain low for the foreseeable future. This second point flies directly in the face of so many investors who, up until this week, were convinced that interest rates would be risen as early as next Spring.

Vladimir Putin, in his own address, made the claim that he is willing to pursue peaceful means to resolving the crisis in Ukraine. He even called upon the rebels to postpone their referendum, but that call seems to have fallen upon deaf ears. Safe-haven demand has been given a boost due to the uncertain nature of the crisis heading into this weekend. It will assuredly be very interesting to see what Monday brings and whether or not the referendum carries through as planned.