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Gold blasted to its highest since 2020 after Russian forces attacked targets across Ukraine, triggering the worst security crisis in Europe since World War II and further crushing risk sentiment across the global markets.
The move sparked a flight to haven assets, with spot gold trading 0.8% higher to $1,925.07 an ounce by 11:10 a.m. ET, near a 15-month high. US gold futures on the Comex also gained 1.0% at $1,930.30 an ounce.
On Wednesday evening, Russia President Vladimir Putin vowed to “demilitarize” Ukraine and replace its leaders, while the West threatened additional sanctions in response. In response, US President Joe Biden announced he would impose “further consequences” on Russia after what he called an “unprovoked and unjustified attack.”
“The Russian invasion of Ukraine puts the markets in panic mode,” Alexander Zumpfe, senior trader at refiner Heraeus Metals Germany GmbH & Co., told Bloomberg. “Investors are throwing shares out of their portfolios and fleeing to safe havens.”
Evidently, US futures and European stocks both tumbled, while Treasuries rallied. Gold jumped the most in almost two years, even as the dollar strengthened. Bullion priced in euros even hit an all-time high…read more.
The average home price in British Columbia has increased 23.5% in the past year to top $1 million for the first time, according to the BC Real Estate Association (BCREA), despite total sales in January falling nearly 15% from a year earlier.
To put this in perspective, the average B.C. composite home price is more than $685,000 higher than the average in the other three western provinces and more than $500,000 more expensive than in Quebec, the third-most expensive market in the country.
Only Ontario, with an average home price of $998,000 comes close to B.C., according to the Canadian Real Estate Association’s national price map, which was released on February 15.
The BCREA reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service in January 2022, a decrease of 14.7% from January 2021…read more.
A key investment case for bitcoin is deteriorating as geopolitical uncertainty and rising inflation hammer cryptocurrency prices.
The price of bitcoin fell to a two-week low Tuesday after Russian President Vladimir Putin ordered troops into Donetsk and Luhansk, two breakaway regions in eastern Ukraine, shortly after declaring them as independent.
Bitcoin is often referred to as “digital gold” by its backers. The term refers to the idea that bitcoin can provide a store of value similar to gold — one that’s uncorrelated with other financial markets, like stocks.
Bitcoin bulls also see the cryptocurrency as a “safe haven” asset that can serve as a hedge against global economic uncertainty and increasing prices, which reduce the purchasing power of sovereign currencies like the U.S. dollar.
With inflation at historic highs, you’d expect this would be bitcoin’s time to shine — U.S. consumer prices last month rose the most since February 1982, according to Labor Department figures.
Instead, the cryptocurrency has lost almost half of its value since reaching an all-time high of nearly $69,000 in November. That’s led analysts to question whether its status as a form of “digital gold” still rings true…read more.
- This week, the West has pushed out a coordinated effort to punish Russia following its move into separatist territories in Ukraine.
- Moscow is now vowing a “strong” and “well-calibrated” response to the West’s actions.
- Ukraine took a series of steps on February 23 to bolster its security, calling up military reservists aged 18-60 and preparing to declare a 30-day state of emergency.
Moscow lashed back angrily against sanctions announced by the United States, vowing a “strong response” to a series of measures unveiled by President Joe Biden against Russian banks and individuals.
“There should be no doubt — sanctions will meet a strong response, not necessarily symmetrical, but well-calibrated and sensitive for the American side,” the Russian Foreign Ministry said in a statement on February 23.
Over the past two days, the United States and its Western allies have set a coordinated effort to punish Moscow with sanctions after President Vladimir Putin said he would recognize the independence bids of territories held by separatists in eastern Ukraine and send troops there.
The move came after Russia amassed at least 150,000 troops on the border with Ukraine, prompting fears of a full-scale invasion…read more.
‘In December 2020 Mr. Trudeau chided India for its police response to farmers’ blockades of Delhi. “Let me remind you,” he said, “Canada will always be there to defend the right of peaceful protest.” Mr. Trudeau prattles on about rights half a world away but won’t respect them half a block from Parliament.’
WSJ lead editorial, Feb 22nd
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