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Silver rallies to 8-month highs as Ukraine crisis deepens

Economies.com
2022-03-07 12:06PM UTC

Silver prices spiked in European trade to eight-month highs amid strong haven demand as the Ukraine crisis deepens.

 

Silver prices rose 1.75% to $26.15, the highest since July 2021, after rising 2.1% on Friday on active demand following a two-day hiatus from gains on profit-taking.

 

Silver prices rose 5.9% last week, the fifth weekly profit in a row, and the longest such streak since October 2021.

 

The US government stated earlier that the west is seriously considering a bank on Russian oil and gas imports.

 

However the west won't take such a step until alternative supplies have been reliably established, which could take some time.

 

US Congress is actively discussing new bills to completely bank Russian imports, in a step that would increase Russia's isolation.

 

It's the first such step towards completely removing Russia from the World Trade Organization.

European stocks sharpen decline to 13-month lows

Economies.com
2022-03-07 11:54AM UTC

European stocks declined on Monday for the third session to 13-month lows amid large selloff operations in most markets as the US and Europe consider banning fuel suppliers from Russia

 

Dow Jones Stoxx Europe 600 fell over 3.5% to 4o 405.61, the lowest since February 2021, after closing down 3.6% on Friday amid increased Russian military operations in Ukraine.

 

The Dow Jones Europe index tumbled 7% last week, the third weekly loss in a row, and the largest since March 2020.

 

Most sectors were firmly in the red, led by the banking and financials sector, which fell 5%.

 

The US government stated earlier that the west is seriously considering a bank on Russian oil and gas imports.

 

However the west won't take such a step until alternative supplies have been reliably established, which could take some time.

 

US Congress is actively discussing new bills to completely bank Russian imports, in a step that would increase Russia's isolation.

 

It's the first such step towards completely removing Russia from the World Trade Organization.

 

S&P 500 futures fell 2% today after sliding 0.8% on Friday, the second loss in a row.

 

In Europe, the euro stoxx 50 slumped 3.7%, while France's CAC 40 tumbled 3.9%, as Germany's DAX swooned 4.75%, as London's Financial Times gave up 3.25%.

Oil spikes 14% to 14-year peak on concerns over Russian energy supply disruptions

Economies.com
2022-03-07 10:01AM UTC

Oil prices surged 14% on Monday, marking 14-year highs with US crude almost touching $130, and Brent approaching $140 for the first time since August 2008 on concerns the west might ban energy supplies from Russia amid the Ukraine crisis.

 

US crude spiked 11% to $127.54 a barrel, the highest since August 2008, while Brent rose 17% to $138.03 a barrel, the highest since August 2008 as well.

 

US crude rose 6.5% on Friday, while Brent gained 6.9% after a short hiatus from gains on profit-taking.

 

Oil prices rose on average 22.5% last week, the second weekly profit in a row, and the largest since May 2020.

 

Oil prices are up on average 14% today, marking 14-year highs, with US crude approaching $130, and Brent almost hitting $140 amid the progressing Russian invasion of Ukraine and prospects of imposing energy supply bans on Russia.

 

The US government stated earlier that the west is seriously considering a bank on Russian oil and gas imports.

 

However the west won't take such a step until alternative supplies have been reliably established, which could take some time.

 

US Congress is actively discussing new bills to completely bank Russian imports, in a step that would increase Russia's isolation.

 

It's the first such step towards completely removing Russia from the World Trade Organization.

 

The US is also considering steep hikes on customs taxes on Russian imports among other punitive steps.

Euro sharpens decline to 22-month nadir as Ukraine crisis deepens

Economies.com
2022-03-07 08:53AM UTC

Euro declined in European trade against dollar for sixth straight session, marking 22-month lows as the Ukraine crisis develops, with ceasefire talks collapsing quickly between Russia and Ukrainian forces, casting dark shadows on the whole euro zone economy.

 

EUR/USD fell over 0.9% to 1.0821, the lowest since May 2020, after closing down 1.3% on Friday, the fourth loss in a row, and the largest in two years.

 

Euro lost nearly 3.1% last week, the fourth weekly loss in a row, and the largest since March 2020.

 

Euro fell 4.25% since Russia started its military operation in Ukraine, causing widespread selloff deals in Europe, as the continent depends heavily on energy supplies from Russia.

 

Fighting is intensifying in Ukraine, with all ceasefire talks collapsing quickly. 

 

Russian assets continue to collapse as well amid western sanctions, while Russian export commodities are spiking in value, such as precious metals, oil and gas.

 

This is such bad news for the European economy, which depends heavily on Russian energy imports.

 

That new shock combined with the ongoing coronavirus shock is threatening serious inflationary pressures, which central banks couldn't rein.

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What is the price of Silver today?

The price of Silver is $38.435 (2025-07-11 23:05PM UTC)