Yesterday, gold snapped its five session winning streak as speculators took profits as tensions over Ukraine abated somewhat. European Union foreign ministers agreed today to freeze assets and impose visa travel bans on 21 Russians and Crimeans.
In other precious metal news: silver fell 0.6% to $21.10 an ounce. Platinum fell 0.7% to $1,458.40 an ounce. Palladium gained 0.5% to $768.40 an ounce.
Russia is the world’s biggest producer and exporter of palladium (44% of global palladium supply and 13.6% of platinum last year, according to Johnson Matthey). Consequently, any sanctions imposed by the EU and the U.S. on the export of Russian palladium group metals would create a serious supply shortage that may be difficult for industries to replace.
This year will show the third consecutive deficit year in global palladium supply, according to a Bloomberg Industries survey of analysts.
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