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Gold

• Gold is down 2% as risk sentiment improves, pulling away from August 2020 highs.
• Gold fell 2% on the day, to $2,010.
• In European morning trade, risk trades are rallying as markets become less concerned about the Russia-Ukraine situation. It’s just pure volatility because the war isn’t over and headline risks remain high.
• However, gold is being dragged lower after testing the August 2020 highs of $2,069-75 this week. The 2% drop today brings gold back to $2,010, with the $2,000 mark being an important level for buyers to stay above. For the time being, there is a case to be made that we are witnessing a stall near the technical top from the August 2020 highs.
• However, if gold remains above $2,000, and if Russia-Ukraine tensions persist, the gold rally may find new legs.
• Another critical point to consider is Russia’s response, which includes a reduction in exports. Russian gold exports account for 9% of global production, so this is important information to keep in mind in the coming days.

EU

·      The EU has agreed to impose new sanctions on Russian leaders and oligarchs.

·      New sanctions will also target the exclusion of three Belarusian banks from SWIFT.

·      The fallout continues, but at this point, anything other than a hit to Russian oil and gas is likely to be ignored by markets.

·      The details are sketchy, but European leaders will meet in Versailles on March 10-11, so these sanctions will be formalised and adopted then.

US

• The United States Will Monitor Crypto Transactions
• Traders began purchasing put options in anticipation of Ethereum falling below $2,200.
• As Ethereum fell to a 10-day low, traders began purchasing put options in anticipation of the second cryptocurrency dropping to $2,200.
• On March 14, the European Parliament will vote on the final version of the cryptocurrency regulation bill, which will exclude language that could be interpreted as a potential ban on bitcoin mining. This week, US President Biden will also sign an executive order to regulate cryptocurrencies. The emphasis may be on tracking transactions and preventing US sanctions from being circumvented. The price of bitcoin in rubles has risen to new highs, exceeding 5 million rubles.
• Bitcoin was not so expensive even in April and November 2021, when its dollar price surpassed $60,000.
• In general, the benchmark cryptocurrency has increased by 8.7 percent in the last day, reaching 41,450. Over the same period, Ethereum has increased by 7.9 percent, while the top ten altcoins have increased by 3.3 percent (XRP) to 21 percent (Terra).
• The total market capitalization of the cryptocurrency market increased by 6.9 percent on the day, reaching $1.83 trillion. The dominance index increased to 43%.
• The Cryptocurrency Fear and Greed Index increased by one point to 22, remaining in the “extreme fear” zone.
• Bitcoin was purchased on the decline to $38K, and the move to $40K on Wednesday morning triggered a surge in buying, most likely due to the closing of some short positions, quickly bringing the rate to current levels.

Russia

Moscow has stated that the United States has declared economic war on Russia. The Kremlin has stated that Russia will defend its interests. A thorough examination of the situation is required (regarding US energy ban)

Fighting words from Russia, and they appear to be prepared to respond in kind. It will be interesting to see what is on the list and whether or not this adds to the volatility of commodities this week.

As a side note, it is important to recognise that Russia produces a significant portion of the raw materials that are distributed throughout the world. Russia produces 45 percent of palladium, 15 percent of platinum, 9 percent of gold, 5% of nickel, 5% of wheat, and 4% of aluminium as a share of global production.