Gold started the morning trading $20 on the downside, but reversed some of its losses once

Gold started the morning trading $20 on the downside, but reversed some of its losses once Obama announced he was going to impose sanctions on individuals along with “key sectors” of the Russian economy in response to the annexation of Crimea. Obama calls for the people of Ukraine to determine their own destiny and maintain healthy relations with whom they choose. The shiny yellow metal has the potential to see some upside with the Ukraine tensions escalating. Overall, the long term predictions are that gold prices will tumble amid expectations of rising rates. Any positive economic data at this point is bearish for gold. The Palladium situation keeps getting tighter and tighter! The situation in South Africa and sanctions on Russia is making the markets nervous. People are hoarding the metal amid uncertainty and fear. Palladium has hit its highest since Aug 2011 and  is currently trading 2.8% on the upside.