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Gold Soars Two Percent On Putin Aggression Posted March 3rd, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - The Gold price soared two percent on Monday, climbing to $1,351.35 an ounce while silver edged higher to $21.37 an ounce, as the Dow plunged triple digits on the heels of the dramatic occupation of Ukraine's Crimean peninsula region by an armed Russian military force. "As a result of the escalation of this conflict and the damages it's going to do to the European economy, people are going to continue to rotate out of the stock market into the gold market," said Jeffrey Sica, of Sica Wealth Management.
Deepening political tensions between Russia and Ukraine lifted gold during the Asian session, says Alexander Thorndike, of MKS (Switzerland) SA. “Therewas solid two-way interest seen from regional and spec (speculative) names, some good real money demand and producer supply starting around $1,338." The rising tensions between Russia and Ukraine “spurred safe-haven gold buying in a market which had been looking stale in recent days,” said UBS. “Gold prices have been caught between resistance at $1,361 and support at $1,307 for some time now. Gold's current safe-haven bid should help to overcome technical resistance, especially if the Ukrainian crisis escalates.”
The Interfax news agency is now reporting that Russia’s Black Sea Fleet commander, Alexander Vitko, has ordered Ukrainian military forces in Crimea to surrender by 5 a.m. (0300 GMT) on Tuesday or face a military assault. “If they do not surrender before 5 a.m. tomorrow, a real assault will be started against units and divisions of the armed forces across Crimea,” the news agency quoted a Ukrainian ministry source as saying.
President Obama warned on Friday: Russia should not use military force to change the fate of Ukraine. "The United States will stand with the international community in affirming that there will be costs for any military intervention in Ukraine," added the president.
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