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Los Angeles CA, Mar 4 (Tangible Investments) - by James O’Dell - Gold and silver bullion prices were higher on Monday, with Gold gaining $24.83 or 1.87 percent to close at $1,349.81 an ounce, as deepening geopolitical tensions surrounding Ukraine saw a jump in safe-haven demand. Silver followed Gold higher, adding $0.11 or 0.52 percent to close at $21.38 an ounce.
 
“Obviously, with all of the turmoil in Crimea, gold has basically reasserted its role as a safe-haven play,” said Jim Comiskey, of Archer Financial Services. There were a lot of shorts in the gold market,” says Comiskey. “They’ve pretty much thrown in the towel now.” In the meantime, Interfax reported on Tuesday that Russian President Putin has ordered his military forces engaged in exercises on the Ukraine border back to their permanent bases.
 
This comes after word that the U.S. was working "in lockstep" with Europe on imposing sanctions against Moscow, when Russia appeared to tighten its grip on Ukraine's Crimea region. Putin, could be trying to defuse the situation, however, there is no word on the armed forces surrounding Ukraine's main military bases on the Crimean peninsula. President Putin denies that the forces in Crimea are Russian, but says that they are local forces instead.
 
Furthermore, an alleged ultimatum, by Russia’s Black Sea Fleet commander, Alexander Vitko, for Ukrainian military forces to surrender by 5 a.m. (0300 GMT) today, or face a military assault, was also denied by Moscow, and expired without incident.
 
Meanwhile, a global currency war is raging, says Forbes contributor Robin Lewis. He says that while exports in the U.S. may benefit temporarily, "what if this time is different from all past deflationary and inflationary cycles?  What if the international monetary system destabilizes and collapses, and inflation does not rise sharply?" People around the world may begin to view paper money as worthless, he adds.
 
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