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Los Angeles CA, Mar 11 (Tangible Investments) - by James O’Dell - Gold turned sharply higher in overnight trade gaining nearly one percent after advancing a modest $0.23 or 0.02 percent to close at $1,339.70 an ounce on Monday. This followed a surprising slump in Chinese exports and an escalating geopolitical crisis in Ukraine's Crimean region. Silver dipped $0.02 or 0.10 percent to close at $20.84 an ounce.
 
Last week the International Monetary Fund (IMF) suggested that the European Central Bank (ECB) begin a quantitative easing (QE) program to head off possible disinflation in the euro zone. A leading German institute agreed this week and is calling for the ECB to start a full-blown QE program to prevent a deflationary spiral similar to what happened in Japan.
 
Marcel Fratzscher, of the German Institute for Economic Research, is calling for 60bn euros in bond purchases each month (like the Fed) to avert the Japanese style trap. “It is high time for the ECB to act. Otherwise Europe risks falling into a dangerous downward spiral of sliding prices and declining demand”, wrote Fratzscher recently in Die Welt.
 
Meanwhile, the yellow metal is nearing another four month high as growing tension between Russia and Ukraine has spurred investor interest in safe-haven assets like gold. The Ukraine military is testing the combat readiness of its troops, while Russian forces tighten their grip on the Crimean peninsula. Ukraine’s prime minister will meet with President Obama at the White House this week before residents in the Crimea will have the chance to join Russia in a March 16 referendum to secede from Ukraine.
 
“The unsettled situation in the Ukraine continues to provide ongoing support for gold,” said Edward Meir, of INTL FCStone Inc., in a report. “Ukraine headlines and action in equities will likely be the most prominent price determinants for gold over the short-term.”
 
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