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Los Angeles CA, Mar 12 (Tangible Investments) - by James O’Dell - Gold hit a 5 1/2 month high at $1,364.96 an ounce in overnight trade after gaining $9.22 or 0.69 percent to close at $1,348.92 an ounce on Tuesday, as global economic factors and escalating geopolitical tension in Eastern Europe continue to support higher gold prices. The price of Silver edged up $0.04 or 0.19 percent to close at $20.88 an ounce.
 
Gold has shown remarkable resilience lately but until last night was unable to breach the $1,350 level, this could well be the start of a move much higher. With March being, historically, a weak month for gold, any price strength that can be sustained until April will be viewed as significant.
 
News this week of a slump in Chinese exports is fueling concerns of further slowing in the world's second largest economy, while bolstering gold's safe-haven appeal. China's economic growth slowed to 7.7 percent in 2013, its lowest growth rate in two decades. "China remains in the spotlight as the markets worry about economic growth prospects and the fall-out from China's credit bubble," said VTB Capital's Neil MacKinnon.
 
Meanwhile, Russia’s incursion into the Crimean Peninsula region of Ukraine has ignited the worst crisis between East and West since the Cold War. Armed Russian forces have taken control of all roads leading onto the peninsula as well as a ferry crossing at Kerch, according to Ukrainian border guards. Ukraine is considering the creation of a 20,000 member National Guard to aid in securing the nation's borders, while presenting a non-military option to destabilization, said Interior Minister Arsen Avakov.
 
Tensions are likely to escalate over the next several days as the Crimean vote to secede from Ukraine is set for Mar. 16. The U.S., the E.U., and Kiev are all poised to dispute the outcome of the vote, which is expected to seek the return of the peninsula to Russian control, after more than fifty years.
 
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