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Crimean Referendum Volatility Drives Gold Higher
Posted March 14th, 2014

Los Angeles CA, Mar 14 (Tangible Investments) - by James O’Dell - Gold edged higher on Thursday, rising $4.81 or 0.35 percent to close at $1,371.01 an ounce, while remaining on pace for a sixth straight weekly gain as the crisis in Eastern Europe intensifies ahead of a Sunday referendum that could see the citizens of the Crimean peninsula choose to secede from Ukraine and join the Russian Federation. Silver dipped $0.10 or 0.47 percent to close at $21.21 an ounce.
 
Russia insisted at the United Nations on Thursday that it does “not want war with Ukraine,” at the same time it was busy launching fresh military exercises with 80,000 troops near its border. Germany's Chancellor, Angela Merkel, in an unusually emotional speech to parliament, warned of "catastrophe" unless Russia changes its current course.
 
"We would not only see it, also as neighbors of Russia, as a threat. And it would not only change the European Union's relationship with Russia," cautioned Merkel. "No, this would also cause massive damage to Russia, economically and politically." President Obama, pledging to “stand with Ukraine,” met with interim Prime Minister, Arseniy Yatsenyuk, on Wednesday at the Oval Office as a show of solidarity with the fledgling nation.
 
Secretary of State John Kerry warned the Kremlin that serious sanctions would be imposed as soon as Monday by the United States and Europe if the referendum goes forward as planned. The Russian occupation of Crimea remains a bullish factor for gold.
 
“The Ukraine situation is still very volatile, so any news out of there could push gold higher,” said Alfonso Esparza, of Oanda Corp., in a telephone interview. “We are seeing people move toward the risk-averse instruments like gold in the uncertain environment.” Physical gold and silver still remain one the best ways to protect your wealth during times of geopolitical turmoil.
 
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