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TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold hit fresh six month highs on Friday as the yellow metal soared to $1,387.90 an ounce and is currently trading at $1,378.50 an ounce, while silver gained more than one percent to $21.40 an ounce as investors added bullion as a safe-haven before a crucial vote in Crimea on Sunday that could determine the fate of the entire region.
 
“Bullion is trading mostly on risk sentiment at the moment helped by a technically strong uptrend,” said Andrey Kryuchenkov, of VTB Capital Plc, in a note on Friday. “The ongoing uncertainty over Ukraine will be in focus today and on Monday with the Crimean succession referendum stealing headlines.” Secretary of State Kerry and Russian Foreign Minister Lavrov met in London today and discussed the crisis in Ukraine, but were unable to halt the referendum, which many believe could ignite a firestorm in the region.
 
President Obama and German Chancellor Merkel warned Russia that the vote on Sunday in Crimea will carry no legitimacy internationally, and can only lead to U.S. and European Union sanctions. Meanwhile, Moscow continued to ship in more troops with armor, on Friday, and showed no signs of withdrawing any time soon. Western pleas for Russia to back off have fallen on deaf ears and this crisis is quickly turning into the most volatile East-West dispute since the Cold War.
 
“Despite the West threatening sanctions against Russia and questioning the legality of a Crimean annexation, Russia has not backed down. Whether the referendum goes ahead or not, and regardless of the result, expect some fireworks on the open next Monday,” says MKS. "There are people here with possible concerns that you will see a heavy price spike (in gold) if this vote does go in," said Thomas Capalbo, of Newedge.
 
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