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Tensions Remain High In Ukraine
Posted March 18th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices eased on Thursday as gold dipped to $1,360.10 an ounce, and silver slid to $20.86 an ounce, after Russian President Putin, during a speech to a joint session of parliament, said that his country would not seek to gain more Ukrainian territory after Crimea becomes a part of the Russian Federation. Platinum was down to $1,454.75 an ounce while palladium fell to $759.90 an ounce.
 
“Obviously, the safe-haven (buying) in gold was acute last week when the market was worried about what would happen in the Ukraine,” says Phil Flynn, of Price Futures Group. “It seems to be easing off a little bit because it doesn’t seem like it’s going to turn into a violent event at this point.” Analysts as well as investors see the pullback as a healthy correction while reminding us that the geopolitical tensions that brought about the crisis in Eastern Europe have not gone away and will continue to underpin the gold market.
 
“We’re all well aware that we’ve seen a pretty significant safe-haven premium built into this market on the back of the crisis in the Crimea and Ukraine,” said Vision Financial Markets' Dave Meger. The reality remains that if Ukraine decides to go to war with Russia over its annexed territory it would be at a distinct disadvantage militarily. Attempts by Ukraine to secure support from the West may, or may not be forthcoming at the level that they might require.
 
No one expects Russia to intervene any further in eastern Ukraine, but with Russian troops massed on the border, how much would it take to spark a confrontation that could easily escalate into violence. If that should occur, neither the European Union (EU) nor the U.S. would not be able to sit back and just watch the fireworks, so it's a good bet that in the weeks ahead, safe haven demand for gold will pick up once again.
 
Meanwhile, though many investors attribute part of gold's rise to the Ukraine crisis, Peter Schiff, of Euro Pacific Capital, disagrees. "I think it's got nothing to do with Crimea. Gold is not going up any faster since the Russians moved into Crimea than before."
 
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