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Russia Already Exploiting Crimea As Gold Firms
Posted April 1st, 2014

Los Angeles CA, Apr 1 (Tangible Investments) - by James O’Dell - Gold and silver bullion prices turned lower on Monday, with gold easing $10.65 or 0.82 percent to close at $1,283.78 an ounce as outflows from gold ETFs (paper gold) picked up once again after Russia pulled back some of its troops from the borders of Ukraine. Silver dipped a modest $0.07 or 0.35 percent to close at $19.75 an ounce.
 
Tuesday starts a new month and quarter, and the gold price has already begun to rebound in Asia, as discounts continue to narrow which is a good indication that buyers are returning to the market. With both the technicals and fundamentals of gold remaining strong, analysts are expecting to see positions re-established, a positive for both gold and silver prices.
 
There are but three key events for the markets to digest this week. "The ECB's monthly policy statement is due on Thursday, the US ADP Private Sector employment survey is out on Wednesday and then the week culminates with the U.S. March Non-farm payrolls report on Friday." said VTB Capital in a note.
 
Meanwhile, Russia has already begun to exploit the Crimea region it annexed from Ukraine just last week by establishing the peninsula as a special economic zone and offering tax breaks and reduced bureaucracy to bring in new investors. Of course, with Crimea come two million citizens to add to an already overburdened Russian economy that's struggling with tepid growth and facing harsh sanctions from the U.S. and the European Union (EU) for its illegal land grab.
 
"There are opportunities for this. We have taken everything into consideration," said Russia's Prime Minister Dmitry Medvedev on Monday. Medvedev added that the special economic zone "will allow for the use of special tax and customs regimes in Crimea, and also minimize administrative procedures."

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