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TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices rebounded sharply on Monday with gold briefly breaching the $1,300 an ounce level and currently trading at $1,296.30 an ounce while silver gained 2 percent and is trading at $19.56 an ounce. “It’s a combination of geopolitical risk, principally although not exclusively the Ukraine, and the euro is up slightly. That might be lending a little bit of support to the gold market as well,” said HSBC's Jim Steel.
 
Premiums over the global benchmark price of gold rose on Monday in China, the world's top consumer of the yellow metal, but still remain well below highs reached earlier in the year. “Gold popped through the 200 day moving average at $1,298.30, and then buying acclerated,” said Heraeus trader Alexander Zumpfe. “That doesn’t change the rangebound picture, though.”  Gold has been trading within a tight $30 range spanning $1,285 to $1,315 an ounce since mid-April.
 
Meanwhile, weekend referendums held by separatists in Ukraine's eastern region, were dismissed as “a farce” with no legal basis, by the nation's interim president, Oleksandr V. Turchynov, on Monday. The Kremlin, however, responded to the results of the separatist referendum by stating that Russia “respects the will of the population” in Donetsk and Luhansk, the regions that participated in the balloting on Sunday, but appeared to leave open the possibility of mediation as a way to resolve the crisis.
 
After Russian lawmakers moved quickly to annex Crimea following an eerily similar referendum last month, the West will be watching Russian troop movements very closely. European Union (EU) foreign ministers met today in Brussels to not only freeze the assets of two companies expropriated in Crimea after Russia's annexation, but also to sanction the ex-Soviet nation, for its encroachment into Ukraine for the first time.
 
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