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Gold & Silver Rallies on Political Stand Off in Eastern Europe

March 4, 2014 at 5:50 by Vladimir Vyun

Gold and silver jumped today as the political tensions in Eastern Europe make safe assets highly sought after by investors. Russia is increasing its military presence on the Crimea peninsula, which belongs to Ukraine. The United States and European countries threaten to use economic and political sanctions against Russia if it will not back off. It is the worst political stand-off between Russia and the West since the end of the Cold War.

Precious metals often benefit from uncertainty and fears, and the current geopolitical situation gives plenty of reasons to be concerned. It is believed that gold may reach the $1,400 level. Of course, there is a risk that the metal will retreat in case the dangerous situation in Eastern Europe would be resolved.

April futures for delivery of gold surged $29.2 (2.21 percent) to $1,350.8 per troy ounce as of 5:42 GMT on COMEX today. May contract for sliver added as much as $0.24 (1.13 percent) to $21.48 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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