While it's unlikely Putin will invade the non-Russian speaking areas of Ukrane, he has gained de facto control of Crimea. The question is - how will the West respond? A shooting war between Russia and Nato is all but out of the mix, but a significant series of sanctions and counters by Russia seems likely.

In the short term, this event supports gold - the usual safe haven stuff, but in the long term it supports uranium. Russia and its client state Mongolia control a large supply of uranium, which could easily be kept from the market - either by sanctions or by Putin in retaliation for other sanctions. Putin also exports natural gas to Germany, a dependency which may cause them to rethink their anti-nuclear stance.

I'm using the bounce in gold to lighten up and using the money to buy more uranium stocks.