Biden, G-7 Will Ban Russian Gold Imports
Having sparked hyperinflation in European gas prices and record energy costs around the globe with their poorly conceived and implemented Russian energy sanctions which have backfired spectacularly, allowing Moscow to reap record energy export profits and China and India to buy oil far below spot prices while leaving US motorists paying record prices at the pump, on Sunday the Biden admin alongside the G-7 announced that they will ban Russian gold imports to "further impose financial costs on Moscow for its invasion of Ukraine."The import ban will apply to gold leaving Russia for G-7 countries for the first time, and will be codified by the US Treasury Department on Tuesday.
As for Russia, its central bank has been an aggressive buyer of gold, not seller, and if anything Biden's decision will only make the gold market the latest to follow the example of oil and bifurcate: cheaper for Russian-friends and much more expensive for Russian enemies.
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3 comments:
I can't believe the European leaders pay any attention to this senile old coot. I think they are just putting on an act to keep peace in the Western Hemisphere. Surely, they all know he is not in his right mind.
What do they really care? He gives a speech and then he is gone. I guess they figure it doesn't cost them anything to nod their heads and smile.
Everybody knows the US is on the brink of exploding, so I guess they figure they have a ringside seat!
Most of the information we read about the trials and tribulations Russia is experiencing due to Ukraine is propaganda. Russia is doing fine. It's the US that that has been hobbled.
Gold is a great investment, but you can't eat it, and you can only carry a small amount of it if you have to leave the country.
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