Ok, so G7 bans Russian gold imports. And what exactly is that going to do, aside from speeding up the downfall of the west? How exactly, does this stop the war? Those sanctions really are doing something... aren' they? Especially with India & China & all the other Rooskie friendlies partying it up with cheap oil etc. right now.
The irony of whochbis if it goes up 10% on this news it will increase the price of the ruble and increase putin/ russias worth by 10-20 billion
The gold will be bought by others in the world, maybe at a discount, but the long term effect is negligible.
Long and short term negligible imo, look at silver, has far more uses than gold and going nowhere. Gold bulls love making song and dance about useless gold, "how precious it is".
I reckon, should gold price ever do another run up, this would be a golden opportunity to sell/offload all holdings, gtfo, don't go back.
.......Meanwhile, on the economic front, US Secretary of State Anthony Blinken said banning imports of Russian gold would represent a significant escalation of sanctions. “That is the second-most lucrative export that Russia has after energy.” Blinken told American news channel CNN. “It’s about $19 billion a year. And most of that is within the G7 countries. So cutting that off, denying access to about $19 billion of revenues a year, that’s significant.” AP with Reuters ................... Will be interesting to see if gold price reacts. My thoughts, I doubt it as gold price is continually manipulated, has nothing to do with supply or demand.
India is selling Russian oil they bought at a huge discount to Europe at full market price. And they are supposedly, boycotting Russian oil? All they did is give India a slice of the profit being the middle man. As for natural gas, most of Europe has only supplies good to fill only 50% of their storage tanks. When it runs out, what are they going to do then? Germany is back to using dirty coal to run its businesses. It is almost out of natural gas too.