Global Gold Markets Digest The Effects Of The Russian Gold Ban

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	G-7 To Ban Russian Gold Imports
	President Biden and several of his counterparts in the Group of Seven nations on Sunday announced . . . . Matt Viser, Loveday Morris, Rick Noack
	A Strong Dollar Is Weighing on Precious Metals
	Gold has started to trade within a range formed by swing lows and highs. . . . Ag Metal Miner
	Why Cryptocurrencies Have Gone From The Next Hot Thing To A Full-On Meltdown
	Bitcoin and other cryptocurrencies have plunged in value in recent days . . . . David Gura
	Australians Snap Up Gold As Market Uncertainty Rises
	Australian gold production dates back over 170 years. As the third largest producer of gold in the world, Australia registered nearly $18b USD worth of gold exports in 2021[1], making gold Australia’s fourth largest export by value, behind iron ore and energy. . . . Jaspar Crawley
	Gold Holding Up Nicely Against Strong U.S. Dollar Surging Bond Yields
	We’re almost halfway through 2022, and so far, gold has been the big winner after oil, coal, and other commodities. . . . Frank Holmes
	Inflation Hits 40-Year High As CPI Rises 8.6% In May
	U.S. consumer prices accelerated in May at the fastest rate since 1981 . . . . Alexandra Semenova

Many of the major financial markets are showing a lot of volatility as they move from recession concerns to fears of increasing inflation. Fed Chairman Powell testified to Congress last week, stating “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bring inflation back down.” Last week, Gold stayed in a narrow $1,815 to $1,850 trading range in the face of Fed Chairman Powell stating he didn’t rule out a 1% increase in the Fed Fund rate for July. Gold closed the week at $1,828 per ounce, down $10 for the week.

Today: Gold traded today between $1,820 and $1,835 as the global Gold markets digest how the ban on Russian Gold will affect sourcing and prices. The U.S. Dollar is showing some weakness today, as interest rates remain strong, giving a mixed message to precious metal traders.

Over the weekend, at a meeting of the G-7 countries (U.S., France, U.K, Canada, Germany, Italy, Japan) they banned the sale and import of 19 billion Dollars’ worth of Russian Gold. Over 90% of the Russian sales are exported to the UK, with a very small amount exported to the U.S.. Gold is Russia’s second largest revenue generator behind energy and is considered a major sanction by the West. There will be a lot of speculation within the bullion community as to what Russia will do with their Gold. I believe it is highly likely Russia will sell its Gold directly to China, as they have done with their oil. This Russian Gold ban should have a major effect on supply chain sourcing for most of the leading mints around the world. I would expect to see increases in premiums on many of the popular Gold bullion coins.

Last week, Silver tested the $21 per ounce support level twice, reaching a low of $20.54 on Friday, before rallying back above $21. Premiums on investment quality & popular Silver coins and bars remain strong. The Silver-to-Gold ratio remains at the unbelievable level of 86-to-1. Silver closed last week at $21.10 per ounce, down $0.45 per ounce.

Today: The Silver price has shown strength from the opening, as it attempts to break above the important $21.50 level. Trading volume is showing increases on many of the trading exchanges around the world.