U.S. senators want to target Russia's gold reserves
Source: Kitco News
A group of bipartisan U.S. senators is introducing a bill that would curb Russia's ability to liquidate its gold reserves as escalating sanctions are hurting the country's economy.
The legislation aims to deter the buying of Russian gold.
"The free world's sanctions are devastating Russia's economy and as long as Putin continues his unprovoked and horrific invasion of Ukraine, we must keep up the pressure," said Senator Angus King (I-Maine) in a statement. "Russia's massive gold supply is one of the few remaining assets that Putin can use to keep his country's economy from falling even further."
Read more: https://www.kitco.com/news/2022-03-08/U-S-senators-to-target-Russia-s-gold-reserves.html
Yes, Kitco is a reputable market mainstream news source in the financial markets. If you invest you know of them. They are a Canadian firm.
Luizy
(43 posts)Invaders should suffer.
blue-wave
(4,372 posts)With you!!
BumRushDaShow
(129,875 posts)(for years)
blue-wave
(4,372 posts)They are actually very good for a lot of news across a lot of markets.
BumRushDaShow
(129,875 posts)(1 ounce ones and I think I have a 10 ounce one too) plus a bunch of 1 ounce silver Eagles - all back when silver was like $5/ounce. Just checked and it's running ~$27/ounce.
But I also remember Max Robinson on ABC announcing the gold and silver prices and how silver had hit $50/ounce - this was around 1979/1980. It apparently happened again in 2011.
BlueIdaho
(13,582 posts)To fuck up Russia.
SheltieLover
(57,073 posts)blue-wave
(4,372 posts)This will hurt as much or more as cutting off oil sales/purchases.
L. Coyote
(51,129 posts)blue-wave
(4,372 posts)But Putin and his Russian merry band didn't count on the world uniting against him. And oh, Joe Biden leading the way!! Lol! What a grave miscalculation!
no_hypocrisy
(46,267 posts)That's unheard of. It's now $2,051. I remember how excited the world got in 1979 when it went up to $459.
Year Close % change
1979 $459.00 120.57%
A dramatic spike and fall in gold prices were caused due to a combination of extreme geo-political events (Russian invasion of Afghanistan in Dec 1979, Iran hostage crisis) and strong and unconventional policy actions and market events (the Fed under Volcker increased fed funds rate from 13% to 20% for a short period in Q1 1980, and Hunts brothers silver market cornering failed due to their inability to meet a margin call during falling silver prices in Mar 1980, exacerbating the fall in precious metals). It is an interesting mix of these events which resulted in the roller coaster gold prices in 1980.
https://seekingalpha.com/article/194587-golds-dramatic-rise-and-fall-in-1980s-why-its-important
BumRushDaShow
(129,875 posts)I have a doubled gym tube sock full of ingots and silver Eagles. Bought them when silver was ~$5/ounce (although the dealer I used did a markup on the coins which I think is typical).
I had also bought a 1 ounce American gold Eagle that I hid away so well that I can't find it. I think I paid something like $400 for it at the time and it's obviously worth well over $2000/ounce now but has been up that high several times over the years.
I also have one 1989 $100 EE bond left un-cashed. They don't even do those anymore.
Cheezoholic
(2,044 posts)been tying to shake the Krugerrands out of his giant Elvis bobblehead piggy bank for nothing? Life ain't fair man, just ain't fair.
Disclaimer- I spent 10 minutes trying to figure out if I should use "fare" or "fair". I'm still not sure. It's a fare... wait fair... subject to ponder... fuck it.
Warpy
(111,414 posts)and is only waiting until Russia is really over a barrel. Then he will be delighted to launder Russia's god into various hard currencies for only ten times or so the usual fee.
blue-wave
(4,372 posts)premium or have to discount very deeply to scrounge for any currency.
DallasNE
(7,404 posts)If Russia tries that the market will be flooded, and the price will drop out the bottom.