Unprecedented Times As Putin Threatens To Go Nuclear [Global Nuggets Newsletter]
Unprecedented Times As Putin Threatens To Go Nuclear
Global Nuggets
27/09/2022
It seems surreal that in the same week that Queen Elizabeth II was finally put to rest, Vladimir Putin ordered a partial mobilization of the Russian army and the threat of using nuclear weapons in the Ukrainian war. In the same week, interest rates were hiked once more across the world in an attempt to control global economies. Analysts are openly talking about meltdown of economies, stagflation and depression. It’s not surprising that a US study this week said that anxiety levels were at a record high – having struggled to get through Covid, we are all now battling an economic crisis, high energy costs and a war. Even in more normal times, these geopolitical challenges would be sending gold to record highs, but for some reason, gold dropped nearly US$27 per ounce last Friday. That doesn’t mean we were waiting for the phone to ring last week at MyGold – we are experiencing very high demand indeed across both gold and silver as investors rush to buy precious metals and take advantage of low prices. Plus, due to the death of the Queen, many global mints have temporarily stopped production due to the change of a new monarch and therefore a new effigy. We see this demand continuing for some time to come.
Russia Proposes a New Gold Standard
There have been some interesting nuggets of news this week in the world of precious metals. Russia has been developing an alternative to the LBMA – the London-based organisation that controls the flow of fully audited gold and silver from validated refineries and manufacturers. Some argue that the LBMA control and manipulate the price of precious metals too. In response, Russia is launching what it claims to be a rival organisation that will set the price of gold ‘at the market’s real value’. Called the Moscow World Standard, Russia is proposing a new gold standard, having been expelled from the LBMA following the Ukraine invasion. One commentator added "Putin knows, like everyone else knows, that the LBMA is an open joke," "It's legalized use of leverage to artificially repress the gold price." according to Matthew Pipenburg from Matterhorn Asset Management. There’s never a dull moment in this industry.
This Week's News
Russia’s new gold exchange to compete with the LBMA
‘We don’t feel gold will go much lower’ – World Gold Council CEO
What’s going on with Gold and Silver?
https://www.kitco.com/commentaries/2022-09-23/Gold-Silver-What-the-heck-is-going-on.html
Could the crash of 2022 be worse than 2008?
https://www.forbes.com/advisor/investing/stock-market-performance/
Putin may use nuclear weapons
COLLECT TO INVEST
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