Russian gold import ban could strengthen gold price
New imports of Russian gold into the U.S. are now no longer allowed.
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The USA has now put a spoke in Russia's wheel. Sanctions have been imposed on 70 companies, most of which are crucial to the defense industry. Sanctions have also been imposed on 29 individuals. About ten percent of the world's mined gold comes from Russia, or at least that's what it used to be. And gold represents an important asset for the Russian Central Bank; after all, some assets held abroad have already been frozen. The import stop for Russian gold was decided at the G7 summit. Even before that, important markets such as London and New York had already been closed for Russian gold.
Looking at state reserves, Russia added more gold to state reserves by March 2020. The main buyers of Russian gold are considered to be China and India, as well as former Soviet republics such as Kazakhstan. The West is not dependent on Russia's gold. Russia is the world's third-largest gold producer. When gold was in high demand, in the spring of 2020, Russia had helped out with gold supplies. If you take this together, the gold import ban could actually strengthen the gold price. Few people believe that the ban will hit Russia hard. For investors, however, gold remains the best store of value. Therefore, gold shares should also find a place in the portfolio, for example, from Osisko Development or GoldMining.
Osisko Development - https://www.youtube.com/watch?v=rKJhVOB-Dc0 - is focused on its flagship project, the Cariboo Gold Project, as well as other Canadian, Mexican and U.S. properties.
GoldMining - https://www.youtube.com/watch?v=sPEbckK019I - owns gold deposits in North and South America and 20 million shares of Gold Royalty.
Current corporate information and press releases from Osisko Development (https://www.resource-capital.ch/en/companies/osisko-development-corp/) and GoldMining (https://www.resource-capital.ch/en/companies/goldmining-inc/).
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