Biden Sends Gold Prices Through The Roof
Here’s what Biden did.
President Biden and his administration has just hit Russia even harder and has decided to ban all imports of Russian gold into the United States. This decision was part his plan to further sanction Russia following Putin’s decision to invade Ukraine.
According to Fox Business, Biden’s U.S. Treasury said that the Office of Foreign Assets Control (OFAC) now officially restricts the importation of gold that was sourced from Russia. Biden’s decision comes after he met with allies at the G-7 summit and they all reached a mutual agreement.
“We once again reaffirm our commitment to working alongside our partners and allies to impose additional severe sanctions in response to Russia’s war against Ukraine,” Biden’s Treasury Secretary Janet Yellen said.
“Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation’s access to technology that is critical to their military,” Yellen added. “Targeting Russia’s defense industry will degrade Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures.”
This decision by Biden will likely send the price of gold sky high. Americans who invest and trade gold should consider how to properly prepare for this outcome. Wise investors may want to capitalize off of this news.
