Gold prices are now pushing closer to a record high which was last seen in August 2020. In other news, outlets are reporting that President Joe Biden is expected to announce that the U.S. will ban imports of Russian oil. Business Insider reports, Russia warned of $300-a-barrel oil and threatened to cut off the gas supply to Europe amid sweeping Western sanctions over the invasion of Ukraine. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian deputy prime minister Alexander Novak — who also oversees energy affairs — said on state television on Monday, according to a Reuters translation. “The surge in prices would be unpredictable. It would be $300 per barrel if not more.”

 

Kitco News/Jim Wyckoff
Solid gains for gold as price pushing closer to record high

Gold and silver prices are higher in early U.S. trading, with gold scoring a 1.5-year high of $2,027.80 and silver an eight-month high of $26.66. The all-time high in Comex gold futures was set in August of 2020, at $2,063.00. Safe-haven demand is featured this week amid the intensifying war between Russia and Ukraine. April gold futures were last up $23.30 at $2,019.30 and May Comex silver was last up $0.665 at $26.40 an ounce.

Global stocks markets were mixed overnight and the U.S. stock indexes are pointed toward mixed openings when the New York day session begins. The Nasdaq stock index has moved into bear market territory—down 20% from its high. The Dow Jones Industrial Average is now in correction territory, meaning down 10% from its high. Risk aversion remains elevated amid the Russia-Ukraine war.

You can read the full article, here.

 

Retirement Living
7 Ways to Invest in Gold

Investing in gold can help maintain the value of your investment portfolio as a hedge against economic pressures like inflation. You will find gold investing options to meet just about any level of risk tolerance or available funds. Whatever method you choose to invest in gold, learn about tax implications and understand how the type of investment you prefer fluctuates in response to market conditions.

Buy Gold Coins, Bars or Bullion

You can buy physical gold from a variety of gold and precious metals brokers who sell the gold in the form of coins, bars and bullion. While owning actual gold sounds thrilling, storing it in your home can be a safety issue if anyone learns you have the gold in your possession. A relative or friend may mention to others that you have gold in your home, which can lead to theft. Gold storage companies securely store your gold for a fee or a small annual fee. Look for a dealer offering free shipping and compare offers from multiple brokers to see if you can reduce costs and increase your profits when you sell the gold.

Pro Tip: Buying physical gold is best for protection against economic downturns and balancing a long-term portfolio.

Read the full story, here.

 

ABC News/Molly Nagle and Ben Gittleson
Biden to announce ban on Russian oil imports: Sources

President Joe Biden will announce as early as Tuesday that the U.S. will ban imports of Russian oil, a source told ABC News Chief White House Correspondent Cecilia Vega.

The White House said Tuesday morning that Biden has added a 10:45 a.m. event to his schedule about “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine” but did not reveal more.

You can read the full story, here.

 

 

 

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