Rick Rule, the Director of Sprott U.S. Holdings, told Kitco News that he believes gold prices could triple within the next five years. He noted that when gold and the U.S. dollar rally in tandem, stronger gold prices follow. Kitco reports, “Rule said that in past bull cycles, gold has climbed at least seven-fold and that it is very likely that gold will double or triple by five years’ time.” Also, President Biden is expected to sign an executive order setting up the first-ever federal strategy on cryptocurrencies, which could include a digital dollar.

 

Kitco News/Michelle Makori
Rick Rule: How likely is WW3? Here’s why Gold price will triple over the next 5 years

Russia’s President Vladimir Putin’s war in Ukraine has caused significant moves in major commodities. Since the invasion of Ukraine on the 24th of February, the prices of oil, gold, uranium, and even soft commodities like wheat have all rallied.

Although a diplomatic resolution to this conflict will most likely be reached, the war will leave a deep impact on markets for years to come, according to Rick Rule, director of Sprott U.S. Holdings.

Speaking to Michelle Makori, Editor -in-Chief of Kitco News, Rule said that it’s only a matter of time before Russia runs out of resources to continue a protracted war.

“I think Putin probably believes that his hand was forced into that circumstance, and I think that he has been surprised by the lack of conventional capabilities enjoyed by the Russian forces. I think too that Mr. Putin, as a politician, didn’t understand enough about the Russian economy to understand the real pain and the fact that he will, sooner rather than later, be unable to afford this war,” Rule said. “I’m reminded of less combatants, which is to say Eritrea and Ethiopia…their war 15 or 20 years ago ended because neither side could pay the gasoline bill. They literally ran out of fuel.”

You can read the full article, here.

 

CNN Business/Betsy Klein
Joe Biden orders study of cryptocurrency risks and a digital dollar

President Joe Biden will sign an executive order Wednesday establishing the first-ever federal strategy on cryptocurrencies, the White House said.

Biden will order the exploration of a digital currency operated by the US central bank, and he encouraged regulators to identify and mitigate risks digital assets pose to the financial system and broader economy.

“The E.O. will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” National Economic Council director Brian Deese and national security adviser Jake Sullivan said in a statement.

Read the full story, here.

 

Yahoo Finance/Julie Hyman
Russia-Ukraine war could bring ‘biblical event’ as global wheat supply disrupted: Expert

Grain prices were already rising before Russia invaded Ukraine, and recent days have seen unprecedented further gains as two of the world’s biggest producers are at war.

Wheat closed in Chicago at the highest price ever on Monday. Benchmark corn and soybean futures have each surged by 26% this year. Those kinds of increases in food-staple commodities have been associated with social unrest throughout history.

“Remember, bread riots are what started the Arab Spring, bread riots are what started the French Revolution,” said Sal Gilbertie, CEO of Teucrium, the largest U.S. exchange-traded fund issuer focused solely on agriculture funds. “It is a biblical event when you run low on wheat stocks. You won’t see a global food shortage. Unfortunately, what you’re going to see globally is that billions of people might not be able to afford to buy the food.”

You can read the full story, here.

 

 

 

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