The Russian invasion of Ukraine has been a horrible, long-lasting event with devastating ramifications to the Ukrainian people and the entire country. However, this region of the world is certainly not the only region which is being affected by this tragic and needless war.
In the past, sanctions against Russia have been more or less restricted to focusing on the Kremlin’s behavior, but the current sanctions are unprecedented in that they are affecting the entire Russian economy.
The US, France, Germany, the UK, and others, have essentially begun to wage a financial war against Russia in an attempt to block the entire country from engaging in the global market in any substantial way. However, Russia is so deeply ingrained in the global economy that they are by far not the only ones feeling the consequences of these highly restrictive sanctions.
In the US, we are especially feeling the effects of these sanctions at the gas pump and in grocery stores. The US has banned the import of Russian oil, which has resulted in skyrocketing fuel prices, which essentially trickles down to every other product as fuel is necessary to move everything else.
In these economically uncertain times, when inflation is out of control and the value of virtually every currency is in a higher state of flux, many people turns once again to gold and other precious metals to ensure that, should the value of our currency crumble, they still have something of substance to secure their financial standing.