Since 2020, the world has been “on fire” it seems. We’ve gone from one global crisis to another beginning with the COVID pandemic, which threatened our health on a basic level, but also our livelihood on an economic level.
Now that we’ve essentially been able to move past COVID, we’re still facing massive inflation simply due to the pandemic effects. However, we’re also facing a new global threat in the Russian war on Ukraine. Although the actual war and all its devastation may be basically contained within those two countries, the economic fallout is every bit as globally pervasive as COVID was.
This certainly isn’t the first time countries have issued sanctions against Russia, but the current sanctions are a different breed with different ramifications. In the past, sanctions have been focused mainly on the Kremlin’s behavior, but these new sanctions are meant to be detrimental to the entire Russian economy.
Companies like Coca-cola, McDonald’s, Starbucks, and Disney have all cut ties with Russia, but the bigger sanctions are against the import of Russian oil and Russian grain to the US and other countries. While this may all be hampering the Russian economy, the average American is feeling the hit as well. Our fuel and food prices are skyrocketing and there’s not much we can do about it on an individual level. In times of economic uncertainty, such as these, many people still fall back on gold and precious metals, whose value tends to stay stable even as currencies fluctuate significantly. Gold and precious metals can help provide financial security where dollars and rubles can’t.