Gold News: Russia Calls Gold Seizure ‘Terrorism’

Yesterday in gold news, Russia’s finance minister Anton Siluanov warned that “If our gold and currency reserves can be arrested, even if such a thought exists, it would be financial terrorism.” The statement came amidst increasing “considerations” of increased US and EU sanctions against Russia.

When a country is heavily sanctioned abroad, one of the last steps usually taken is to freeze assets of the country’s central bank held in overseas banks, often in the UK, US, and/or EU. This is not often done, as it is seen as a very extreme measure – it greatly reduces the amount of business the country can conduct overseas, as central bank reserves are viewed as security for payments coming out of the country. Such a statement coming from out of nowhere by the top-ranking Russian financial official hints at the tension and pressure going on behind the scenes between Russia, the US, and the EU.  

Apparently it’s not just US Democrats who are annoyed with the Russians. And of course, should Russian central bank assets be frozen, it would mean a big surge in geopolitical tension, with an expected rise in gold prices.  You can read more about it in today’s featured article here.

 Related: Here’s the Reason Gold Prices Aren’t Rising

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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