G-7 nations to announce import ban on Russian gold as Moscow sanctions widen
Just saw that this headline on CNBC. This means that many countries, investors and companies using gold for products like jewellery will not be buying it from Russia.
Russia produces about 10-11% of world gold (see links below).
https://www.statista.com/statistics/238414/global-gold-production-since-2005/
https://www.gold.org/goldhub/data/gold-production-by-country?gclid=EAIaIQobChMI_N3C-YfL-AIVEyQrCh0ltwZaEAAYASAAEgKC2fD_BwE
What will this do to the POG?
Theoretically if demand stays unchanged it should go up. But who knows what will happen.
Ann: Project Production, De-risking and Growth Update-update, page-52
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