The G7 plans to announce a ban on Russian gold imports. But does that really matter for investors? While there hadn’t been an official Russian gold ban until now, this news isn’t exactly a surprise to the industry. And we’re seeing a lack of reaction in gold prices on June 28.
Typically, a ban on imports for a particular commodity sends prices soaring higher. Just look at what happened to oil after Russia invaded Ukraine. As it pertains to gold, prices also initially ticked higher on June 27, with the futures opening up by under 1 percent.
However, it has now turned lower on the day, as have the VanEck Gold Miners ETF (NYSEARCA: GDX) and the VanEck Gold Miners ETF (NYSEARCA: GDXJ)….