In the past two plus years, it seems like we’ve been hit with one thing after another on a global scale. We thought we were stressed before 2020, but most of us never could have imagined the things we’d be facing since the COVID pandemic.
The pandemic in itself was a kind of stress we’d never known before as our collective lives and the lives of our loved ones were threatened, we were shut indoors, and many of us lost our jobs. Nevertheless, we got through it, only to run into the wall of massive inflation caused by the pandemic.
It’s possible that pandemic inflation could have been leveling out, but then Russia invaded Ukraine and the US came down hard with unprecedented sanctions. Other countries like Germany, Italy, France, and the UK followed suit and now, between banned oil and natural gas imports from Russia as well as the shutdown of Russia’s ability to engage in global trade, the Russian economy may contract by more than 15% in this year alone.
While the reasons for the hefty sanctions may be just and fair and even right, the fallout is far from limited to the Russian economy and its people. In fact, every time you go to the gas pump or buy groceries, you too are feeling the effects of these sanctions.
The crumbling of the ruble caused many Russians to rush to purchase gold and other precious metals, and it would be wise for Americans to take the hint as well. In times of economic instability, gold and precious metals tend to remain constant in value and can be a significant hedge of protection against economic collapse.