This week The Arias Journal had its first episode with much to talk about. We had our first guest as well to come on the podcast. Our special guest who was Maximiliano De La Paz who is the owner of Acuarious Plata and a professional in the precious metal industry, who had much to talk about on our special episode. The podcast was only about 30 minutes long, but with much value that was brought by Maximiliano and his thoughts on the crypto space/market.
Silver
Silver has also witnessed a surge in demand this week. The price of silver is determined by a number of factors. The first is the price of silver mining. Fortunately, in comparison to gold mining, this cost is extremely modest.
Silver is also quite easy to get by, unlike gold. There are numerous silver mines operating today, delivering silver to a wide range of industries. That implies there's a big chance the silver market will keep growing. Silver is also used in a wide range of fields due to its strong composition, malleability, and conductivity.
Gold
Gold prices have risen this week as Russia implements the gold standard. When gold prices rise, it indicates that the economy is in bad shape. This is due to the fact that investors seek to buy more gold in order to protect their assets from an economic downturn or inflation. And as demand grows, so does the cost. When prices are low, on the other hand, the economy is in great shape. Real estate, bonds, and equities become more successful assets as a result.
As a result, gold demand is low. The main takeaway is that gold prices reflect commodities traders' opinions and beliefs. They will, for example, buy more gold if the prevailing opinion of the economy is negative. If investors believe the economy is doing well, they will buy less. Russia has instituted a gold standard in its economy and is utilizing it to maintain currency stability.
& Russia
According to reports, Russia is considering returning to the gold standard, a monetary system in which the Russian Ruble is connected to a set gold value. On Thursday, a Russian politician revealed that the government intends to approve legislation eliminating a 20% value-added tax on gold investments. This will help to stabilize Russia's financial industry and allow individuals to invest in precious metals other than the dollar.
The draft bill had been submitted to the Duma, parliament's the lower house, according to the MP. If passed, the bill will assist Russia in lessening the impact of sanctions imposed by numerous powerful countries. Sanctions on Russia caused the Ruble to fall almost 30% versus the dollar on Monday. Experts currently feel that the proposed bill will alleviate the sanctions' impact on the Russian financial sector.
As the daily chart reveals, the Bitcoin price has failed to break above the resistance level at $30,000, the king coin may set up another few days of negative price declines beneath $29,000. A break above the previous level would have set Bitcoin up to retest the $30,000 level. Meanwhile, the technical indicator Relative Strength Index (14) may move sideways.
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