![Metals Minute 166: Gold for Oil Back in Play](https://mgi.usgoldbureau.com/media/amasty/blog/cache/m/m/500/333/mm166-Gold_for_Oil_Back_in_Play-blog.jpg?width=1920&quality=75&auto=webp&format=pjpg)
![Metals Minute 166: Gold for Oil Back in Play](https://mgi.usgoldbureau.com/media/amasty/blog/cache/m/m/500/333/mm166-Gold_for_Oil_Back_in_Play-blog.jpg?width=1920&quality=75&auto=webp&format=pjpg)
It’s been an up week for most of the metals, with gold up 1.9% to $1,797, silver up a monster 7% to $23.03, platinum up a solid 2.9% to $1,043, with palladium being the outlier, down a fraction to $1,932.
Looking back a year ago today, we see all the metals in positive territory, with gold up 1%, silver up 2.3%, platinum 8.4% higher, and palladium up 3.5%.
The whole issue of trading gold for Russian oil is back in play with a new mechanism that prices oil at 1 gram of gold per barrel of oil. There is some speculation that Russia could offer to raise the stakes to 2 barrels of oil for a gram of gold. With the imposed cap of $60 per barrel on Russian oil, the implied price of gold would be bumped up from current levels near $1,800 an ounce to nearly $3,600 per ounce.
We will be writing more about this with more details, in a longer article. The beneficiaries of this move would be the owners of gold - whether individuals, corporations, nations, or central banks. No wonder central banks have been purchasing gold at a record pace.
![Free gold and silver investment kit](https://mgi.usgoldbureau.com/media/wysiwyg/golden/porket/free-investor-kit/usgb-ik-cover-form01.png)
Get Our Free
Investor's Guide
About the Author: Bill Stack
Financial Analyst of 29 years and Gulf War Veteran, Bill has been helping families nationwide keep their money safe and growing since 1993. As a Certified Financial Fiduciary® and a RICP®, Bill specializes in helping protect your assets with growth potential.
Posting in:
![Bill Stack](https://mgi.usgoldbureau.com/media/amasty/blog/Bill_Stack_Author.jpg?width=64&quality=75&auto=webp&format=pjpg)