Gold hits 20-month high as Russia launches 'full-scale' invasion of Ukraine, bitcoin plunges
Gold and oil are up sharply after recent reports that the Russia-Ukraine conflict is intensifying.
Spot gold crested $1,940 an ounce Wednesday evening eastern time, its highest level since June 2020. Gold is up 12% in Russian rubles.
Bitcoin dropped, losing about 7% for the day and currently trading under $35,000.
Oil punched through $100 a barrel. Brent crude was up 5.34% to $102 as of 1:20 a.m. ET, it's highest level since 2014. Oil is now up 52% in the past year.
According to reports by Reuters Russian President Vladimir Putin authorised a military operation in eastern Ukraine. Gunfire and explosion were heard over night in Ukrainian capitol, Kyiv.
According to ASP, Ukrainian President Volodymyr Zelenskyy declared martial law. Ukrainians are urged to to stay home.
Biden announced in a late night tweet that severe sanctions will fall on Russia.
Tomorrow, I will be meeting with the Leaders of the G7, and the United States and our Allies and partners will be imposing severe sanctions on Russia.— President Biden (@POTUS) February 24, 2022
We will continue to provide support and assistance to Ukraine and the Ukrainian people.
Ukraine's foreign minister Dmytro Kuleba said a full-scale invasion is underway.
Putin has just launched a full-scale invasion of Ukraine. Peaceful Ukrainian cities are under strikes. This is a war of aggression. Ukraine will defend itself and will win. The world can and must stop Putin. The time to act is now.— Dmytro Kuleba (@DmytroKuleba) February 24, 2022