Gold prices once again tested the support level at $1,900 per ounce. The metal then rallied, closing the week at $1,923.70 per ounce. Last week, Russia announced that foreign countries would have to pay for Russian gas in rubles from April 1. The Group of Seven (G-7) major economies, which includes Germany, agreed early last week to reject Russia’s demand. But Germany gets 40% of its natural gas from Russia. If Russia decided not to sell natural gas to Germany and sell it to customers in Asia instead, it could shut down the manufacturing powerhouse of Europe. The Associated Press reports , “The Kremlin offered what could be seen as a loophole. Importers would simply have to establish an account in dollars or euros at a designated bank, then a second account in rubles. The importer would pay the gas bill in euros or dollars and direct the bank to exchange the money for rubles.” Previously, Russia decided to back their ruble with gold. Russia recently announced that countries needing rubles to buy Russian gas, oil, metals, fertilizer, and wheat can get them by selling their gold bullion to Russia at a set price in rubles. The ruble has rallied back to where it was before the U.S. sanctions were set in place. Demand for both rubles and gold could increase in this new world trading system. Rick Andrews is president of Avant Capital Management.