Financial safety

Russia's Shift to Gold is Offensive Hit in Global Currency War on Punitive Dollar Hegemony – Analyst

Gold has been ticking higher since late May 2019, driven by recessionary indicators, economic volatility and scares within the overnight lending market, says American economic analyst Pye Ian, a private equity executive and former precious metals commodities trader. He explains how the price of the yellow metal could go beyond $5,000/troy oz.

Gold demonstrated impressive performance gaining over 17 percent in 2019 and continues to rally: on 31 December, February Comex gold settled at $1,523.10, up $4.50.

Major Eurasian nations, including Russia, China and India are boosting the yellow metal's positions by acquiring and producing bullion. In late December, Russian Finance Minister Anton Siluanov said that Moscow could consider investing part of its National Wealth Fund in gold. Being worth $124 billion as of 1 December 2019 Russia's National Wealth Fund amasses revenues from the country's crude oil exports.