goldTrading is easier to break free from US regulation than trading in US dollars. Countries challenged by the "US dollar tyranny" may be quietly purchasing gold to replace reservesforeign exchangeOr for other purposes.
Experts joked that some of the gold mined by Russia in the British treasury was "too old, with the double headed Imperial Eagle printed on it". They say that ownership passed to non Russians several decades ago. But investors are concerned that Russian gold may be used to break sanctions. Therefore, the London Gold and Silver Market Association(London Bullion Market Association)All Russian gold is being registered. The anxiety of investors is reasonable. Gold is a currency that represents fear and distrust. The financial systems of the democratic West and the authoritarian East are being separated by mutual accusations. This expands the potential role of gold in national reserves and transactions where buyers and sellers do not need to ask each other questions. Fundamentalist investors believe that gold has no returns and is of no use. But the market doesn't think so. The current price of gold is per ounce1840The US dollar is close to historical highs. The Ukrainian war gave rise to enormous demand. Just before Christmas, the World Gold Council, an industry organization headquartered in the UK(World Gold Council)Estimate,2022As of that time, the cumulative purchase volume led by governments of various countries was673Tons. This includes the third quarter's400Tons, trading platformBullionVaultAdrian Ash of(Adrian Ash)Call this level 'astonishing'. This is related to the central banks of various countries submitting reports to the International Monetary Fund(IMF)Reported2022last year9Months only333The number of tons forms a sharp contrast. Some of the differences may be due to differences in sample groups and time periods. But it's hard to imagine all the differences being due to this. In addition, according to data from the London Gold and Silver Market Association, as of last year11Of12In the past month, the gold in the world's largest vault, the UK vault, decreased500Tons, with a decrease of over5%. At today's prices, the value of these gold300USD100mn The inevitable corollary is that countries challenged by the so-called "US dollar tyranny" are quietly purchasing gold to replace foreign exchange reserves or for other purposes. This immediately reminds people of Russia: most government agencies, banks, and prominent figures in the country are within the scope of sanctions. Due to the tense situation in Taiwan, China is also facing increasing trade restrictions. Skeptics say, "It's unnecessary." China and Russia have large amounts of gold in their own mines. Furthermore, as at the University of California, Berkeley(University of California, Berkeley)Economics Professor Barry Eikengreen(Barry Eichengreen)As pointed out in a recent report, gold is a rather clumsy substitute for the US dollar. He pointed out, "The value of transportation10Billion dollars of gold needed6Vehicle20A truck that is feet long adoptSwiftPayment is certainly easier. But Russia is largely excluded from the international banking system. China is also enthusiastic about findingSwiftA substitute for. Although gold is heavy, it is often transported around the world. When you fly from London to Zurich, there may be some gold ingots next to your luggage in the cargo hold of the plane. One ounce of gold can be exchanged with another ounce of gold. Through jewelry trading, gold has a large retail market. Prices fluctuate continuously, but are less volatile than cryptocurrency prices. Gold trading is also easier to break free from US regulation than US dollar trading. For non aligned countries, the US dollar trade will have too frequent exposure to the New York market. US dollar transactions may also be a characteristic of multinational banks, through which US regulatory agencies can achieve extraterritorial jurisdiction. For Russia and China, increasing their gold reserves - but not acknowledging this, so as not to push up prices - would be a pragmatic measure. Using this commodity as a trading currency would be a natural extension of this policy, but it also represents a shift from avoiding sanctions to breaking them. This is not something new. Ten years ago, Türkiye allegedly used billions of dollars of gold to buy natural gas from Iran. Iran was severely sanctioned for its nuclear program. Switzerland is the main source of gold. The Global Initiative to Combat Transnational Organized Crime, a non-profit organization headquartered in Geneva(Global Initiative against Transnational Organised Crime)A report shows that Iran has exchanged a portion of its gold in the United Arab Emirates for foreign exchange. 2020In, the Group of Seven(G7)Financial Action Task Force(Financial Action Task Force)It has been found that the large and active physical gold market in the United Arab Emirates still creates significant money laundering risks. The United Arab Emirates has promised to rectify the market's behavior. That's still the same. Dubai is becoming another home for Russians and their assets. Sanction enforcers should also closely monitor the London gold market. LondonM25In the treasury surrounded by the highway, there are9000Multiple tons of gold, valued at approximately current prices5440Billion US dollars, compared to Fort Knox in the United States(Fort Knox)There are still many. London has a history of involvement in money laundering. Investors should be wary of the gold stored in London's secret underground vaults. |
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