International Reserves

Gold Is Shining More Brightly Than Ever Before

We turned bullish on gold last year when the spot price of the shiny metal decisively rose above $2,000 per ounce (chart). We attributed this new bull market in gold to Russia's invasion of Ukraine in February 2022. In response, the United States and its allies froze the international reserves of Russia's central bank. That convinced the central banks of countries with autocratic governments, which