On a day when gold and silver are hammered and Bloomberg asks whether Bitcoin has made gold irrelevant, we learn the Russia continues to accumulate gold while dumping dollars. I try not to focus too much on short- to medium-term fluctuations in the gold price, but rather try to keep my eye on what central banks and sovereign wealth funds are doing. Why are they accumulating gold if is “irrelevant”?
Published by markskidmore
Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times. View more posts