All That Glitters – Addendum

The Bloomberg article linked here was published on Monday and mirrors the analysis and conclusions reached in Saturday’s TLR entitled All that Glitters. Bloomberg states in part that “A contingent of market participants has suggested that gold is gaining market share as a reserve asset,” “Most importantly is the rise in perceived sanctions risks associated with USD reserves held in the East, following the introduction of Western sanctions on Russia this year,” “not all dollars are the same after Russia was cut off from its dollar holdings, following sanctions imposed in the wake of the Ukraine invasion,” and “War – in one form or another – was a theme that defined … basically every year since 2019: trade war with China; the war on Covid-19; war finance to deal with lockdowns; war on inflation, as we overdid war finance; and war then spread to engulf Ukraine, finance, commodities, chips, and straits….”


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