“Gold is the only safe haven asset, and the monetary standard by which all currencies, extant and defunct, have been measured for at least 5,000 years.” Midas Letter’s James West.
Currently, Swiss imports of Russian gold have hit record highs with 5.7 tons of bullion worth roughly $320 million arriving last August. Switzerland isn’t the only country stocking up on gold, since China is following suit.
China imported more than 80 tons of gold from Switzerland during this time, contributing to a total monthly figure of 178 tons, one of the highest since 2017.
These countries have been stockpiling gold for various reasons like wanting to withstand the current recession and wanting to use it for multiple uses. For example, gold can be used in dentistry, in semiconductors and in aerospace.
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