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Gold is getting a new shine amid volatile geopolitics
By Chris Anstey and Augusta Saraiva
Bloomberg News
Wednesday, July 8, 2026
Sometime during the crash in the price of gold in the mid-2010s, one veteran financial-market journalist declared that "this is the moment when the world realized gold isn't a financial asset." Famous last words, as they say.
After gold's surge over the past several years, and continuous debate about the long-term durability of the U.S. dollar's dominance as the core of the global financial system, gold has become increasingly coveted as a store of value. Its appeal is arguably the highest now since then-President Richard Nixon in 1971 ended the dollar's convertibility to gold.
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Central banks have been steadily building their stockpiles, perhaps at least in part thanks to the idea that gold bars are beyond the reach of the U.S. Treasury Department. The Treasury, by contrast, has the capacity to restrict the use of cash dollars or Treasuries.
When the price of gold dropped earlier this year, China was among those taking the opportunity to add to its holdings. Goldman Sachs analysts last month reaffirmed their call that central bank diversification into gold is a "structural" trend. ...
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