Gold – regarded as the traditional safe haven – could be “one of the beneficiaries” of the global stock market panic caused by the Russian-Saudi standoff over oil and the coronavirus outbreak.
That’s according to Research Director at NXTanalytic Alessandro Bruno, who told RT that “Russia could probably sustain the crisis for longer than Saudi Arabia.”
He explained that this is due to Moscow’s financial policies of the past few years and, in particular, Russia’s accumulation of gold.
“Let’s not forget, Russia and China have been accumulating a lot of gold,” Bruno said, adding that “One of the beneficiaries of this crisis will probably be gold.”
Gold prices broke seven-year highs on Monday, jumping above $1,700 per ounce, as a coronavirus-fueled market sell-off and the Russia-OPEC disagreement pushed investors into safer assets. The price of the precious metal consolidated on Tuesday at $1,661 per ounce.
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