From last week until today, gold $XAU $PAXG has been achieving a new high price, reaching $2900.
This new peak has been driven by several factors occurring around the globe, one of which is, of course, related to U.S. President Donald Trump.
One Step Forward, and Many Steps Back
The decision the U.S. made a few weeks ago to increase tariffs on many countries has now come into full effect.
With the uncertainty of global trade and the fear of rising product prices, retailers and companies are preparing to brace themselves for what could happen in the next few months.
The increase in raw material prices will, of course, force companies to try to save their budgets, potentially reducing spending on their employees. Another approach could be raising product prices if cutting employee budgets is not an option.
On the retail side, people who are aware of this issue are already trying to build emergency funds and are converting some of their money into gold, causing a gold rush and driving $XAU $PAXG to a new peak.
Will BRICS Really Ditch the USD?
While companies and retailers are already trying to navigate this mess, China has been making its own moves.
It was reported that China’s Central Bank has hit another record in gold purchases. China has been buying significant amounts of gold due to the global uncertainty it sees these few years.
According to recent data, China’s USD reserves stood at 3.32 trillion USD in September 2024 but experienced a decline to 3.21 trillion USD by January 2025. This significant decrease likely marks the start of another buying spree by China.
On another front, Russia has also been increasing its gold reserves since 2021. However, due to a U.S. executive order that prohibits transactions involving Russian gold, the country has now confirmed the use of $BTC for international trade settlements. For now, the $BTC they are using is primarily mined within the country.
From a technical perspective, The price of gold $XAU has been steadily rising over the past several days.
Personally, I am still looking for an optimal entry point, either in gold itself or in ETF mining companies, as there a lag between their price movements. 🔍
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