China and Russia are ditching the U.S. dollar at a faster pace. In the process, they are fueling the record rally in gold.
- In U.S. dollar terms, the price of gold has hit a new record high at $2,055.
- Strategists and politicians fear that the U.S. dollar is at risk due to various macro factors.
- Russia and China’s acceleration of the “de-dollarization” process puts more pressure on the dollar.
China and Russia are ditching the U.S. dollar at a faster rate. In the process, they are indirectly fueling the record gold rally.
Since July 1, the price of gold has increased from $1,454 to $2,055 at the most recent peak–a gain of 41.3%.