Financial Analytics: Science and Experience

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
Google Scholar

Online available



Cyberleninka (12 month OA embargo)

On the return of gold to the financial system: Trends and driving forces

Vol. 11, Iss. 3, SEPTEMBER 2018

Received: 13 February 2018

Received in revised form: 13 March 2018

Accepted: 20 March 2018

Available online: 29 August 2018


JEL Classification: E40, E44

Pages: 342–353

Borisovich V.T. Russian State Geological Prospecting University (MGPI-RSGPU), Moscow, Russian Federation

ORCID id: not available

Zaernyuk V.M. Russian State Geological Prospecting University (MGPI-RSGPU), Moscow, Russian Federation

ORCID id: not available

Subject This article discusses the role of gold in the conditions of economic instability in financial markets.
Objectives The article aims to consider the possibility of gold return to the financial system on the basis of the analysis of trends and driving forces in the domestic and global gold markets.
Methods The study uses the methods of economic analysis, systems, logical, and integrated approaches.
Conclusions The interest in gold not as an investment object only is growing all over the world. Gold is gradually beginning to regain the status of a monetary metal. Instead of selling, Central Banks have started buying gold. This tendency has been being observed since 2010 till nowadays. It is supposed to keep on going in 2018. The world financial system based on the USD hegemony is coming to an end. Changes are coming, including organization of the internal gold and currency circulation.

Keywords: gold, investing, gold and forex reserves


  1. Loginov E.L., Lukin V.K., Loginova V.E. [Combined gold and foreign currency transactions in global financial markets: a new USD strategy of the United States]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, no. 17, pp. 2–10. URL: Link (In Russ.)
  2. Parshina L.N. [The role of gold in reserves of countries]. Finansy i kredit = Finance and Credit, 2016, no. 23, pp. 2–8. URL: Link (In Russ.)
  3. Borisovich V.T., Gaganov S.Yu. [Investment entity of gold as a basis for efficiency gold mining]. Izvestiya vysshikh uchebnykh zavedenii. Geologiya i razvedka = Proceedings of Higher Schools. Geology and Exploration, 2015, no. 3, pp. 73–79. (In Russ.)
  4. Kuznetsov V.S. [Would a gold standard help the Russian ruble to become a reserve currency]. Vestnik MGIMO-Universiteta, 2011, no. 1, pp. 207–211. URL: Link (In Russ.)
  5. Kombarov M.S. Vozvrat mirovoi valyutnoi sistemy k klassicheskomu zolotomu standartu v roli edinoi mirovoi valyuty [The return of the global monetary system to the classic gold standard as a single world currency]. Almaty, 2012, 30 p. URL: Link (In Russ.)
  6. Borisov S.M. Mirovoi rynok zolota na sovremennom etape [World market of Gold]. Moscow, IMEMO RAS Publ., 2005, 221 p.
  7. Gaganov S.Yu. [Research of demand for gold as a tool of influence on the national economics]. Rossiiskoe predprinimatel'stvo = Journal of Russian Entrepreneurship, 2014, vol. 15, iss. 7, pp. 10–25. URL: Link (In Russ.)
  8. Grinspen A. The Age of Turbulence: Adventures in a New World. London, The Penguin Press, 2015, 520 p.
  9. Hankel W., Isaak R. The Brave New World Economy: Global Finance Threatens Our Future. Hoboken, New Jersey, John Wiley & Sons, 2011, 270 p.
  10. Levin J.E., Wright E.R. Short-run and Long-run Determinants of the Price of Gold. Research Study No 32. World Gold Council. London, 2006, 64 p. URL: Link
  11. Mitchell D.B. Dismantling the Cross of Gold: Economic Crises and U.S. Monetary Policy. North American Journal of Economics & Finance, 2000, vol. 11, iss. 1, pp. 77–104.
  12. Smith M.L. A Monetary Explanation of Distribution in a Gold Money Economy. University of Sydney, School of Economics Working Papers – Economics, 1995, no. 223. URL: Link

View all articles of issue


ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 12, Iss. 1
March 2019