Subject The subject of the article is gold as a monetary and investment asset, its economic substance in the modern global monetary and financial system, and trends in the global gold market under post-crisis recovery conditions. The gold-related subject has become significant due to updated problems related to backing money and world currencies, instability of the global monetary and financial system, which is based on dollar and debt. Objectives The article aims to study indicative trends in gold prices, and the involvement of gold in the modern monetary system and policies of major regulators of the world. Methods I used the statistical analysis, synthesis, and analogy methods to compare the monetary policy of various regulators around the world, the methodology of fundamental analysis of financial markets, as well as various approaches to the estimates of expenses and costs of the gold mining industry. Results The findings of the study may be applied in financial markets' analysis and forecasts, in assessing the monetary policy of central banks around the world and the future of the world monetary system. Conclusions and Relevance I conclude on investment interest in gold during inflationary and deflationary destabilization of currency circulation in the world, and the gold's continued status as a unified currency worldwide. I put forward an assumption about the neutral dynamics of gold in the near future against the backdrop of curtailing incentives, and propose the idea of mandatory buy-out of the part of extracted gold to the gold reserves of the Bank of Russia.
Keywords: Central Bank, gold, monetization, foreign exchange reserves, deleveraging, deflation, inflation, interest rate, monetary policy
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