Manakhov B.M. PROSPECTS FOR THE DEVELOPMENT OF THE GOLD MARKET IN THE INFORMATION ECONOMY

DOI: https://doi.org/10.15688/ek.jvolsu.2021.4.2

Boris M. Manakhov

Postgraduate Student, Department of Economic Theory, Regional Economy and Entrepreneurship, Volgograd State University, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-5554-7076


Abstract.  The subject of this study is to identify the role of demonetized gold in the information economy, including stressful development during periods of instability, crises, sanctions and pandemic. The author identified trends in the dynamics of gold prices over the past five years, its demand by investors and industry, policies of central banks and developed countries. The significance, reasons and consequences of the refusal to prolong the cartel agreement of the central banks on the control of the price of gold (CBGA) are determined. The article identifies exclusively geopolitical (not financial and economic) risks that underlie a sharp and radical change in the structure of Russian gold and foreign exchange reserves and the refusal to place the National Wealth Fund assets in dollars. The prospects for gold that are opening up in this connection have been identified. The reasons for the sharp decrease in the intensity of the replenishment of Russian gold and foreign exchange reserves with gold until its virtually complete cessation have been identified. A critical analysis of the allegedly “new” functions of gold in the information economy is given, it is shown that in reality it is only a transformation (adaptation) of traditional functions. The inevitability of expanding the circulation and use of digital currency in the information economy is shown, which will require improving the institutional framework, since a virtual asset, including potentially based on gold, is converted into Russian rubles upon payment, which, in accordance with the law, is used to pay.

Key words: gold, National Wealth Fund, gold standard, world money, gold and foreign exchange reserves, gold mining, digital currency.

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PROSPECTS FOR THE DEVELOPMENT OF THE GOLD MARKET IN THE INFORMATION ECONOMY by Manakhov B.M. is licensed under a Creative Commons Attribution 4.0 International License.

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