Gold and silver seem to be the only reliable solutions in a global economy that has been going from crisis to crisis, but the recovery in oil prices is fueling the upward spiral of the Russian ruble.
Gold and silver resume their rally after the break in the first two days of the week, with Asian stock markets recovering and investors that feed the grueling up and down of these days.
On Monday, gold price has marked its highest level since March 2014 to $ 1.374 per ounce, while the price of silver remains above $ 20 after the maximum of the last two years recorded last week, just over $ 21.
In the last period the correlation between gold and the dollar has partially broken, with both assets that grow in value because of the extra-USA problems involving the UK and the Eurozone, the resolution of which still seems vague and far from achieving.
Also oil prices are rising and they have finally curbed the toughest weekly drop of the last five months. After the news of the decline in US production, the price of oil has rapidly risen of 1.4%.
The price of oil had fallen about 4.8% after government data on Thursday that showed a drop on oil stocks of 2.2 million units, compared with forecasts for a drop of 2.5 million and against the decline of 6.7 million anticipated by the American Petroleum Institute.
Oil production in the US fell by 194.000 barrels per day (-2.3%).
The price of oil is trapped in the range $ 45- $ 51 per barrel in June, after having nearly doubled the prices from the lows of 12 years touched in February due to various stop in the worldwide production and the decline in US production.
Oil is the main factor that influenced the performance of the dollar-Russian ruble exchange rate.
The minimum of $ 30 per barrel in January was matched with the highest marked by dollar-ruble exchange rate, whose downward, which continues for about six months, was driven by the slow appreciation of oil.
Although the price of oil has stabilized to below $ 51, the ruble continues its appreciation path.
The dollar-ruble exchange rate is certainly not part of the main forex exchange family but in addition to being a good barometer of the health of the major energy exporter in the world, it also represents an excellent investment.
The Russian ruble has indeed increased its value by about 25% since mid-January and its performance remains consistently bullish, providing during this time an excellent solution for those looking for a safe haven currency.
According to a Bloomberg report, however, the appreciation of the ruble path is a big problem for Russia and the state of its economy.
Its strengthening, associated to that of oil, is slowing down the growth of the country that is decreasing of about 1% on a monthly basis starting from January 2016.
Analyzing the main commodities prices seems that safe havens assets are the best solution for those who want to continue to invest.
Investors are now convinced that the positive signals assume an exclusively temporary form. The world economy seems to destined to move from crisis to crisis and in a context of this kind, gold and silver are likely to be among the few constants which to rely on.