Proponents of apocalyptic scenarios believe that in case of a global economic crisis provoked by the coronovirus and the oil wars, central banks of leading economic states may lose control of national currencies. As soon as monetary controls become ineffective, and this, according to skeptics, will happen in the coming year, central banks will no longer be able to control inflation. It is to protect against such global risks that investors buy gold as a reliable alternative to any currency.
However, according to some experts, as soon as governments feel competition with sharply weakening national currencies, they will try to abolish the power of gold. A similar precedent had already taken place in the United States in 1933, when the authorities issued a law on the withdrawal of gold bullion and coins from private ownership with their redemption at a state-fixed rate. Those who tried to conceal the gold suffered criminal liability.
Opponents of this theory believe that, since currencies are no longer tied to gold, such a withdrawal of gold loses its meaning. However, pessimists also have an argument for this objection. According to them, governments can go for the withdrawal of gold from civilian circulation, if it becomes necessary to create a new single world monetary system based on a single stable currency.