Risk aversion is starting to climb higher this week amid worsening geopolitical tensions. While the war in Russia and Ukraine continues with fierce fighting, there’s also simmering conflict amid China and the USA as US House speaker Nancy Pelosi prepares to visit Taiwan.
The Chinese Ambassador to the US has issued a warning to Washington, telling the United States that plans to visit Taiwan were “highly dangerous” and “those playing with fire will get burned.” While Taiwan has been self-governed since a 1949 civil war, China has warned the US not to treat it as an independent state and worries have intensified that China could attempt to reclaim the island by military force. Beijing has already begun military drills around Taiwaneese waters ahead of the most senior US visit in a quarter of a century.
In response to the war of words hotting up across continents, risk aversion has started to warm up with global stocks stuck in the doldrums or declining in the wake of the visit. Gold prices have correspondingly increased as the yellow metal once again shines as a safe haven for jittery investors. It hit a four-week high in trading yesterday (Tuesday) of £1,463 ($1,78
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