Experts joke that some Russian-mined gold in British vaults “is so old it has double-headed Imperial eagles stamped on it”. Ownership shifted into non-Russian hands decades ago, they say. But investors are worried that Russian gold could be used for sanctions busting. The London Bullion Market Association is therefore registering it all.

The anxiety of investors is apt. Gold is the currency of fear and distrust. The financial systems of the democratic west and authoritarian east are pulling apart amid mutual recriminations. That extends the potential role of gold for national reserves and for transactions where no questions need be asked.

Investment fundamentalists dismiss the yellow metal as yieldless and useless. The market disagrees. Gold is trading at $1,840, per troy ounce, close to record highs. The war in Ukraine has fostered heavy demand.