Gold prices climbed after testing support at $1,900 per ounce, closing the week at $1,954.20 per ounce. “With Western sanctions hitting Russia's dollar-based trading, there is focus on Moscow's efforts to switch to other currencies, including the possible use of the yuan and rupee in deals with China and India,” says Reuters . Now, Russia wants “unfriendly countries” to pay for its natural gas sales in rubles. These attempts to exclude the U.S. dollar from a large part of global oil and gas transactions may well reduce it to that of a —not the —world’s reserve currency. Federal Reserve Chairman Powell acknowledged this possibility during recent testimony when he said, “It’s possible to have more than one reserve currency in the world.” As stated here last week , weakness in the U.S. dollar usually translates into strength for gold. Rick Andrews is president of Avant Capital Management.