Features
The new Cold War is made of gold: A weapon against the dollar
In 2024 and 2025, the world witnessed something extraordinary: gold, that ancient metal once thought to belong to kings and temples, suddenly became the new obsession of investors, governments, and even central bankers. Prices shattered all records, soaring past US$4,100 per ounce, doubling within a single year. Analysts scrambled to explain what was happening. Was this another bubble? A panic? Or something deeper—perhaps the beginning of a historic financial realignment?
The truth, as it turns out, lies not in the usual economic explanations of inflation or interest rates, but in two bigger and longer-lasting transformations reshaping the global financial landscape: the financialisation and the weaponisation of gold.
From Pharaohs to Financial Portfolios
Gold’s appeal has always gone beyond its glitter. From the tombs of the Egyptian pharaohs to the coins of the Roman emperors, gold has symbolised permanence and power. It became the ultimate standard of trust—the promise behind every paper note and national currency.
But the old “gold standard” system, which linked currencies directly to gold, had a dark side. It kept prices stable, yes, but at the cost of human suffering. When economies slowed, governments were forced to cut spending and raise interest rates to protect their gold reserves; policies that deepened recessions and unemployment. Mining itself was brutal, leaving scars on people and the planet.
When the United States finally abandoned the gold standard in 1971, many thought gold would fade into history. Yet, half a century later, gold is back—not as money in your pocket, but as a shadow currency in the portfolios of the powerful.
The New Gold Rush—Fuelled by Finance, Not Pickaxes
Fast-forward to the 21st century. Gold’s comeback has been powered not by miners but by markets. The launch of Exchange Traded Funds (ETFs) —financial products that let anyone buy or sell gold with a few clicks—has turned an ancient commodity into a modern investment craze.
Before ETFs, buying gold meant storing heavy bars or coins. Today, a college student can own gold on their phone app. This democratisation of access has led to massive inflows, more than US$60 billion in just nine months, according to the World Gold Council.
This surge in financial participation has changed gold’s very nature. It now moves less like a raw material and more like a stock, rising and falling with global risk appetite and social media sentiment. The “fear of missing out” (FOMO) effect has amplified every uptick, creating powerful feedback loops: rising prices attract new investors, whose enthusiasm drives prices even higher.
What was once a hedge against crisis has become, ironically, a product of financial exuberance. Gold is now as much a part of Wall Street as it is of the jewellery trade.
The Geopolitical Weaponisation of Gold
But there’s another, far more serious driver of this golden surge, one that reaches into the heart of global politics. In the last few years, central banks in China, Russia, India, and other emerging economies, have been buying gold at a record pace. Why? To protect themselves from the dominance of the US dollar, and the political power that comes with it.
When Western nations froze Russia’s dollar reserves, after the invasion of Ukraine, and blocked its access to global payment systems, like SWIFT, it sent a chilling message to other countries: your savings are only safe as long as Washington allows it
. In response, these countries began quietly shifting their reserves into gold, a neutral, physical asset that can’t be digitally seized or sanctioned.
Russia’s Central Bank now holds one of the world’s largest gold piles. China, too, has been a relentless buyer, increasing its official gold reserves every month, since 2022. For them, gold is not just an investment—it’s an insurance policy against Western financial power.
This is what economists call “de-dollarisation”: a gradual move away from dependence on the US dollar. Gold, with no flag or central bank of its own, is the only truly global form of money left.
A Fragmented Financial World
This geopolitical gold rush has created a form of price-inelastic demand; meaning countries will buy gold no matter how expensive it becomes. They aren’t chasing profits; they’re seeking safety. This type of demand places a firm floor under gold prices, making future crashes less likely and rallies more sustainable.
In other words, this isn’t a temporary boom. It’s a structural revaluation; a rewriting of what gold is worth in an age of political and digital fragility.
For the first time since the Cold War, the world is moving toward multiple financial poles. On one side, the dollar-based Western bloc; on the other, a growing coalition of countries building their own “sanctions-proof” reserves. Gold sits at the centre of this new global contest, quietly, gleaming, unaligned.
Winners and Losers in the Golden Age
Not everyone will lose in this new era. Countries rich in gold resources (like Australia, South Africa, and Canada) are emerging as quiet beneficiaries of this geopolitical reordering.
Australia, already a mining powerhouse, has seen gold exports skyrocket. If current trends continue, gold could overtake coal and iron ore to become the country’s second-largest export within the next two years. For a nation navigating the energy transition and trade tensions, the timing couldn’t be better.
For investors, gold has regained its reputation as a “safe haven,” but with a modern twist. It is now both a defensive asset and a speculative vehicle, blending ancient psychology with algorithmic trading. While some analysts, like Goldman Sachs, predict prices could reach US$4,900 by 2026, others warn of volatility if peace returns or interest rates rise sharply.
Still, even skeptics admit gold is no longer just reacting to crises—it’s part of the crisis-proofing itself.
The Psychology of Permanence
Why does gold, of all things, endure when entire currencies come and go? Part of the answer lies in human psychology. Gold is tangible, immutable, and universal. It glitters the same way in Beijing, Moscow, or Colombo. It is an anti-digital asset in an increasingly virtual world, unchanged by code, hacking, or political decree.
This emotional dimension, as economists now admit, carries real financial power. In times of social distrust and institutional decay, tangible symbols of permanence, like gold, become repositories of faith.
As one trader put it recently, “You can’t print gold, and you can’t freeze it.”
Global South’s Golden Shield
For many developing nations, gold accumulation is not just economic; it’s existential. Countries in the Global South have learned painful lessons from debt crises, currency collapses, and the volatility of foreign aid. Gold offers them a rare form of monetary sovereignty.
Sri Lanka, for example, has faced severe balance-of-payments challenges and currency depreciation. While it cannot match the gold-hoarding power of China or Russia, its policymakers now openly discuss diversifying reserves beyond dollars and euros. For smaller nations, even modest gold holdings can serve as a symbolic statement of independence and resilience.
In this sense, the “Goldasization” of the global economy represents a subtle but profound shift in power, from the financial centres of the West to the resource and production centres of the Global South.
The Limits of Glitter
Yet, this transformation is not without risk. The more gold becomes a political weapon, the more volatile its price could become. If major powers begin to hoard rather than trade, gold markets could tighten dramatically, distorting their role as a neutral store of value.
Moreover, the human and environmental cost of new gold mining could once again rise as demand surges. Already, illegal and unsafe mining has reappeared in parts of Africa and Latin America, raising questions about sustainability and ethics.
So, while gold may shine bright, it casts long shadows, just as it did centuries ago.
The Return of Eternal Metal
Gold’s story is, in many ways, humanity’s story: our longing for permanence in an uncertain world. It survived the fall of empires, the rise of digital currencies, and even the invention of Bitcoin. Each time it seems obsolete, it reinvents itself.
Today, in a world divided by politics, debt, and data, gold is once again uniting investors and governments in their search for something that lasts. Whether this new “gold standard” will bring stability or new inequalities remains to be seen.
But one thing is certain: the golden age is not behind us, it’s being remade before our eyes.
Features
Sheer rise of Realpolitik making the world see the brink
The recent humanly costly torpedoing of an Iranian naval vessel in Sri Lanka’s Exclusive Economic Zone by a US submarine has raised a number of issues of great importance to international political discourse and law that call for elucidation. It is best that enlightened commentary is brought to bear in such discussions because at present misleading and uninformed speculation on questions arising from the incident are being aired by particularly jingoistic politicians of Sri Lanka’s South which could prove deleterious.
As matters stand, there seems to be no credible evidence that the Indian state was aware of the impending torpedoing of the Iranian vessel but these acerbic-tongued politicians of Sri Lanka’s South would have the local public believe that the tragedy was triggered with India’s connivance. Likewise, India is accused of ‘embroiling’ Sri Lanka in the incident on account of seemingly having prior knowledge of it and not warning Sri Lanka about the impending disaster.
It is plain that a process is once again afoot to raise anti-India hysteria in Sri Lanka. An obligation is cast on the Sri Lankan government to ensure that incendiary speculation of the above kind is defeated and India-Sri Lanka relations are prevented from being in any way harmed. Proactive measures are needed by the Sri Lankan government and well meaning quarters to ensure that public discourse in such matters have a factual and rational basis. ‘Knowledge gaps’ could prove hazardous.
Meanwhile, there could be no doubt that Sri Lanka’s sovereignty was violated by the US because the sinking of the Iranian vessel took place in Sri Lanka’s Exclusive Economic Zone. While there is no international decrying of the incident, and this is to be regretted, Sri Lanka’s helplessness and small player status would enable the US to ‘get away with it’.
Could anything be done by the international community to hold the US to account over the act of lawlessness in question? None is the answer at present. This is because in the current ‘Global Disorder’ major powers could commit the gravest international irregularities with impunity. As the threadbare cliché declares, ‘Might is Right’….. or so it seems.
Unfortunately, the UN could only merely verbally denounce any violations of International Law by the world’s foremost powers. It cannot use countervailing force against violators of the law, for example, on account of the divided nature of the UN Security Council, whose permanent members have shown incapability of seeing eye-to-eye on grave matters relating to International Law and order over the decades.
The foregoing considerations could force the conclusion on uncritical sections that Political Realism or Realpolitik has won out in the end. A basic premise of the school of thought known as Political Realism is that power or force wielded by states and international actors determine the shape, direction and substance of international relations. This school stands in marked contrast to political idealists who essentially proclaim that moral norms and values determine the nature of local and international politics.
While, British political scientist Thomas Hobbes, for instance, was a proponent of Political Realism, political idealism has its roots in the teachings of Socrates, Plato and latterly Friedrich Hegel of Germany, to name just few such notables.
On the face of it, therefore, there is no getting way from the conclusion that coercive force is the deciding factor in international politics. If this were not so, US President Donald Trump in collaboration with Israeli Rightist Premier Benjamin Natanyahu could not have wielded the ‘big stick’, so to speak, on Iran, killed its Supreme Head of State, terrorized the Iranian public and gone ‘scot-free’. That is, currently, the US’ impunity seems to be limitless.
Moreover, the evidence is that the Western bloc is reuniting in the face of Iran’s threats to stymie the flow of oil from West Asia to the rest of the world. The recent G7 summit witnessed a coming together of the foremost powers of the global North to ensure that the West does not suffer grave negative consequences from any future blocking of western oil supplies.
Meanwhile, Israel is having a ‘free run’ of the Middle East, so to speak, picking out perceived adversarial powers, such as Lebanon, and militarily neutralizing them; once again with impunity. On the other hand, Iran has been bringing under assault, with no questions asked, Gulf states that are seen as allying with the US and Israel. West Asia is facing a compounded crisis and International Law seems to be helplessly silent.
Wittingly or unwittingly, matters at the heart of International Law and peace are being obfuscated by some pro-Trump administration commentators meanwhile. For example, retired US Navy Captain Brent Sadler has cited Article 51 of the UN Charter, which provides for the right to self or collective self-defence of UN member states in the face of armed attacks, as justifying the US sinking of the Iranian vessel (See page 2 of The Island of March 10, 2026). But the Article makes it clear that such measures could be resorted to by UN members only ‘ if an armed attack occurs’ against them and under no other circumstances. But no such thing happened in the incident in question and the US acted under a sheer threat perception.
Clearly, the US has violated the Article through its action and has once again demonstrated its tendency to arbitrarily use military might. The general drift of Sadler’s thinking is that in the face of pressing national priorities, obligations of a state under International Law could be side-stepped. This is a sure recipe for international anarchy because in such a policy environment states could pursue their national interests, irrespective of their merits, disregarding in the process their obligations towards the international community.
Moreover, Article 51 repeatedly reiterates the authority of the UN Security Council and the obligation of those states that act in self-defence to report to the Council and be guided by it. Sadler, therefore, could be said to have cited the Article very selectively, whereas, right along member states’ commitments to the UNSC are stressed.
However, it is beyond doubt that international anarchy has strengthened its grip over the world. While the US set destabilizing precedents after the crumbling of the Cold War that paved the way for the current anarchic situation, Russia further aggravated these degenerative trends through its invasion of Ukraine. Stepping back from anarchy has thus emerged as the prime challenge for the world community.
Features
A Tribute to Professor H. L. Seneviratne – Part II
A Living Legend of the Peradeniya Tradition:
(First part of this article appeared yesterday)
H.L. Seneviratne’s tenure at the University of Virginia was marked not only by his ethnographic rigour but also by his profound dedication to the preservation and study of South Asian film culture. Recognising that cinema is often the most vital expression of a society’s aspirations and anxieties, he played a central role in curating what is now one of the most significant Indian film collections in the United States. His approach to curation was never merely archival; it was informed by his anthropological work, treating films as primary texts for understanding the ideological shifts within the subcontinent
The collection he helped build at the UVA Library, particularly within the Clemons Library holdings, serves as a comprehensive survey of the Indian ‘Parallel Cinema’ movement and the works of legendary auteurs. This includes the filmographies of directors such as Satyajit Ray, whose nuanced portrayals of the Indian middle class and rural poverty provided a cinematic counterpart to H.L. Seneviratne’s own academic interests in social change. By prioritising the works of figures such as Mrinal Sen and Ritwik Ghatak, H.L. Seneviratne ensured that students and scholars had access to films that wrestled with the complex legacies of colonialism, partition, and the struggle for national identity.
These films represent the ‘Parallel Cinema’ movement of West Bengal rather than the commercial Hindi industry of Mumbai. H.L. Seneviratne’s focus initially cantered on those world-renowned Bengali masters; it eventually broadened to encompass the distinct cinematic languages of the South. These films refer to the specific masterpieces from the Malayalam and Tamil regions—such as the meditative realism of Adoor Gopalakrishnan or the stylistic innovations of Mani Ratnam—which are culturally and linguistically distinct from the Bengali works. Essentially, H.L. Seneviratne is moving from the specific (Bengal) to the panoramic, ensuring that the curatorial work of H.L. Seneviratne was not just a ‘Greatest Hits of Kolkata’ but a truly national representation of Indian artistry. These films were selected for their ability to articulate internal critiques of Indian society, often focusing on issues of caste, gender, and the impact of modernisation on traditional life. Through this collection, H.L. Seneviratne positioned cinema as a tool for exposing the social dynamics that often remain hidden in traditional historical records, much like the hidden political rituals he uncovered in his early research.
Beyond the films themselves, H.L. Seneviratne integrated these visual resources into his curriculum, fostering a generation of scholars who understood the power of the image in South Asian politics. He frequently used these screenings to illustrate the conflation of past and present, showing how modern cinema often reworks ancient myths to serve contemporary political agendas. His legacy at the University of Virginia therefore encompasses both a rigorous body of writing that deconstructed the work of the kings and a vivid archive of films that continues to document the work of culture in a rapidly changing world.
In his lectures on Sri Lankan cinema, H.L. Seneviratne has frequently championed Lester James Peries as the ‘father of authentic Sinhala cinema.’ He views Peries’s 1956 film Rekava (Line of Destiny) as a watershed moment that liberated the local industry from the formulaic influence of South Indian commercial films. For H.L. Seneviratne, Peries was not just a filmmaker but an ethnographer of the screen. He often points to Peries’s ability to capture the subtle rhythms of rural life and the decline of the feudal elite, most notably in his masterpiece Gamperaliya, as a visual parallel to his own research into the transformation of traditional authority. H.L. Seneviratne argues that Peries provided a realistic way of seeing for the nation, one that eschewed nationalist caricature in favour of complex human emotion.
However, H.L. Seneviratne’s praise for Peries is often tempered by a critique of the broader visual nationalism that followed. He has expressed concern that later filmmakers sometimes misappropriated Peries’s indigenous style to promote a narrow, majoritarian view of history. In his view, while Peries opened the door to an authentic Sri Lankan identity, the state and subsequent commercial interests often used that same door to usher in a simplified, heroic past. This critique aligns with his broader academic stance against the rationalization of culture for political ends.
Constitutional Governance:
H.L. Seneviratne’s support for independent commissions is best described as a hopeful pragmatism; he views them as essential, albeit fragile, instruments for diffusing the hyper-concentration of executive power. Writing to Colombo Page and several news tabloids, H.L. Seneviratne addresses the democratic deficit by creating a structural buffer between partisan interests and public institutions, theoretically ensuring that the judiciary, police, and civil service operate on merit rather than political whim. However, he remains deeply aware that these commissions are not a panacea and are indeed inherently susceptible to the ‘politics of patronage.’
In cultures where power is traditionally exercised through personal loyalties, there is a constant risk that these bodies will be subverted through the appointment of hidden partisans or rendered toothless through administrative sabotage. Thus, while H.L. Seneviratne advocates for them as a means to transition a state from a patron-client culture to a rule-of-law framework, his anthropological lens suggests that the success of such commissions depends less on the law itself and more on the sustained pressure of civil society to keep them honest.
Whether discussing the nuances of a film’s narrative or the complexities of a constitutional clause, H.L. Seneviratne’s approach remains consistent in its focus on the spirit behind the institution. He maintains that a healthy democracy requires more than just the right laws or the right symbols; it requires a citizenry and a clergy capable of critical self-reflection. His career at the University of Virginia and his continued engagement with Sri Lankan public life stand as a testament to the idea that the intellectual’s work is never truly finished until the work of the people is fully realized.
In the context of H.L. Seneviratne’s philosophy, as discussed in his work of the kings ‘the work of the people’ is far more than a populist catchphrase; it represents the practical application of critical consciousness within a democracy. Rather than defining ‘work’ as labour or voting, H.L. Seneviratne views it as the transition of a population from passive subjects to an active, self-reflective citizenry. This means that a democracy is only truly ‘realized’ when the public possesses the intellectual autonomy to look beyond the ‘right laws’ or ‘right symbols’ and instead engage with the underlying spirit of their institutions. For H.L. Seneviratne, this work is specifically tied to the ability of the people—including influential groups like the clergy—to perform rigorous self-critique, ensuring that they are not merely following tradition or authority, but are actively sustaining the ethical health of the nation. It is a perpetual process of civic education and moral vigilance that moves a society from the ‘paper’ democracy of a constitution to a lived reality of accountability and insight.
This decline of the ‘intellectual monk’ had a catastrophic impact on the political landscape, particularly surrounding the watershed moment of 1956 and the ‘Sinhala Only’ movement. H.L. Seneviratne posits that when the Sangha exchanged their role as impartial moral advisors for that of political kingmakers, they became the primary obstacle to ethnic reconciliation. He suggests that politicians, fearing the immense grassroots influence of the monks, entered a state of monachophobia, where they felt unable to propose pluralistic or fair policies toward minority communities for fear of being branded as traitors to the faith. In H.L. Seneviratne’s framework, the monk’s transition from a social servant to a political vanguard effectively trapped the state in a cycle of majoritarian nationalism from which it has yet to escape.
H.L. Seneviratne’s work serves as a multifaceted critique of the modern Sri Lankan state and its cultural foundations. Whether he is dissecting what he sees as the betrayal of the monastic ideal or celebrating the humanistic vision of an Indian filmmaker, his goal remains the same: to champion a world where intellect and compassion are not sacrificed on the altar of political power. His legacy at the University of Virginia and his continued voice in Sri Lankan discourse remind us that the work of the intellectual is to provide a moral compass even, indeed especially, when the nation has lost its way.
(Concluded)
by Professor
M. W. Amarasiri de Silva
Features
Musical journey of Nilanka Anjalee …
Nilanka Anjalee Wickramasinghe is, in fact, a reputed doctor, but the plus factor is that she has an awesome singing voice, as well., which stands as a reminder that music and intellect can harmonise beautifully.
Well, our spotlight today is on ‘Nilanka – the Singer,’ and not ‘Nilanka – the Singing Doctor!’
Nilanka’s journey in music began at an early age, nurtured by an ear finely tuned to nuance and a heart that sought expression beyond words.
Under the tutelage of her singing teachers, she went on to achieve the A.T.C.L. Diploma in Piano and the L.T.C.L. Diploma in Vocals from Trinity College, London – qualifications recognised internationally for their rigor and artistry.
These achievements formally certified her as a teacher and performer in both opera singing and piano music, while her Performer’s Certificate for singing attested to her flair on stage.
Nilanka believes that music must move the listener, not merely impress them, emphasising that “technique is a language, but emotion is the message,” and that conviction shines through in her stage presence –serene yet powerful, intimate yet commanding.
Her YouTube channel, Facebook and Instagram pages, “Nilanka Anjalee,” have become a window into her evolving artistry.
Here, audiences find not only her elegant renditions of local and international pieces but also her original songs, which reveal a reflective and modern voice with a timeless sensibility.
Each performance – whether a haunting ballad or a jubilant interpretation of a traditional hymn – carries her signature blend of technical finesse and emotional depth.
Beyond the concert hall and digital stage, Nilanka’s music is driven by a deep commitment to meaning.
Her work often reflects her belief in empathy, inner balance, and the beauty of simplicity—values that give her performances their quiet strength.
She says she continues to collaborate with musicians across genres, composing and performing pieces that reflect both her classical discipline and her contemporary outlook.
Widely acclaimed for her ability to adapt to both formal and modern stages, with equal grace, and with her growing repertoire, Nilanka has become a sought-after soloist at concerts and special events,
For those who seek to experience her artistry, firsthand, Nilanka Anjalee says she can be contacted for live performances and collaborations through her official channels.
Her voice – refined, resonant, and resolutely her own – reminds us that music, at its core, is not about perfection, but truth.
Dr. Nilanka Anjalee Wickramasinghe also indicated that her newest single, an original, titled ‘Koloba Ahasa Yata,’ with lyrics, melody and singing all done by her, is scheduled for release this month (March)
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