A currency war occurs when countries are actively competing against each other by weakening their currencies to make their exports cheaper and imports more expensive. Many speculate we are in a currency war or on the verge of currency war now, which would mean big things for the gold price. Massive stimulus programs across the globe have devalued currencies, which has altered gold’s relationship with the foreign-exchange market, making it even more of a safe-haven. “We are about to enter a phase in the gold price where it will rise against all currencies,” says Julian Phillips a founder at GoldForecaster.com. “The loss of the Swiss franc (US:USDCHF) and the Japanese yen as ‘safe-haven’ currencies, as [the countries] forced their currencies to weaken, has made us all realize national currencies are the same animal in different guises.” Gold’s bull run began over ten years ago alongside ultra-easy monetary policies by central banks. Gold may have ended at a six-month low this week, but it’s still six times higher than it was 12 years ago. Super-accommodative monetary stimulus is still trending and while we may not have already degenerated into a currency war, the trend is likely to continue and the gold price is likely to rise from it.