Blog
Gold is now the reserve currency. The West just hasn’t admitted it.
You’d be forgiven for missing it, but gold has overtaken the euro as the world’s second-most held reserve asset. It now makes up 20% of global central bank reserves. The euro lags behind at 16%. The dollar still sits at the top, for now, but its share is steadily eroding. In 2024 alone, central banks […]
Silver Resets: How High Can It Go?
For years, silver has been the forgotten metal. It sat quietly while gold took center stage. Traders dismissed it. Central banks ignored it. Most of the financial world barely gave it a second glance. But something has changed. Silver has surged past $36 an ounce, not with a gentle climb, but with the kind of […]
Silver Linings, Split Alliances, and What They Teach Us
Every now and then, the week’s headlines offer more than just drama. They offer us a chance to pause and reflect on the deeper themes playing out beneath the noise. This past week was no exception. We watched the spectacular public unraveling of the relationship between Elon Musk and Donald Trump play out in the […]
The ECB is cutting rates again. But this is no return to stability.
This week, the European Central Bank lowered its benchmark rate to 2 percent. It was the eighth cut in the past year. Since last June, borrowing costs across the Eurozone have been halved. It is not a sign of strength. It is a sign of concern. Inflation pressures have eased, but the real driver is […]
The Fed Is Lying to Itself
There’s a line that came to mind this week. Something a wise man once said: “Narratives, like currencies, only work if people believe in them.” Well, belief is wobbling. Let’s start with something rather curious. Most didn’t notice but a few days ago the cost of credit default swaps on U.S. government debt quietly rose to levels […]
Christine Lagarde wants the euro to rival the dollar. Investors prefer gold.
This week ECB President Christine Lagarde proposed that the euro could rival the dollar if only the EU would finish what it started. Her wish list included deeper capital markets, more military muscle, new trade agreements, and a jointly-financed supply of “safe” assets. In short, she wants a stronger currency. What she has is the […]
The Gold Beneath Our Feet
A fascinating article in the Financial Times recently caught my eye. Written by Sarah Dadouch, The Great Syrian Gold Hunt, described a modern-day treasure hunt taking hold across post-Assad Syria. At night, the streets of Damascus shimmer with the glow of metal detectors. In the countryside, men with shovels and tattered maps arrive on private […]
The Bond Crash Has Begun. Buy Gold.
This week, Japan’s government bond market, one of the largest and most tightly managed in the world, showed unexpected signs of strain. Auctions for 30- and 40-year government bonds saw no demand. For a major economy with a historically captive investor base, that’s a significant moment. It suggests growing unease around long-term debt, fiscal credibility, […]
The ECB Admits Gold Might Crash The System
In a recent note, ECB economists highlighted the risks that could arise from rising demand for physically settled gold contracts, particularly during periods of geopolitical stress. Their concern? That such demand might contribute to wider financial instability in the eurozone. It’s a rare admission. And an important one. Gold has long been viewed as a […]
