The Dollar Wanes as Gold Surges

Over the past two years, central banks have increased their gold holdings from 40% of total reserves to 50%:

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As central bank holdings of gold surge from acquisitions and higher prices, the value of dollar holdings wanes (Source: Bloomberg)

As a consequence, the U.S. dollar is being dethroned from the global monetary system in real time.

While many have pointed out – correctly – that the buck is still the global trading currency of choice, the rise of gold for savings is the real story here… even with Dollar 2.0 digital assets rebooting global finance.

Following gold’s 60% rally in 2025, we expect gold’s uptrend to remain intact.

~ Addison

P.S. Grey Swan Live! returns from its holiday hiatus tomorrow. Our guest this week will be Matt Smith, publisher at Casey Research. Matt and co-author Doug Casey have just released a new book titled “The Preparation.”

Quick hit: Since 2021, Matt has been operating a “regenerative” cattle ranch in Uruguay. The Preparation has some very strong opinions on the value of Western education and how to prepare the next generation to participate in a strong, thriving economy.

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If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

Over the past two years, central banks have increased their gold holdings from 40% of total reserves to 50%:

Turn Your Images On

As central bank holdings of gold surge from acquisitions and higher prices, the value of dollar holdings wanes (Source: Bloomberg)

As a consequence, the U.S. dollar is being dethroned from the global monetary system in real time.

Following gold’s 60% rally in 2025, we expect gold’s uptrend to remain intact.

~ Addison

Turn Your Images On

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

Debts and deficits will eventually cause a crisis. Treasury Secretary Scott Bessent’s effort to help bail out the Japanese Yen this week is entirely motivated by self-preservation. The contagion signal flashing in Japanese bonds since late ‘25 is infecting the BOJ, which may be forced to sell U.S. Treasurys to stabilize its own currency.

The copper price is no doubt benefiting from inflation driven by money printing. But the doc don’t lie. Copper’s new all-time highs, while gold and silver still languish, are a sign the AI growth story is also that of the global economy itself.

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.

What’s happening? The Bank of Japan and the U.S. Treasury are making a coordinated effort to support Japanese yen; a move last attempted nearly 30 years in the height of the Asian Financial contagion (1998).

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.