As currencies melt, debts explode, and trust in institutions erodes, gold has taken on the role of a global safe haven.
It's up 58% in 12 months and has just broken through $4,200, renewing its all-time high.
This rally isn't just technical: it's a clear sign of a breakdown in trust in the traditional system!
- It simply stopped reacting to inflation and interest rates.
Gold doesn't need to pay a yield. It just needs to continue existing, without counterparty risk.
It simply reflects the search for credibility.
The world no longer seeks returns.
It seeks to maintain value and reduce external dependence.
- There are no sellers in the market.
– Central banks continue buying
– ETFs raising capital at the fastest pace in history
– Institutional investors consistently increasing their positions
The few occasional declines are always followed by new highs.
- There have been faster rallies, but not more solid ones.
In the 1970s, gold exploded 400%.
Now, the rally is supported by a structural change:
geopolitical fragmentation, a flight from Treasuries, and a collapse of confidence in the fiat system.
- The monetary system begins to be redesigned.
The post-war order that made the dollar untouchable is being questioned.
Gold has once again become plan A for central banks and those who no longer trust anything.
- Central banks anticipated the move.
Since Russia's dollar reserves were frozen, emerging markets began stockpiling heavily.
The playbook has changed.
Gold is not controlled by the US; it is "outside the system"—and that's what these countries need now.
- China Leads the Substitution Race
Gold reserves rose from 1% to 6.5%.
Meanwhile, exposure to US Treasuries fell sharply.
Strategic Repositioning for Sovereignty.
The map of global reserves is being redrawn.
- Developed economies also don't sell.
Their stocks have remained virtually unchanged for decades.
Not even during previous price peaks has there been a reduction.
When those who print money refuse to sell gold, it's because they know what's really going on.
- This is no longer a price action.
It's a silent referendum on paper wealth.
Gold doesn't rise out of fear, but because faith in the system is fading.
And when trust breaks, the question changes:
it's no longer "how much is gold worth?"
it's "what still has value?"