Central banks

New powers and emerging countries have been encouraged to de-dollarize and buy gold, causing the value of the dollar to fall steadily. Furthermore, the United States, which constantly needs to find new buyers to finance its foreign debt, is facing increasing difficulties.

At first glance, everything seems under control: stocks are holding steady and the U.S. economy is resilient. And yet, something is going wrong in the global financial system. In recent days, the cost of very short-term cash – the SOFR rate – has risen sharply.

While the stock markets are driven by algorithms and bitcoin is kept afloat by synthetic liquidity, the silver market highlights the divide between paper and reality.

In this exclusive interview, Luke Gromen, one of the world’s foremost experts on bond and monetary markets, shares his perspectives on the current state of U.S. public debt, the role of the dollar and fiat currencies, and the surge of the gold price.

In June 2025, the Chinese government took measures to encourage mining production, its financing, refining, and recovery. The most effective lever for achieving these objectives is to revalue the price of precious metals.

For two years, observers have been puzzled by a paradox: while the Fed is reducing the size of its balance sheet through quantitative tightening (QT), the M2 money supply is on the rise. The key to this mystery lies in the growing role of money market funds (MMFs).

China is stepping up its efforts to become a central player in global finance by offering to safeguard gold reserves on behalf of foreign governments.

Gold continues to reach new heights. And yet, interest among retail investors, particularly in Western countries, remains very low. To understand these dynamics, we interviewed John Reade, one of the world's leading gold market strategists.

Since the beginning of the year, the greenback has already fallen by nearly 10%, reaching a new low. The dollar's weakness is not the result of an external shock, but rather a deliberate action by the authorities to preserve financial stability.

To function, a gold standard would require a far higher price than today. Will Donald Trump, willingly or not, help China and Russia rebuild the international monetary system? The answer could come within weeks — or months at most.