Dedollarization

There are two dimensions to the global de-dollarization that is taking place: a digital one, and a golden one. Let it be noted that China, as the primary initiator of CBDCs and the number one consumer and importer of gold in the world, has every chance of doing well out of this Great Game.

Russia’s sovereign wealth fund cuts US dollar reserves to zero while boosting the share of the euro, the Chinese yuan and gold, the country’s Finance Ministry announced on Tuesday.

The economic actors’ confidence regarding the central banks’ ability to correct this inflation, which they deem to be transitory, is certainly not open to question today. However, without rapid and specific action by these central banks (particularly on interest rates), this patience, which is al...

What was it that caused the sheer scale of this fall? Did the Fed raise interest rates brusquely and sharply, leading to a reaction like this on gold? The conclusions of the Fed’s meeting last week are far from dramatic, though. Nonetheless, they had the effect of an electric shock.

Investing successfully is primarily about managing risk rather than maximising profits. As we reach the end of the biggest bull market in history, investors feel so secure that risk has become an irrelevance.

The destruction of money is now accelerating in parallel with the deficit and debt expansion. This is the typical course of events for the end game.

The intervention by the central banks on the markets is scrambling the message. Assets that have become at risk, in this inflationary backdrop, are being given excessive valuations. By contrast, the values that protect against the upcoming inflation are still being evaluated at very low levels. A...

The “match” between the two camps (the inflationists versus those who are convinced of the transitory impact of the rise in prices) is leading, as one would logically expect, to this very volatile phase on the gold and silver metals markets.

The implementation of the Basel III standards on the Net Stable Funding Ratio (NSFR), in particular on allocated or unallocated gold and on its derivative products will cause an earthquake on the market, which should lead to a serious revaluation of the price of ounce of physical gold. As for the...

The governments and central banks have crossed a point of no return, meaning that structural reforms to our monetary system are inevitably going to be required. Judging by the previous cycles, said reforms should become a necessity before the next 20 years are out. There is an urgent need to anti...