Inflation

In 2026, the digital euro is set to take a new turn. While the euro has steadily lost value in recent decades and European countries' budgets are sinking into the red, this digital euro would serve as a relay to maintain the stability of the European monetary system. At a price that no one can ye...

The rise in financial optimism comes at a time when the real economy is beginning to turn around. Historically, this type of dynamic precedes recessions. In this context, gold does not reflect a past crisis; it insures against a loss of future visibility.

Ray Dalio: "It seems to me indisputably true that gold is a money and it is the money that is least at risk of being devalued and/or confiscated. You should think of gold as being a fundamental money that you should own at least some of."

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.

France's public debt is mainly held by foreign investors and this is precisely what worries senators, the French Ministry of Finance, and the government: a loss of confidence among international investors would cause interest rates to skyrocket immediately.

Ray Dalio said investors should allocate as much as 15% of their portfolios to gold even as the precious metal surged to an all-time high above $4,000 an ounce.

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.

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.

Fitch's downgrade of France's debt rating last Friday was expected. It remains to be seen whether Moody's and Standard & Poor's will follow suit on October 24 and November 28, which seems quite likely.

The situation in the US labor market now highlights its profound fragility, after two years of embellished statistics. In September, the Bureau of Labor Statistics made the largest negative revision in the history of payrolls.