Last month, US Federal Reserve Chairman Jerome Powell warned that America's rising debt is unsustainable, echoing concerns from El Salvador's President Nayib Bukele who called the Fed's money-printing a "bubble" waiting to burst. Central banks around the world are increasingly abandoning the US dollar, driven by the US's financial sanctions against Russia and rising global tensions. As a result, nations are stockpiling gold at record levels, with China and India leading the charge. This shift away from the dollar and towards gold highlights a growing global distrust in the US financial system and hints at potential economic upheaval.

One big change we’re seeing is that central banks around the world are holding fewer US dollars than ever before. This shift started because the US tried to block Russia from using the dollar-based financial system. As a result, many developing countries are turning to gold, which they see as a safer and more reliable asset. Unlike money tied to an...