Blog
The Golden Compass
In the 15th century, when European explorers began venturing into unknown oceans, maps were often filled with guesswork. The edges of the known world might feature a dragon or a warning: Here be monsters. But the most valuable tool wasn’t the map. It was the compass. Maps could be wrong. The compass told the truth. […]
Gold is now the reserve currency. The West just hasn’t admitted it.
You’d be forgiven for missing it, but gold has overtaken the euro as the world’s second-most held reserve asset. It now makes up 20% of global central bank reserves. The euro lags behind at 16%. The dollar still sits at the top, for now, but its share is steadily eroding. In 2024 alone, central banks […]
Silver Resets: How High Can It Go?
For years, silver has been the forgotten metal. It sat quietly while gold took center stage. Traders dismissed it. Central banks ignored it. Most of the financial world barely gave it a second glance. But something has changed. Silver has surged past $36 an ounce, not with a gentle climb, but with the kind of […]
The ECB is cutting rates again. But this is no return to stability.
This week, the European Central Bank lowered its benchmark rate to 2 percent. It was the eighth cut in the past year. Since last June, borrowing costs across the Eurozone have been halved. It is not a sign of strength. It is a sign of concern. Inflation pressures have eased, but the real driver is […]
On Tariffs, Chaos, and the Quiet Power of Resilience
Every so often, a legal ruling reverberates beyond the walls of the courtroom, not because of its immediate consequence, but because of what it reveals about where we are and perhaps, where we’re headed. This week, the U.S. Court of International Trade handed down one such judgment. It ruled that the sweeping “Liberation Day” tariffs, […]
The Fed Is Lying to Itself
There’s a line that came to mind this week. Something a wise man once said: “Narratives, like currencies, only work if people believe in them.” Well, belief is wobbling. Let’s start with something rather curious. Most didn’t notice but a few days ago the cost of credit default swaps on U.S. government debt quietly rose to levels […]
Christine Lagarde wants the euro to rival the dollar. Investors prefer gold.
This week ECB President Christine Lagarde proposed that the euro could rival the dollar if only the EU would finish what it started. Her wish list included deeper capital markets, more military muscle, new trade agreements, and a jointly-financed supply of “safe” assets. In short, she wants a stronger currency. What she has is the […]
The Gold Beneath Our Feet
A fascinating article in the Financial Times recently caught my eye. Written by Sarah Dadouch, The Great Syrian Gold Hunt, described a modern-day treasure hunt taking hold across post-Assad Syria. At night, the streets of Damascus shimmer with the glow of metal detectors. In the countryside, men with shovels and tattered maps arrive on private […]
Gold’s Big Reclassification? Not Happening.
You may have noticed recently that gold headlines have been spinning one very specific claim: that on July 1st, 2025, gold will be reclassified as a Tier 1 High Quality Liquid Asset (HQLA) under Basel III rules. Sounds monumental, doesn’t it? The kind of thing that justifies gold’s rally. The kind of policy shift that […]
