Because the BIS, the IMF, and, of course, the BRICS+ nations see a world in which gold is superior to the debt-discredited USD as a strategic reserve asset. The MMT fantasy, for example, of solving a debt crisis with more debt that is paid for with mouse-clicked money has been tried in earnest since the QE guns took the Fed from a pre-08 balance sheet of $800B to a 2022 high of nearly $9 9T. As for assigning a value of $20,000 per ounce: if it were fully convertible at that price were the treasury was required to hand the cash to anyone who showed up with the gold, everyone in the world would bring gold to get cash and then buy property or other minerals.
Author: Con Greyertz
Published at: 2025-07-13 20:15:23
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