PortalsOS

Foreign central banks are moving into gold because they no longer consider U.S. debt a safe asset.

China has been the world's largest gold producer since 2007 and is also the largest importer. It's estimated that China may hold up to 15,000-16,000 tons of gold, potentially surpassing the US.

The bottom line is the run-up in gold is essentially an indictment against the U.S. because gold is sold. Also dollars.

According to surveys, 95% of central banks around the world are planning to expand their gold reserves over the coming year, driven by loose monetary policy and concerns about currency debasement.

There is a conspiracy theory that America does not have the 8,000 tons of gold it claims, as there's been no public audit. Elon Musk once proposed a live stream of a gold audit.

China's gold imports are largely non-transparent, with much of it going through Dubai, Switzerland, and London. The Shanghai Gold Exchange has seen over 22,000 tons redeemed.

Every great empire, from the Greeks to the Romans to the British, has had its currency serve as the global reserve. Currently, the US holds this position, but China's rise could challenge it.

Countries in the Shanghai Cooperation Organization, like China and Russia, are increasing their gold holdings and de-dollarizing, potentially creating a payment system that bypasses the US dollar.