Measure Assets in Gold, Not Dollars
18th October 2025
A new round of tariff announcements from the Trump administration sent markets reeling, with gold dropping briefly only to soar back to new record highs above $4300 today, signaling collective doubt in the system itself as investors rush to protect themselves with hard assets.
Collectively, markets are reaffirming gold’s role at the center of sovereignty, monetary stability, and global reserve strategy, even as it has become a favorite target of Keyneseian ridicule as everything from a “barbarous relic” to a waste of physical and financial space in investment portfolios and balance sheets.
Yet, confidence in US debt continues to decline, with the “safe” status of Treasuries increasingly being questioned. That’s why now, for the first time in decades, collective central bank gold holdings have surpassed the value of their Treasuries. Central banks now hold 20% of all gold ever mined, protecting themselves from the effects of currency debasement even as they, ironically, cause it. Instead of earning yield by holding Treasuries, they continue stocking up on gold, which is a powerful statement against the results of their own monetary experiments.
“Who cares about money? It’s just dirty pieces of paper.” — Bugsy Siegel