John Rubino's Substack

John Rubino's Substack

Gold Is the World's New Reserve Asset

That's the way Trump wants it

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John Rubino
Sep 06, 2025
∙ Paid

For most of this century, the world’s central banks have held US Treasury bonds as their primary reserve asset. But lately, for a variety of reasons, they’ve been converting their dollars into gold. And this year, the lines crossed, as the amount of gold they own exceeded Treasuries.

Not a Coincidence

Pretty much everyone has a problem with the dollar’s …

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