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Two months ago, the United States went to war with Iran.
We blockaded the Strait of Hormuz. We froze another $25 billion of a sovereign nation’s foreign reserves. And we showed unequivocally that the U.S. dollar is not a neutral asset.
It’s not the first time either.
We weaponized the dollar against Russia in 2022.
The lesson for every other government holding dollars was the same: hold U.S. paper, and Washington decides when you can use it. And the world has been listening.
For 20 years — from 1990 to 2009 — central banks were net sellers of gold. They didn’t want it. They preferred Treasuries.
Then in 2010, the trend reversed. From 2010 to 2021, central banks bought an average of 473 tonnes of gold per year. Then we weaponized the dollar against Russia.
In 2022 – when the U.S. and Europe froze $300 billion of Russian central bank reserves — global central banks bought 1,136 tonnes of gold. The highest single-year total on record.
Then 1,051 tonnes in 2023. Then 1,045 tonnes in 2024. Then 863 tonnes in 2025. And in Q1 of this year alone, 244 tonnes.
But here’s what almost nobody is reporting:
According to the World Gold Council, 57% of central bank gold buying is now unreported. More than half. Hidden from public disclosure.
Which means the true number being moved out of dollars and into gold is closer to 2,000 tonnes a year — and we’re only seeing the part that governments are willing to admit to.
I predicted this would happen years ago.
In 2011, I released a documentary called The End of America. More than 40 million people watched it. The financial press mocked it. The mainstream media called it preposterous.
I made several predictions:
- That the dollar’s run as the world’s reserve currency was ending.
- That the American middle class was being quietly strip-mined by a monetary system rigged in favor of Washington and Wall Street.
- That the country’s social fabric was coming apart in ways the political class refused to see.
- That the whole arrangement was headed for a crisis unlike anything America had faced since the 1930s.
Almost everything I predicted has now come to pass.
The one thing I got wrong was timing. I thought the final crisis would already be here. It isn’t. But the data says it’s closer than it’s ever been.
This isn’t just my view.
The historians William Strauss and Neil Howe described an 80-to-100-year “Fourth Turning” cycle that ends in monetary and political reordering.
Ray Dalio, the founder of the world’s largest hedge fund, calls it the “Big Cycle” — and says we are in late Stage 5, one step before the collapse phase.
The last Fourth Turning ended with the Great Depression and World War II.
The one before that, the Civil War.
The one before that, the American Revolution.
I expect the next five to ten years to bring the kind of events that only happen every three or four generations… and I expect a lot of hard-working, middle-class families to be wiped out by what our government has done to our currency.
If there’s a silver lining, and there is one, it’s this: no individual American has to pay for the sins of dollar debasement.
You don’t have to fix the deficit. You don’t have to refinance the unpayable national debt. You don’t have to argue politics with your neighbor. All you have to do is position your portfolio for what’s coming.
You do that by making gold the anchor — exactly the way every central bank on Earth is doing it right now.
Which is why, back in January, I sat down with the one person I trust more than anyone on gold and gold mining stocks.
His name is Garrett Goggin.
He’s spent his entire career analyzing this sector, and nobody I know does deeper work on the companies that benefit when this thesis plays out.
In our January interview, we walked through the entire central-bank thesis — and the specific stocks Garrett believes will benefit most from it.
Since we recorded it, the war in the Middle East has pulled forward our timeline by several months, if not years.
Garrett has also identified two new developments that didn’t exist when we first sat down in January… which is why I’m re-releasing the interview today, along with Garrett’s critical update on the story.
Including how one new company that he’s discovered could upend the entire commodities market. |
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