The latest US jobs report has lifted market sentiment. June saw 147,000 new jobs added, well above forecasts. Unemployment fell to 4.1 per cent, and May’s figures were revised higher. Markets responded swiftly, with yields rising and gold prices falling as traders assumed the Federal Reserve would keep interest rates steady.
Yet beneath the surface, a different story is unfolding.
Financial crises rarely begin with headlines. They begin quietly, far from the public eye, in the corners of central bank balance sheets, in obscure market trades, and in the complacency of investors who are reassured by the illusion of stability.
While investors applaud strong economic data, central banks are quietly buying gold at the fastest pace in decades. Their public reassurances of calm conceal a private, more cautious reality. The question is not why they are buying gold, but why so many others are not.
Our latest video examines the systemic risks that most investors ignore. It highlights the rapid growth of hidden leverage, the increasing popularity of illiquid private investments, and the return of complex financial engineering that mirrors the patterns seen before past crises.
Central banks face limits on their ability to intervene. Their growing gold reserves suggest they are preparing for a financial environment shaped by those constraints.
Gold stands apart from the financial system. It requires no counterparty, no confidence, and no intervention to hold its value. In every crisis, investors seek certainty, and gold remains the ultimate refuge.
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