For investors, these shifts matter. Commodity flows, currency strength, sovereign debt stability, and geopolitical realignment are not abstract forces.
The short of it is that even all the doctoring on inflation was not enough to keep the debt-to-GDP ratio from tripping and falling on its head to levels worse than WWII.
Axel Merk oversees more than $4 billion in gold and gold miners. From that vantage point, he sees not just price action, but the flows and psychology behind it.
This could be as good as it gets before the negative effects of the next inflation problem created by the Fed and government become apparent to the public.
We see this de-dollarization trend most clearly in central banks’ scramble for gold. Central bank gold buying moderated in 2025 but remained far above the recent historical average.
The Supreme Court finally got up the courage to tell the wannabe emperor he cannot declare fake emergencies and use those fakes to seize power that is not his to take.
