TLDR Tech / Crypto
Humanity's Original Store of Value
Gold has decoupled from real rates since late 2022, rallying from $1,620 to $5,200/oz despite real yields remaining steady. This shift is attributed to fiscal dominance, with US debt increasing by $8B daily and net interest costs expected to surpass the defense budget by 2026. Central banks acquired 863 tonnes of gold in 2025, but Western institutional allocation remains low at ~1% of ETF and fund assets, compared to a historical 5-10%. During gold's 78% gain, Bitcoin reached an all-time high of $126K before falling to $67K. The US Strategic Bitcoin Reserve of $13B pales in comparison to over $140B in annual central bank gold purchases.
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