Dear Investor,
Gold has overtaken U.S. treasuries as the world’s top reserve asset following years of relentless buying by central banks.
The European Central Bank announced today that gold has officially overtaken U.S. treasuries, despite drawbacks.
Those drawbacks, in the ECB’s own words, follow:
“Gold faces limitations as an official reserve asset compared with the major fiat currencies: its price is volatile, it is not renumerated and, when held in physical form, it is costly to store. More importantly, the supply of gold is not fully elastic and does not adjust seamlessly to shifts in international demand for liquidity.”
The central banks’ buying spree hit overdrive when Washington froze Russia’s dollar reserves in 2022…
A move that sent shockwaves through all but America’s closest allies.
The biggest central bank gold buyers last year?
China, Brazil, Turkey, Poland, Kazakhstan.
The fears are understandable… the geopolitical risks real…
Gold has surged to all-time highs this year and wobbled around since.
But here's what most people don't realize:
Gold’s actual value has been manipulated in a 55-year-old scheme that makes Bernie Madoff look like a small-time crook…
A scheme silently skimming trillions of dollars from Main Street to Wall Street…
A scheme that will go down as the single greatest economic scandal in history.
I’m talking about the Rigging of Gold.
Let me give you one number.
200.
That's the current ratio of paper gold claims to actual physical ounces sitting in COMEX vaults.
200 IOUs. One bar of gold.
If this were a bank, regulators would shut it down tomorrow.
Banks are required to hold reserves.
Gold markets? No such rule.
The COMEX system runs on the assumption that most contract holders will never ask for delivery.
They'll just roll their contracts forward, trade the paper, and never touch real metal.
For forty years, that assumption held.
It's not holding anymore.
COMEX inventory dropped 25% last year alone.
Physical gold is moving East at a rate we've never seen.
Shanghai imported more gold in the last eighteen months than in the previous five years combined.
India's central bank has been buying every single month.
Russia hasn't stopped since 2014.
And all of it is leaving Western vaults.
The Date on the Calendar: July 31, 2026
Every quarter, COMEX futures contracts come due.
Holders can demand physical delivery.
Most don't.
They roll forward.
But every quarter, the percentage demanding delivery has been climbing.
The question isn't whether the system breaks.
It's when — and what happens to your money when it does.
History gives us the answer.
In 1971, France demanded its gold back from the U.S.
Nixon closed the gold window.
The dollar plunged.
Gold went from $35 to $800 — a 2,185% move.
In 1980, the Hunt Brothers tried to take delivery of silver.
The exchange changed the rules overnight.
Paper holders got crushed.
Physical holders made a generational fortune.
In 2020, the COMEX paper-physical spread blew out to $70 per ounce — the widest in history.
Mining stocks surged 300-400% in the months that followed.
Every single time the paper system cracked, the money flowed the same direction:
Out of paper, into real assets.
What the Smart Money Is Doing Right Now
Central banks bought more gold in 2025 than in any year since records began.
But they're not buying ETFs.
They're not buying futures contracts.
They're buying physical metal — and the companies that pull it out of the ground.
Because when the paper market breaks, ETF holders discover their gold was never really there.
Mining shareholders own something real.
I've found a stock sitting on a huge amount of gold — trading at a 99% discount to the metal in the ground.
A company with proven reserves, active production, and a valuation that doesn't yet reflect what's about to happen.
"The Buck Stops Here,"
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Written by Dylan Jovine