| Look at the inflection point around 2015.
That's when China's gold accumulation accelerated. It's also when they started dumping Treasuries in earnest. This wasn't a reaction to sanctions or inflation fears. This was a strategic decision made years before anyone was talking about de-dollarization.
And China isn't alone.
When Washington seized Russia's dollar reserves in 2022, it sent a signal to every finance minister in the world: your dollars are only yours if we say so.
The "risk-free" asset was suddenly full of political risk.
Central banks from Poland to Singapore have been repatriating their gold and adding to reserves at the fastest pace since the 1960s. - An Invesco survey of 50 central banks found that two-thirds are moving their gold out of Western vaults.
- Half plan to increase their allocation further.
They are preparing for a world where a nation's wealth is measured not by how many U.S. bonds it holds…
But by how many gold bars sit in their own vaults.
The Pro’s Just Moved the Targets (Again)
Wall Street is starting to see the same math.
In the past month alone: J.P. Morgan raised their 2026 forecast to $5,055. Goldman Sachs bumped to $5,400 by December.
Bank of America is at $6,000. Jefferies went to $6,600.
- Ed Yardeni just issued a $6,000 target for year-end 2026. He sees $10,000 by 2030.
Notice what's happening: the revisions only go in one direction. Every time gold hits a new high, the analysts scramble to catch up.
The “Fattest Gold Profits in History”
This global monetary shift is creating an overlooked opportunity in the companies that actually produce gold.
The average all-in sustaining cost to mine gold runs about $1,500 per ounce.
With gold above $4,700, that's roughly $3,200 in operating cash flow per ounce, the fattest production margin in history.
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