this post was submitted on 17 Jan 2026
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As Donald Trump shatters the global rules-based order, official institutions (and private investors) are scrambling to buy gold: the share of the asset in central banks’ reserves has doubled in the past decade to more than a quarter, the highest level in almost 30 years.

Although this partly reflects the soaring bullion price, experts say central banks are also stuffing their vaults as an insurance policy in a volatile world. Many are also rushing to repatriate gold stockpiles held overseas, and slashing their exposure to the US dollar.

“We have moved from Pax Americana to global discord, geopolitically. It is the law of the jungle when we see what the US are doing,” says Raphaël Gallardo, the chief economist at the asset manager Carmignac.

“Investors – private and sovereign – believe their strategic reserves are no longer safe in dollar terms, as they can be confiscated overnight. The dollar is losing the credibility as the nominal anchor of the global monetary system because the Fed is losing credibility, and US Congress is losing its credibility.”

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[–] GreenBeanMachine@lemmy.world 5 points 1 week ago (1 children)

According to them climate change is a hoax. That's not being grounded in reality. That's denying reality.

So in other words, they are "grounded in their own delusional reality". Not the real reality.

[–] plyth@feddit.org 1 points 1 week ago

There are 1,000 billionaires. Not all will believe it. E.g. why has Musk pushed electric cars?

Even if they say they don't believe if, that can be deception. Climate change is useful for the northern shipping route, or to create bigger changes like triggering a new ice age and make north Africa green again, or just to soften nuclear winter.

There is no open discussion about why global warming was not stopped in 1970 when people knew and things could have been changed.