“Is the Dollar Dead, and Gold Ascendant?” Understanding the Recent U.S. Dollar Decline and Gold’s Explosive Rally I.
“Is the Dollar Dead, and Gold Ascendant?” Understanding the Recent U.S. Dollar Decline and Gold’s Explosive Rally I. Overview — A Shock in the Global Market In the second half of 2025, global financial markets have witnessed a dramatic dual move: The U.S. dollar weakened sharply , with the DXY index falling across multiple sessions; Gold prices soared past $4,000/oz , a historic all-time high; Central banks and institutional investors poured into bullion and ETFs at record pace; The market increasingly priced in Fed rate cuts , suppressing nominal yields and boosting demand for non-yielding assets like gold. These two phenomena — a weaker dollar and surging gold — are not random. They are two sides of the same global macro equation : one reflecting a loss of monetary confidence, the other a return to tangible stores of value. II. The Decline of the Dollar — Struct
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