https://www.bullionvault.com/gold-price-chart.do
THE FACTS.
The chaos is widespread, with very bad news on all levels, all over the world: it affects practically all countries and all sectors, except, of course, the arms sector:
- US- and Israeli-organised wars against Iran and against a growing number of invisible (clandestine armed groups) and unlikely enemies (the Gulf and Middle East countries, South America, …);
- Blockade of the Strait of Hormuz, rise in oil and raw materials;
- China’s expansionist policy is supported by a rise in the power of its army and by the improvement of its destructive weapons.
- Widespread inflation resulting from a rise in raw materials, energy and speculative predation;
- Decline in GNP in current values, but recession in constant currency since the 2000s;
- Rising unemployment, wages under pressure, loss of purchasing power, disguised unemployment;
- Rise of extremism;
- Multiplication of internal conflicts, accompanied by the multiplication of repressive laws and “Police Rights”;
- Exclusion and demotivation of young people: rising education costs, no meaningful jobs, overpriced housing, etc.
- Declining birth rate and accelerated division of society: late and declining marriages, rising divorces, unhealthy social networks, counterproductive wokism, …
This calamitous context should be favourable to a rise in gold, and this is not the case.
Better still, after a steady rise for more than thirty years (from $10,000 just before the introduction of the euro in January 1998 to more than $110,000 per ounce in October 2025).
After a meteoric rise from $110,000 (October 2025) to more than $166,000 (February 2026), gold has fallen back to $130,000 – $136,000 per ounce in June 2026.
In this context, according to “the mainstream media”, “gold continues its descent into hell”.
FAKE NEWS: THE OFFICIAL EXPLANATIONS.
“The mainstream media” links this fall in precious metals to the rise in inflation in the United States and to “the need to fight inflation” by raising interest rates.
In other words, gold holders would be penalised in relation to financial investment products.
And so, they would liquidate their gold holdings to buy government bonds and to obtain better returns by directing their liquidity towards more profitable financial investments.
This logic had been valid for several decades: “investors” bought gold when real interest rates were low or negative (real rates = inflation-adjusted returns), and they sold gold when the returns obtained in the real economy were not penalised by too high inflation.
THE REALITY? DEBTS ALL OVER THE UNITED STATES.
- The US public debt will end the year 2026 at around -40,000 billion dollars.
- The trade balance (Goods and Services) is recovering slightly: it was at a staggering level of -1.241 billion dollars in 2025 but it will still be negative, probably more than -800 billion in 2026;
- The U.S. budget deficit reached an impressive $1.78 trillion in 2025 ($7.010 trillion in spending and $5.23 trillion in revenue) but will likely exceed $2.000 billion in 2026;
- The American TOP-10 banks have been naturally impoverished since the 1960s, and the number of bankruptcies in the financial sector (banks and insurance companies) is impressive (more than ten thousand banks and insurance organizations in 50 years).
The major American banks compensated for these natural losses by organising casino games to attract speculators from all over the world.
These games are “rigged” in advance with the introduction of tens of thousands of “financial products” invented from scratch by less than ten big players in American high finance.
A day will come when the evidence of decadence (regression for more than 50 years) will impose itself as the ultimate and inevitable sanction of a nation that no longer invests in the current industrial field, and therefore of a nation that no longer creates diversified jobs throughout the American heartland.
And that day will also come for all the G7 countries, “administered” by the senior officials who have made a pact with the devil, globalised high finance.
Admittedly, a few American groups still dominate the services sector within the G7, but mainly in social networks (which do not bring anything positive), in business services (with wonderful innovations) and in financial services.
With their superiority, these American groups deprive friendly countries of strategic and political independence.
And so, these “friendly countries” are beginning to react to keep a certain freedom and even to avoid real economic, political and military espionage.
THE OTHER REALITY? FOREIGN DEBTS IN DOLLARS.
This is especially the case for countries “encouraged” by the World Bank (emerging countries), which are highly dependent on large American and European groups.
In the vast majority of these countries, the credit and capital markets, both public and private, have always been penalised by deficit real economies, and therefore by higher interest rates that “compensate” for monetary losses (penalising exchange rates).
Under the influence of the World Bank, dominated by the large American groups, the “emerging countries” have been encouraged to finance their deficits by borrowing in dollars.
As soon as a shortage of the dollar sets in (multiple losses on the speculative markets and American deficits at all levels, except in the services sector), the rates and rates of the “international” dollar become prohibitive for all these indebted countries.
It is necessary to “chase dollars” to cover only “the burden of the debt”: annual repayments and rising financial costs.
GOLD AS A VICTIM?
At the same time, the war against Iran has destabilised more and more countries to the point that not only are a large number of countries currently selling gold (Russia, Turkey).
In addition, a very large number of speculators were forced to “fill in the gaps” by selling assets that had brought them very large capital gains.
Dollars were needed at all costs, and gold had accumulated gains of +200% in five years.
Losers could “get back to health” by selling gold.
WHAT FUTURE FOR GOLD?
Beyond the “mechanical” adjustments of gold in the face of the lack of dollars, it is important to remember the underlying trends:
- All central banks have been wary since the European decision to freeze the assets of the Central Bank of Russia following the invasion of Ukraine.
- For this simple reason of the risk of freezing foreign currency assets, more and more central banks are repatriating their monetary gold (reserves) from Fort Knox, but, in addition to these repatriations, even Europe is no longer the “second financial centre” safe to hold euros.
- The major international financial players are also not reassured by the “American debt”, which includes government debt, bank debts and personal debts in the United States.
This “reversal” can be seen in central bank reserve statistics: according to the ECB’s June 2026 report, gold accounted for 27% of total global official reserves at the end of 2025, ahead of US Treasuries (22%) and the euro (15%).
For their part, individuals have “sniffed out risk” and continue to buy gold and silver bars and coins instead of buying gold-backed ETFs and digital assets.
THE PRICE OF GOLD AT THE END OF 2026?
Currently, at around $4,000 per ounce, it is expected to rise to levels between $5,000 and $6,000 per ounce.
The possible little surprise?
The creation of money from scratch (fake money) will be inevitable, and could bring gold to more than $10,000 per ounce.
Silver, on the other hand, quoted at around $60 per ounce ($2,000 per kilo) is expected to explode to more than $200 ar ounce ($6,200 per kilo) for industrial and speculative reasons: silver is both a (small) reserve currency (bulky and expensive storage) but is proving to be of (very great) use in all industrial innovations of “communication”, “energy transition”, ….