 Gold Reserves Surpass U.S. Treasuries for First Time Since 1996
A watershed moment in global finance has arrived. For the first time in nearly three decades, foreign central banks now hold more gold than U.S. Treasury securities in their reserves, marking a fundamental shift away from dollar-centric monetary policies and toward hard assets. This crossover represents the most significant realignment in reserve composition since the breakdown of the Bretton Woods system. Historic Reversal in Reserve Management The milestone occurred in late 2025 amid persistent central bank gold accumulation and rising concerns about U.S. fiscal sustainability. According to data from Crescat Capital macro strategist Tavi Costa, central bank gold holdings now exceed their U.S. Treasury positions for the first time since 1996. This development signals what Costa describes as "likely the beginning of one of the most significant global rebalancings we've experienced in recent history”. Central bank gold reserves have reached approximately 36,000 tonnes globally, with their market value now estimated at $4.5 trillion compared to roughly $3.5 trillion in Treasury holdings. The International Monetary Fund reports that gold's share of global reserves has climbed to approximately 18% in 2024, representing a sharp increase from mid-2010s levels. Unprecedented Buying Momentum The pace of official sector gold purchases has accelerated dramatically since 2022. Central banks acquired a record 1,136 tonnes in 2022, followed by 1,037 tonnes in 2023 and 1,045 tonnes in 2024. This represents more than double the 473-tonne annual average between 2010-2021. The sustained buying has continued into 2025, with central banks adding 244 tonnes in the first quarter alone. China has emerged as the most significant purchaser, with the People's Bank of China adding gold for consecutive months and reaching total holdings of 2,280 tonnes by end-2024. Other major buyers include Poland, which added 90 tonnes in 2024, India with 73 tonnes, and Turkey maintaining its 27-month consecutive buying streak. The World Gold Council's 2025 survey reveals that 29% of central bank respondents plan to increase their gold reserves over the next twelve months, while 81% expect global central bank holdings to rise—the highest proportion recorded since the survey began in 2018. Driving Forces Behind the Shift Several fundamental factors are propelling this historic rebalancing: De-dollarization and Sanctions Risk: The weaponization of the dollar through sanctions, particularly following Russia's 2022 invasion of Ukraine, has heightened concerns about vulnerability to financial exclusion. Central banks increasingly view gold as protection against potential asset freezes or restrictions, with many opting to store physical gold domestically rather than in Western jurisdictions. Fiscal Sustainability Concerns: The U.S. national debt trajectory and persistent fiscal deficits have raised questions about the long-term stability of Treasury securities as safe assets. Current U.S. Treasury gold reserves account for merely 2% of total outstanding government debt, one of the lowest levels in history. Monetary Policy Divergence: Federal Reserve independence concerns and expectations of continued rate cuts have reduced the opportunity cost of holding non-yielding gold. Real interest rates on Treasuries have declined, making gold relatively more attractive to reserve managers. Geopolitical Fragmentation: Rising tensions between major powers and increasing global multipolarity have reinforced gold's appeal as a neutral reserve asset free from counterparty risk. Market Impact and Price Dynamics The structural shift in central bank demand has provided fundamental support for gold prices, which surpassed $4,000 per ounce for the first time in October 2025. Gold has gained approximately 50% year-to-date, making it one of the best-performing assets of 2025. Central bank purchases now account for approximately 20% of annual physical gold demand, establishing a durable price floor despite volatile market conditions. The sustained institutional buying has occurred despite record-high prices, indicating that reserve managers are prioritizing diversification over cost considerations. Major investment banks have dramatically revised their gold price forecasts upward. Goldman Sachs now projects $4,900 per ounce by December 2026, while Deutsche Bank raised its 2026 average forecast to $4,000. These projections assume continued central bank accumulation at elevated levels. Dollar's Declining Reserve Status The crossover in gold versus Treasury holdings reflects a broader erosion in the dollar's reserve currency dominance. The dollar's share of global foreign exchange reserves has declined to 57.7% in the first quarter of 2025, down from over 70% in the early 2000s. When gold is included in total reserve calculations, the dollar's share falls to approximately 48%. European Central Bank analysis shows that since Q3 2023, the dollar's share of foreign exchange reserves has fallen below 50%, with gold being the primary beneficiary of this diversification. The euro has also gained ground, increasing its share to 20.06% in Q1 2025. Strategic Implications This historic reversal carries profound implications for the global monetary system. Central banks are effectively signaling reduced confidence in the sustainability of current fiscal and monetary policies in developed markets, particularly the United States. The shift toward gold represents a return to more traditional concepts of monetary sovereignty and independence from digital financial systems. The trend appears structural rather than cyclical. Unlike previous gold rallies driven by retail investor panic, current accumulation reflects deliberate institutional strategy. Central banks are integrating gold into quantitative reserve management models that balance diversification, liquidity requirements, and geopolitical risk mitigation. Regional Dynamics Emerging market central banks have led the gold accumulation trend, with particularly aggressive strategies from China, Russia, Turkey, and several Eastern European nations. These countries are using gold accumulation to reduce vulnerability to Western sanctions and dollar-based financial systems. Advanced economy central banks have also increased their gold focus, though from higher baseline allocations. Countries like Germany and France maintain gold shares of 60-70% of their reserves, while emerging markets typically hold much lower percentages, suggesting potential for continued catch-up buying. The crossover of central bank gold holdings above Treasury positions marks more than a statistical milestone—it represents a fundamental reassessment of monetary assets in an era of heightened geopolitical tensions and fiscal uncertainty. As reserve managers prioritize durability and neutrality over yield, gold's role as the ultimate monetary asset appears to be experiencing a historic renaissance.
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 The dollar was at risk of losing its safe-haven status at the height of US tariffs uncertainty in April, as foreigners sold the currency fearing further declines in its value, the International Monetary Fund said.
In its latest outlook on fragility in the financial markets, the IMF said some foreign investors became “net sellers” of the dollar in the aftermath of President Trump’s “Liberation Day” announcements, the reverse of the usual trend where investors seek the safety of the US currency at times of high volatility. The dollar fell sharply on April 2 as traders dumped the currency over worries about US protectionism and to hedge against future declines. The IMF said that selling by foreign investors “was stronger and more persistent, suggesting evolving shifts in market responses to uncertainty”. The US currency depreciated more than 10 per cent in the first half of the year, its largest slide in almost 50 years. The pace of the depreciation slowed after the Trump administration announced a 90-day pause on tariffs later in April. Ken Griffin, chief executive of Citadel, one of the world’s largest hedge funds, said on Monday he was “concerned” about the dollar losing its position as a safe haven for investors to assets like gold. Gold prices hit a fresh record of $3,983.60 an ounce this week over worries about the US government shutdown, inflation in developed market economies and the ability of America to hit countries with dollar-based financial sanctions. Analysts at Goldman Sachs have estimated gold could trade at $5,000 by the end of next year. “We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarise, or de-risk their portfolios vis-à-vis US sovereign risk,” Griffin said. “Inflation is substantially above target and substantially above target in all forecasts for next year. You now see individual investors around the world go: ‘You know what? I now view gold as a safe harbour asset in a way that the dollar used to be viewed.’ That’s what’s really concerning me.” The IMF warned that the $10 trillion foreign exchange market remains “vulnerable to adverse shocks. That means policymakers should strengthen surveillance to monitor systemic risks arising from market stress. Enhancing liquidity stress tests and conducting scenario analysis are essential to assess specific funding vulnerabilities across financial institutions.” Mehreen Khan Economics Editor at The Times today. https://lnkd.in/dtR-ZNET  More than 800 top military brass sat quietly Tuesday as President Trump declared a new "war from within”, an American battlefield he claimed to be more dangerous than any foreign war zone.
In an historic speech at the Quantico Marine Corps Base in Northern Virginia, Trump wiped out decades of civil-military restraint and proclaimed the armed forces as his weapon of choice against domestic "enemies." Both the content and setting were unprecedented: Generals and admirals flew in from across the globe to hear the president redefine the military's mission and attack his political enemies in blistering terms. "We're under invasion from within. No different than a foreign enemy, but more difficult in many ways because they don't wear uniforms," Trump mused during Tuesday's extraordinary hour-long address. On the campaign trail last year Trump vowed repeatedly to unleash the military on the "enemies within”. Trump already has ordered the National Guard to Los Angeles, D.C., Memphis and Portland, often over the objection of local officials. He sees those deployments as a playbook for other deep-blue cities such as Chicago, Baltimore and San Francisco, which he said Monday should be used as "training grounds" for the military. "We're going to straighten them out one by one. This is going to be a major part for some of the people in this room." Trump told the leaders of the world's most powerful military. "History is filled with military heroes who took on all enemies, foreign and domestic," he said, pointing to George Washington, Abraham Lincoln and other presidents who "used the armed forces to keep domestic order and peace.” "Many of our leaders used the military to keep peace. Now they say you aren't allowed to use the military," he lamented. By wrapping himself in historical precedent, Trump tried to normalize what would be a dramatic break from modern U.S. civil-military tradition. The Posse Comitatus Act of 1878 was designed to prevent presidents from using the armed forces as a domestic police force, a guardrail that has shaped American democracy for nearly 150 years. Trump has treated it more as a nuisance than a constraint — sidestepping it with repeated National Guard deployments, and establishing a new "quick reaction force" for quelling domestic unrest. Opening the Quantico gathering, Defense Secretary Pete Hegseth said the military would scrap "overbearing rules of engagement" and "untie the hands of our warfighters to intimidate, demoralize, hunt and kill the enemies of our country.” Trump then applied that sentiment to the home front, urging troops who are harassed or assaulted by protesters to "get out of that car and do whatever the hell you want to do." Democrats and civil rights advocates say Trump's speech confirms their worst fears: that he views the military as his personal police force. Critics have raised constitutional questions, including whether the president could use the armed forces to influence an election. As he departed the White House Tuesday morning, Trump told reporters that he would fire any generals he disliked "on the spot.” He then drew laughter from the brass by beginning his speech: "If you don't like what I'm saying, you can leave the room. Of course, there goes your rank, there goes your future.” The bottom line: A new New York Times/Siena poll underscores how polarizing Trump's vision is. 51% of voters said they're more concerned about Trump using the National Guard to intimidate his political opponents than they are about crime spiraling out of control in Democrat-led cities, while 42% said the opposite. "In cities across the country, the president's federal deployments are already creating conflict where there is none and instilling profound fear in people who are simply trying to live their lives and exercise their constitutional rights," the ACLU said in a statement.  China’s Strategic Shift: Turning Dollars into Gold The global financial landscape is changing rapidly. One of the most significant trends is China’s ongoing reduction of its US Treasury holdings. Latest data reveals China’s Treasury assets have fallen to $730.7 billion July 2025, the lowest level since 2008 and a fall of nearly $570 billion from an historic peak of $1.3 trillion. This gradual yet decisive move signals more than just a portfolio adjustment; it reflects deep strategic thinking re economics, geopolitics, and long-term national priorities. What is driving this dramatic shift? First, rising geopolitical tensions have heightened concerns over the weaponisation of the US dollar. China, like many emerging economies, is seeking to guard its reserves against potential disruptions. Russia was a warning to all. In addition, slower post-COVID economic growth and evolving trade barriers are making dollar-denominated assets less attractive for Chinese policymakers. China’s diversification strategy is robust and multidimensional. Gold is the headline. China’s official gold reserves have soared, with central bank purchases continuing for more than ten consecutive months and stockpiles now exceeding 74 million troy ounces (2,302 tonnes), worth some $250 billion dollars. This surge makes China one of the world’s leading state buyers. Gold now accounts for roughly 7% of total foreign exchange reserves. That’s not all. China is reallocating towards European investment-grade bonds, driven by the depth and liquidity of European markets. There’s speculation that increased holdings of euros, British pounds, and Swiss francs are supporting both reserve growth and new trade patterns with Europe. In parallel, to reduce reliance on the US dollar in global commerce, China is investing in the internationalization of the yuan (RMB), leveraging cross-border payment systems and exploring digital currency solutions. Even digital assets are on the radar, with Bitcoin gaining traction among Chinese institutions and investors seeking uncorrelated alternatives for risk management and capital preservation. This transformation highlights the urgent need for organizations to revisit risk management and asset allocation frameworks. The “safe haven” status of US Treasuries is not immutable. China’s moves suggest that return, liquidity, strategic autonomy, and geopolitical foresight must all be weighed in reserve management. For global investors, central banks, and policymakers, these shifts are a powerful reminder that today’s reserve currencies and asset classes may not hold their primacy tomorrow. Diversification, including allocations to gold, major non-dollar currencies, and new payment systems, is not just prudent but necessary in an age of rapid geopolitical and macroeconomic change. The world’s second-largest economy is rebalancing its portfolio for the future. Will others follow suit as uncertainty and innovation define the global financial order? Update : China reduced its US Treasury holdings in October 2025 to its lowest level in 17 years, as mounting concerns over US debt sustainability and the Federal Reserve’s independence further eroded confidence in dollar-backed Assets. The country’s stockpile fell to US$688.7 billion in October, down from US$700.5 billion in September, according to US Treasury Department data released on Thursday. SCMP  The Federal Reserve lowered interest rates for the first time since December to support America’s faltering labor market. However, the economy’s path forward looks murky, according to the central bank’s leader.
The Fed cut its benchmark lending rate by a quarter point to a new range of 4% to 4.25%. It’s the first rate cut of President Donald Trump’s second term, following a nine-month pause prompted by uncertainty surrounding the administration’s major policy shifts. But the economy’s future remains up in the air, Fed Chair Jerome Powell told reporters following the conclusion of the Fed’s monetary policy meeting. “It’s not incredibly obvious what to do,” he said.. The Fed moved forward with a “risk management cut,” as Powell characterized it, because central bankers can’t wait around forever for the effects of Trump’s policies to become crystal clear. The Fed’s latest decision wasn’t unanimous: Fed Governor Stephen Miran, a Trump appointee dissented, backing a larger, half-point rate cut. Fed officials penciled in one additional rate cut later in the year, according to updated economic projections. Projections for unemployment and inflation this year were unchanged compared to June estimates. Powell made it clear, growing risks to the labor market were a key reason why the Fed finally lowered rates, even though there’s also a risk of Trump’s tariffs pushing up prices. The Fed chief characterized the labor market as one of “low hiring and low firing" adding “downside risks to employment have risen.” "High unemployment among young people is a consequence of today’s low hiring environment." America’s central bankers remain in a tough spot, with both sides of their dual mandate, stable prices and maximum employment, under threat. Inflation of goods exposed to tariffs, such as furniture and appliances, have begun to climb in recent months, according to economic data. Powell said the impact of tariffs on prices has not had a “very large effect at this point” but that the full extent of those effects remains yet to be seen. In the end, it was the labor market’s future that was top of mind for Fed officials. “There really is meaningful downside risk” to the labor market, Powell said. “But let’s remember there’s a 4.3% unemployment rate and the economy is growing at 1.5%, so it’s not a bad economy.” The first question Powell was asked was about Miran’s arrival at the Fed. “So, we did welcome a new committee member today and, as we always do, the committee remains united in pursuing our dual mandate goals.” As Fed officials contend with a complicated economic puzzle, the central bank’s powerful Board has seen some unprecedented developments in recent months. The future of Fed Governor Lisa Cook remains up in the air and Miran is a new voice at the Fed who is supportive of more aggressive rate cuts. Powell confirmed 'We’re strongly committed to maintaining our independence and beyond that, I really don’t have anything to share.” CNN  Corporate leaders regularly praise the Trump administration and its policies in public. Behind closed doors, their mood is darker.
At a recent meeting of CEOs and others at the Yale School of Management, America’s business leaders sounded off on concerns about tariffs, immigration, foreign policy matters and "an increasingly chaotic, hard-to-navigate business environment". The meeting included prominent CEOs such as Motorola Solutions Greg Brown and Booking Holdings, Glenn Fogel. Attendees included the heads of major manufacturers, consumer brands, automakers, tech companies and investment firms. Many shared their concerns in a private conference room. They didn’t want to speak publicly for fear their companies could be targeted by the White House or they could attract criticism from Trump. In a series of poll questions, the executives made their frustrations known. Asked if tariffs had been helpful or hurtful to their businesses, 71% of respondents described the tariffs as harmful. Executives also confirmed U.S. consumers and domestic importing companies were bearing the brunt of the tariffs, not exporting companies or countries. The Trump administration has made tariffs core to its economic agenda, hoping to spur a resurgence in domestic manufacturing by bringing jobs back to the U.S. from overseas. Most of the CEOs took a different view. When asked whether they planned to invest more in U.S. manufacturing and infrastructure, 62% of respondents said they didn’t plan to do so because of uncertainty "Tariffs, immigration policies and concerns about the economy are weighing on leaders and preventing them from feeling confident enough today to make new investments." Not all CEOs in the room criticized the administration. Several said they appreciated efforts among Trump officials to correct trade imbalances and reinforce the country’s borders, but they took issue with the way some policies were being carried out. “There’s a fair amount of confusion,” said Kathwari of Ethan Allen, which produces many of its products in the U.S. “The focus on making trade fair between America and the rest of the world is important, but it’s got to be managed so it does not create chaos.” CEOs were nearly unanimous in expressing displeasure about Trump’s efforts to pressure Fed Reserve Chair Jerome Powell to lower interest rates: 80% of respondents said Trump wasn’t acting in the best long-term interests of America by doing so. 71% of respondents said the Fed’s independence had been eroded by Trump’s actions. A good portion of the discussion also focused on "state capitalism". Nvidia and AMD will share a portion of certain overseas chip sales with Washington. The U.S. will get what has come to be known as a “golden share” in U.S. Steel as a condition of Nippon Steel’s takeover. Executives saw the recent moves as concerning, a sign of government encroaching on the free-market ethos that long defined the U.S. Behind closed doors of course. WSJ.  Employers cut jobs at the fastest rate in four years as companies continue to count the costs of Rachel Reeve’s Budget tax raid according to The Telegraph Live today ...
A Bank of England survey of business leaders revealed that employment rates fell 0.5pc in the three months to August, the sharpest fall since 2021. Almost half of companies said they were cutting jobs on the back of the Chancellor’s decision to increase employer national insurance contributions. Since the tax increases came into force in April, two thirds of companies said they had reported lower profits, 34pc had raised prices and 20pc were paying staff lower wages than they would have done otherwise. Executives surveyed also cut their expectations for headcount growth over the coming year to 0.2pc. Bosses also increased their expectations for inflation over the coming year by 0.1 percentage point to 3.3pc. The data will pile fresh pressure on the Chancellor as she mulls further tax increases in the upcoming Autumn budget to plug a black hole in the country’s finances as the UK’s long-term borrowing costs surge. Separately, data from the construction industry revealed the sector is in its longest continuous downturn since the pandemic as house building continues to decline. Construction activity in the UK fell for the eight month in a row as the industry suffers from a drop in housing and civil engineering projects. The Manufacturing PMI for August was 47.0, reflecting a three-month low and signaling a continued contraction below the neutral point of 50.0 for the eleventh consecutive month https://www.telegraph.co.uk/business/2025/09/04/tax-rises-causing-bond-sell-off-rachel-reeves-warned/  Chinese leader Xi Jinping and Russian President Vladimir Putin have long showcased their bromance on the world stage. Now, they’re embracing a powerful new friend: Indian Prime Minister Narendra Modi. This a great article from Jenni Marsh, Bloomberg Balance of Power series
Pictures of the three leaders laughing on the sidelines of the Shanghai Cooperation Organisation summit in the Chinese city of Tianjin signaled the beginning of a new chapter in regional diplomacy. “Exchanging perspectives with President Putin and President Xi during the SCO Summit,” Modi posted on his official X account. For Xi, the optics could hardly have been better. As US President Donald Trump’s tariffs and foreign-policy swings upend America’s global standing, China’s leader is seeking to elevate Beijing’s position on the world stage. Making up with Modi is part of that push. It’s just two years ago that Xi broke decades of precedent to skip a Group of 20 summit in New Delhi, dealing a public snub to Modi as tensions simmered between the world’s two most populous nations. Now, with the US targeting Indian and Chinese exports with tariffs past 50%, the neighbors are putting aside their border dispute and eyeing ways to do more business. And while Putin and Modi have long been partners, Russia is India’s primary defense supplier after all, the three men together forging such a united front stands out. That show of common purpose calls into question how effective Trump’s campaign to prise India away from Russian oil, and convince China to buy more from the US, is really going to be. The answer may come only when Trump arrives in Beijing for his own taste of Xi’s diplomatic charm, the date for which still hasn’t been set. For the time being, the emergence of a new Xi-Putin-Modi alliance is a worrying development for defenders of the US-led global order. Jenni Marsh Bloomberg In international relations we call this "The Theory of Countervailing Power" in action. JKA Trump’s “America First” Is Not Realism. It is evidence of “the self-deception that believes the lie”. The Theory of Countervailing Power will prevail. Additional quotes from Jonathan Kirshner and Lorenz Hart. Bloomberg's Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. https://www.bloomberg.com/account/newsletters/politics?source=NLshare Read the full article here : https://www.bloomberg.com/news/newsletters/2025-09-01/xi-hosting-modi-putin-sends-a-message-to-trump?srnd=undefined  Nvidia's otherwise stellar earnings this week, were clouded by just one thing: export controls, which were overturned only after the company agreed to give a 15% cut of China chip sales back to Uncle Sam.
"It's the latest example of President Trump inserting himself into the private sector as chairman of all boards, regardless of the impact that has on free markets." says Axios. Nvidia reported zero sales of its H20 chips to China for the quarter. CEO Jensen Huang said China is an untapped market representing a "$50 billion opportunity” but China is imposing restrictions on H20 chips as part of a tariff retaliation. Nvidia's CFO added that the company could make up to $5 billion more next quarter if restrictions were lifted. Meanwhile, the 15% revenue split with Uncle Sam on exports China, is riddled with confusion. In a filing, the Nvidia wrote that any revenue split with the government "may subject us to litigation, increase our costs, and harm our competitive position and benefit competitors that are not subject to such arrangements.” The Trump administration is harming Nvidia's competitive advantage, according to the filing. In reality, there are plenty of other examples this year of the president telling businesses how to do business: Trump said Intel's CEO should resign then the U.S. government took a 10% stake in the company. Apple was squeezed for another $100 billion investment commitment to avoid huge tariffs for not making its phones in the U.S. U.S. Steel had to hand over a golden share to the president's control to reverse the rejection of its sale to Nippon Steel. The administration has publicly discussed taking government stakes in major defense firms, including Lockheed Martin, citing national security rationales and the sector’s heavy reliance on federal contracts. Business interests say the problem is clarity, something in short supply among several policy changes. "Businesses need certainty for planning," Neil Bradley, chief policy officer for the U.S. Chamber of Commerce, told Axios recently. "That's why they like clear rules of the road.” It's hard to be certain, or plan for the future, if you don't know when or how the president of the United States will turn the might of the government against you. Even more so now many of the tariffs imposed by Trump have been declared illegal. The way forward is now more confused than ever … Trump's tariffs may be lifted in October ... Article originally from Axios, with additional notes from Perplexity AI and The Saturday Economist AI Warren Buffett defends $334bn cash pile ... offers warning on U.S. stock market valuations24/2/2025  Buffett, 94, dubbed the Sage of Omaha, has a long track record of striking big deals but the high valuations in US stocks has curbed buying activity and led to stock disposals. The conglomerate’s cash pile to hit $334.2 billion at the end of 2024.
“Despite what some commentators currently view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities,” but not in marketable equities, Buffett wrote. “That preference won’t change. While our ownership in marketable equities moved downward last year from $354 billion to $272 billion, the value of our non-quoted controlled equities increased somewhat and remains far greater than the value of the marketable portfolio.” He added: “Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities, mostly American equities, although many of these will have international operations of significance.” Berkshire, led by Buffett for 60 years, has grown to become a $1 trillion conglomerate with dozens of businesses spanning insurance, rail and energy as well as stakes in some of America’s largest companies, such as American Express, Coca-Cola and Moody’s. Buffett’s 15-page annual letter was issued alongside fourth-quarter results, showing a record operating profit of $47.4 billion for 2024, up 27 per cent year-on-year, before its annual shareholder gathering in Omaha in May. Buffett, the world’s sixth-richest person with an estimated net worth of $149.5 billion, according to Forbes, said that “it won’t be long” before Greg Abel, 62, the vice-chairman of Berkshire, replaced him as chief executive and referred to his age and use of a cane, which he said was to avoid “falling flat on my face”. He also used his annual letter to warn on the importance of a stable US dollar, saying “paper money can see its value evaporate if fiscal folly prevails”. Alex Ralph at The Times 24th February 2025 https://www.thetimes.com/business-money/companies/article/warren-buffett-defends-record-334bn-cash-pile-99kf3dkkh |
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