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Gold at $3,700? Here’s Why It’s Still Dirt Cheap

EDITOR'S NOTES

Gold is brushing up against $3,700 an ounce, posting its best gains since the wild 1979 spike—yet it’s still not expensive. Why? Because global debt is spiraling, faith in fiat is crumbling, and the world is quietly loading up on precious metals. In this article, Frank Balm breaks down why we haven’t even begun to see gold’s real breakout, and why now is the time to act before the real panic buying starts.

Let me ask you something: if gold’s up nearly 40% this year and sitting just shy of $3,700 an ounce, does that mean it's too expensive to buy?

Absolutely not. In fact, I’d argue it’s still on the clearance rack.

Let me explain. I’ve been in the markets for decades—since back when you could still get change back from a five-dollar bill at the grocery store. I’ve seen hype bubbles and I’ve seen crashes. But this gold rally? This one’s different. This one’s earned.

The Smart Money Is Loading Up

You know who’s not scared of these prices? The big boys.

French banking giant Société Générale just bumped gold up to a full 10% of their multi-asset portfolio. That’s a maximum allocation. You don’t make a move like that unless you’re bracing for serious turbulence ahead.

Ray Dalio—the billionaire founder of Bridgewater—just told a global forum in Singapore that investors should hold at least 10% in gold. Meanwhile, Morgan Stanley’s Chief Investment Officer is recommending a 60/20/20 portfolio split—with gold and Treasuries equally weighted. That’s Wall Street speak for “we don’t trust fiat anymore.”

Want some perspective? Gold currently makes up just 2% of global financial assets. Let that sink in. If institutional investors even double that allocation—which would still be ultra-conservative—you’re looking at a gold price explosion that could make $3,700 look like chump change.

But Gold’s Near All-Time Highs... Doesn’t That Mean It’s Topped Out?

Look, I get it. Seeing those big numbers on the screen makes some folks nervous. But here's the thing most people miss:

Gold isn’t going up. The dollar is going down.

That’s like saying your car is gaining value just because your neighbor’s junker is falling apart. No, your car’s still losing value—just more slowly.

Gold is measuring the rot in the system, plain and simple. And that rot is global. It’s not just Washington printing money like it’s Monopoly night—it’s central banks around the world.

Gold’s hitting record highs in:

  • Canadian dollars
  • British pounds
  • Euros
  • Japanese yen
  • Australian dollars

Right now, it's over $5,000 an ounce in Canadian dollars. That tells you this isn’t a U.S.-only story. This is a worldwide rejection of fiat currencies.

The World Is Drowning in Debt

Want to know why this gold rally still has legs? Because governments have no plan—none whatsoever—to stop the bleeding.

The U.S. alone has added $2 trillion to the deficit this year. We’re sitting on a ticking time bomb of $37 trillion in debt. That’s not counting the off-the-books stuff, either.

This is no longer a “what if” situation. It’s a “when” moment.

The Fed might be pretending it still has control, but insiders know the truth: it’s cornered. Even one of the newest Fed members, Stephen Miran (a Trump appointee), dissented during the last meeting and wanted a 50-point rate cut. The Fed is under pressure, and politics are starting to bleed into monetary policy.

Think they’ll fight inflation the hard way? Nope. They’re gonna print.

And when the printing presses fire up again, guess where the smart money runs? That’s right—gold and silver.

Dips Will Keep Getting Bought—Fast

Even if we get a little pullback or consolidation in the short term, don’t be fooled. That’s just a breather before the next leg up.

For the past three years, every time gold dips, investors have jumped on it like it's Black Friday at the bullion store. This isn’t retail FOMO—it’s smart money rotating out of overvalued paper assets and into real, hard, time-tested wealth.

Final Thought: If You’re Waiting, You’re Losing

This isn’t the time to sit on your hands. Gold isn’t expensive—fiat is just worthless. The storm is already here, and the folks who’ve been paying attention are quietly securing their lifeboats.

If you're still on the sidelines, I urge you to take action before the next leg of the crisis hits.

🔒 Protect Yourself Now — Here’s How:
Download Bill Brocius' free eBook: “Seven Steps to Protect Yourself from Bank Failure”
It’s the blueprint I give to friends and family when they ask me what to do.

And don’t forget to subscribe to Dedollarize News for more deep dives like this. I’ll keep cutting through the noise and giving you the straight truth.

Stay sharp,
Frank Balm