No Recovery in Sight: The Dollar’s Era Is Officially Ending

Let’s cut to the chase, folks. The dollar isn’t just having a bad day—it’s in a long-term decline, and that decline is starting to look permanent. When even Goldman Sachs starts waving the warning flag, you better believe the iceberg has already hit the hull.

Kamakshya Trivedi, Goldman’s global head of FX and EM, told Bloomberg something that should send shivers down your spine: “Dollar weakness is here to stay.” That’s not speculation—it’s recognition. The dollar’s losing its grip, and foreign investors are finally reassessing the risk of holding dollar-denominated assets. That’s a fancy way of saying: they’re getting out while they still can.

Foreign Investors Are Jumping Ship

Let’s break this down in plain English.

Foreign investors used to buy U.S. Treasuries because they were seen as safe. Kind of like buying a used Toyota when gas was cheap and parts were everywhere. But now? That Toyota’s got engine trouble, the parts are on backorder, and there’s a better ride waiting overseas.

In the past, Treasuries would rally when U.S. stocks tanked. But now, they’re breaking that correlation. That means they’re not doing their job. If you’re a foreign investor and the “safe” thing you bought stops protecting you, what do you do? You walk away. And that’s exactly what’s happening.

According to Trivedi, the euro has absorbed most of the dollar’s recent losses, but the Japanese yen might be next in line to surge—if U.S. labor data softens. In other words, the cracks are spreading, and the system’s starting to leak.

What’s Driving the Decline?

Trivedi nailed it on this point: something fundamental has changed. The U.S. economy is no longer bulletproof. Recession risks are higher than usual, corporate earnings are shaky, and there’s growing distrust in the Fed’s ability to manage this mess.

He said, “People, especially foreign investors, are reassessing U.S. assets.” Translation: they don’t trust us anymore. And why would they? The Fed pumped the system full of fake money, and now that the stimulus sugar high is wearing off, reality’s setting in.

Even worse, Trivedi points to the breakdown in market correlations. That’s the financial world’s version of a compass spinning wildly in every direction. Investors used to count on Treasuries to hedge against equity risk. Now, that compass is broken.

Gold Tells the Truth

Now here’s where things get really interesting. Trivedi was asked about gold—after it blew past an inflation-adjusted $3,500 per ounce. His answer? “Gold is telling you something.”

Yes, it is. It’s telling you the fiat experiment is cracking. Central banks are hoarding gold like it’s the last life raft on the Titanic. They’re not doing it for fun. They’re doing it because they know what’s coming: a collapse of confidence in the dollar.

Goldman upped its 2025 forecast to $3,700 per ounce, and even said it could spike to $3,880 if recession fears trigger another rush into ETFs. If central banks keep buying at 100 tonnes per month (that’s their new projection), gold could easily blow past that target.

And for those still wondering if it’s too late to buy? Goldman calls gold their “highest-conviction” play in commodities right now. They’re not just bullish—they’re screaming from the rooftops.

There's No Real Alternative to Gold—Yet

Trivedi admits that the dollar’s dominance isn’t vanishing overnight. It’s still the default because there’s no clear replacement. But even without a full-on replacement, you can still diversify. And guess what the world’s turning to? Gold.

This isn’t just about price speculation. This is structural. This is long-term. This is systemic. Central banks aren’t buying tech stocks—they’re buying bars. And they’re not buying for a quick flip. They’re building fortresses.

My Two Cents

I’ve been saying this for years. The dollar’s value is eroding like rust on a cheap car. Every time the Fed prints more money or manipulates interest rates, it chips away at your savings. What we’re witnessing now is the world finally waking up to the scam.

You can’t trust the markets. You can’t trust the media. And you sure as hell can’t trust the Fed to “manage” this. But you can trust gold and silver. They’ve stood the test of time, and they don’t need a central bank to prop them up.

This isn’t about fear—it’s about facts. And the fact is, the dollar is dying, slowly but surely. The question is, what are you doing to protect yourself?

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