Stagflation Is Coming—And Gold Is Still Just Getting Warmed Up

Let me lay it out plain: When a man from a firm as buttoned-up as Fidelity is openly warning about stagflation and doubling down on gold, you better sit up and pay attention.

Ernest Hoffman over at Kitco did us a solid by reporting on this matter. But let’s not just nod at the headlines and scroll on—we need to understand what’s going on beneath the surface. This isn't just another bullish call on gold. This is a flashing red signal about the direction the U.S. economy—and your money—is heading.

Stagflation: The Slow-Motion Wreck We’re Barreling Toward

Here’s what Ian Samson from Fidelity is saying, in real terms: we're facing low growth, high inflation, and policy confusion. That combo—stagflation—is a wealth killer. It eats away at your savings and kills your job prospects at the same time.

I lived through the late ’70s. Gas lines, job cuts, home interest rates through the roof. And what did well back then? Gold. Just like today, it was the only asset that didn’t need a government or a central bank to back it up. Gold is the backup plan.

Samson points out that gold has already risen 27% last year and another 28% so far this year. And yet, despite these gains, he believes the bull market is still in early innings.

Why? Because gold thrives in uncertainty. And we’ve got a buffet of it—interest rates falling, inflation sticking, tariffs flaring, a labor force shrinking, and Washington running trillion-dollar deficits like it’s Monopoly money.

The Real Risk Isn’t Missing the Top—It’s Missing the Exit

Look, I know what folks are thinking: “Gold’s already gone up, I missed it.”

No. You haven’t.

If you’re on a sinking ship and you see a life raft, do you worry that it’s already halfway full—or do you get on?

What Samson is pointing out—and I couldn’t agree more—is that we’ve entered a structural phase where gold is no longer just a hedge. It’s a necessity. Governments around the world see it. Central banks are piling in. China, India, Turkey—these aren’t hobby buyers. They’re shifting reserves away from the U.S. dollar and into gold.

Why? Because they know what’s coming. The dollar is no longer the rock it once was. It’s being chipped away by endless debt, reckless spending, and a weaponized monetary system that the world is growing tired of relying on.

Gold Is the Ark—and the Flood Has Already Started

Samson calls out that gold ETFs and foreign reserve holdings are increasing. You don’t need a degree from Wharton to see what that means: the smart money is heading for safety.

Even a modest reallocation of global capital—say just a sliver of the $57 trillion held in U.S. assets—could send gold prices into another stratosphere. That’s not hype. That’s math.

And let’s not forget supply. Gold isn't like fiat. You can’t print more. It’s hard to mine, it’s expensive to extract, and supply has been flat for years. Meanwhile, demand is exploding.

What Fidelity’s Doing—and What You Should Too

Fidelity, one of the most conservative asset managers on the planet, is holding gold through passive ETFs and mining stocks. They're even booking profits but keeping exposure.

Now, I’m not a fund manager in a glass tower—I’m a guy who came from a working-class background and spent 40 years watching how the elites protect themselves. They buy real assets while telling you to “trust the system.”

Don't wait for CNBC to tell you it's time to own gold. By then, the gains will be gone and the panic will have set in.

Final Thought: The Fed Can’t Save You from This

The Fed is trapped. They want to lower rates to juice the economy—but inflation is still running hot. That’s the textbook definition of stagflation, and it’s why your dollars are losing power by the month.

As Samson said, this environment "should all bolster gold." I’d go a step further: gold may be the only lifeboat that floats when everything else goes under.

🔒 It’s Time to Protect What’s Yours

Don’t wait for the next headline. Don’t let another year go by watching your purchasing power evaporate while Washington pretends everything’s fine.

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Stay smart. Stay skeptical. And for the love of your financial future—get out of paper before it burns.

—Frank Balm