What does a gold bug know about the world?
They don’t have the right knowledge, at the right layer.
Is gold meaningfully reducing BRICS FX dependence? Nope.
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If gold can surge and still remain a small share of China’s reserves, that’s not “de-dollarization” — it’s proof that USD liquidity is still the operating system of trade.
Most people in this space know facts:
China buys gold
FX reserves are large
Gold prices are up
Physical premiums exist
What they don’t know (or can’t integrate) is how the reserve stack actually functions.
They’re missing:
Balance-sheet mechanics (composition vs headline flows)
Liquidity hierarchy (what se…
