Over the past four years, the actions of global central banks regarding gold have noticeably accelerated. JPMorgan recently issued a warning: internal political polarization in the United States is eroding the dollar's international status.

Just look at the market—gold has already risen nearly 70% by 2025, and in 2026, it is heading straight for $4,500. Two major drivers behind this cannot be ignored: one is the instability of global geopolitical situations, and the other is the wavering confidence in the dollar.

NDR strategist Joe Kalish put it very plainly: central banks are replacing U.S. Treasuries with gold. This is not a casual move but a way to hedge against the risks that political freezes might bring. In other words, gold has become a safer store of value than U.S. Treasuries. When the credibility of the dollar is questioned, this ancient asset—gold—shines once again.