The headlines may say “America First,” but global markets are reading something very different: America Last. The return of Donald Trump to the White House—alongside his aggressive tariff regime—is accelerating one of the most consequential monetary shifts of our time: the global rejection of the U.S. dollar. In response to Trump’s latest volley of tariffs and protectionist policies, central banks are dumping dollars and ramping up gold purchases at record-breaking levels. According to data compiled from the World Gold Council and confirmed by Reuters, central banks acquired over 1,000 metric tons of gold in both 2022 and 2023, and in Q4 2024 alone—after Trump’s victory—those purchases jumped 54% year-over-year. The signal couldn’t be clearer: the world is hedging against the…
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