Since around 2010, official institutions—particularly outside the Western alliance—have been steadily accumulating bullion while global mine supply remains largely flat. Basic economics applies, he said: when demand rises, and supply does not, prices adjust upward.
The twist is that central banks buy patiently, often stepping in on dips, creating what Rickards described as an informal price floor. Geopolitics has only reinforced that trend. Rickards highlighted the freezing of Russian reserve assets following the invasion of Ukraine as a watershed moment.
Gold’s March to $10K and Bitcoin Residing Inside a Different System FAQ ️ Why is gold rising now? Central banks are buying steadily while supply remains flat, lifting prices over time. Is gold moving because of inflation fears? Rickards argues gold performs well in both inflation and deflation cycles. Are countries abandoning U.S. Treasurys? No—Rickards says data shows stable ownership, not mass selling. How does bitcoin fit into this trend? Rickards treats bitcoin as distinct from gold, serving a different role in portfolios.
