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Gold and silver prices slightly up in early U.S. trading Monday. Gold is trading at $2327.69, up $5.71. Silver is trading at $29.56, up 1 cent. Gold prices have surged by 18.6% from the start of March to a record high of $2,425.3 per ounce in May, a rise that appears disconnected from traditional macroeconomic drivers. This increase is attributed to three key secular trends undermining fiat currencies: the use of the US dollar in sanctions against Russia, highlighting the vulnerability of sovereign currencies; the first global inflation episode in a generation, which has underscored the inflation risk inherent in fiat currencies; and the projected rise in the US debt-to-GDP ratio to 166% by 2054, along with a Federal deficit expected to reach 8.5% of GDP, which elevates long-term fiscal and economic risks, making gold a more attractive reserve asset.
