“There’s no really stopping this train,” says Graham Summers, President and CEO of Summers Capital Press. In this summer series, Summers tells Daniela Cambone that the U.S. is adding debt at a pace usually seen only during major recessions, even though the economy is still growing. “There’s really no path forward that doesn’t involve more stimulus and more money printing.”

He also points out that gold is breaking out against every major currency, indicating a secular bull market that could last for years. On the U.S. dollar, Summers notes that despite speculation, it is not at risk of losing reserve currency status in the near term, as there is currently no viable alternative.

The Gold Breakout No One Can Ignore

This summer, gold isn’t just heating up with the weather—it’s flashing a systemic alarm.

According to Graham Summers, President of Phoenix Capital Research, the yellow metal has broken out against every major global currency simultaneously. That’s not just bullish. That’s a warning shot from the financial system itself.

Gold investors take note: this rare breakout is historically a precursor to monetary mayhem.

Why? Because in a world addicted to fiat, when gold rises across the board, it signals universal loss of faith in paper money. And that faith is unraveling faster than Washington can print.

The End of Austerity: The Money Printers Have No Brakes

Summers warns: “There is no path forward that doesn’t involve more money printing.”

Here’s why:

• U.S. debt is barreling toward $40 trillion
• Interest payments have surpassed $1 trillion/year, now the second-largest government expense
• Deficits as high as 6% of GDP during growth periods

Politicians talk austerity, but the moment markets twitch, they pivot to stimulus. Even Trump, billed as a budget hawk, quickly folded when bonds flinched during the trade war.

The reality?

“Nobody is willing to risk recession or meltdown.”

This means one thing for investors: prepare for perpetual stimulus and systemic debasement.

A War-Time Currency Regime: Safe Haven Shifts from Dollar to Gold

In a shocking divergence, gold soared while the U.S. dollar barely budged during the Iran-Israel conflict.

Compare that to:

• 9/11: USD rallied 2%
• Russia-Ukraine 2022: USD up 2%

This time? The dollar flinched. Gold surged.

That shift reveals a dangerous truth:

• Global trust in the dollar as a “safe haven” is deteriorating
• Debasement fears are now more potent than geopolitical ones

Summers calls it “a new regime” where gold is gaining preference even over the dollar during crises.

Is the Dollar Doomed? Not Yet. But…

While some speculate the U.S. dollar will lose reserve status, Summers tempers that view:

• Dollar accounts for 66% of global debt
• Involved in 90% of currency transactions
• Still the #1 foreign exchange asset held by central banks

But here’s the twist:

Gold is now #2 among central bank reserves, displacing the euro

That is huge.

Summers suggests central banks are buying far more gold than they admit. China especially.

Why?

Because even the insiders know: fiat has a shelf life.

The Debt Bomb Ticking in Silence

Summers coined the term Everything Bubble in 2014. And now, it’s metastasizing:

• Japan’s bond market is cracking first (a decade ahead of U.S. policy)
• U.S. bond market remains calm—for now

But Summers warns the cracks will spread. The U.S. is simply the “cleanest dirty shirt”… until it isn’t.

Watch for these signs:

• Failed bond auctions
• Surging yields without demand
• Investor revolt against long-dated Treasuries

When those hit the U.S., it’s game over.

Why Gold (and Silver) Remain Core Wealth Preservers

Summers is clear: the path forward is inflation and intervention. That leaves investors with only one rational strategy:

“You need to hedge against inflation. That means owning productive assets and precious metals.”

While Summers favors gold over silver due to scale and accessibility, he still sees silver as viable. But the takeaway is undeniable:

Physical gold and silver remain the most trusted:

• Wealth preservation tools in a world of digital dilution
• Tangible assets immune to central bank manipulation
• Historical inflation hedges with centuries of credibility
• Proven alternatives to cash in a devaluation regime

Summers backs this with a brutal reminder from Janet Yellen herself:

“You have to buy assets.”

Because keeping wealth in fiat is a guaranteed loss.

Conclusion: The Countdown Is On

Will the dollar collapse this year? Probably not.

Will it lose 20% to 50% of its value over the next decade?

Summers says: entirely possible.

The setup is clear:

• Exploding deficits
• Endless stimulus
• Global flight to gold

The markets are screaming that something big is coming. Gold investors should not wait for the crash to prepare.

About ITM Trading
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