“Tariffs, gold, and the great unraveling.” Adrian Day, CEO of Adrian Day Asset Management, joins Daniela Cambone at the Rule Symposium in Boca Raton to unpack the global crosswinds shaking the foundation of U.S. dominance. From Trump’s new 10% tariff threats against BRICS-aligned nations to Powell’s reluctance to cut rates, Day sees deep contradictions in U.S. policy — and a brewing inflection point for the dollar.

He warns of a silent shift away from the dollar as a reserve currency, citing its sharp decline in central bank holdings, and points to record debt servicing costs as the real driver behind coming rate cuts. Amid shaky CPI data, political brinkmanship, and a confused Fed, Day argues gold remains the ultimate hedge. “The messaging is broken. The math is unsustainable. But the case for gold? Stronger than ever.”

Could Trump’s Tariff Gambit Be the Spark That Breaks the Dollar?

Imagine this: the world’s largest economy is drowning in debt, its central bank is cornered by stubborn inflation, and major nations are actively plotting to ditch the dollar. Now toss in Trump threatening new 10% tariffs on BRICS-aligned countries, and you have the makings of a global financial powder keg.

This isn’t hyperbole. It’s the reality unfolding right now — and gold investors are paying close attention.

BRICS and the Slow Death of Dollar Dominance

Trump’s fresh tariff warning comes just as the BRICS summit kicks off, with member nations openly pushing for a multi-polar world and alternative trade systems that cut out the dollar.

• In 1999, over 78% of global foreign reserves were held in U.S. dollars.
• By five years ago, that number had dropped to 65%.
• Today? Just 47%.

As Adrian Day bluntly put it, once reserve share falls to a certain level, it tends to “fall off a cliff very rapidly.” This could shatter the dollar’s global standing almost overnight.

“We’re reaching a point where it suddenly goes out of control,” warned Day.

[Link to related guide on de-dollarization]

Tariffs: Masterstroke or Misfire?

Trump’s economic strategy is a tangle of contradictions. On one hand, tariffs are touted as punishing adversaries. On the other, as Adrian Day highlighted, tariffs are simply taxes — and they inevitably slow economies.

• Unlike income or investment taxes, tariffs hit consumers directly by raising costs.
• They are disinflationary, often pulling economies toward recession, not inflation.
• Despite this, Powell continues to use tariffs as an inflation talking point — raising serious questions about the Fed’s narrative.

As Day quipped, you can have a master plan that simply “isn’t a good one.”

Debt Service Now America’s Biggest Expense

While all this plays out, the U.S. is quietly sinking under its own fiscal weight.

• Interest on the national debt is now the largest single budget item, surpassing defense and Social Security.
• This creates enormous pressure on the Fed to cut rates, regardless of whether inflation is truly under control.

“That’s the bigger imperative than the economy itself,” Day noted.

With Dalio, Dimon, and other heavyweights warning the economy could soon have a “heart attack,” the risk of a sudden debt crisis is higher than ever.

[Link to our deep dive on U.S. debt risks]

Why Gold Keeps Hitting New Highs

Amid this chaos, gold has notched 28 record highs this year alone, soaring to nearly $3,500 in April. The reasons are plain:

• Central banks diversifying from the dollar
• Wealthy Asian and Middle Eastern investors seeking stability
• Persistent fears over banking system fragility and fiscal deficits

Meanwhile, North American investors have barely begun piling into gold ETFs, signaling this bull run could just be getting started.

“All of the reasons people have been buying gold haven’t gone away — they’ve only intensified.”

Gold & Silver: Your Lifeboat in This Storm

When global trust erodes and currencies edge toward collapse, history shows investors flee to tangible assets.

• Physical gold and silver remain the ultimate forms of wealth preservation.
• They’re immune to printing presses and tariff wars.
• In a showdown of gold vs dollar, the yellow metal stands the test of time.

Whether it’s protection from de-dollarization, runaway debt, or geopolitical shocks, gold and silver are your hedge against a system on borrowed time.

[Link to guide on building a gold & silver strategy]

Conclusion: The Stage Is Set

Trump’s aggressive tariffs, BRICS ambitions, and America’s ballooning debt all point in one direction: greater global uncertainty and a higher gold price.

This isn’t a storm you want to weather without a plan. The time to act is before the next wave hits.

About ITM Trading

ITM Trading has over 28 years of experience helping clients safeguard their wealth through personalized strategies built on physical gold and silver. Our team of experts delivers research-backed guidance tailored to today’s economic threats.

THINKING ABOUT PURCHASING GOLD & SILVER? Get expert guidance from our team of analysts with 28+ years of experience.
👉 [SCHEDULE YOUR CALL HERE] or call 866-706-9061