That's right, first they will try a centralised digital fiduciary model (Riple for example), but in the meantime, don't you think it's at least curious how countries and people are accumulating gold in such a disproportionate way at the moment? There is a voracity for this metal from China, Russia, India and much of Asia. In fact, it is suspected that China's new digital yuan will have a kind of gold backing, and the same is thought from Russia, as a way of protecting itself from Western economic sanctions.
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Had you asked me that question in August 2008, I would have thought it was curious. Today, right now? I don't find it surprising.
We have lived through the following situations:
(In the case of those nations, they are reducing their exposure to USD by following de-dollarization policies. This will help them withstand the pressures of economic sanctions imposed on them (justified or not).)
During this time, the nations of "The West" had been selling selling their gold reserves the way people were selling BTC in 2011 when it couldn't be given away fast enough. Who was buying all this Western gold? The nations of The East, among them China, India, Russia, and Turkey.
Also during this time, The West has proven to be unreliable. This means that whatever confidence nations had in letting US/UK/etc. store their gold had been diminished greatly. Since at least 2012 a number of nations (among them Germany and The Netherlands) repatriated their gold. Then there are doubts about whether US gold reserves at Fort Knox even exist.
Just on a gut level and from things I've been reading since 2008, it looks to me as if a controlled demolition of the global economy is in progress. Even USD will fail, even if it is the last fiat currency to fail. The nations of The East will find themselves in the enviable position of having the power to bail out the Western economies. It could be in 20 years, or it could happen as suddenly as the bankruptcy of FTX; no one knows, but that's the period we have entered.
Even after the global economy is demolished, that won't be enough for gold (and silver) to resume its rightful place as sound money. New paper currencies, CBDCs, and who knows what else will be used before we see gold used as legal tender again.
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