Every May, the asset management and gold research firm Incrementum publishes its “In Gold We Trust” report.
It’s a massive 400+ page report filled with history, insights, research, predictions, guidelines, anecdotes and gold miscellany that covers a lot of bases.
The main gist of this year’s report, published a week ago today: gold is already at the center of global monetary order, on its way to returning to its long-time role as real money used and owned by everyone.
If you’ve been reading Golden Opportunity or any of my paid services over the past two years, you’re already familiar with the major themes.
- Global de-dollarization (including the end of the petrodollar).
- Growing investment interest in gold and gold stocks.
- Central banks accumulating gold at record speed.
- Inflation.
- And the adoption of gold backed stablecoins…
As I’ve been picking through this massive document over the past week, one line really stood out to me as something worthy of thinking about right now:
“History is unambiguous that transitions between global monetary regimes are inherently disorderly.”
That disorder is all around us right now.
It’s why we’ve seen some of our gold positions soar 10X while others are down 40% (my average open gain is still well over 200% across all of my portfolios).
It’s also why I believe we’ll continue to see volatility not just in gold/gold stocks but the entire market.
As more people discover there’s no “there, there” in a variety of fiat arrangements, liquidity is going to slosh aggressively from one extreme to another.
That sloshing means big price moves in gold stocks – trending in one direction (up) from here. But it also means some downturns are likely.
As gold investors we have to be adults and recognize that a short-term correction is not the end of our thesis. It’s a normal part of every market.
My eye is always looking at capital preservation – and I’m not afraid to tell my paid members to pull money off the table if I think a correction is likely. I told my members in January to take profits right before we saw a substantial correction in the metals.
And I’m also not afraid to put that money right back in the market, which is why I’ve added positions in the months after the correction.
It’s also why I recommended a brand-new special opportunity to my readers today about a new company disrupting global economic exchange.
But it’s important to note that the trend is heading in one direction, even when it does slosh countertrend from time to time.
Right now, we’re living through a massive change in the oil markets, punctuated by higher dollar denominated oil, and importantly: the slow-motion end of the petrodollar
Central Banks Just Made Their Move
Foreign central banks have cut Treasury holdings to their lowest level since 2012—dumping $82 billion in March alone. At the same time, they hold more gold than Treasuries, for the first time since 1996. That’s not a trade – it’s a strategic shift. Garrett Goggin has spent 20 years studying gold cycles, and he says: “When central banks move like this, they’re positioning ahead of something big.”
See where smart money is going now – and which gold stocks have massive upside potential
As recently as early 2026, over 80% of oil was settled in dollars.
Since the war with Iran kicked off, that number has dropped by 20%.
That’s largely because the Strait of Hormuz sees about 20% of all oil flow through it – and now the whole deal is up in the air. Iran is content to sell oil for Yuan, or to prevent oil from flowing at all.
If the US can’t/won’t hold onto the petrodollar arrangement in Iran, why should anyone else have to abide by it?
We’re living through a historic shakeup that will have an impact for decades to come – and none of the likely outcomes are good for the dollar…
Another takeaway from the IGWT report: the consensus with my research that we’re still early innings in this gold bull.
The end of the petrodollar is just another proof point.
We still don’t have widespread investor interest in gold or gold stocks yet.
Best,
Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio
