End of a dollar-centered world nears, gold to replace some bonds, fund manager says

AI desk brief

Willem Middelkoop says the dollar-centered system is giving way to a multipolar order in which gold is being reintroduced into the financial system, with “sensible banks” replacing some bond holdings with bullion. He argues this marks an early-stage, generational commodity bull market driven by currency debasement, geopolitical conflict over metals, and emerging supply shortages across the complex.

On silver, Middelkoop says he has recently added to his personal position and sees the metal as “a steal,” pointing to a technical retracement back toward the breakout area around $55. He said silver could recover to $100 over the next few months or quarters, with a longer-term target as high as $500; he tied that view to gold around $5,000 and argued silver could become “the fastest horse” once the next leg of the rally broadens out.