Renowned investor Ray Dalio attributes the rally to a broader diversification away from fiat currencies, echoing the dynamics of the early 1970s. Central banks and sophisticated investors are increasingly viewing gold as a neutral store of value amid rising global debt and monetary debasement risks. This isn't solely a U.S. dollar story. The dollar index (DXY) declined sharply in the first half of 2025, its biggest drop since 1973, but has since stabilized, which shows resilience against other currencies. D ...