📉 US debt and monetary credibility
Rising debt, downgrades and doubts about Fed independence erode confidence in the dollar — a slow-moving support for gold.
Now · updated 2026-10-26
Neutral No major new developments
Gold has no issuer. After S&P’s first downgrade of the US in August 2011, gold hit a record in September. Debt, deficits and Fed-independence concerns work over years, shaping reserve and long-term allocations rather than daily prices.