In this appearance on the And We Know show, Dr. Kirk Elliott explains why central banks have been steadily moving into gold, citing a European Central Bank report indicating that gold has overtaken U.S. Treasuries as the most-held reserve asset. He lays out his core thesis that the international monetary system runs on collateral rather than currencies, and that banks are accumulating gold, a Basel III tier-one asset, to strengthen that collateral. Elliott connects this to broader instability: a thin, AI-led stock market he compares to the run-up before the 2000 tech bust, the debate over stablecoin regulation and what it could mean for traditional banks, and examples of institutions limiting withdrawals. Against that backdrop, he describes precious metals as tangible assets with no counterparty risk that tend to hold up when uncertainty rises, and invites viewers to schedule a consultation with the KEPM team.