Why Gold Repatriation Puts the Dollar's Reserve Status in Question

In this appearance on the And We Know show, Dr. Kirk Elliott looks at recent remarks by JPMorgan Chase CEO Jamie Dimon, who answered a question about the dollar's reserve currency status by defending the practice of foreign countries keeping their gold in New York. He explains why he reads that answer as a sign that reserve status may increasingly depend on which nations hold gold, why many countries have been repatriating their reserves since the freezing of Russian assets, and how that connects to Treasury discussion of gold-backed bonds under adviser Judy Shelton. He then turns to Fed Chair Kevin Warsh's decision to hold rates steady while citing Arthur Burns' 1979 reflections on the Fed's failure to contain 1970s inflation, which he interprets as a signal that rates may need to stay higher for longer. He encourages viewers to look past short-term sideways price action toward long-term fundamentals, frames physical gold and silver as assets investors may want to consider, and invites viewers to schedule a consultation with the KEPM team.