The End of Dollar Dominance? Gold, the Dollar, and the New Global Order
The End of Dollar Dominance? Gold, the Dollar, and the New Global Order
APMEX: 11-6-2025
The world of finance is changing fast. Geopolitical tremors, central bank maneuvering, and the digital revolution are all reshaping how we define value and stability. So, when the world’s oldest mint talks about the future of gold and the US dollar, it’s worth paying attention.
Recently, APMEX Market Pulse hosted a fascinating discussion between host Brad Elliot and Mark Schwarz from Monnaie de Paris, the venerable French institution with a 12-century history. This interview offered deep insights into market dynamics, geopolitical strategy, and why gold is currently shining so bright.
Monnaie de Paris is not just old; it is an economic institution. As the oldest operating mint in the world, its history is intertwined with the foundational concepts of currency and, crucially, bullion.
Mark Schwarz emphasized this heritage, noting France’s pivotal role in establishing the very idea of bullion standards. The mint is now set to re-engage with this legacy by launching a new bullion product, offering a tangible link to centuries of monetary stability. This move underscores a global trend: as monetary systems evolve, the foundational asset of gold remains indispensable.
Schwarz’s book, The New Currency War, provided the framework for understanding today’s complex financial battlefield. This war is no longer just about competitive devaluation—it’s about outright currency dominance.
Mark highlighted that the competition is now multifaceted, involving not just traditional fiat currencies, but also the emerging rivalry between state-backed Central Bank Digital Currencies (CBDCs) and private digital stablecoins. The race to define the next monetary architecture is officially on.
Perhaps the most compelling part of the discussion addressed gold’s impressive recent performance. Conventional wisdom suggests that with relatively low US unemployment and only moderate inflation, gold—often viewed as an inflation hedge or safe retreat—should be languishing.
Mark Schwarz offered a decisive counter-argument: Gold’s rise is primarily driven by geopolitics, not simple US economic indicators.
The interview delved into the paradoxical nature of the US dollar’s dominance. Mark explained the concept of “dollarization,” noting that the dollar’s role in global trade and reserves far outweighs the US economy’s share of global GDP.
This dominance, a vestige of the post-WWII Bretton Woods system, is increasingly being challenged. Geopolitical tensions, particularly sanctions, have spurred central banks—especially in emerging economies—to strategically diversify their reserves. They are moving into assets like gold and the Euro, hedging against financial risk and geopolitical dependency.
Looking ahead, the discussion shifted to the future of money. While acknowledging the rapid growth and investment significance of cryptocurrencies, Mark clarified that their high volatility still prevents them from being true viable currencies.
However, the future is undeniably digital. Schwarz emphasized the promise of stablecoins and, more significantly, Central Bank Digital Currencies (CBDCs) as the next frontier in monetary evolution. These digital forms offer the potential for faster, more efficient transactions while maintaining stability.
The conversation wrapped up by addressing a common misconception: that recent regulatory changes, specifically Basel III, would spark a massive, artificial spike in gold prices.
Mark confirmed that gold’s classification as a Tier-One liquid asset is secure, reinforcing its stability and liquidity in the banking system. But he stressed that this classification is an affirmation of gold’s status, not a trigger for immediate, massive price hikes. Gold doesn’t need regulatory loopholes to prove its value.
Mark Schwarz’s final advice to investors was clear and pragmatic: view gold as a long-term, stable component of a balanced portfolio.
Gold has a 12-century history of retaining value, and in today’s turbulent financial landscape defined by geopolitical uncertainty and a fragmenting monetary order, its role as a strategic, stable asset is more vital than ever.
It is not a speculative tool for getting rich quickly, but a cornerstone for preserving wealth slowly and securely.
To delve deeper into the insights from Monnaie de Paris and APMEX Market Pulse, be sure to watch the full video of this illuminating interview.