Central banks keep adding gold to their reserves while Treasury yields stay elevated, feeding a familiar explanation that the dollar is being debased and the world is rotating away from it. But if that read is right, why does demand for dollar assets remain near historic highs?

The tension becomes harder to explain when similar pressure appears in government bond markets outside the United States. What looks like a story about a single currency may point to a broader shift in how markets view sovereign debt.

Daniel Lacalle, chief economist at Tressis and a fund manager, explains what central-bank gold purchases may be signaling. He examines why the usual de-dollarization narrative may not fully account for what is happening in global bond markets.

Views expressed in this video are the opinions of the host and the guest and do not necessarily reflect the views of The Epoch Times.