Andrey Litvinov

The global financial system is undergoing a subtle but meaningful transformation. While much of the discussion around de-dollarization focuses on abstract flows and macroeconomic indicators, the most revealing signals often come from concrete actions—decisions made by governments over where gold is stored, how it is traded, and who ultimately controls it. In this regard, two seemingly unrelated cases—Venezuela and France—offer a striking window into how gold is being redefined not just as an asset, but as an instrument of geopolitical power.

The gold market occupies a rare position in the global financial system: it is at once ancient and deeply modern, physical and financial, scarce yet vast. Few assets combine these characteristics at such scale. By the end of 2025, roughly 220,000 tonnes of gold had been mined throughout human history—an amount valued at approximately $31 trillion.

For decades, gold has occupied a near-mythical place in financial thinking. It has been the ultimate refuge — the asset investors turn to when everything else begins to crack. Wars, inflation, currency crises: in each of these moments, gold was expected to rise, quietly absorbing fear and uncertainty. But recent market behavior is forcing a more uncomfortable question. What happens when the safe haven itself starts to fall?