It’s Go Time For Gold

Issue #103, Volume #3

How Crypto And The Clarity Act Will Make The Metal Shine

Inside today’s Daily Journal…

Essay: It’s Go Time For Gold The S&P risk-off signal Seeking private-credit redemptions Bond yields and oil prices out of sync Chart Of The Day… Sagimet Biosciences Today’s Mailbag

Editor’s note: Today’s guest writer is a longtime Porter & Co. friend – Garrett Goggin, who founded Golden Portfolio. Garrett will discuss how stablecoins will enable the flow of investor money into gold.

Here’s Garrett…

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The next war isn’t being fought with guns and bombs.

It’s being fought in the financial markets every day, right before our eyes. The U.S. hasn’t made many friends around the world with its decision to invade Iran – what it’s done to the global energy markets will last months. But these nations are not fighting back against the U.S. on the battlefield. Instead, they are hitting America where it hurts them the most, in the wallet. The U.S. dollar is feeling the pain… and the winner from it all is gold.

Mainly driven by the petrodollar system, the dollar has been the world’s reserve currency for over 50 years. Millions of barrels of oil are traded every day – and if you want to buy or sell oil, you need greenbacks. Oil sellers recycle dollar-denominated oil sales into the petrodollar system by purchasing U.S. Treasury debt. It’s a closed-loop system. Demand for the U.S. dollar remained high, and the dollar remained the world’s reserve currency.

But now that’s over.

The U.S. petrodollar system is on the ropes, and right behind it is the dollar as the world’s reserve currency. The rest of the world no longer wants to finance the U.S. bombs that drop on their heads.

• In April, major oil producer the UAE exited OPEC (Organization of the Petroleum Exporting Countries) and moved its oil trades away from the dollar and toward local currencies

• Saudi Arabia has begun to accept non-U.S. dollar payments from non-U.S. countries

• Iran is charging tolls (“maritime service fees”) in Chinese yuan and Bitcoin from oil tankers to pass through the Strait of Hormuz

• The BRICS nations – Brazil, Russia, India, China, and South America – are developing their own digital currency to reduce dependency on the dollar

The U.S. is already $39 trillion in debt and owes over $1 trillion in interest per year. The only way out of that deep debt hole is through growth, which is simply printing more money and devaluing the dollar to make the debt easier to pay back. It’s been the same game since 1971 when U.S. President Richard Nixon took the U.S. off the gold standard.

The U.S.’s competitors in foreign trade have figured out the most efficient way to destroy America is to stop buying U.S. debt and let the U.S. collapse internally. Look at China’s U.S. Treasury holdings – they have dropped from $1.2 trillion in 2017 to about $600 billion now.

China is the U.S.’s major trade partner, and it tapped out years ago, choosing to buy gold instead. In fact, at the end of 2025, world central banks now hold more of their reserves in gold at 27% of reserves versus only 22% in U.S. Treasuries.

As our trade partners stop buying U.S. debt, the government itself will have to step in and fill the demand gap. We at Golden Portfolio expect it’s just a matter of time before the U.S. Treasury and Federal Reserve once again begin some form of quantitative easing (“QE”) – unleashing more liquidity into the system to ignite commercial lending.

To avoid interest rates from rising, the government will institute Yield Curve Control – higher rates will increase the already excessive interest cost and dig the U.S. deeper into debt. But artificially-capped rates would make U.S. bonds uninvestible. The U.S. would be the only buyer left for its own debt.

Clarity Act Opens New Doors For Gold

G7 member banks used to buy most of the Treasuries, but they are backing away. The U.S. sees the writing on the wall – that’s why the Clarity Act will likely pass the U.S. Senate in July. The Clarity Act is a last-ditch effort to boost demand for U.S. Treasuries through cryptocurrencies – by enabling the use of stablecoins within bank accounts, allowing consumers to choose between traditional U.S. dollars and Tether’s USDT.

Tether’s USDT is a stablecoin – which is a cryptocurrency designed to maintain a stable value pegged 1:1 to the U.S. dollar. Issued by the company Tether Limited, it functions as a digital dollar on the blockchain, bridging the gap between traditional finance and the crypto market. We believe Tether’s USDT serves as a gateway to gold, potentially triggering a major shift of capital out of dollars and into gold, as the integration of crypto technology facilitates this transition.

With Tether, all you need is a cellphone and one of thousands of digital wallets to store USDT. One cell phone tap and a transaction is complete – transferring value from your digital account to someone else’s digital account. Transactions are completed without any bank or financial intermediary. These small transactions have driven Tether to be one of the world’s top 10 buyers of U.S. debt.

The Clarity Act will enable the use of stablecoins in bank accounts. And it inherently favors Tether – whose USDT is the world’s largest stablecoin. If it passes, U.S. consumers will now have a choice of which currency to use – Tether’s USDT or traditional U.S. dollars. The problem is stablecoins – including Tether’s USDT – are prohibited by law from paying any interest to their users.

Because Tether USDT doesn’t pay any interest, it’s simply a value placeholder – and so nobody is going to hold Tether over any significant time frame. Tether corporate receives all the interest on its $400 billion in assets under management.

But the Clarity Act will result in the largest bank run ever out of dollars and into gold, enabled by crypto. The combination of gold, the world’s best store of value for 1,000 years, now with crypto’s instant transfer and frictionless exchange, makes gold the ultimate currency. Gold has never been able to be used as a medium of exchange before, until now.

Tether’s product Tether Gold is a digital token that represents physical ownership of gold, where one token corresponds to one ounce of physical gold stored in secure Swiss vaults. It combines the traditional safe-haven benefits of gold – such as a hedge against inflation – with the 24/7 liquidity and transferability of blockchain technology. Tether has been stockpiling gold – it is buying two tons of gold per week, over 100 tonnes in 2025, making it the top gold buyer in the world in 2025. Golden Portfolio expects Tether to keep Tether Gold outside U.S. compliance and control to retain gold’s status as a bearer asset safe from seizure from any government.

The USD Is Done – It’s Gold’s Time

The U.S. dollar is in trouble. Gold is going on a run that goldbugs have been waiting 50 years for. It’s truly gold’s time.

I started the Golden Portfolio as the best way to invest in gold, and the results have backed up my plan – 37,551% since 2007, 34.5% compounded annual growth rate per year. Golden Portfolio invests in companies that have limited employees that enable high profit margins. They have fixed costs that never change… even when gold rises to $10,000 per ounce. Golden Portfolio companies have free exploration upside as more ounces are found on their assets.

This new era of gold dominance will have some big winners – and the best place to start is with these Golden Portfolio firms that have massive leverage to the metal with very little overhead.

During a recent discussion, Porter and I broke down what the events in the Persian Gulf mean for gold… why the war has accelerated the timeline of gold’s continued rise… what it means for your wealth…

And the #1 gold investment for the end of U.S. dollar dominance.

I also share a new opportunity – one totally unrelated to gold. This is hands-down the most valuable interview I’ve ever done.

Don’t get left behind.

Go here to get all the details.

Tell us what you think of today’s Journal: porterstansberrydirect@gmail.com

Good investing,

Garrett Goggin
Golden Portfolio

Keep in mind, we at Porter & Co. only publish guest essays from publishers we know to offer well-researched ideas vetted by a legal team, excellent customer service, and reasonable refund policies. Golden Portfolio is one such partner. We do not, however, under any circumstances, make any representations about their investment ideas or strategies, nor will we warrant them as equal to our own. We do recognize that the markets are tempestuous and, at times, ideas that we may not endorse prove valuable.

3 Things To Know Before We Go…

1. A warning is flashing despite the market’s record highs. SentimenTrader’s High-Low Logic risk model – which fires when an unusual number of stocks hit 52-week highs and 52-week lows at the same time, a sign the market is internally “out of gear” – triggered on June 18 with the S&P 500 hovering near 7,500. Across eight prior signals since 1999, the index was lower a week later seven times (median −1.7%) and stayed soft through the next three months (median −2.3%) before recovering.

2. Private credit’s liquidity engine is stalling. Apollo Debt Solutions – a $25 billion retail private-credit fund – capped withdrawals at 5% Monday after investors asked to redeem 16.8%, up from 11.2% last quarter. The deeper problem is that gross outflows totaled $700 million against just $300 million of inflows. Blackstone already gated its retail private-credit fund BCRED at 5% after requests hit 10%, and Partners Group has warned it may follow.

3. Oil prices are falling, but Treasury yields aren’t. The 10-year Treasury yield sits near 4.5%, a two-week high, even as Brent crude oil slips below $78 on the U.S.-Iran interim deal that reopened the Strait of Hormuz. Cheaper energy should cool inflation and ease the pressure on bonds, but yields are rising anyway. That divergence points to a bond market growing wary of all the issuance it must absorb. With massive U.S. Treasury, corporate, and AI-capex borrowing all vying for capital, investors are demanding extra yield to hold longer-dated debt.

Chart Of The Day… Sagimet Biosciences (SGMT)

Shares of Sagimet Biosciences (SGMT) surged earlier this week on positive news about its acne drug, denifanstat, which Tech Frontiers editor Erez Kalir has been writing about for two years. Shares are up 151% since his September 2024 recommendation… and up 30% since he re-recommended SGMT in January 2026.

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Mailbag

In Thursday’s Daily Journal, Distressed Investing lead analyst Marty Fridson shared his thoughts about why government ownership of private companies is not good for the economy or the country. A number of readers shared their thoughts…

David W. writes:

The government received stock shares for investment purposes to help important industries. Government owns shares of companies with no voting rights. These companies need investment capital to grow and expand their business. In return, the capital and stock will grow. The government can sell the stock and the growth will help to pay the government’s obligation. Everyone is a winner.

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David M. writes:

It’s a mistake now just as it was when President Obama tried to give an alternative energy company a boost by taking partial ownership in a voltaic company. The government should stay out of private industry unless we are talking about food, housing, and medicine – what I think all Americans should be entitled to whether someone calls them socialist ideas or not.

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Marjorie C. writes:

It’s contrary to everything the U.S. was built on and stands for. Gee, what could go wrong?

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Yesterday, Porter’s longtime friend Bill Bonner wrote about the limitations of artificial intelligence in an essay titled “Turtles All The Way Down.” Here’s some reader feedback.

Gregory S. writes…

Monday’s Journal, “Turtles All the Way Down,” is great on so many levels.

Firstly, it’s smart but it’s not trying too hard… in this age of superintelligence, it’s refreshing to have something that’s not precocious land in your inbox.

Also, its slant implied toward human value is what gets my attention. Personally, I believe the value of the human will increase exponentially in this new era… but not all humans. Sure, humans who know how to employ the tools of AI appropriately (not correctly) will carry immense value. Rather, the humans who have been augmented by AI but more importantly have invested in their own humanity and the humanity of the world… with values like empathy, kindness, and love, held together by wisdom… these people will be The People.

Keep up the good works…with thanks from Durban, South Africa.

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Kevin L. writes:

Legend!

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Tammie H. writes:

Love me some Bill Bonner. Mr. Bonner has a gift. That is of which I consider to be probably the most face value sarcasm at its finest.

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