Gold Enters Price Discovery as Bulls Hold Control Above the $4,550 Breakout

The move in XAU/USD is not just about one CPI print or one political headline. Global debt is now running near $346 trillion, roughly 310% of world GDP, according to recent tallies. That level of leverage erodes confidence in fiat currency purchasing power over multi-year horizons, especially when the solution to every shock is more fiscal expansion, more liquidity and repeated rate-cut cycles. Major banks are explicit about that link: gold is being treated as the cleanest hedge against the slow debasement ...