Subscribe now with a one-month trial for only $1, then enjoy the first year at an exclusive rate of just $99. Gold’s risk premium surges as sovereign risk spreadsDiego Faßnacht reports that gold’s ratio to US TIPS has hit record highs, reflecting rising geopolitical and fiscal fragility. With Western currencies eroded by deficits, frozen assets politicized, and inflation entrenched, investors increasingly view gold as the only hedge free from counterparty risk. His Valdai speech praised Trump and positioned rapprochement with the US as a strategic goal, underscoring Moscow’s shift away from Europe toward patient negotiation with Washington. Negotiator Ryosei Akazawa insists the deal is “reciprocal,” yet its terms leave Tokyo exposed to Washington’s leverage.