Grant Williams on Gold, War & What Comes Next

The Iceberg Hits

“The world, as we’ve grown used to functioning, has changed,” Grant Williams says calmly. “And the sooner people realize that, the better.”

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That might sound dramatic. But when you’ve spent 35+ years navigating global markets, you learn to read beneath the surface.

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The iceberg is already here, Williams argues. It struck in 2022, when the U.S. Treasury froze Russia’s central bank reserves after its invasion of Ukraine. With one swift decision, the trust underpinning global finance fractured. According to Williams,

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   “That was the end of the financial world as we know it... It signaled to every central bank: your reserves are not safe.”

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And the world began to quietly reroute around the U.S. dollar.

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Economic Warfare Without Bullets

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Are we in a war?

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“Yes,” says Williams. “An economic one.”

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It’s not a war of tanks and troops—at least not yet—but of tariffs, sanctions, reserve realignments, and digital retaliation. And the battlefield? Your portfolio.

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“If war breaks out, where could I get hurt? What do I need to adjust on Day One?” Williams urges investors to ask.

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Because the rules of the game have changed.

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In a multipolar world, the U.S. isn’t the uncontested financial hegemon. Allies are questioning its reliability. Central banks, once loyal to Treasurys, are now building gold positions at a historic pace.

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The Speculator’s Dilemma

Markets are unraveling. Yet many investors remain trapped in the mindset of the last cycle—buy the dip, ride the rip.

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Williams warns: this is a dangerous illusion.

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   “There are a lot of people who call themselves investors who are really speculators,” and that, “And vice versa—traders without the stomach for trading.”

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The first step, he says, is knowing who you are.

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Investor or speculator? Trader or gambler? Your survival depends on answering honestly.

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During market chaos, a real investor assesses the business, not the stock price. A speculator rides sentiment. But when sentiment turns—especially amidst rising geopolitical risk—the crowd can trample its own believers.

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Grant Williams Weigh in on Gold: The Last Trustworthy Asset

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Williams is no gold bug. He’s a pragmatist.

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He started buying gold over 20 years ago—not as a bet, but as a solution to a problem: the systemic erosion of purchasing power via low rates and endless money printing.

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“Gold doesn’t have a balance sheet. It doesn’t have CapEx. It’s not anyone’s liability,” he explains. “It just sits there. Pure money.”

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When the U.S. weaponized its currency in 2022, gold’s role shifted.

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Suddenly, gold wasn’t just a hedge—it became a matter of national security for foreign governments.

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“You can’t leave that door open,” says Williams. “You need sovereign assets that can’t be frozen.”

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Central banks got the message. Since then, global gold purchases have surged. Not because it’s trendy. Because trust is dying.

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The Real Risk Isn’t a Crash

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Everyone talks about market crashes. But for Williams, the deeper risk is the slow bleed—a grinding, confidence-eroding decline that punishes investors through stagnation, not shock.

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He likens it to 2008, when sentiment flatlined for months, and no rally could save the market from its own rot.

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   “You wait for the rip. You expect the Fed to step in. And it just doesn’t come,” he says.
   “That’s more dangerous than a crash.”

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Because in a crash, weak hands are flushed out. Strong hands step in.

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Tariffs, Trust, and Trump’s Gamble

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Williams doesn’t mince words: Trump’s new 104% tariff threats on China are risky—maybe recklessly so.

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Trump’s negotiation style—loud, blunt, maximalist—might work in real estate. But diplomacy, Williams suggests, has national imperatives. Countries can’t just "do the deal." Pride and politics get in the way.

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And America’s allies? They’re taking note.

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   “Trump badmouthing allies, slapping tariffs on everyone… It’s reputational damage,” Aaron Hoddinott adds.
   “Even Canada’s questioning the relationship.”

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Is the U.S. Losing Control?

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There’s a painful irony unfolding.

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As the U.S. flexes its economic power, the rest of the world is quietly preparing for life without the dollar.

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Some of this is visible—de-dollarization efforts, yuan-denominated trade, gold accumulation. But much remains hidden, like an iceberg beneath the surface.

And that, Williams suggests, is the real story.

   “If the Fed started buying gold, we’d never know,” he says.
   “Because it would undermine the very confidence the system depends on.”

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The Emotional Edge

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Gold isn’t just logical. It’s emotional.

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Fear drives gold like no other asset. But now, for the first time in decades, so does greed.

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   “Even with margin calls and liquidity stress, gold is holding strong,” Williams says.
   “That tells you something.”

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And despite $3,000+ prices, supply isn’t flooding the market. Mines take time. Issuance is limited. Emotion, demand, and scarcity are aligning. The last time that happened? The 1970s. Gold ran from $35 in 1971 to a high above $800 in 1980.

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What If This Is Just the Beginning?

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Markets may have corrected 20%. But what if we’re entering something worse than a crash?

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What if we’re headed for a long malaise—a lost decade of flat markets and stealth capital erosion?

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Williams thinks it’s possible. And worse, most people aren’t prepared for it.

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Because they’ve never felt it.

   “You can read about 2008. But feeling it is different,” he says.
   “A whole generation grew up buying the dip. They’ve never been tested.”

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Survival Tactic: Preserve, Then Grow

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Williams’ advice isn’t to panic. It’s to prepare. Start with the first problem: Protect your purchasing power.

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Once that’s secure, then look to grow. Maybe it’s 2% returns instead of 10%. But that’s survival. And right now, survival is a win.

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The Great Unraveling Is Quiet—Until It Isn’t

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What Grant Williams laid out isn't some far-off dystopia—it’s already underway.

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Economic warfare has replaced diplomacy. Trust in the global financial system is being eroded, not with bombs, but with tariffs, sanctions, and reserve freezes. Investors are waking up to a reality where the old playbooks no longer work, and where gold—dismissed for decades—is becoming the asset of last resort once again.

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That means knowing who you are—trader or investor, speculator or allocator. It means recognizing the emotional traps of volatility. And most of all, it means acknowledging that the future will not look like the past.

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In a world shifting from abundance to scarcity, from certainty to chaos, preservation becomes the ultimate edge. That’s not fear-mongering—it’s survival.

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So hold your cash carefully. Study your gold allocation. Review your assumptions. Because when the rules change, those who adapt don’t just survive—they thrive.

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The buy-the-dip era may be over. But for those paying attention, a new era is just beginning.

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