Simon White: War has caused lasting damage to the dollar system

By Simon White Bloomberg News via MoneyControl.com, Mumbai, India Thursday, April 9, 2026 The U.S. war with Iran has put a potentially irreversible strain on the global trading system, with gold reserves having eclipsed central bank holdings of valuation-adjusted dollar assets for the first time in several decades. It's very early days after the announcement of a ceasefire between the U.S. and Iran, yet even if it holds, the conflict is likely to have created lasting effects on the dollar system as President Donald Trump appears to rip up the rules-based order in place since World War II. ... Dispatch continues below ... ... ADVERTISEMENT ... First Majestic Mines Silver and Gold,  Mints Its Own Silver Bars, Ingots, Coins, and Medallions, and Sells Them Online at Low Premiums First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver and Gold Mine, the San Dimas Silver and Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada, U.S.A. In 2025 these mines are projected to produce between 27.8 to 31.2 million silver-equivalent ounces, consisting of 13.6 to 15.3 million ounces of silver and 129,000 to 144,000 ounces of gold, with an all-in sustaining cost of $19.89 to $21.27 per payable silver-equivalent ounce. For more information about the company, visit: https://www.firstmajestic.com In a practice unique to First Majestic, the company is proud to manufacture exceptional silver bullion products from its 100%-owned and operated minting facility, First Mint, offering a portion of its own silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at low premiums. To review First Mint’s full product range, visit: https://www.firstmint.com The dollar's demise has been greatly exaggerated on many previous occasions. But it will not be a dramatic point-in-time event. Sterling's fading as a reserve currency was punctuated by several milestones over an extended period -- the end of World War I, coming off the gold standard, Bretton Woods, and the Suez crisis. After the increasing weaponization of the dollar, culminating in the seizure of Russian assets in the wake of the war in Ukraine, and the mooting of a Mar-a-Lago Accord, the U.S. currency has just passed another milestone in its declining dominance. Dollar-denominated reserves -- that is, central bank holdings -- adjusted for valuation effects are now lower than gold reserves for the first time since the International Monetary Fund started publishing the data in the late 1990s. ... ... For the remainder of the analysis: https://www.moneycontrol.com/news/business/iran-war-has-caused-lasting-damage-to-the-dollar-system-13884956.html * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png