Tokenised Gold Ignites the Paper Gold Powder Keg
In this blog post, BRL co-founder Dr. Ingo Fiedler argues that the global gold market, built on a highly leveraged structure with many claims backed by little physical metal, is becoming increasingly fragile. While central banks purchase and repatriate gold, investors shift from “paper” gold to tokenised, fully allocated products like Tether’s XAUt. This migration of collateral could trigger a Minsky Moment: a sudden, nonlinear collapse of the paper gold system.