The David Lin Report · Friday, July 10, 2026
Matthew Piepenburg argues that gold is emerging as the new trusted collateral, replacing sovereign bonds like the US 10-year treasury. He points to increasing global debt (over $300 trillion) and the weaponization of the US dollar and treasuries as reasons for the decline in trust for government debt.
“The new collateral isn't sovereign bonds in general or 10 year US treasuries in particular. The new collateral is gold.”
“When you have a country that's the home of the world reserve currency and the sacred cow US 10 year treasury, when that country's 40 trillion in public debt, that's a problem.”
“When the world is 300 trillion in debt, IOUs in general are distrusted, that's why we're seeing decade, decade highs in yield going up because bond prices are going down.”