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Yen intervention impugned dollar's reserve role, leaving only gold, Maguire tells LFTV
11:20a ET Thursday, August 13, 2026
Dear Friend of GATA and Gold:
On this week's episode of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire notes how the recent intervention in the yen market by the U.S. and Japanese governments has impugned the role of the dollar and U.S. Treasury bonds in the international financial system.
You may remember that the governments arranged the intervention to avoid Japan's selling U.S. Treasury bonds. But, Maguire notes -- as other analysts, including Luke Gromen, have noted -- if you can't sell U.S. Treasuries without risking a crash in the currency markets, then U.S. Treasuries and the dollar are no longer valid as international reserves.
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That leaves gold as the only international reserve, Maguire says, because it is the only asset without issuer risk.
Maguire says gold is not rising because of "headlines" but because the international reserve system's structure is changing.
Maguire also says that while the London gold market is promoting "tokenized" gold as the future of trading the metal, this will only try to keep the derivatives system going as the physical market takes over.
This week's LFTV is 42 minutes long and can be seen at the Kinesis channel at You Tube here:
https://www.youtube.com/watch?v=Ts0l0R7wFwU
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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