Felix Nikolas Prehn: Why Gold Drops When Debt Breaks

Global bond markets start to fracture at the same time gold takes a sharp hit, and we connect those headlines into one coherent debt story. We walk through why gold can drop at the start of a crisis, how financial repression quietly erodes purchasing power, and what to look at in your portfolio before the herd catches up.

• Japan’s record 30-year bond yield as the first domino for global borrowing costs
• France-led European bond selloff spreading to major economies as the “safe room” warms up too
• US debt interest costs surging while the “strong economy” narrative fails to explain synchronized global yield rises
• Three mechanical reasons gold falls even when risk rises: stronger dollar, crowded positioning, margin and stop-loss cascades
• Paper gold versus physical metal and why screen prices can mislead during liquidity stress
• Financial repression explained in plain English: rates held below inflation as a quiet tax on savings
• “Hours of work” inflation lens that reframes what an income can actually buy over time
• Practical moves: avoid panic selling, resize positions, and filter holdings by dependence on cheap debt
• Why gold often sells off first in crises, then rallies once money printing accelerates

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