Gold remains one of the most discussed assets in times of uncertainty. Its appeal is not difficult to understand: it is durable, globally recognized, scarce, and not directly tied to the credit risk of any single private issuer. Recent market data also support the view that gold is not merely a state reserve instrument. At the end of 2025, central banks and other official institutions held about 18% of above-ground gold stocks, while much larger shares were held in jewellery,

Public debt has become one of the defining economic issues of the modern era. In many countries, governments have expanded borrowing to respond to financial crises, public health emergencies, military pressures, aging populations, climate-related risks, infrastructure gaps, and rising social expectations. Borrowing is not new, and it is not automatically harmful. In fact, public debt has often played a constructive role in state formation, social development, economic stabili

Central banks occupy a unique position in modern economic life. They are expected to preserve price stability, protect financial systems, support confidence in money, and, in some cases, help sustain employment and growth. During periods of crisis, their visibility increases sharply. When inflation rises, people ask why central banks did not prevent it. When banks fail, markets freeze, or currencies weaken, many look to central banks for immediate rescue. In public debate, th