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Ray Dalio Warns of Fiat Currency Crisis as Gold Hits Record High

At the 2026 Davos Forum, Dalio cited escalating tensions shifting from trade conflicts to a capital war, with gold reaching $4,890 per ounce.

Summary

Ray Dalio stated at the 2026 Davos Forum that the credibility of the fiat currency system has reached a critical threshold, transitioning from a phase of trade war to a more severe capital war. In parallel, gold prices surged to $4,890 per ounce today, setting a new all-time high.

Terms & Concepts
  • Fiat currency: Government-issued currency not backed by a physical commodity such as gold or silver.
  • Capital war: An economic conflict focused on restricting or competing for financial capital flows among nations.
  • Davos Forum: An annual meeting organized by the World Economic Forum in Davos, Switzerland, where global leaders discuss economic and policy issues.