Bottom line: Covert gold accumulation gives China optionali…

Bottom line: Covert gold accumulation gives China optionality, leverage, and resilience at minimal immediate cost. A fully gold‑backed reserve currency would most reward high‑gold holders and producers while eroding dollar privileges, but it faces major practical and political hurdles. A more realistic near‑term outcome is a gold‑anchored settlement layer among willing states—incremental, not a wholesale monetary reset.