Gold is not reacting to markets. Markets are reacting to gold.

2025-11-28

2025-11-25

A private crypto company has become one of the largest gold buyers on earth, bigger than many central banks. Not a government. Not a sovereign wealth fund. A stablecoin issuer: Tether.

In this video, we break down how a privately issued digital IOU has accumulated more than 116 tonnes of physical gold, influencing nearly 2% of global demand and up to 14% of central bank buying in a single quarter.
This raises two critical questions:

What does it mean when the world’s oldest safe haven becomes intertwined with the newest source of synthetic liquidity?

Does Tether introduce fragility into a market prized for its independence?

Jan Skoyles explores:
– How Tether became a major marginal gold buyer
– Why XAU-backed tokens carry risks that physical gold doesn’t
– The creation of a