The great wealth shift: CA reveals why trust is moving from currencies to commodities

In a striking reflection on the global financial landscape, chartered accountant Nitin Kaushik argued that the true measure of value is shifting back to where it began — gold. 

In a post on X (formerly Twitter), Kaushik wrote that “money is moving from currencies to commodities”, underscoring how currencies were once backed by gold, but today, it’s gold that backs confidence in currencies. 

Kaushik described this transformation as “the quiet reshaping of wealth across the world”, where investors are moving away from paper-based assets toward tangible ones — gold, silver, oil, and lithium. “It’s not just about inflation or a weakening dollar,” he explained. “It’s about trust — and how the global economy is slowly re-pricing what we call value.” 

From tech to tangibles 

According to Kaushik, every decade redefines what wealth means. The 2000s were dominated by tech stocks, the 2010s by cheap liquidity and low interest rates, but the 2020s, he says, are marked by a flight to the real — to commodities that “can’t be printed overnight.” 

This shift, he noted, stems from the “silent erosion of money” caused by inflation. What ₹100 could buy in 2013 barely covers the essentials in 2025. “That’s not a price rise — that’s purchasing power quietly dying,” he said, likening inflation to a slow leak that drags an economy down over time. 

Losing faith in ‘safe havens’ 

Kaushik also pointed to the fading trust in the US dollar, long seen as the world’s safest currency. With America’s debt topping $35 trillion and policy uncertainty mounting, investors are increasingly turning to assets that don’t depend on government assurances. 

“Gold doesn’t need a central bank’s permission to shine. Silver doesn’t depend on fiscal policy. They hold value because they are value,” he wrote. 

From wars and sanctions to energy crises and trade restrictions, global volatility has made “uncertainty the new normal,” Kaushik observed. Every geopolitical shock, he said, sends the same message — “When governments fight, currencies bleed, and commodities rally.” 

Real assets, real demand 

Beyond their role as safe havens, commodities are now integral to the modern economy. Kaushik highlighted how silver powers solar energy, lithium drives electric vehicles, and copper fuels AI infrastructure — creating demand rooted in innovation rather than fear. 

“When demand grows faster than mining capacity, prices must adjust upward,” he wrote, calling it “basic economics meeting modern innovation.” 

Perhaps the strongest endorsement of this shift, Kaushik argued, comes from central banks themselves. In 2024, they collectively bought over 1,000 tonnes of gold, the highest in half a century. “They’re not trading — they’re hedging against their own currencies,” he said. 

Trust, the ultimate currency 

Kaushik concluded with a reminder that at its core, money is built on belief. “Currencies represent trust in a system. Commodities represent trust in reality,” he wrote. When systems shake, people return to what feels real. 

“In chaos, gold feels like peace — and in uncertainty, it feels like safety,” he said, summarising his message in a single line: “Money is shifting from the paper that represents value to the materials that are value — from promises to proof.”