The Secret War on Cash

You may never put diesel into your own vehicle, but you still depend on it for the goods and services you use every day.
In Episode 303 of The Secret War on Cash, Dean Heskin and Chris Agelastos of Swiss America Trading examine rising gasoline and diesel prices and the wider economic consequences of higher energy costs.
The hosts begin with fuel-price reports from Labor Day weekend and the continuing uncertainty surrounding the conflict involving Iran. They also discuss the Russia-Ukraine war, attacks on Russian refining infrastructure and the potential effects on diesel supply.
Chris explains why diesel...

Why are central banks continuing to buy physical gold while reducing their reliance on the U.S. dollar?
In Episode 302 of The Secret War on Cash, Swiss America Trading’s Dean Heskin and Chris Agelastos examine reported central-bank gold purchases in July, including approximately 20 tons attributed to China out of 23 tons discussed in the program.
The hosts connect that buying with a longer-term reserve-diversification trend. They discuss survey findings indicating that most central banks expect global gold reserves to increase, while a substantial majority expect the dollar’s share of reserves to decline.
Dean and Chris also cons...

Central banks continue buying gold, but the scale of the latest increase stands out.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos discuss figures showing roughly $47 billion in central-bank gold purchases over a three-month period, following several years of strong institutional demand.
Chris notes that central banks had often been purchasing around $10 billion per quarter, making the latest increase approximately five times larger.
Why the jump?
One explanation discussed in the episode is price.
Gold had pulled back from a previous high near $5,500 into roughly the $4,000–$4,500 range. To long-term in...

Episode 300 of The Secret War on Cash returns to the issue that has become increasingly difficult for Washington to avoid: debt.
Dean Heskin and Chris Agelastos begin with an article stating that annual U.S. interest expense has reached its highest share of federal revenue since 1991.
According to the figures discussed in the episode, interest costs are approaching 20% of federal revenue.
Chris compares the situation with an individual earning $50,000 annually and losing a substantial share simply servicing credit-card interest without reducing the underlying balance.
The comparison becomes more troubling when the hosts loo...

The U.S. dollar is weakening, Treasury markets remain under pressure, and precious metals continue moving higher.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine why financial reporting has increasingly focused on debt, Treasury securities, dollar weakness, and the consequences of years of deficit spending.
Chris notes that silver is approaching the $70 level discussed in the program while gold is nearing roughly $4,700.
Dollar weakness is one important catalyst. Continued central-bank gold purchases are another.
Treasury officials may be using bond buybacks and other measures to manage long-term y...

America's national debt has reached the $40 trillion level discussed in this episode, but Dean Heskin and Chris Agelastos argue that the trajectory matters even more than the headline number.
In this episode of The Secret War on Cash, they examine why federal debt can become self-reinforcing.
When debt levels rise, Treasury investors may demand higher yields to compensate for increasing financial risk. Those higher yields make federal borrowing more expensive.
The government must then devote more revenue to servicing its existing obligations. Dean and Chris note that annual interest expense has already moved above $1 trillion i...

Silver has already experienced extraordinary price volatility, but the structural forces supporting physical demand may be getting stronger.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine two dramatically different but potentially connected silver-price forecasts.
The first comes from Citi analysis discussed in the program. The bank sees a short-term target around $75 and a potential move toward $90 an ounce within six to twelve months.
Dean and Chris believe such a move could occur more quickly because silver demand remains strong while physical supply is increasingly constrained.
Industrial consumption is a...

Rand Paul has now visited Fort Knox and seen some of America’s gold reserves firsthand.
But does that constitute an audit?
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos revisit the Fort Knox debate and ask why the federal government has not simply completed a comprehensive inventory of the gold held there.
The issue gained renewed attention when President Trump and Elon Musk previously discussed auditing Fort Knox. That effort never developed into the full public accounting many observers expected.
Dean argues that the gold should not be...

The Federal Reserve may leave rates unchanged, but the more consequential interest-rate story could be unfolding thousands of miles away.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos begin by examining expectations that the Fed will not raise interest rates in September.
Chris explains that because markets largely expect rates to remain unchanged, the decision itself may have limited impact. A surprise hike or cut could create short-term volatility, but markets would eventually reprice.
The Fed faces a difficult balancing act. Inflation remains elevated enough to justify tighter policy, b...

Central banks around the world are buying physical gold at levels not seen in previous decades.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine a World Gold Council survey discussed in the program showing that 89% of central banks expect global gold reserves to rise during the coming year and a record 45% plan to increase their own holdings.
The trend itself is not new. Dean and Chris note that central banks have been aggressively accumulating gold for several years, with purchases averaging roughly 1,000 metric tons annually over the past four y...

Gold, artificial intelligence and the national debt may appear to be separate financial stories. In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos explain why they are increasingly connected.
The conversation begins with a bullish gold-price forecast extending through 2030. Dean explains that gold differs from many other asset classes because it is purchased across national borders and directly in local currencies.
Governments and citizens may disagree politically, militarily and economically, but central banks across the world continue accumulating gold. Chris calls it one of the few financial realities that Russia, China, I...

Japan has remained relatively quiet during years of debate over BRICS, de-dollarization and the global financial order. That may be changing.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine the United States’ intervention to support the Japanese yen and the risks that intervention is attempting to contain.
Japan’s currency weakness and domestic financial pressure could eventually force it to sell U.S. Treasury securities. For Washington, that would be especially dangerous because China is already reducing its exposure to dollar-denominated assets.
Dean argues that America’s decision to help...

Many experienced investors understand stocks, bonds, real estate and mutual funds but have little experience buying physical gold or silver.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos provide a practical introduction to the different categories of physical precious metals.
They explain the distinction between gold and silver bullion, modern minted coins, common collectible coins and genuinely rare investment coins. Chris discusses familiar products such as American Eagles, Canadian Maple Leafs and bars produced by established mints, then explains how older coins may carry additional value based on rarity, condition, s...

Silver’s recent pullback has been dramatic, but has the market changed, or has the price simply moved faster than the fundamentals?
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos discuss silver’s reported decline of roughly 53% from its $118 high and why the move may have created a new opportunity for investors.
According to the article examined in the episode, approximately 40 percentage points of the decline occurred during the first six days. Dean and Chris argue that such a sharp move may reflect a market overreaction rather than a disappearance of th...

The financial system may be confronting two major disruptions at once: an overheated artificial-intelligence investment boom and the rapid expansion of stablecoin payment infrastructure.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos discuss warnings that OpenAI and the wider AI sector could become a modern “Lehman moment.”
AI companies have attracted enormous investment and helped lift the broader stock market, but many businesses are discovering that automation is more expensive and less effective than promised. If the gap between investor expectations and actual returns becomes too wide, the consequences could sprea...

A 28-item grocery order that cost $64.50 in 2020 reportedly costs $158.30 today.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos use that receipt comparison to expose the deeper erosion of household purchasing power.
Food is only one part of the pressure. Families are also facing rising rents, higher energy costs, growing credit-card balances and an increase in home foreclosures. Many are no longer cutting luxuries. They are cutting meals, delaying bills and returning to work after retirement because the basic cost of living has moved beyond what their income can support.
D...

Russia and India are working to expand trade without relying on the U.S. dollar. At the same time, the United States continues adding trillions to its fiscal deficit.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos connect those two developments and examine what they could mean for the dollar’s long-term global influence.
Russia and India are increasingly settling trade in rupees and rubles, reducing their exposure to U.S. payment systems, exchange-rate volatility, and sanctions. Their reported goal of reaching $100 billion in trade demonstrates how quickly financial relationships can...

China is not merely buying gold. It may be building the financial and industrial foundation for a world less dependent on the United States.
In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos explore reports that China is selling dollar-denominated assets, reducing its exposure to U.S. Treasury securities and importing vast quantities of physical gold and silver.
They also examine China’s control over the critical minerals and rare earth elements used in smartphones, semiconductors, artificial intelligence, robotics, electric vehicles, military technology, aerospace and renewable energy.
The episode asks sev...

In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine a growing economic threat that reaches far beyond tech headlines: the expanding disconnect between the number of Americans working, the number dependent on government support, and the rapid rise of AI-driven job displacement.
They discuss the claim that 111 million U.S. adults do not have a job, the much smaller official unemployment figure, and the questionable categories used to soften the appearance of deeper labor-market weakness. The conversation then turns to the rising cost of government support, which now...

Dean Heskin and Chris Agelastos examine two related warning signs in today’s financial system. The first is the rise in bank-account scams, with billions reportedly drained from Americans through impersonation schemes, spoofed caller IDs, and pressured electronic transfers. The second is the continued strength of physical gold demand at a time when paper claims on metal remain widespread and Comex gold inventory has fallen sharply.
Dean and Chris explain why account-based wealth can feel increasingly exposed in a digital-first system, why scammers are exploiting fear and urgency so effectively, and why some invest...

In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos reflect on 250 years of American resilience and the financial lessons embedded in the nation’s founding. The conversation revisits the collapse of the Continental currency, the phrase “not worth a Continental,” and why the Founders later emphasized gold and silver as anchors of real value and safeguards against inflationary government overreach.
Dean and Chris connect those early lessons to the modern era, where runaway inflation, insurmountable debt, and the erosion of monetary discipline once again raise serious...

In this episode of The Secret War on Cash, Dean Heskin and Chris Agelastos examine two major fault lines forming at the same time inside the financial system. The first is the push toward stablecoin regulation, where new customer ID requirements could make digital currencies more mainstream while also reducing privacy for users who were drawn to them partly for anonymity and independence from the traditional banking system.
The second is the growing fear that the broader market is sitting inside a bubble built on easy money, debt expansion, inflated asset prices, and investor exc...