Structural change redefines global economic scenario

The global economy is undergoing structural changes that indicate a revaluation of physical production at the expense of overly financial models. According to an analysis by Rabobank, two recent events help illustrate this movement, although they are not directly linked to the gold market. On the one hand, data released by the Asian press show that U.S. steel production in 2025 surpassed that of Japan for the first time since 1999. On the other, the U.S. government launched a plan to form a strategic reserve of critical minerals, signaling an attempt to reduce foreign dependency on supply chains considered sensitive. The bank's assessment is that these initiatives reflect an effort to reconfigure the global economic architecture, with a greater focus on domestic production and strategic security. The analysis brings back the argument that the advancement of financialization in the United States sustained the creation of wealth in paper assets, but also deepened the dependence on ...