A warning that the whole financial system is caught in a trap, and that everyday retirement money is funding the risk.

• For the first time in modern history, central banks now hold more gold than US government bonds as their main safety asset.
• Gold has slipped from its record high while stocks keep hitting new records, which is an odd split.
• The core problem: the huge debt can't be paid off in cheap dollars if fewer people are working and borrowing.
• AI is the trap — if it's as powerful as claimed, it wipes out jobs and the taxes that fund the system; if it isn't, these stocks are wildly overpriced and will fall anyway.
• Either way the bet looks bad, and ordinary 401(k) savings are quietly paying for it.

Outlook: Expect more central banks to keep stacking gold as trust in the dollar and the debt system weakens.