“This Is A New World”: HDFC AMC’s Navneet Munot On Gold, Dollar Risk & The $40 Trillion Debt Problem | 07 Sep 2026 | NDTV Profit

1. Executive Briefing (TL;DR)

• Central Bank Custody Bifurcation: Sovereign entities and institutional investors are increasingly separating gold ownership from custody, moving physical bullion out of foreign vaults (New York/London) back to domestic jurisdictions following dollar weaponization risks [00:00:15].
• Exhaustion of the Central Bank "Put": Public balance sheets are saturated following the shift of leverage from the private sector to sovereigns post-2008 (developed market debt-to-GDP at ~115%), neutralizing central banks' capacity to stimulate future crises [].