America faces a three-way tradeoff it can't fully win, and the likely loser is the strong dollar — bad for savers holding cash, potentially good for gold.

• You can only pick two of three: rebuild factories, keep prices low, or keep the dollar strong.
• A strong dollar makes US factories too expensive to compete, so bringing back jobs means letting the dollar fall.
• Keeping the dollar strong means cheap imports keep flooding in and factories never come back.
• Trying to have both — factories and a strong dollar — needs big tariffs, which push up prices and the cost of living.
• Luke Gromen argues Scott Bessent knows this and will likely give up the strong dollar, using gold as a release valve to absorb the drop.

Outlook: Watch for a weaker dollar and a bigger role for gold, with China already building that gold-backed system since 2009.