April marked a turning point in the global financial order. The petrodollar system, built since the 1970s, is showing visible cracks as more countries trade oil outside the U.S. dollar — and the aftermath of the Iran war points to stimulus and money printing in high gear, historically a strong tailwind for gold and silver.

Mining companies continue to deliver record cash flows and major banks keep raising their precious metals forecasts. The conditions for the next major move are starting to fall into place.

In this month's letter, we look at:

• The cracking petrodollar and what a multi-currency oil market means for the dollar's reserve status — and for gold
• Mining companies' record Q1 cash flows and the case for capital rotation into the sector
• The Fed's new "trimmed mean inflation" framework and how it could open the door to rate cuts despite oil price pressure

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