gold, page-127359

The real elephant in the room is the Eurodollar.

The term Eurodollar actually refers to any US dollar-denominated deposit held at a financial institution outside of the United States, or even a USD deposit held by a foreign bank within the US. It thus has nothing to do with the euro currency, and is not restricted to dollars held in Europe; they are dollar deposits that are not subject to the same regulations as US dollars held by American banks, nor are they guaranteed by FDIC (Federal Deposit Insurance Corporation) protection (and hence they tend to earn a higher rate of return).

How will that go int the future

https://corporatefinanceinstitute.com/resources/foreign-exchange/eurodollar/#:~:text=Key%20Highlights,and%20saving%20of%20currencies%20offshore.