Dictionary of the new world economic order

Alguns conceptes són bàsics per a entendre per què estem a la vora d’una recessió, cap a on s’encamina el nou ordre econòmic mundial i quins seran els seus protagonistes.

El “Gran Reinici” és el nom d’una iniciativa del Fòrum Econòmic Mundial que pretenia repensar el model econòmic capitalista una vegada superats els estralls provocats per la pandèmia. La realitat és que a la crisi sanitària s’han sumat una crisi de deute i una crisi inflacionària que ens han situat a la vora de la recessió.

En el context actual, el “gran reinici del capitalisme” que reclamava aquest organisme internacional es fa més necessari que mai. Repassem alguns conceptes clau per entendre com hem arribat a una situació pròxima al col·lapse i quins factors condicionaran el futur pròxim de l’economia.

Àsia

L’eix de l’economia global s’està desplaçant d’Europa i els Estats Units cap a Àsia. Segons un estudi de la consultora McKinsey, l’any 2040 el continent asiàtic suposarà més de la meitat del producte interior brut mundial i un 40 % del consum. La pèrdua de protagonisme d’Europa és evident i l’FMI preveu que almenys la meitat dels països de l’eurozona entraran en recessió en els pròxims mesos.

Canvi climàtic

L’escalfament global ha obligat a deixar enrere la idea d’un creixement il·limitat a costa d’esgotar els recursos naturals i ha donat pas a la idea de l’economia circular, amb oportunitats en el camp de l’economia “verda”. Com ha posat de manifest la COP27, ara falta definir fins a quin punt els països industrialitzats assumiran el cost econòmic del canvi climàtic que han generat i quines mesures estan disposats a adoptar per alentir l’escalfament en un context de crisi econòmica.

Descentralització

Les noves tecnologies estan permetent l’aparició de productes i serveis que escapen al control dels Estats i les grans corporacions. Com apuntava James Sène, president d’11Onze, en una sessió de Fintech Talks, ens trobem davant una “transició del model antic, totalment dominat per uns pocs, a un nou model que arriba a més gent i està descentralitzat”. La descentralització de la creació monetària, per exemple, ha estat un dels grans pilars de les criptomonedes.

Desigualtat

Les dades de l’informe “World Inequality Report 2022” mostren que el 10 % de la població més rica del planeta ha acumulat des de mitjan anys noranta el 76 % de la riquesa generada al món. De fet, el 38 % es va concentrar a les mans de l’1 % de la població mundial. I la meitat de la població més pobra s’ha hagut de conformar amb les engrunes: el 2% de la riquesa generada durant aquestes últimes dècades. Per desgràcia, aquesta escletxa entre els superrics i el comú dels mortals no ha fet més que eixamplar-se durant la pandèmia. I els experts coincideixen que aquesta creixent desigualtat suposa un fre per al desenvolupament econòmic mundial.

Deute públic

El deute públic en el món s’ha disparat en els últims anys i limita el creixement econòmic. Tot i que el límit que estableix el Tractat de Maastricht per als Estats de la Unió Europea és del 60 % del seu PIB, el conjunt de països de la zona euro ja porta més d’un any per sobre del 100 %, segons dades d’Eurostat. La situació fora d’Europa no és millor, ja que el Fons Monetari Internacional estima que, a la fi de 2021, el deute públic global també representava el 100 % del PIB mundial. A més, els nivells de deute podrien empitjorar si la crisi s’accentua.

Estagflació

Des de març de 2021, els preus han pujat amb força i de forma gairebé ininterrompuda. La inflació a Catalunya, que va arribar a superar a l’estiu el 10 % interanual, es va situar a l’octubre prop del 7 %. La situació més enllà de les nostres fronteres no és millor, ja que la inflació d’aquest mateix mes en el conjunt de la zona euro va arribar al 10,7 %. S’espera que les successives pujades dels tipus d’interès contribueixin a controlar uns nivells d’inflació desconeguts des dels anys vuitanta del segle passat. El preu a pagar serà un major estancament de l’economia, que portarà a la recessió de les grans economies.

Impressió de moneda fiat

S’estima que el total de diners en circulació en el món, incloent-hi bitllets, monedes, xecs i pagarés, supera els 60 bilions d’euros. El problema és que una part considerable d’aquests bitllets s’han posat en circulació en els últims anys. Per exemple, només l’any 2020 l’oferta monetària dels Estats Units va augmentar un 24 %. La majoria dels bancs centrals s’han dedicat a imprimir moneda per fer front a un deute públic galopant. I aquest augment de moneda fiat ha estat el principal responsable de l’actual inflació.

Monedes digitals

Davant l’avanç de les criptodivises, que plantegen un model monetari totalment descentralitzat, els Estats treballen a contrarellotge en el desenvolupament de monedes digitals controlades pels bancs centrals (CBDC) per mantenir un sistema financer centralitzat. A la Xina, més de 260 milions de persones ja han utilitzat el iuan digital (e-CNY). A Europa, la Comissió Europea preveu que la regulació sobre l’euro digital estigui llesta a principis de 2023 i que aquesta moneda digital entri en funcionament l’any 2025. L’objectiu en un primer moment és que l’euro digital, gestionat i supervisat pel Banc Central Europeu, no substitueixi els diners en efectiu, sinó que els complementi.

Poder corporatiu

Les grans multinacionals tenen un poder creixent enfront de la minvant capacitat d’influència dels Estats. Moltes d’aquestes corporacions supervisen enormes cadenes de subministrament, venen els seus productes a tot el món i tenen uns ingressos superiors als de molts governs. De fet, si fos un país, Walmart seria el desè per nivell d’ingressos. La globalització ha capgirat les relacions de poder i en molts casos les grans corporacions es permeten eludir el pagament d’impostos amb total impunitat.

Subscripció

Com assenyalàvem en un article de La Plaça, està sorgint un nou model mutualista, més comunitari i basat en la compartició de béns i serveis, com a alternativa al model de compra i ús individual. En els models de negoci de subscripció cada client paga quotes que li permeten l’accés prolongat a un bé o servei en lloc de realitzar un gran pagament per endavant per posseir aquest bé o servei. Aquest model de negoci cada vegada és més freqüent en la indústria informàtica, de l’entreteniment o de l’automoció.

Tipus d’interès creixents

Després d’11 anys sense augments, el Banc Central Europeu va iniciar al juliol l’escalada dels tipus d’interès a Europa. De moment, ja han arribat al 2 % i la previsió és que continuïn incrementant-se en els propers mesos per refredar encara més l’economia i frenar la inflació. El BCE s’ha alineat amb la majoria de bancs centrals del món, que també estan incrementant les seves taxes d’interès per combatre l’escalada de preus. Aquesta mesura repercutirà directament en la butxaca de molts ciutadans, ja que les quotes de les hipoteques i dels préstecs amb interès variable resultaran cada vegada més elevades.

Virtualitat

No vivim en un món virtual, però sí virtualitzat, ja que “el que passa en el món digital té un impacte real en la nostra vida”, com advertia James Sène en una sessió sobre l’actual situació econòmica. En aquest sentit, el president d’11Onze vaticinava que el metavers, l’economia del qual depèn de l’autenticació de les propietats digitals, jugarà un paper clau a l’hora de digitalitzar les nostres identitats.

Si vols que el teu negoci faci un gran salt, utilitza 11Onze Business. El nostre compte d’empresa i autònoms ja està disponible. Informa-te’n!

Traditional banking is likely to disappear sooner rather than later. And security tools such as biometrics and cryptography will help protect us from fraud.

The world of finance is changing fast. Fintechs are overtaking traditional financial institutions, above all because they are committed to combining technology and customer service. All with the aim that new technological advances will allow increasingly simple, but more secure, operations. We see it!

1. Services in the cloud. Financial institutions will increasingly organise their services via the internet. This is why financial applications are constantly innovating: they are looking for more and more transactions to be carried out in the cloud.
2. Artificial intelligence, an essential tool. This technology is much more sophisticated and has a significant influence on the internet of things, on the management of ‘big data’, on facial and optical recognition and on the ‘blockchain’, which is the structure with which the new financial institutions will work.
3. Mobile finance made easier. The so-called ‘mobile banking’ system is not new. Still, it will be increasingly easier to use: it will provide greater accessibility and incorporate one-click payments from customer to customer. In addition, customer-to-business ‘digital banking’ will no longer rely on passwords.
4. More blockchain. Blockchain software vendors will attract the interest of organisations that want to accelerate their performance. With blockchain, they will achieve more cost-effective operations.
5. Next-generation cashpoints. It is expected that, in the not-too-distant future, we will be operating cashpoints without having to use a card, directly with our mobile phones. Some cashpoints around the world, in fact, already incorporate biometric authentication or iris recognition.
6. Security, security, security. This is a constant concern for financial institutions, which will be looking to include new protection services for their customers. Biometrics will be commonly used to access financial data.
7. Links between financial institutions. Experts have realised that financial institutions can reduce costs and facilitate customer services by partnering with each other. Working collectively advances innovation and establishes healthier cooperation.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Do you find it difficult to understand all the concepts on a payslip? You are not alone. It is important to know how our salary payments are broken down, but it is not always easy to interpret the different parts of this document. Mireia Cano, Sales Lead B2C at 11Onze, explains the key points so that you get everything.

The payslip is a payment receipt that justifies the settlement and payment of your salary. At the same time, serves as proof of the Social Security contribution, as well as the withholdings that have been made in advance for personal income tax (IRPF).

First, when interpreting the payslip, remember that its structure is always the same. From top to bottom, in the header, we will find the company’s data, the worker’s data and the settlement period, or as Cano points out, “the days to which the payroll corresponds”.

Salary and non-wage payments

Known as accruals, we have to distinguish between the different remunerations we receive for doing our work, therefore, we find two large blocks.

• Wage income: basic salary, allowances and pro rata extra payments.
• Non-salary income: indemnities, expenses such as travel expenses, or if we receive a bonus.

As Cano explains, it is important to bear in mind that “salary income is subject to personal income tax deductions and social security contributions, while non-wage income is not subject to deductions“. But what are deductions, and what about common or professional contingencies? If you are not sure, watch the video above to understand the rest of the concepts.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

When gold and the stock market rise at the same time, something big is brewing. The ‘smart money’ has already moved, and the market is much more fragile than it appears. Gold is the refuge of fear. Stocks are the reflection of optimism. That is why, when both assets rise at the same time, analysts sound the alarm. Historically, this combination is rare and usually precedes moments of great volatility in the markets. And this is exactly what is happening now.

This autumn of 2025, both the price of gold and the major stock market indices — S&P 500, Nasdaq and Euro Stoxx — have simultaneously reached historic highs. According to data from the World Gold Council, gold is now trading at $3,380 per ounce, with a 20% increase in value in less than two months.

Meanwhile, stocks continue to set records, despite persistent inflation and still-high interest rates. It is a complete contradiction that the asset of fear and the asset of hope are both pointing upwards at the same time. This phenomenon is not unprecedented. In 2020, a few months before the outbreak of the pandemic, the same combination occurred: gold and the stock market at record highs. Shortly afterwards, the market crashed. History may not repeat itself exactly, but it often rhymes.

When gold rises, something is brewing

From May to August, the price of gold had remained stable, almost dormant. But at the end of the summer, something happened. In just a few days, the precious metal began a vertical climb, rising 20% in less than eight weeks. A movement of this magnitude cannot be explained solely by inflation or interest rates. There is something deeper behind it.

According to Bloomberg Markets, gold purchases by institutional investors—pension funds, insurance companies and central banks—increased by 35% in the third quarter of the year. The World Gold Council confirms that between July and September, central banks added more than 300 tonnes of gold to their reserves.

In total, they have now accumulated more than 1,100 tonnes in twelve months, the highest figure recorded since the end of the gold standard. These data show that the movement is not accidental: the major players in the system are protecting themselves.

The smart money has already left

When small investors buy with euphoria, large investors tend to do the opposite. This is one of the unwritten laws of the markets. And if we want to know what the ‘smart money’ — large institutional capital, such as pension funds, hedge funds, sovereign wealth funds, insurance companies, global investment funds and central banks — is doing, we need to look at an indicator called DIX or ‘Dark Index’. Developed by SqueezeMetrics, the DIX measures the flow of purchases and sales in dark pools, private markets where large transactions are carried out away from the public eye.

What the data shows is disturbing. While the S&P 500 was breaking records at the end of August, the DIX plummeted to its lowest levels of the year. This means that while the public was eagerly buying shares, large investors were quietly selling. Money was leaving the stock market to seek refuge elsewhere. And the dates do not lie: just as the DIX falls, the price of gold takes off.

According to J.P. Morgan Asset Management’s quarterly report, during this period institutional funds reduced their exposure to equities by 12% and increased their position in physical gold and gold-backed ETFs by 18%. In other words, smart money has left the party while the others are still dancing.

A hypersensitive market full of gunpowder

The second key indicator is GEX, or ‘Gamma Exposure’, which measures the market’s sensitivity to small price changes. When GEX is very high, any news can cause exaggerated movements — up or down.

And right now, according to SpotGamma, the global GEX is one of the highest since 2022. This means that the market is in a state of extreme tension, like a house of cards about to collapse. The combination of a very low DIX — institutional money flowing out — and a very high GEX — a nervous market — is explosive. Historically, this pattern has preceded major corrections. It occurs when the market seems stronger than ever… just before the shake-up.

Central banks make their move

The shift towards gold is not limited to private investors. Central banks have become major net buyers of gold in recent years. For example, China, Russia, Turkey and India are leading this paradigm shift, with steady monthly purchases in a clear strategy to reduce their dependence on the dollar and strengthen their monetary sovereignty.

Gold is once again establishing itself as the universally trusted asset when fiat currencies such as the dollar or the euro lose credibility. This trend also reflects a geopolitical message. According to the IMF, the dollar’s share of global reserves has fallen from 71% in 1999 to 58% today, while gold reserves have increased to represent nearly 20% of the world total.

The world is gradually de-dollarising, with gold playing a leading role in this new monetary era.

J.P. Morgan has already shown its hand

Among the major financial institutions, some have already hinted at how they interpret this situation. According to internal documents leaked by Market Watch, J.P. Morgan has bet that the market will fall to 5,310 points, placing its optimal profit point in a clearly bearish scenario.

This is a diplomatic way of saying that the bank does not expect further rises and believes that the risk outweighs the reward.

Marko Kolanovic, the bank’s chief strategist, put it clearly in his latest quarterly report: ‘Markets are more vulnerable than the indices show. The risk of a sudden correction is high, and institutional investors are repositioning themselves in safe assets such as gold or sovereign bonds.’

The market bluff

If we put all the pieces together, the story is clear. Smart money has quietly sold shares, taken refuge in gold and left a market full of small, euphoric and exposed investors. This is what many call ‘the market bluff’: a seemingly solid rise, but with no real support behind it.

When the big players have left, the party is kept alive only by the inertia of the latecomers. And when the first of them turns off the lights, those who left earlier come back to buy at bargain prices. It is a repetitive game, well known and yet eternally effective. Markets, in the end, are a reflection of human behaviour: fear and greed alternating like the seasons.

With volatility indicators high, central banks accumulating gold and large investors out of the stock market, the stage seems set for a sharp turn. The real question is no longer whether something will happen, but what will light the fuse. It could be a geopolitical crisis, a bank in distress, or an unexpected election result. But the ground is dry and full of gunpowder. Gold does not lie. When the most prudent money returns, it is because something is coming. And as always, when the markets seem calmest, that is when it is necessary to be most vigilant.

If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.

We have carried out a study of the costs of home insurance through a survey on the members of our community who are homeowners, with the aim of analysing the competitiveness of the product that we offer through 11Onze Segurs.

The survey was conducted by 11Onze through our Telegram channel with the participation of 279 users who responded to the question: “How much do you pay for your home insurance each year? They were given the option to choose from a range of prices ranging from €60 per year to more than €400.

The final data shows that 56% of users pay between €200 and €400 per year for their home insurance, while 22% spend between €100 and €200 per year. In addition, 18% pay more than €400 per year. These results are in line with the average annual price of home insurance in Spain, which is around €301 per year.

How much do you pay for your home insurance?

A more competitive alternative

At 11Onze Segurs we believe that you can reduce the cost of home insurance by optimising processes and personalising coverage. That’s why we have a completely digitalised platform, where we do away with paper contracts, physical agencies, management fees, cancellation and contract change fees, which is already a considerable saving, but we also let you modify and adapt the coverages to your needs at any time, before and after signing the contract.

In this way, we can offer you home insurance from €5 per month. Our policy is designed so that you do not pay more for your insurance, offering a monthly or annual fee, without permanence, between 15%-20% cheaper than with traditional insurers. What is the monthly cost of your current home insurance? Do you want to know how much you could save? Try our price simulator by entering some basic data, and you’ll get your no-obligation quote instantly.

If you want to discover fair insurance for your home and for society, check 11Onze Segurs.

Si tenim uns diners estalviats, i estem pagant una hipoteca, ens pot sorgir el dubte de si surt a compte retornar el préstec hipotecari abans del termini establert. Coral Santacruz, de l’equip de producte d’11Onze, detalla els avantatges i inconvenients de dur a terme una amortització anticipada.

La cancel·lació o amortització parcial o total del préstec hipotecari consisteix a reduir o pagar totalment el deute que tens pendent amb l’entitat financera abans del termini establert en el contracte. És a dir, fer servir els teus estalvis per a cancel·lar o pagar part del deute amb el banc. 

Tot i que a priori pot semblar una bona idea aprofitar diners estalviats per retornar o reduir un préstec hipotecari abans de temps, tot dependrà de les condicions d’amortització que s’hagin signat en el contracte de la hipoteca.

Reduir quota o termini d’amortització

Si ens decidim per fer una amortització parcial, podem reduir l’import de la quota (en referència al capital i interessos), o el termini (el temps que es tardarà a tornar el préstec). Per tant, “s’ha de valorar quina de les dues opcions és la més viable per a nosaltres, depenent de si volem acabar de pagar abans, o pagar menys cada mes”, apunta Santacruz.

Independentment de quina opció triem, haurem de comunicar a l’entitat financera la voluntat d’amortitzar la hipoteca i explicar la tipologia que volem aplicar. Hem de tenir en compte que aplicar aquest procés té un cost, com explica Santacruz, “és la comissió d’amortització anticipada, i a l’hora de signar la hipoteca ens haurem de fixar quines condicions ens ofereix l’entitat financera en aquest aspecte”.

Si vols conèixer una assegurança justa per a la teva llar i per a la societat, descobreix 11Onze Segurs.

The cryptocurrency market continues to grow despite its extreme volatility. After years of speculative booms and sudden crashes, governments around the world have placed regulation at the centre of the debate. Some present it as a necessary protection for small investors; others as a strategy to protect the traditional financial system from an uncomfortable competitor.

After more than a decade of existence, cryptocurrencies have demonstrated their disruptive potential on monetary policy and state control of money. Thanks to blockchain technology, they offer a more transparent, decentralised and inflation-resistant system, as most limit the issuance of new units. However, their Achilles heel remains volatility: an obstacle that makes it difficult for tokens to serve as a stable medium of exchange.

Today, crypto assets are no longer a marginal product. They have become investment instruments, hedges against weak currencies and, in some countries, even legal tender, such as Bitcoin in El Salvador or USDT in emerging countries. However, this expansion has also opened the door to fraud, manipulation and money laundering, which has accelerated the response from regulators.

A difficult market to control

Supervising the crypto world is, quite simply, a colossal challenge. The term crypto asset encompasses thousands of projects, tokens, and protocols with very different uses: from payment systems to decentralised applications, stablecoins, and NFTs. Most operate in global environments, without clear boundaries and with anonymous or decentralised actors.

For regulators, this means monitoring a global ecosystem with no central headquarters, in which miners, developers and intermediaries often escape traditional financial regulation. While countries such as Switzerland and Japan already have specific legal frameworks in place, others, such as the United States and the European Union, are still debating what limits to impose without stifling innovation.

The European and Catalan legal framework

In Europe, the major step forward has been the approval of the MiCA (Markets in Crypto-Assets) Regulation, in force since June 2023, which establishes for the first time a single legal framework for crypto-assets within the EU. MiCA requires all service providers — exchanges, custodians or token issuers — to obtain a regulated licence and provide transparent information to customers.

In Spain, its implementation is being coordinated with the Bank of Spain and the National Securities Market Commission (CNMV). At the same time, Law 11/2021 on the prevention of tax fraud already requires platforms to report their customers’ transactions to the Tax Agency, and Royal Decree 7/2021 establishes an official register for exchange and custody service providers.

These measures pave the way, but they also raise questions: to what extent do they protect investors or reinforce state control over digital money?

Risks for small investors

Despite their growing popularity, cryptocurrencies remain a high-risk investment. Market volatility, technological complexity and a lack of transparency in some projects have led to millions in losses. In addition, many platforms operate from tax havens or jurisdictions without legal safeguards, making it difficult to protect users from scams or loss of access to digital wallets.

Classifying cryptocurrencies as investment products subject to consumer protection rules — as proposed by the CNMV — could provide greater security. But it could also limit access and the decentralised nature that has made the crypto world a laboratory for financial freedom.

Disparate regulations and side effects

The International Monetary Fund (IMF) warns that regulatory priorities differ from country to country: while some emphasise investor protection, others focus on the integrity of the financial system. China, for example, has directly banned mining and cryptocurrency transactions, while countries such as Singapore and the United Arab Emirates seek to attract capital with favourable regulations.

These differences lead to what experts call regulatory arbitrage: companies and platforms migrating to where laws are more lax, while maintaining a global reach thanks to the Internet. The result? Unequal competition and a constant risk of global technological relocation.

Towards a global framework?

Faced with this fragmentation, the IMF, and the Bank for International Settlements (BIS) are calling for coordinated global regulation that guarantees legal certainty without stifling innovation. The aim is to establish clear limits and common standards to prevent abuse, but without undermining the open and decentralised nature of blockchain technology.

However, many experts warn that overly strict regulation could turn cryptocurrencies into an extension of the financial system they sought to challenge, transforming a tool for economic freedom into yet another instrument of monetary surveillance and control.

Between control and freedom

The big question is whether regulation will serve to empower citizens or limit their financial sovereignty. At a time when central banks are preparing their own digital currencies (CBDCs), the line between protection and control is thinner than ever.

Cryptocurrencies were created to challenge a system that concentrates the power of money. Regulating them can bring security and confidence, but it can also erase their original spirit. As always, the key is not whether it is necessary to regulate them, but how: with criteria of transparency and accountability, or with the desire to control what cannot be stopped.

11Onze Recommends Bitvavo, cryptocurrency trading made easy, safe and at a reasonable cost.

Homeowners, when they reach retirement age, can consider several options to keep their income level stable. We’ll explain the reverse mortgage option.

The reverse mortgage is, in short, a loan granted by a financial institution, which is guaranteed by a mortgage that normally falls on the client’s usual home. In an ordinary mortgage, the money is requested to acquire the house, and the debtor must return it periodically. However, in the reverse mortgage, the property is offered in exchange for receiving the loan also periodically, or in the agreed amount at once.

This product is intended for people over the age of sixty-five, those with a degree of disability equal to or greater than 33%, or who are severely dependent. The reverse mortgage on the home they own will provide them with an additional income, while the repayment of this loan will not be due to them until the time of their death.

We must consider that, unlike in a normal mortgage, the debt is not paid and decreases over time. On the contrary, it increases as benefits are received and until the holder dies, or until the maximum percentage is reached according to the appraised value agreed when the mortgage is signed. In this case, the heirs could choose to take charge of the return until the debt is extinguished, if they want to keep the property.

The benefits of a reverse mortgage

This product was born in the sixties in the United States and the United Kingdom, where it expanded under the idea of using a property to obtain financing. In Spain, it was adapted and is regulated by the Law 41/2007, in its first additional provision (1st DA). Later it was modified in article 5 of Law 1/2013, which strengthened the protection of debtors, among other details.

At the age of well-deserved retirement, it may be interesting for many people to take the alternative of the reverse mortgage, so as not to see their standard of living reduced when they stop working. In Catalonia there are factors such as a very high rate of homeowners, increased longevity, and not-so-good prospects for pensions or public benefits, which open the market for this product.

Another advantage is that ownership of the home is not transferred, but retained, so that the beneficiary receives the rent and can continue to live in their home, or even rent it out. However, it will be the heirs who, in order to maintain the property, when the death of the owner occurs, will have to decide whether to deal with the accumulated debt.

How income is calculated

The first thing to be established will be the amount of capital that will be offered as a loan on the mortgage. To do so, the entity will consider, first and foremost, the value of the property offered as collateral. Therefore, a correct assessment will be essential. The age of the owner, their life expectancy, or whether the home is their usual residence will also be taken into account.

The income received will be calculated based on the agreed capital of the loan and conditioned by how the holder decides to receive it. First, it can be done in a single full payment or on a regular basis (usually a monthly payment). Second, and if you opt for the periodic option, you can also choose it to be temporary or lifelong.

With the temporary option, payments will be received until the total agreed capital has been exhausted. The customer will no longer receive any income, but will also not have to deal with the debt until their death. Debt, of course, will continue to generate interest. The lifetime option enlarges the capital over the life of the customer, and therefore the amounts received will be inferior.

Finally, it should be noted that the income from the reverse mortgage is not taxed as income in the personal income tax, and presents exemptions in the payments of notarial documents and legal acts required to formalize it.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

The boom in the price of gold is neither a mirage nor a fad. It is a symptom of a weakening monetary system as investors seek refuge from the loss of value of fiat money.

At the beginning of the year, few dared to predict that gold would exceed $4,000 an ounce. Even investment banks such as Goldman Sachs predicted that the precious metal could stagnate below $3,300. However, reality has exceeded expectations: gold has broken all the moulds and the markets are already talking about new historic highs for the coming years.

But behind this spectacular rise lies a much deeper message. According to analysis by Citadel, one of the world’s most powerful investment funds, the gold boom hides a very worrying trend: what they call ‘valuation operation’. A global strategy to allow fiat currencies to slowly devalue, reducing the real weight of government debt and, in turn, the purchasing power of citizens.

The silent loss of money’s value

Governments and central banks have turned inflation into a tool for economic survival. After years of monetary stimulus, cheap credit and massive money printing, the system has become accustomed to living with a constant dose of devaluation. When inflation erodes the value of currencies, debt becomes more manageable, but citizens’ savings are also worth less every day.

According to data from the International Monetary Fund (IMF), advanced economies have accumulated public debt exceeding 112% of GDP, the highest since World War II. And as the European Central Bank (ECB) warns, inflation in the eurozone will remain above 2.8% in 2025, despite high interest rate policy. This loss of purchasing power is the silent mechanism that shifts the debt burden onto citizens.

This is not a conspiracy theory, but a mechanism that is well known and has been repeated throughout history. And, as always, there is one asset that resists: gold.

Gold: the barometer of mistrust

When currencies lose credibility, gold gains. Unlike fiat money, it does not depend on any government and cannot be printed at will. It is finite, tangible, and universal. That is why, every time the monetary system falters, its value skyrockets.

The figures speak for themselves: according to the World Gold Council, central banks bought 1,037 tonnes of gold in 2024, 4% more than the previous year, the highest volume since 1967. China leads the way, with nine consecutive months of accumulation, followed by Turkey. While the West struggles with debt and money printing, emerging countries are bolstering their reserves with real assets.

This trend is in line with what 11Onze already pointed out in a previous article in La Plaça: in four years, gold has appreciated by 85%, and everything indicates that it will continue to rise in the face of the structural weakness of the pound sterling and persistent inflation.

According to Bloomberg, gold is trading at around $4,020 per ounce in October 2025, reaching an all-time high and consolidating its position as the best-performing asset of the last economic cycle.

The sector is on the move and 11Onze analyses

This global movement not only reflects an economic trend, but also a change in mindset: investors are once again seeking tangible assets and real value. The financial sector as a whole is rediscovering gold as a strategic asset. Banks, asset managers and investment platforms see it as a counterweight to the loss of value of currencies.

But at 11Onze, we have a different view: it is not just another investment product, but a tool for preserving value and economic sovereignty. Our experience in precious metals shows us that 100% allocated physical gold, with professional custody and total transparency, is the only real way to protect wealth in a scenario of widespread devaluation.

Investing in gold is not a reaction to fear, but an exercise in financial responsibility. It is understanding that wealth depends not only on what you earn, but on what you manage to preserve.

Devalue or preserve: two sides of the economic future

What Citadel calls ‘devaluation’ may seem like a sophisticated debt management strategy, but for ordinary citizens it translates into a silent erosion of their purchasing power. While central banks seek breathing room by printing money, gold offers respite to those who want to preserve their hard-earned wealth.

At 11Onxe, we have said it many times: when the system shakes, gold stands firm. It is not about abandoning currency, but about balancing risks. In a context of uncertainty and planned devaluation, gold remains the oldest and most reliable refuge in the world. Because if money melts like ice… gold continues to shine.

If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.

L’inversor nord-americà torna a avisar que els Estats Units estan en perill d’un col·lapse financer perquè s’està generant massa deute i hi ha escassetat de compradors. A més, apunta que la inflació, els baixos tipus d’interès i la fragmentació política empitjoraran la situació.

Ray Dalio, reconegut inversor i fundador del fons d’inversió Bridgewater Associates, fa mesos que va avisant del perill d’un col·lapse financer. Durant les negociacions sobre el sostre de deute per evitar una suspensió de pagaments de l’administració americana, Dalio explicava en un post a LinkedIn que no n’hi havia prou amb acordar un nou límit de deute si no es concretava com contenir o reduir la despesa i que “augmentar el límit del deute de la manera en què el Congrés i els presidents han fet repetidament conduirà finalment a un col·lapse financer desastrós”.

De fet, no cal ser un gurú de les finances per saber que gastar més del que guanyem i finançar-ho amb deute és la recepta perfecte pel desastre econòmic. Això, però, no és necessàriament sempre veritat si tens la capacitat d’imprimir diners sense conseqüències. L’hegemonia del dòlar com a moneda de reserva mundial i la demanda assegurada d’aquesta divisa gràcies al reciclatge de petrodòlars atorga als Estats Units una de facto “targeta black” que els permet gastar diners sense gaires preocupacions.

Quan no es pot satisfer als deutors i creditors

Tot i aquest comodí, el fundador de Bridgewater apunta que a la llarga no és sostenible, perquè l’augment dels actius i passius de deute més ràpid que els ingressos acaba per fer impossible pagar un tipus d’interès que satisfaci els creditors, i al que hi puguin fer front els deutors. És a dir, els tipus d’interès han de ser prou alts perquè el creditor obtingui un bon rendiment pels seus diners, però no fins al punt que el deutor no pugui pagar el seu deute.

Així mateix, argumenta que aquest escenari pot conduir al pànic i acabar creant una crisi de deute semblant a la reacció en cadena que precedeix a les crisis bancàries, però en aquest cas contra el banc central i amb bons del govern. Una situació que descriu com desastrosa que “causarà un desgavell financer i trastorns socials”

En aquest context, l’inversor creu que ens estem acostant a aquest punt d’inflexió en què la quantitat de deute emès pel govern superarà la demanda, la qual cosa obligaria a una impressió ingent de diners i una venda de bons governamentals que posaria al banc central en una posició insostenible. En altres paraules, els creditors no prestaran més diners i vendran els seus actius de deute -provocant una pujada dels tipus d’interès- o forçaran que el banc central imprimeixi més diners i compri deute en un intent de mantenir els tipus d’interès baixos, per tant, creant inflació i provocant una contracció de l’activitat econòmica. 

Com evitar o preparar-se pel col·lapse

“Crec que s’ha de reformar el sistema i donar una resposta expeditiva amb un bipartidisme intel·ligent”, apunta Dalio en una entrevista a Bloomberg. I afegeix, “Si seguim per aquest camí, en termes del que és probable en els pròxims cinc i deu anys, s’arribaria a un punt en el qual aquest acte d’equilibri es fa molt difícil”.

En qualsevol cas, aquestes mesures o canvi de paradigma depenen en gran part dels polítics, sobre els quals la població no té gaire influència independentment dels resultats electorals. Cal recordar que els interessos de la banca i dels poders fàctics tenen prioritat  per sobre dels de la ciutadania. Davant d’una crisi financera només una minoria selecta té accés a informació privilegiada que li permet assessorar la gravetat de la situació per protegir els seus estalvis.

Llavors, com podem protegir les nostres finances davant d’un desastre econòmic que sembla més que probable? Ray Dalio ho té clar, encara que reconeix que té una “petita” quantitat de bitcoin, prefereix l’or, al que descriu com “universal i atemporal”, i continua “no entenc per què la gent s’inclina més pel bitcoin que per l’or. Si ens fixem en l’àmbit internacional, l’or és, per als bancs centrals, el tercer actiu de reserva”. I és que en aquest context econòmic la compra d’or és una de les poques opcions que tenen, no només els bancs, sinó, la gent per salvaguardar els seus diners. 

Si vols descobrir la millor opció per protegir els teus estalvis, entra a Preciosos 11Onze. T’ajudarem a comprar al millor preu el valor refugi per excel·lència: l’or físic.