Kitco News, Released on 2/3/26

Is the paper gold market finally breaking? Frank Giustra, CEO of the Fiore Group, joins Anchor Jeremy Szafron to break down the recent market volatility, calling the flash crash a calculated “take down” and a “liquidity event.” Giustra argues that after 50 years of dominance, the paper market is “losing its efficacy” as pricing power shifts to physical delivery in Asia. In this deep dive, Giustra warns that the US is living on “borrowed time” as the national debt spirals, predicting that the “end of the time of fiat” is inevitable. He analyzes the White House’s new “Project Vault,” declares that “globalization is as dead as the dodo bird,” and questions the “mystery” of Fort Knox—asking why the US refuses to audit its reserves while China covertly accumulates bullion. Plus, Giustra issues a stark warning on Bitcoin, stating it is “running out of buyers” and facing a “great unraveling.”

(Timestamps are below the video)

00:00 Introduction and Market Overview
01:23 Flash Crash Analysis: Was it a “Take Down”?
03:57 Paper Gold vs. Physical Gold: The Shift in Power
07:03 Government Initiatives: Project Vault & Global Competition
12:15 US Debt: Living on “Borrowed Time”
18:02 Global Gold Accumulation: Who is Buying?
20:54 China’s Gold Strategy: A “Sanctions-Free” Trade Channel
23:39 The Future of Digital Currencies & CBDCs
25:33 Synthetic Foreign Demand for US Debt
25:53 The Growing US Deficit and Interest Rates
27:31 Stablecoins and Dollar Dominance
28:04 Concerns Over State Surveillance
29:20 The Mystery of Fort Knox: “Something Fishy”
33:15 The Volatile Mining Market: “Early Days”
37:15 The Risks of Bitcoin: “Running Out of Buyers”
42:13 The Future of Gold and Copper
47:07 Conclusion and Final Thoughts

Frank Giustra is a Canadian business executive, who has been particularly successful in the mining and filmmaking industries, and is a noted philanthropist. Mr. Giustra started out as an assistant trader and then became a stockbroker at Merrill Lynch in his early career. He later went on to join Yorkton Securities, where he helped launch a new branch geared towards financing resource companies in Europe. He is now an advisor to major gold miner, Endeavour Mining Corporation. In the late 90’s, he founded Lionsgate Entertainment – the company behind The Hunger Games and Michael Moore’s Fahrenheit 9/11. The company had over $2 billion in revenue in 2013, and owns the rights to the hugely successful Twilight movie franchise and The Expendables series, among other big blockbuster titles. He is presently the CEO of Fiore Group. More information can be found at his website FrankGiustra.com.

  gold, investing