Video News/In Focus with Jeremy Szafron

Frank Giustra, CEO of the Fiore Group, says recent volatility in the gold market reflects a deeper shift away from paper pricing mechanisms. Speaking with Kitco News anchor Jeremy Szafron, Giustra described the sharp selloff as a calculated “take down” and a “liquidity event,” arguing that the paper gold market is “losing its efficacy” after decades of dominance. He said pricing power is increasingly moving toward physical delivery, particularly in Asia, as structural stresses build within the financial system. Giustra warned that the U.S. is living on “borrowed time” as debt levels continue to rise, predicting the eventual “end of the time of fiat.” He discussed the White House’s Project Vault, said “globalization is as dead as the dodo bird,” and questioned the lack of a full audit of U.S. gold reserves, calling the situation at Fort Knox “something fishy.” Giustra also addressed China’s bullion accumulation and issued a cautionary view on Bitcoin, saying it is “running out of buyers” and facing a “great unraveling.”