Video News/Rule Symposium 2026

(Kitco News) Lynette Zang says the spot gold price investors watch all day has become disconnected from whether they can actually take possession of physical metal. Speaking with Kitco News at the Rule Symposium 2026, Zang argued the divide between paper and physical is now visible worldwide, pointing to the premiums buyers pay in the East and to Hong Kong and Singapore building their own gold clearing and settlement systems. She traces the split to the creation of the spot market in the 1970s, which she says trained the public to treat gold as a trade rather than money. "You need to think about gold and silver as money and not a trade," she said. Zang also warned that any future gold confiscation would likely run through the depositories where most physical metal is now held, at a price set by Wall Street rather than the metal's underlying value. She argued that stablecoins, which she characterizes as corporate debt, function as "a ploy to create an artificial market for the dollar" and a new source of demand for US Treasuries, and pointed to Federal Reserve data showing barely three cents of purchasing power left in the original dollar. Throughout, her message was that only physical metal held in your own possession sits fully outside a system she believes is heading for a reset.