Mining financier Frank Giustra says the gold selloff is being completely misread. The smart money, the central banks, never sold. It was the speculators and the loose hands bleeding out, while the structural buyers that drove this bull market never flinched. So is the gold bull market over, or is this the pause before the next leg?
Frank Giustra, founder and CEO of the Fiore Group, joins Kitco News anchor Jeremy Szafron for a wide ranging conversation on gold, the dollar, copper, and the slow rebuilding of the global monetary system. Giustra has founded and financed gold and copper companies for 45 years and has held physical gold since 2001 without selling an ounce.
In this interview: why this is not a normal gold market, the de-dollarization trade that began when the US froze Russia's reserves, the new regime in which gold rose alongside a strong dollar and positive real rates, why central banks are price inelastic buyers, what the Gulf states are and are not selling, the US debt trap and Ferguson's Law, the risk of a dollar crisis, how China's mBridge system and new gold vaults could let trade settle in gold outside the dollar, whether new Fed Chair Kevin Warsh will hold the hawkish line or fold, the structural copper supply deficit, and what Giustra says the average person should actually do to protect their savings.
Recorded June 19 2026
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CHAPTERS
00:00 The Dollar Admission That Set This Up
01:40 Why This Is Not A Normal Gold Market
03:00 De-Dollarization And Why It Keeps Going
05:00 The New Regime: Gold Broke Its Old Rules
07:00 Why Central Banks Do Not Care About The Price
08:00 Foreign Central Banks And Gold Versus Dollars
09:00 Is The Gulf Selling Gold? Russia, Turkey, Azerbaijan
10:00 The Debt Trap And Ferguson's Law
13:00 Could There Be A Run On The Dollar
14:00 mBridge: China's Gold Settlement System
17:00 Will Fed Chair Warsh Hold Or Fold
19:00 The Copper Supply Deficit
22:00 Freedom Copper And The White House
36:00 Jurisdiction Risk: Bargain Or Value Trap
40:00 What The Average Saver Should Do Now
44:00 The Dinosaur's Final Word
#gold #goldprice #frankgiustra
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