Central banks acquired 244 tonnes of gold in the first quarter of 2026, marking 10 out of the last 11 quarters where sovereign purchases exceeded 200 tonnes. Jeremy Szafron anchors an exclusive 45 minute deep dive with financial historian and author Dominic Frisby to uncover the reality of this massive sovereign accumulation.
In this masterclass interview, Frisby reveals why China’s official reserve number of 2,300 tonnes is masking a true stockpile that could be closer to 30,000 tonnes. He details how domestic mining, Shanghai Gold Exchange withdrawals, and undeclared imports point to a hidden reserve designed to eventually challenge the US dollar’s global dominance. The conversation also explores the Bank of France’s recent 129 tonne repatriation, revealing the critical difference between holding gold on a ledger and securing physical bullion within sovereign borders.
Frisby, launching his new book The Secret History of Gold, goes beyond standard macro analysis to expose how artificial intelligence threatens the traditional income tax base, why Tether is hoarding $20 billion in physical metal, and what Triffin’s Dilemma means for the future of American manufacturing. For retail investors, Frisby outlines his $10,000 gold target by 2030, explains the “Dolce Far Niente” portfolio strategy, and breaks down the current disconnect in mining equities.
Recorded May 5 2026
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Timestamps:
00:00 Intro: Central Banks Buy 244 Tonnes in Q1
02:15 The Sovereign Shift: Poland, China, and the Silk Road
08:30 China’s 30,000 Ton Gold Secret
21:40 Bank of France Repatriates US Gold Reserves
25:35 Triffin’s Dilemma and the Decline of US Manufacturing
28:45 How AI Will Destroy the Fiat Tax Base
39:00 Why Tether is Hoarding $20 Billion in Physical Gold
41:30 Gold Price Forecast and the “Dolce Far Niente” Strategy
44:45 Silver at $73 and the Disconnect in Mining Equities
49:15 The Secret History of Gold: Why Metals Will Outlast Fiat
#Gold #Macroeconomics #China #DominicFrisby #KitcoNews
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35 Comments
Dominic believes China is sitting on a hidden stockpile of 30,000 tonnes of gold. What specific geopolitical or market event do you think will finally force Beijing to reveal its true reserves to the world? Let me know your thoughts down below.
Perhaps china holds US dollars as a weapon, and the more, the more potent.
Remember kids on a seesaw, and one jumps off and laughs as his buddy crashes down on the other side.
Not so lovely however.
Bottom line controls the top line…
In any fractional transaction the base is the currency. In 1971 the deregulated gold std base became a numerator.!
The US government in effect inverted the fraction.
So through controlling the supply of $(more or less) it has debased the value of precious metals for Petro dollars. The thing is rogue countries are transacting outside USD (Petro$) so inflation is going through the vail of control..Hence the cost of living..
I believe the Iran war could be giving the US reprieve for an oil supply reset .
The next … Carbon Credits could be a factor..
Thank you for your video….. The increasing price of gold and silver is bittersweet. Our financial system is becoming very unstable as is the world. If bonds are really starting to unwind, it’s a serious red flag for the broader economy. Gold has always been a safe haven, sure but in today’s world, crypto is becoming the modern version of that hedge. It’s decentralized, global, and not tied to the same fragile institutions that are cracking under pressure. I still respect gold, but let’s be honest Bitcoin has outperformed almost every asset over the past decade. Grow a Portfolio of around 87k to a decent 675k in the space of a few months.Thanks again, Linda Keichian for the regular insight&signals..
The worst financial crime the USA has ever committed was freezing the Russian money under the control of the SWIFT system. They will regret that forever and a day.
Australia should follow Poland.
No income tax if you have more than 2 children
Lol have you ever met a productive rich man ? Do you think working in finance and making all this disgusting shanenigans is being productive?
Why not explain how much wealth the ultra wealthy are accumulating passively? Each “crisis”, like Covid seems to make them significantly richer as governments undergo QE. Why not tax them? That transfer of wealth through crisis is not well earned money. If the wealth is in land and property they can’t move it that easily either.
Nixon took us off the gold standard because of the Europeans, especially the British taking advantage of us and using avatar to get the gold for themselves. Well, the dollar was inflated as a result of the Marshal plan, which was rebuilding Europe after another one of their stupid fucking wars, which they always fight and will end up fighting again After we pull out of there. Because they’re proud and unchristian people. Americans have another problem. They have proud and un Christian people ruling over them with the Europeans. Their population is shitty. That’s why they have been taken over by Muslims and attack the best of themselves when they fight against.
Please, all these countries are preparing for a future with low economic output, which they hope to fight against with AI and robotics and low population which leads to low consumption. They are all on the hook for massive amounts of debt owed to the elderly because of their spending and malinvestments Which were exacerbated due to the size of the baby boom generation and the amount of economic productivity both on the production and consumption and all over the globe.
Your guest seems to know a little too much about this. By the way, the whole thing is being orchestrated out of the city of London by the Rothchild and banking cartel with all its European fellow travelers and the remnants of the Dutch West India Company, and the British East India Company, which is the city of London. I suspect that the end of it all you will see the Russians, the Chinese and the US on top. I don’t see a place for the Europeans. They have no resources and they seem to be hobbling the British crown it’s Maritime insurance business , and through the XRP its ability to trade Forex gold and other markets, which leaves it with nothing. That it the , and through the XRP it’s ability to trade Forex gold and other markets, which leaves it with nothing. That it is the British pushing all the false flags, whether The no kings movement in the United States or the war and Iran between Israel and Iran, which the city of London has connections to in both cases. Now is America getting dragged into it because Trump is stupid or the Israelis have some Epstein file kind of shit on him or on members of the government, which is in evidence at this point, or or are they trying to divide up the resources of the world on geographic lines that keep them from having to have wars in the future. When the data centers were blown up in the Arab emirates, Iran got enough rain to cause flooding it has been in a drought almost since the revolution and we know , that we used Weather modification devices to flood the Vietnamese during the Vietnam war see operation Popeye, and there is a treaty that we have signed to whose name I forget that makes this illegal which implies the technology is in place which we already know it is. We know there is about to be reset because of all the ridiculous talk of aliens and the fake videos. The governments are putting out to distract the plebs.
Mr Frisby ❤
btc?
Hi Jeremy, This is the best interview I watched on your show. Your questions, Dominic's precise answers, and the way you both interacted are all at its best. Thank you 😊🙏
Love love Dominic – can listen to him all day
We do have States that have passed bills that make Gold and Silver legal tender.
My State comes into effect July 2026.
Tether is positioning itself to be the next federal reserve. Except on an international scale.
Thank you very much.
Remark. There is a big confusion: a reserve asset is not money. Tbills or Tbonds are reserve assets but you'll have a hard time buying your restaurant meal with them – and i don't think banks keep base money USD deposits as reserves, Tbills are usually classified as M4 money, so not common money. Reserve assets are inherently banking instruments, or "metafinancial". Gold is a reserve asset with its properties, and sovereign debt instruments are other types of reserves. There are various definitions of money though. But in the common sense of the word gold is not money these days. That doesn't mean it's bad, but people absolutely want to call it money to pretend we're using some old gold-based system system, like in the middle age or antiquity. It's not how central banks use gold. Today's systems are credit based, and reserves serve to anchor credit, through macroprudential rules which determine multipliers, elasticities, and other macro statistics.
I'm from Poland, and your article contains many inaccuracies. There's no such thing as complete income tax exemption for two or more children. Our economy isn't as rosy and cheerful as you portray it either. Our economy is being devastated by energy prices and the entrepreneurship-suppressing environmental regulations imposed on us by the EU. Unemployment is constantly rising, and it's not drastically high only because more people are retiring than starting work. The birth rate is falling dramatically. The only thing I agree with in your article is that our central bank is constantly buying gold and is, thankfully, very independent of our politicians.
Germany and Nazi Poland invaded Czechoslovakia in 1938 and in 1945
Nazi Poland invaded North East Germany and deported millions of Germans. Make sure to study history amigos.
Because… We ARE the greatest people on Earth…
I was enjoying the podcast… didn’t know who is Dominic Frisby… he is some that I can value his opinion after almost praising Hungary! And the language he uses “Poland is not diluting its population”.?! Anyone who is anti-immigration or anti immigrant is not worth listening for even a second more.
my elderly friend has a bunch of gold. wants to sell some but they gouge him like 10%
I heard they’re buying it bc it’s tradition
Jeremy saffron is there any way that you can pull some strings and get Samsung to start putting scales on the back of phones? If only we could weigh out the gold and silver on the spot it would fill official with a phone.
Truth is the new hate speech. 😆
If Dominic considers himself to be smart, he should be able to give a more substantial answer that deals with Tether having 6 tons of gold. They didn't just buy gold because they don't know what else to do with all the money they made, come on. If you don't know exactly why, well then present an educated theory about it.
"DEBT BOMB" . Best YouTube financial explanation of where we are at ever.❤❤❤❤❤
Paper money, very loosely backed by bitcoin, with micheal saylors face on it.
The Nazis took the gold from the Jews and then killed them. Gold is for war. Bitcoin is for flight.
Poland here: we haven`t overtaken UK. If nothing changes we may achieve that target about 2030, but it is also possible before that we will be facing huge economy collapse. Quite soon. So it has not happened yet and God only knows when (or if) it happens.
Silly Brexit is losing Britain a colossal 12 to 18% EU Business. vs Poland who since joining the EU is having Rising GDP. – It's Not immigration, the superrich epsteins false flag. Brits FACE REALITY NOT NF daft reform.
Purchased that many tons….. sales tonnage?
Net?
Why is UK sliding down while Poland is so strong? Easy. UK is full of migrants while Poland is resistant to migration.