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.”
Recorded on February 3, 2026
Follow Jeremy Szafron on X: @JeremySzafron (
Follow Kitco News on X: @KitcoNewsNOW (
Follow Frank Giustra on X: @Frank_Giustra (
Timestamps:
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
Guest Bio: Frank Giustra is the CEO of the Fiore Group, a private firm managing a broad portfolio of private equity investments and companies, specializing in food and lifestyle, art and entertainment, and natural resources. He is a renowned philanthropist and a long-time expert in the mining and finance sectors.
#Gold #Silver #FrankGiustra #Economy #Investing #Bitcoin #Mining #China #USDebt #KitcoNews
__________________________________________________________________
Like, share, and subscribe to Kitco News—and turn on alerts to stay current with expert interviews, market insights, and breaking news coverage.
FOLLOW US:
X:
Instagram:
Facebook:
LinkedIn:
Listen to the PODCAST on
🎧 Spotify:
🎧 Apple Podcasts:
🎧 All podcast episodes available here →
Visit: for live gold, silver, and crypto prices, the latest mining news, and macroeconomic insights.
Live gold price and chart:
Live silver price and chart:
Live crypto market data:
For more information on advertising, sponsorship and marketing promotions – please visit our online media kit at:
Disclaimer:
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.
source
26 Comments
Frank Giustra says the gold crash was a “take down” and the paper market is losing control. He also warns fiat is on borrowed time, China’s real gold reserves are far larger than reported, and Fort Knox still hasn’t been properly audited in decades.
Key question: Is the West waking up too late to gold’s remonetization?
I've a half baked theory that the gold isn't in ft knox but somewhere else, and ft knox is just a ruse
Copper?? He’s jerking his gherkin. Next we’re gonna get the people promoting lead and tin.
That was clearly a crashed market by JP Morgan and Co. How could you say it was an overheated market that was due for a correction? It didn’t even move the market in Shanghai in London Initially
it’s not good tuning into the show for this sort of expert advice.
Xi never said he wanted to Chinese currency to be reserved currency. Omg where did you get that? Ny time??
When you're 30 or 40 trillion in debt guess where you go to get some extra cash fort Knox the gold is gone
17:38 the Venezuelans will blow up the oil fields before they let the Americans take it
11:48 I don't think you realize but you said the United States would be going away from paper money. Then they need gold to ballast the currency they don't have gold it's gone fort Knox is empty. No wonder they won't do an inventory
The supply ratio of silver is off the charts. So supply and demand should STAND !!
The intelligent poor miserable MADE fools and idi-ots, made to accept paper instead of keeping their REAL money (gold, silver, copper, oil, lands, agriculture, etc) instead of bartering their money with other real money. The colonizers kept them idi-ots poor and miserable for hundreds of generations …. now the colonizers have nukes to force them to remain poor and miserable idi-ots…. now the intelligent poor and miserable have BRICS, also with nukes … ISRAHELL was created to slave all on earth, re started with the peoples of the MIDDLE EAST, to use these slaves to SLAVE BLACKS OF AFRICA, next fall INDIA, more slaves against ASIANS, last and final all slaved against RUSSIANS … just observe, from 13 colonies of English Predators to the states of today, plus the slaved territories, and the TROJAN horses in all the slaved goverments and the bombed away cultures ….. THE CULT USA-ISRAHELL-ENGLAND-NATO-NAZI-ZION is the real reason of poors and miserables all over earth … the mega wealth under the feet of the intelligent poor and miserable idi-ots exchanged for paper and death.
My experience is very small compared to Frank I disagree with his statement that "GOLD IS THE CONSTANT" … it is not a constant, gold global demand OR VALUE is not based on "currencies" any currency, including the GENO COLONIZING SLAVERING PAPER DOLLAR …. his "GOLD CONSTANT" when gold comes to valuation IS MEASURED, AS ANY METAL OR BASIC PRODUCTS, AGAINST KNOWN AVAILABLE AND EXPECTED QUANTITIES / AND GLOBAL USE …. a new discovered mine and anything process that replaces it affects his "CONSTANT" valuation ….. when it comes to currency pricing IS A RELIGION and as any religion, these idiocies are practiced by idi-ots and only where the not so idi-ots leave the religion before the church collapses on top of the MEGA idi-ots … there are a lot of idi-ots out there buying "paper gold" while CHINA has already stop believing in THE GENO DOLLAR RELIGION" because it is a genocidal CULT OF GREEDY AND EMPOWERED ONLY IN THE CHURCH FOR THE CULTS BENEFITS AND CACHE …. the fact: the CULT (USA-ISRAHELL-ENGLAND-NAZI-NATO-ZION) is invading and bombing all the slaves that have already dumped most of their dollars THAT DONT HAVE NUKES TO DEFEND THEMSELVES …. the GENO PRINTER GOD has stopped "creating" dollars …. THE IDI-OTS DONT FEEL IT JUST YET .. much like the 2008 FINANCIAL BIG FREEZE that actually happened in 2006 …. 2008 is when the MEGA IDI-OTS were informed that GOD DOES NOT EXISTS, never did, never stopped any human sacrifice CREATED BY THE REAL GREEDY GENOCIDAL MONSTERS MEMBERS OF THE CULT.
I am surprised how un educated this man is on bitcoin yes bitcoin should go down into the 40K range it is programmed dont but bitcoin until the first week of October it has hit its lows every cycle about 1 year exactly with in days of the top
The sooner betting derivatives & insider trading r made criminal offences, period, the better for everyone – nothing but a crooked tool for wealth transfer to the Super-rich.
L👀k @ Shanghai physical prices? imho volatility in price of paper Gold & Silver last wk was due to raising margins & paper gambling. Saying "Market correction" without facts or analysing is absurd.
These days I wouldn't trust paper currency,
GOLD , SILVER, COPPER, AND OTHER METALS,
Renew global loan and back up golds from 1966 up to now so that they can print quadrillion US dollars again like in 1966 and they can avoid world war in 1966 177 countries print quadrillion US dollars because they are back up by golds from one country in south East Asia not China not Singapore not India not Thailand but only the Philippines renew back up golds and global loan so that they can print money again watch prince kiram 2 vlogs and carren d vlogs in YouTube vlogs to know the real truth
"potentially changing how markets behave"..🤣🤣 potentially?? When are all you goofballs going to start reporting the obvious truth?
China doesn’t eat the Yuan to be the world’s reserve currency. They are looking to internationalise the RMB for global trading. There’s a big difference
Right on about the gold ! China and Russia has been buying record numbers for over 3 years now.
The dollar is effectively worthless around the world now, as it is nothing but fiat money from a bankrupt country. The price of gold will continue to increase because the dollar will decrease.
I predicted this 5 years ago ! When the rest of the world is getting away from being screwed by the dollar, they needed to back their own form of currency with gold. The US was one of the last for central banks to start buying.
I will Never regret converting my 401K into physical Ag and Au Twice years ago even though my husband thought it was “unpatriotic”. He’s seeing things differently now.
you cannot believe Anything coming from the USA
You overlooked one metal that is held exclusively by China— Tin.
China holds over 90% of tin ore.
Trump probably took all of gold
Trump probably took all the gold