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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40 Comments
Frank's bottom line: it was the speculators and loose hands selling this gold dip, the central banks never flinched. So where do you stand right now, buying this pullback or waiting it out? Tell us below, we read the comments.
Gold will drop further for about 2 weeks to touch bottom around 3900 and make a trend reversal
USD will go down at the same time. If we read the USDINDEX now， the increase in USD is just a rebound on a downtrend.
Thanks
Yes, Iv'e been buying silver dips….. Now
Paper Gold worths 4175$ now. Different game and perspective. Less liquidity fiat Will stripe even lower, who is panicking 😅
Love Frank – great intel, energy and attitude!
Of course that Giustra is right.
Wall street and US central Banks and other central Banks in the WORLD are acticg in favor of mafia style institutions.
Unfortunatelly a lot of people is naive..
Thank you gentlemen
TDS again!😂
Hi folks if u believe in this horse sh*** spewed about GOLD,,,then u better hurrrrryyyyy I have a bay & golden bridges in caliiiii to sell uuuuuuu…hurrrryyyy while it last. !!!
🤓😎🤮😭
ANY ONE THINKING CHINA IS OPENING UP TO WESTERN SYSTEMS OF CAPITALISM IS A FOOL .. COMMUNISM DOES NOT STOP UNTIL IT COMPLEALTY COLAPSED OR ITS GOVERNMENT IS OVER THROWN CHINA TRADE DEALS GO LOOK AT ZAMBIA COPPER MINE CATASTPLOPHY CHINA MINING CAUSED .
Bs Russia had their assets frozen too😂
Let's not forget, Donald Dump is a convict, r@pist, Epstein defender, white supremist, scammer, grifter, etc. Don't gaslight and manipulate, just release the Upstein files.
Franks a nice enough guy but like ALL BILLIONAIRES he's got delusions of grandeur…
His last VC endeavour was to mine gold from the seabed floor 🙄
Kinda makes Musk's "AI data centres in space" more sensible 🙄 because BOTH IDEAS are totally low maintenance, easy for repairs and won't be HUGELY expensive compared to trying them both on deserts….
An idiot who doesn't really know.
We pay interest to who? The federal reserve who are they when were they last audited who pays for their comforts of life.
Put a 25% tariff on all BRICS countries and use 100% of it to pay off our national debt. Break the BRICS Alliance. Why are they doing ANYTHING with the evil CCP?
who is this "unshaven, unkept stiff" in an undershirt bad mouthing POTUS 47? Why is this thing on the aire? Ehhh!
Gold fell because amateurs wrongly thought the stock market topped.
2026 questions are being asked here and 2024 responses are being given. Why the disconnect?
GOLD FELL LOW
TOLD YA SO!
TDS. This guy is stupid or an operative for the central banks. Keep listening if you follow blindly.
Freezing national dollar reserves is less than half the problem. The dollar is debt… The dollar is collapsing along with the predatory usury fiat banking system.
Everything Frank says about gold applies to Bitcoin. Loose hands and speculators selling off etc. The difference being Btc has a limited supply and there are no Central Bank transactions needed.
💯
How the rich make money, and countries in stocks and gold and silver, they bounce it, by selling large quantities, so the small fish, like you And I get scared, and start selling ours, then they start buying back at a discount, because we sell every thing, so the small fish dump their all, that's why , it is said do a opposite , but when it going down, and sell when it going up, but sheep never learn. There is a big demand, of gold, silver, and copper, in big data centers, robots, and weapons. Think I'm kidding just look up how much land are under construction, now just in the US.
China has taken a thorium plant into production!
Pump and dump.
"Trump taking on the whole world", yes like the criminal that he is until he gets caught with his pants down at the new Epstein Island, or ranch!
Love Frank Guistra….he is so eloquent and respectful ….brilliant ❤
John Thune needs to go now!😊
Gold: #2 popular exchange currency in elite circles.
#1: kidnapped children used as currency
oh shut up. Trump is BS.
Pretend like gold prices fell. They sold while high. They're going to buy back when low
It's their money but of course, our banks have been using that money for a long time now! Who is gaining $ from the seizure?
Theres a company that stores your physical gold and uses it as collateral for loans then pays you interest. That way your gold is not static.
Sounds good except for part where you send them your gold.
Son datos personales , pero que paga el errario. Poer lo que es informacion que el pueblo tiene derecho a conocer.
I really like Frank but how many decades is it going to take to make people stop talking about a "run on the dollar."?
People should study how the dollar really works, not how the invented narratives claim. The dollar is crushing it with NEW highs right now. Don't move into the Rupee when such things happen.
Selling after a 10% drop is smart.
Holding after a 50% drop is delusional.
BUY if you can afford it while its low.