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So I think it's a possibility. My view is that the dollar has far more downside risk than is perceived by the investing public and therefore in theory the US could print money and keep the stock market up in nominal terms, right? But if at the present the Fed prints money and cuts interest rates, I suppose that the dollar would weaken and the dollar weakness could exceed the price gains on domestic on on the stock market.
In other words, you may make some money in US stocks, but you may lose it massively on the currency. I think that's a possibility. I think in real terms, we've seen the top of the market in the US. I call it the Trump top. It's the Trump top. Do you think he's been talking about gold recently uh even on his like uh his his social media account the past couple of weeks, he's been talking about how whoever owns the gold uh you know holds all the cards or makes all the rules.
Uh what are your thoughts on Trump talking about gold? He's even talked on video about, you know, the gold standard. Is it like, do you think it's viable? What What is he doing with gold? Well, I don't know. And he he my view about him is he doesn't know what he's talking about about in 90% of the cases, right?
I'm sure someone in the administration suggested that maybe a solution to the problem is not the solution but is temporary solution would be to revalue gold massively to say $10,000 an ounce. But I don't see how the US would do it without first checking precisely whether they own any gold. That is that is a big question.
How much gold does the US still own? Yeah, a lot of people are talking about how they're going to uh audit the the Fort Knox and how some a lot of the gold there might be leased and it's not actually theirs. What would happen if they do a actual audit of Fort Knox and the the supposed gold that's supposed to be there is not there or it's leased?
What would that that do to the market? Don't be so kind. It's been stolen by the politicians. The Bushes have for sure taken some and the Clintons. So what happens if they do an audit and it and like what would it do to the gold prices, the market? Would people ultimately lose trust in anything that there the US is saying?
Like oh we have this many tons of gold really. It's not there. It's been stolen. What would happen? Well, first of all, I don't think they will audit board no knocks. Maybe they know that it's not there or, you know, whatever. My view would be there's significantly less gold at Nox than they claimed to have.
And if the public say tomorrow, you read in the Herald Tribune and in the Wall Street Journal and everywhere, Port Knox has no gold. It's all gone. In my view, this would be disastrous for the US dollar, right? And the price of gold in my view would go through the roof. like how much more upside do you see gold having right now in 2025?
Yes, but it is impossible to say what is the value of something in a monetary inflationary period, right? Because I can give you a speech now for say 20 minutes on why gold is grossly overvalued. Because I compare it to say wheat, corn, soybeans or I could give you a speech and say that gold is grossly undervalued still.
When I consider how many individuals own gold, how much money there is in the world, the monetary quantity of all the countries, the debts of all the countries. So I can make both cases and I cannot tell you whether gold is cheap or expensive. I can only tell you that in my view the ownership of gold is a probably an asset that is relatively safe because it's not a liability of someone else, right?
That that that makes sense. You understand? If I have a bank deposit or I buy a bond, someone owes me money, right? But not if I keep gold and I store it in my garden or in any in any place in a safe deposit box then I think that it's relatively safe. Not 100% not 100% because the government can declare it to be illegal.
Right. The ownership of gold they can declare is illegal. Yeah. Absolutely. And you know with Russia and China aggressively uh accumulating gold uh do you think this could trigger a broader shift away from the US dollar and global reserves? Have they been are they just trying to completely move away from that uh that control?
The dollar as a reserve currency is finished anyway. The question is today or in 10 years time. the days of the US dollar being a reserve currency and maybe the whole financial system will change in the sense that they are no longer reserve currencies right or that we move back to a gold standard or to a standard of cryptocurrencies or I don't know but I wouldn't bet that in 10 years time the dollar is still a reserve currency that I wouldn't it.
Yeah. Like what political or uh you know geopolitical or environmental risks uh would even threaten the gold or or silver supply like could a goldback cryptocurrency or bricks trade agreement weaken the dollar's uh dominance. Yes. Or a war could weaken it or that default. All I can say is no paper currency has remained uh reserve currency forever.
The only reserve currency that has remained throughout history is gold silver which makes sense when you look at it. I mean, if you bought at the times of the Roman an ounce of gold or an ounce of silver, I'm not saying it was a good investment up to today, but you still have the ounce of gold and silver, right?
No, that totally makes sense. And even if you're looking at like market psychology, uh if you look at the gold ETFs, uh you know, now they hold more metal than most central banks. At what point does you know speculative positioning itself become a systematic risk to the gold's uh safe haven status? I don't know at what stage.
You don't know at what stage? Okay, my view is the more people own gold ETFs, the more people own gold, the safer gold will be because it's politically for a government very difficult to take away something that is owned by everybody, right? You understand, right? It's difficult to go in the US and tell people, well, now your properties, we the government are taking it over.
Yeah, they can take it over indirectly by bankrupting the home owners first. Then the homeowners have to sell it to companies like Blackstone and Black Rockck, right? And so the ownership shifts from the private sector, the government sector. And that's terrifying if it switches to the government sector from the private sector.
Well, I mean it's terrifying that the government could lock in people during COVID, but it happened. Yeah. Nobody thought it would be possible in a democracy, but it happened. Yeah. It still feels like a a crazy dream back in 2020. I'm happy people woke up or somewhat have woken up. I'm not sure they woke up.
I'm not sure. You think they're still sleeping? I think uh the next government or who this government would tell people, well, you have to stay home for this and that reason, right? They'll find an excuse and that's always more an excuse to to have more control and more power over the people. Yes. What what what would be your advice right now, Dr.
fabber for, you know, the youth, the the young person out there who's, you know, struggling to save money and who's who's just getting into silver and gold. Uh what would be your advice to them? Well, my advice is always diversification. You need to own assets in uh say real estate and you own assets in stocks and some cash and some precious metals.
And don't overtrade. Don't don't speculate in gold, but acquire gold and silver and platinum as a store of value that you keep for emergencies or you keep for your old age or whatever. But don't speculate in gold and silver in the futures market. Then you get a margin call. then you have to sell out at the wrong time and you lose all your money.
You understand? Yeah. I think people should get away from the view of get quick schemes in other overnight wealth creation to long-term wealth creation. This
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