Monetary system rebuild and dollar privilege erosion (with Jeremy Saffron)

The pullback in gold is noise; the real story is a monetary system being rebuilt. The fiat experiment is falling apart. Foreign central banks now own more gold than US dollars. The petrodollar system is ending, and the US will react harshly to those exiting. Copper could go to $8-10/lb, gold to 'crazy numbers'.

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Monetary system rebuild and dollar privilege erosion (with Jeremy Saffron)

dxy

Central banks switching reserves from dollars to gold implies long-term dollar weakness.

metals

Gold can go from $4,000 to some crazy number

Jeremy Saffron

Frank Giustra argues the pullback is noise and the real story is a monetary system being rebuilt underneath us.
Frank Giustra

Copper can easily go from $6.20/lb to $8-10/lb. Gold can go from $4,000 to some crazy number because it's part of the monetary system. The fiat experiment as we know it is falling apart.
Jeremy Saffron

His evidence is in who already moved.
Frank Giustra

Central banks have a strategic objective to switch reserves from dollars to gold. Foreign central banks own more gold than US dollars now. Who would have predicted that 10 years ago?
Jeremy Saffron

His line on the dollar's lost privilege struck with me.
Frank Giustra

The petrodollar was an exorbitant privilege given to the US. They've treated that privilege like an abused wife. We're going to see this change, but the US will react very harshly to those that try to exit the US dollar petrodollar system.

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