The gold price has been “manipulated” by central bank authorities, in particular, the Federal Reserve for decades in a broader scheme to maintain U.S. dollar supremacy in the global monetary system, said mining and movie mogul Frank Giustra.
Giustra, who is the CEO of Fiore Group and also the founder of Lionsgate Entertainment, had in the past said that the price of gold was “managed” by central banks and bullion banks. Now, he is doubling down and saying that the price is “outright manipulated.”
“It’s been no secret that since the U.S. abandoned gold in 1971, they’ve tried to suppress it to allow the U.S. dollar to maintain its supremacy. That supremacy is important in terms of your home interest rates keeping them low, it’s important to anchor inflation expectations, it’s important for a whole bunch of reasons,” Giustra told Michelle Makori, Editor-in-Chief of Kitco News, noting that the world is currently engaged in a "financial war"
Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori) Follow Kitco News on Twitter: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW) Follow Frank Giustra on Twitter: @Frank_Giustra (https://twitter.com/Frank_Giustra)
0:00 - Fed rate hike, economic outlook 7:00 - Financial war between countries 9:00 - China’s gold reserves 13:00 - Bifurcated monetary system 17:30 - Global central bank gold reserves 21:43 - Gold price manipulation 32:48 - Bitcoin vs. gold 44:52 - Ukraine and Russia 51:53 - Relations between U.S. and China
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