Philip Patrick

So it is a better trade.

The other side of it is what we discussed many, many times, which is weaponization.

We've put many countries around the world in a very tough position.

Russia don't have an ability to transact in dollars anymore.

they have to find alternatives 98 of their bilateral trade agreements today bypass the us dollar we force that china china need to de-dollarize longer term their position is a little bit nuanced they're heavily dependent on trade with us and the west but long term they are de-dollarizing and gold is the best means to do that at the end of the day as troublesome as the dollar is today

When it comes to currencies, it's the best one out there.

Significant network effects, very strong.

Gold is a solid alternative, and central banks are moving in that direction.

We have to remember that was always the way, right?

Prior to the 80s, gold was the overwhelming share of central bank reserves.

We saw that shattered in the 80s, but we're seeing a reversion back to what has always been the historical norm.

I think for central banks, this is a structural shift as opposed to FOMO.

It's absolutely correct.

Gold is the number two global reserve asset.

It hit that last year.

Only 20% of global reserve today.

In the 80s, it was over 70%.

And I believe over the next half a decade, we're going to start to see a shift back towards that.

This isn't just a US problem when it comes to debt and deficit.

This is a Western problem.