Philip Patrick

And it is clear to see 73% of central banks that were surveyed said over the next five years, they were looking at massively increasing gold holdings and reducing US dollar holdings.

This is out there and it is public.

You mentioned weaponization.

Look, there's morality, right?

And I'm not touching on the morality of sanctions, right?

That's a whole different ballgame.

But think about the precedent we are setting, right?

By seizing Russia's assets, we told any nation around the world, if you make a decision that we morally object to, your assets can become liabilities.

That's not a business plan or a good business plan moving forward if you're looking to attract

If you're looking for people to hold your currency, listen, we've got half the world that don't see things in the way that we do in the West.

They're now starting to look for alternatives.

And I think that's a train that we cannot stop.

By the way, gold historically has been a much larger share of central banks' reserves.

This shift towards the dollar has really been happening since the 80s.

This is a reversion back now to larger gold holdings by central banks.

And I don't think we're going to be able to stop it.

I really don't.

Yeah.

And honestly, I thought it was a relic myself.

At the turn of the century, I'm looking back at 100 years of performance, and I'm saying this thing doesn't grow now in the era of money printings.