Philip Patrick

We've got to remember the dollar is the global reserve currency.

We've been printing it like it's going out of fashion.

So what that does is it leads to devaluation and it incentivizes central banks to start seeking alternatives.

The dollar has lost 25 percent of its purchasing power in the last five years.

That is a major problem.

Gold today is a better trade than that.

Gold is up 60% this year.

It's up significantly since COVID, significantly more than that.

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.