The Astronomical Rise of Gold (w/ Frank Giustra and Grant Williams)

in this interview we speak to frank giustra who's one of the world's most successful investors in precious metals he shares with real vision the lessons that he's learned in his career and he points out the opportunities that he saw on the horizon in latin america he talks about how china may be actually buying more gold than they're letting on it's a very interesting video that's sure to turn some heads so i hope you enjoy it frank also makes some very bold calls you know this interview was filmed in 2016 and he predicted that the price of gold would rise astronomically which it has so it's a very interesting video and i hope you enjoy thank you i'm here today in vancouver with uh frank giustra ceo of fiori group frank welcome thanks for taking the time i saw an interview you did with cambridge house about three or four years ago and you were sat in front of a fireplace it looked very cozy but the message you were getting across was a really powerful message about the state of the world and and where we were in 2012. and a lot of that has really come to pass so i want to talk to you today about how you see the world and some of some of your views on that so let's if we can just dig in with a little bit of background to the people that don't know who you are perhaps get some backstory sure um i started my career in the investment business back in the late 70s with merrill lynch and eventually moved over to a tiny boutique firm that i grew with and eventually became the ceo chairman and ceo of that firm it was called yorktown securities we focused on resource talks that was where i took the firm uh institutionally as a boutique um resource institutional firm and we became quite good at what we did which was recognizing that at the end of the when the berlin wall fell we recognized it was an opportunity that the world was going to open up in terms of investment investment opportunities in the mining in the mining sector and so we went out and promoted our abilities to help governments change their mining laws so that we could bring an investment and we created a great business doing that and i did that right through to the mid 90s and left in at the end of uh 95 i retired before i was 40 i just decided i didn't want to do it anymore it was we've done very well i left at the top of the market and i unbeknownst to me three months later the briex scandal hit and the whole resource market died for another four or five years but i left that and then i started lionsgate the film company in 1997 and ran that for six years until 2003 i ran it for three years and then stayed on as chairman for another three years until 2003 but in 2001 is when i made uh the the call that changed my life which was the call on gold and i wrote a couple of papers on the subject of gold in the us dollar and i published those papers um one in 2001 one 2003 and basically calling for the next bull market in gold and at that point gold was trading at 250 and no one believed it i mean no one believed it i was you know ridiculed but i laid out a very intelligent case and i think that if you go back and read what i wrote about 15 years ago now um a lot of what i said came absolutely true and so and so i wrote that those articles and i invested in gold heavily i sold all my us dollars because it had peaked at that point bought a lot of gold and i thought to myself well if i really believe this i might as well go make some real money what do i do best is create mining companies so that's exactly what i started doing what we're showing you here on our youtube channel is just the tip of the iceberg no matter where you are in your financial journey whether you're a beginner just looking to break into the market or financial professional looking to up your game real vision has something for everyone every day our team of expert journalists provides in-depth analysis written reports access to live streams and access to our community the exchange where you can interact with people just like you from all over the world for just one dollar you can unlock all of this and more at realvision.com try our essential tier if you like what you see it's only 20 bucks a month thereafter so click on the link in the description go to realvision.com and see what you think we look forward to seeing you there if i really believe this i might as well go make some real money what do i do best is create mining companies so that's exactly what i started doing and the first one was wheaton river which we created in 2001 which was my idea i brought in the intel for to run it and we raised a bunch of money and went out to build a gold mining company by way of acquisition through m a activity and that became gold goldcorp um very successful deal and then through the course of that next decade i created many more mining companies and different metals some oil and gas companies i just saw that whole commodity cycle coming and i thought i'll do what i do best and it was a very good run up until 2011 and we did very well probably created dozens of companies and raised billions and billions of dollars doing it and made a lot of people out of money then as we all know in 2011 things changed and we went into a bear market in the commodity sector and probably the only mistake that i made at that point was thinking that it was going to last one or two years and i think that's a classic mistake we all made you know i think one of the mistakes most investors make is that they can't see the absolute tops and they can't see the absolute bottoms because things get a lot frothier than you ever expect and they become a lot worse than you ever expect and so uh i you know sat back and um picked a lot of uh what i thought were really interesting companies with great assets and invested a lot more money in it and then i had to wait a very long time for that to become to uh to come back which has only come back this market the resource market six months ago so late last year i had the sense that this was going to happen especially only with respect to gold and i can talk a lot about gold later but i for a lot of reasons i've been saying all along that all the reasons that gold went to 1900 in the first place after the 08 crash are still there there were you know gold retreated back down to close to a thousand but i couldn't figure what the reason was for that 50 percent pullback uh because not only are all the reasons that gold went up to 1900 still there they've gotten worse they've gotten way worse and so it was it was it was an interesting thing to watch but uh there were reasons for it there was you know there was there was a movement here in north america to get out of gold and get back into the markets with all that qe all that printing of money caused this huge bull market in the you know in the s p in most stocks and uh and gold was deemed to be you know unattractive you know because the good times were back we eliminated all of the risk and all of the problems that um that happened that led us to the 2008 crisis or so people thought and so and there was a huge liquidation of paper gold into physical gold and guess where that went yeah to china and so i watched all this happen i was going one of these days and the fed kept talking about raising rates and i said right after 2008 it's not going to happen it's not going to happen for a generation because they can't and i give all my reasons why the fed would never increase rates and so for what almost seven eight years they've been talking about raising rates and they promise they're going to raise rates you know one or two or three times in that whatever year they're talking about it and they always find an excuse not to do it because they can't yeah but they can't say that they can't because that will create you know loss of confidence in the marketplace so they keep saying yeah i'm going to raise rates but for this reason we're going to wait another quarter or whatever blah blah blah and late last year i i kept saying to people i was interviewed about this they're not going to raise rates and i actually made a bet a very famous bet on i was interviewed by a newspaper i don't know if you ever read this but i was asked by the global mail newspaper whether the bull market in gold was over and i said absolutely not the guy says are you sure what would you bet on i said i'll tell you what i'll do i said if if i'm wrong and this bull market is over i will stand in robson square which is the big square here in vancouver dressed in ladies underwear and i will sing patsy clines i was so wrong and people thought you were going to make an absolute fool yourself i said but it's it's not it's never going to happen i'm never going to sing that song it's never going to happen and i remember what what really brought it home for me a couple years ago is when goldman sachs came out with their 850 calls no they said this the gold's going below a thousand it's gonna and they were screaming this at the top of their lungs this analyst called uh jeffrey curry and he kept saying gold's going to a thousand he gave all his reasons you know that you know all the problems had been fixed the economy was going to pick up hiring was going to start blah blah blah and i believe none of it i thought okay they're being very aggressive here it reminded me of when a few years prior to that when oil was trading 150 and they called to go to 250 a barrel and it went straight down to 75 from there and i thought you know whenever goldman sachs is that shouting you know the top of their lungs and is that convinced about something you got to be suspect they must have something going on there that they need to promote this this idea and so i i took that as my buy signal a few years ago gold's not going any lower and it didn't it never went to a thousand when he called it was going to go to a thousand and um i i just felt the desperation because then they reiterated it last year at the end of last year he came out again and said it's he had to because it wasn't happening so he had to it was starting to move up and came up with the second report saying it's going to a thousand he gave all the same stupid reasons and i thought okay now they're desperate this has to be it this was at the end of last year and i thought okay i told all my people because i have an organization that is still intact that looks at mining deals and does what we did for the last 15 years and i said guys get ready we're gonna this is gonna start and at the beginning of this year i said start looking at um special situations find me things that i can invest in so i started buying into gold stocks trying to find the ones that had the most leverage to the gold price because if you really believe as i did and do the gold's going higher you want to pick the ones that have the biggest leverage so i i invested in a whole slew of these and i then i thought okay i might as well start doing what i do best create mining companies and so i've got my guys working full steam now um and we're and we're very busy again extreme after being quiet for five years i mean dead quite the phones weren't ringing we weren't calling anybody we weren't doing anything and now we're busy doing what we do best which is to create and build mining companies but focused on gold and um and what really the real buy signal came in march and i was sitting on vacation i was on spring vacation with my children um and some were very warm and my phone rang and it's this very famous investor very well-known investor and he said to me gold's going to go for a run and i know you're the gold guy and so what do we do about it and i said well i first of all i agree with you and that day was the day that the fed decided they weren't going to raise rates and that was when the market finally started to believe it and that's when gold started this move and all i can tell you now is that they will keep talking about raising rates and they won't because they can't for a whole slew of reasons that i've gone through before the economy is very fragile if they start raising rates on this economy it will tank it and it'll go back into recession and nobody wants that you know we've gotten into this world now where recessions are not allowed that's right forever you had recessions now you know the idea of a recession is you know it's just it's just not on um there are other reasons i think you know the fed's own balance sheet is in jeopardy it's highly levered you know with over four trillion dollar balance sheet uh you know they're insolvent as far as i'm saying in terms of what their portfolio is with the longer maturities now who are they going to sell that to and if they start raising rates they're going to tank the value of those securities because they're all longer maturities and and the real reason is the federal debt you got a federal debt that's closing in on 20 trillion dollars that has to be serviced and when you have zero interest rates you can service it okay you normalize rates i did the math once normalizing rates on 20 trillion dollars in debt it's it it would be about eight nine eight or nine hundred billion dollars a year just to service that it would bankrupt the government and you know and certainly japan is a similar situation that's why they've had zero interest rates forever and ever because they can't they'd bankrupt the country and everybody's headed in the same direction now you know it's piling on debt because we have a global zero interest rate environment and negative interest rate environment in a lot of countries now and that just promotes bad behavior so they everybody keeps thinking well you know we're fine now we can keep doing what we're doing we don't have to fix anything and they haven't fixed a damn thing since 2008 they've just made it worse so they've done nothing to fix things structurally they're in a inescapable trap right now of zero interest rates which has become a global phenomenon and i don't know how you get out of it i just don't know how what how the math is ever going to work that they're going to ever unwind this and so that means to me that as soon as the world starts to realize and as the investing world starts to realize that this is reality and it's going to be reality for a very long time that's when gold is going to really take off and one of these days some event one event will happen and i don't know what that event will be it can be loss of confidence it can be a financial disaster with an institution it can be a geopolitical event but some event is going to take gold up to some crazy number and it'll go parabolic and and that's happened before it's not like it hasn't happened happened in the late 70s in 1980 um so that's my bet on gold and i really do believe that that you have to own gold you can't ignore it and as many most investors have completely ignored gold it used to be standard in the old days of portfolio management that five or ten percent of your portfolio was in gold that went out the window years ago and now it's like you know gold is a relic this and that and everybody all the policy makers try to play it down that is unimportant it's a barbaric relic it's you know it's not a currency it's it's you know blah blah blah they'll make whatever because they don't want you to own it because if you own it and you drive it up in price it tells you that you have no confidence in the system and that's in it at a time when the system is so fragile as it is now where in any accident can cause a complete collapse you don't you you got to inspire confidence i mean it's all about confidence well yeah it's funny you said a couple things there that really strike a core to me and one of them you said i felt that this was going to happen and whenever i speak to particularly in the resource sector successful smart investors they always have that intuition that gut feel and it's really something that you you either have you can't teach it to someone what what do you what do you sense now in terms of the price and gold are we are we going to pull back a little bit we're going to stay here are we ready short term i can honestly i've never ever tried to predict gold short term because the thing about gold is that it's extremely volatile yeah it will what i predict it will do this a lot of this and there will be moments in time where you think oh it's not going to happen and it's always traded this way or this way it doesn't do this and that that just doesn't happen with gold it's very volatile i just think honestly this gut feel that you just referred to is common sense yes and i think a lot of us get bamboozled by all these talking heads on the likes of all these investment news channels these people that are trained like monkeys to say certain things and promote certain ideas and that's all they know or that's all they're allowed to say or whatever the situation is and a lot of this is just common sense it's just you know you can't argue with the arithmetic but i i completely agree and the mathematics of it are you're right they're inarguable and they're also inescapable but that that ability for people to trust and act on their own common sense that's i think you're absolutely right i've never thought of it in those terms before but most people have it but then they allow themselves to be shouted down by who they perceive to be smarter more informed people yeah and what most people don't realize or if they realize they don't really really think it through is that those people those talking heads on television are there to promote certain promote their own book their own investments or their own approach to the marketplace and the last thing they want to hear is that someone is a party pooper comes in and says your party is all fake and it's going to implode one of these days you're going to get another crash another crisis they don't want to hear who wants to hear that because that's not the game they're in and wall street's certainly not in that game they don't make a lot of money if if all you if you said to wall street okay you can only play gold in the commodities because everything else is going to be shipped for a while sorry but um they're you know that's this is not a big enough market they can't make the billions of dollars that they make in you know all of these fancy um securities that they create and all these investment ideas they come up with and traditional portfolio management which has gone completely out the window now you know it's just like you know the idea that you can run a portfolio in the traditional manner is is in in this environment is ludicrous we're in an environment that's completely uncharted we've never seen what we're seeing today at a global scale it's never happens happen to individual countries we're seeing aspects today of what's happened in his throughout history in individual countries but at a global level what's happening now is unprecedented no one has ever charted these waters and and they're trying to apply traditional portfolio management theory into an environment where it doesn't make any sense and a lot of people are going to get killed i'm absolutely wiped out one of these days because they continue to believe that this certain things are going to continue to go higher that it's you know safe to buy you know 30-year bonds at you know almost zero percent it's it's insanity but that's you know the system is is set up to promote that that still works it's intact and that we're not in danger of collapsing no one will ever talk about the danger of collapse because it's not in their entrance oh you're right and nobody wants to hear it nobody will hear it you know we're all all us people that talk about these things with a lot of common sense are pooh-poohed you know we're you know we're called fringe players and fanatics and you know gold bugs even worse i'm not a gold bug i like gold because now's the time to like it someday there may be a time not to like gold and that's fine i don't care but it's just it's just the thing to be in right now and it certainly will be for the next few years so let's talk about the mining business the gold mining business particular because when you get these turns and you get the bear markets turn into bulls what kind of activity are you seeing at that inflection point that you look for because there's going to be a lot of people watching this that want to invest in gold mining stocks and don't have the kind of experience you haven't known what to look for i think you have to the one thing that happened over the last five six years is that the gold mining industry had to get a lot of discipline yeah because they didn't have the discipline because it was a bull market in a bear market everybody started looking at their costs and um i've seen a tremendous change in all in adjusted sustainable costs uh for for mining per ounce that have gotten down to reasonable levels now they were really high and so you've got a very disciplined industry right now some more than others so yeah it's all it's all about stock picking if you're looking at what's already trading out there and so it depends what you believe if you believe there are certain stocks you would play if you believe gold's going a lot higher but have risk of gold goes lower because they're more highly levered to the gold price i think beric was one of those examples um and there are others that that you know are provide more safety because their costs of production are much lower and so you just have to be careful about the cost of production and the ability to replace islands um and those are the two main things obviously geographical yeah risk which is important in today's world really important and so yeah it's uh but uh a lot of you know i think the industry in general has become very disciplined the platform is there now and you just have to pick the right stocks and you know yeah i don't do stock recommendations but a lot of smart people that do so when you talk to the guys that run these companies um is there a sense you're getting from them that they they've learned lessons from the last bull run they feel there's another one coming and they're ready to to really take advantage of it rather than just issue stock every time that the price goes up yeah i i well i think you'll see some of that yeah because there's been no ability to go to the capital markets for many years now you're seeing it like i know i've watched several companies go to the market some that i'm involved with to take advantage of the fact that their share price has gone up quite dramatically in the last year and you had to you had to raise some equity yeah um but i think i think in terms of the the actual operating discipline i think that's going to be in place for a long time because i don't think a lot of people still believe like i believe the gold price is going a lot higher but i don't think that that's the industry in general by a long shot most people are still very gun shy and it reminds me of 2001 when i was out there promoting my idea about gold going higher and i was having these conversations with investors professional investors and mining executives and they all thought i was nuts they said no you have no idea it's a it's it's terrible it's horrible never get better i said you're too close to the action you can't see it you know you can't see the forest for the trees because you're you're in it you're living that all that daily grind of having to survive but if you step back and just think about this logically you'll understand that gold will go up and i think it's the same scenario today do these guys believe it or are we going to see the return of hedge books for example are these guys going to get to maybe 13 50 1400 and start slightly tight hedging i think some well as some always do um you can't prevent each company is run differently with different views on the world and i think you'll see a little bit of hedging um i think investors who buy gold stocks don't want to see it so and and the the managers of these companies are aware of that they know that and i've had these conversations on several boards i sit on is like you know you can't hedge because you've had you're just telling the market you don't believe in the gold price uh so they're going to be very careful not to but some will well what about you know the thing that's always really interested me is why uh and newman mining did this a little while ago they linked their dividend to the to the price of gold which is in it which is interesting why do you think none of these guys will pay dividends in silver or gold because i would have thought that would be a very interesting thing it's been done in the past yeah very special very small yeah i i don't know um i wasn't that mckeon that did that yeah i think that was yeah didn't i i think that he got a mixed reaction i don't think everybody fell in love with that idea there's lots of the real gold bugs believed that that was really intelligent and other people were going no you shouldn't do that um but i i don't know i don't think that that's the reason that people are going to buy gold stocks you know for before that yes no no no sure but i'm i'm curious because you look at guys that run these businesses and when i spend time at these conferences and around guys like you that really know the industry inside and out and i'm always struck when i speak to guys that run these companies sometimes to them it's just a commodity gold is another commodity it's it's not a monetary asset it's not any kind of hedge to it's just what they pull out the ground and they sell a profit do you think there's there's a movement coming where guys will suddenly understand the massive amount of power they have over their own situation just by what they control or is it but you'd have to have the whole industry get in fall in line with one with one approach and it's never going to happen like if one company does it it's you know it stands out but i don't think the industry is ever going to say okay this is we're going to where we're going to do as an industry and you know has a policy of you know believing in our own goal price right because everybody has different beliefs i mean i've worked with managers of mining companies that are gold bugs and ones that are just there to run the business right they're just there to run a business yeah it's interesting because i you know i just when you look at what you can do with the supply and demand and if you you know when you're making pulling that marginal ounce out of the ground if your production cost is 13 11 and suddenly it gets to 13 12 so you start pulling it out i'm thinking well why don't you wait because it'll never happen not as an industry really yeah because a lot of the investors don't want that they're not that's not the reason they're buying the gold stocks so i don't think it'll you know i know it's been discussed and lots of people have brought it up as an industry it'll never happen so what is the what is the future of this industry do you think where does this where does the gold mining industry go because it had a bad rap hopefully it's cleaned itself up if it has this tailwind of a strongly rising underlying commodity what happened what's the gold industry looked like let's let's see what's it going to be look like a 1500 and a 2 000 gold well i think what's going to become interesting is that you know there's been very little exploration done yeah over the last number of years because everybody cut their programs certainly the juniors didn't have access to the capital markets so they it was and traditionally that's where most of the exploration comes from is the juniors so that was gone and the majors were all cutting back on their budgets so they stopped exploring replacing reserves is going to be the most interesting aspect of this next market is where you're going to find that next multi-million ounce deposit that is going to be economic and be put into production and that's that's a business worth yeah exactly and that's so i mean that excites me so i think you have to look at opportunities and again everybody has different risk profiles and i'm not here to promote one idea or another because it depends what your risk appetite is for me i prefer to find assets that i can get my head around in terms of the existing economics may it may require some more work to get it to feasibility or financiability as a project but at least i can define it and go okay this is the the parameters the here's the grade here the economics this is if i do this this and that i can create a goal producer with this kind of value and that's where i think you're going to find the most exciting opportunities in this next cycle because no one's been doing a lot of that for a lot of years now the expiration that the greenfield exploration stuff is always going to be interesting but those are one in a thousand shots and you know that's like yep and that's you can play that game but it's a tough game so so where and where are the places that people are now moved because you know the us is tough to find deposits unless you're out in places they don't want you to drill you know canada similarly uh and everywhere else starts to look a bit dangerous you know australia is it's more the people who are dangerous and these fighters but where where yeah exactly what that's my that's where i'm going to focus for a little bit and which countries because they're a real mixed bag down there well instead of saying which countries i would go to i'll tell you where i wouldn't go right right now um and by the way i may have this opinion and others may say you're crazy there is an opportunity there i don't like bolivia i don't like ecuador um i don't like venezuela at all right uh brazil's tough right now um so you know the others are okay yeah it's interesting because you know when you when you talk about those bolivia places like that people have been spending a lot of time down a lot of people have gone down there to look at ecuador but geologically is fa they're fantastic places you know but the the politics and what about argentina i mean argentina i think it's i think is on the right path yeah where it wasn't sure but with this new government i think argentina is incredibly prospective and i think as long as this government stays in place for one does what they continue what they're already doing very well and very quickly i think it's going to be a fantastic place even more so than chile i think i think chile is regressing a bit and argentina's on the rise and what about africa because that's somewhere that you have to have the right appetite for that well africa is a very big place but people but people boil it down to africa i'm not i'm not touching africa they don't look at the individuals that's crazy no i i took a lot of great places in africa there are a lot of really bad places in africa you should never go near um i'm in uh i'll mention it because i'm on the board of endeavor mining endeavor mining is one of the largest producers in west africa they operate in uh uh five countries and uh have mines in five countries operating mines and um you know it's we've been at it for what eight years now you know there are challenges but you know we mine the gold we sell the gold we make money um and we haven't had any real issues that have ever affected us in an important way i mean you manage your way through these so there's lots of countries in africa that it's okay and there's some places that would never go near sure and that's just the way it is everywhere you know you've got russia and central asia which are to me no goes at this point um even some parts of europe i would worry about but uh you know i think parts of africa are really good and certain latin america for the most part is really good are you seeing any shifts in who those buyers are because everyone talks about the you know this mythical eastern buyer and the gold moving from west to east are you seeing strong demand out of certain places that suggest we don't see it you know we we as the producers don't really see you know you can just generally just the world gold council kind of has a rough idea and and even if you look at china which has been the biggest buyer i mean they're not very transparent no you don't really know how much gold they're buying all i do know is that they're the world's number one producer and they don't export any gold and they import gold it's got to tell you something yeah okay and they have been influenced and they have been several years you know and these are very conservative very industrious people you know and i think they're a lot smarter than you know the rest of the more advanced you know societies you know right now we're i think i'm being completely foolish now we're betting on paper that the world is run by paper and this paper is becoming worthless and we're making it more worthless every day and we still have faith in all this paper industry i think the chinese are looking at and going on i don't trust this paper i want to own the physical stuff that is a currency so so i mean how do you think we've spoken about um the fair and we've spoken about the engineering that's gone on and the leverage that's been put into the system in order to try and save it just in closing how do you think this plays out ultimately not when because none of us know that but how do you see this finally resolving itself because i'm always curious as to how people think it plays out you know again i'm going to sound like one of these fringe nut you know guys but i i know but i've been saying this for a long time you're too well dressed for that no but no but seriously i think that that we're on an irreversible path there's i can't see a way to unwind the mess that this world is in right now to unwind it in a way that doesn't cause some kind of a collapse and no one wants to see a collapse so they won't let you know normally if if something is dysfunctional you let it collapse and then you come in and clean it up and you restart okay that's what you do in businesses the governments aren't doing that you know they're not allowing that anywhere so they're all on this path of debasing their currencies you know everybody's trying to it's a it's a currency war of sorts all over the world um you know negative interest rates the printing of money no fiscal no fiscal discipline no aggregate demand there's no real growth in the world right now it's not coming from anywhere um it's over levered beyond belief and has become way more over levered since 2008 you know what got us to that crash in 2008 you would have thought by now we would learn these lessons we haven't so what do i think is going to happen i think that what we what you're witnessing now when you've been witnessing the last number of years is the greatest transfer of wealth in the history of the world and no one's even noticed no one's noticed how it's happened all they're noticing are the effects they're feeling poorer the population and what you're seeing in terms of politics in europe and in the us today that's a manifestation of that anger that people feel something's wrong i feel a lot poorer or i'm out of a job and all these rich people are getting richer and richer the wealth gap is growing like crazy so one of two things is going to happen either you're going to have some very radical political behavior which always happens when these when when people feel disenfranchised to a degree that becomes unbearable and so i think you're going to see radical politics which is very dangerous for the world and we've all seen it before throughout history that's a very dangerous thing or are you going to see another collapse of some financial institution somewhere and it who knows where that's going to be the u.s europe china it can happen it can come out of nowhere and it's going to surprise everybody everybody's going to go oh my god how did that happen it's been happy like we have set ourselves up for that eventuality and it's going to happen i don't know if it's going to happen tomorrow 10 years from now but it's going to happen because there's no path out of this without creating a depression and nobody wants a depression nobody wants to say okay we got to just clean up the debt start over again restructure and no one's restructuring so you know when in business you have to eventually have to restructure governments aren't doing that so i think it it someday it'll end up in some other collapse and i think we're going to run out of ammunition to deal with that kind of that that eventuality i don't know how what do you do next you know now they're talking about helicopter money you know i don't what's going to do now okay so you print money and you loan it directly to the government so they you know create fiscal stimulus okay really is that what they're going to do so i don't know i just think it's a very dangerous time and i think investors need to be cognizant of that and just plan accordingly and to plan accordingly you should be diversified geographically you should be diversified across all asset classes and that's all you can do and the rest you just you know you just pray and hope for the best because you'll never know the timing and you'll never know the event um it's and it will affect different asset classes in different ways for different periods of time but at the end of the day you know um just you know you just got to be diversified i think that's all you can do that's what i do i'm diversified like i can't predict what's going to happen frank it's been a great pleasure thanks so much for joining me today my pleasure grant thanks [Music] 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Channel: Real Vision Finance

Views: 40,643

Keywords: Finance, Markets, Economy, Stock Market, Investing, Trading, Education, Financial Literacy, Recession, Interview, Conversation, Strategy, Insight, Analysis, Facts, Data, Fraud, Entertainment, Thesis, Short Seller, Real Vision, Equities, frank giustra, grant williams, real vision finance, real vision tv, gold, gold price, gold 2020, inflation, deflation, gold miners, gold bullion, gold mining, buying gold, precious metals

Id: 1AAp_rGB1VE

Length: 37min 36sec (2256 seconds)

Published: Sun Nov 08 2020