Episode Details

Central banks acquired 244 tonnes of gold in the first quarter of 2026, marking 10 out of the last 11 quarters where sovereign purchases exceeded 200 tonnes. Jeremy Szafron anchors an exclusive 45 minute deep dive with financial historian and author Dominic Frisby to uncover the reality of this massive sovereign accumulation.

In this masterclass interview, Frisby reveals why China’s official reserve number of 2,300 tonnes is masking a true stockpile that could be closer to 30,000 tonnes. He details how domestic mining, Shanghai Gold Exchange withdrawals, and undeclared imports point to a hidden reserve designed to eventually challenge the US dollar's global dominance. The conversation also explores the Bank of France's recent 129 tonne repatriation, revealing the critical difference between holding gold on a ledger and securing physical bullion within sovereign borders.

Frisby, launching his new book The Secret History of Gold, goes beyond standard macro analysis to expose how artificial intelligence threatens the traditional income tax base, why Tether is hoarding $20 billion in physical metal, and what Triffin’s Dilemma means for the future of American manufacturing. For retail investors, Frisby outlines his $10,000 gold target by 2030, explains the "Dolce Far Niente" portfolio strategy, and breaks down the current disconnect in mining equities.

Recorded May 5 2026

Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron) 
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Follow Dominic Frisby on X: @DominicFrisby (https://twitter.com/DominicFrisby)

Timestamps:
00:00 Intro: Central Banks Buy 244 Tonnes in Q1
02:15 The Sovereign Shift: Poland, China, and the Silk Road
08:30 China's 30,000 Ton Gold Secret
21:40 Bank of France Repatriates US Gold Reserves
25:35 Triffin's Dilemma and the Decline of US Manufacturing
28:45 How AI Will Destroy the Fiat Tax Base
39:00 Why Tether is Hoarding $20 Billion in Physical Gold
41:30 Gold Price Forecast and the "Dolce Far Niente" Strategy
44:45 Silver at $73 and the Disconnect in Mining Equities
49:15 The Secret History of Gold: Why Metals Will Outlast Fiat

#Gold #Macroeconomics #China #DominicFrisby #KitcoNews
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The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.

Disclaimer:  
The videos are not intended to provide trading advice, and the views expressed do not necessarily reflect those of Kitco Metals Inc. Kitco News, its anchors, producers, and reporters are not responsible in any way for the performance or actions of any sponsor, advertiser or affiliate of Kitco News. In no event will Kitco and its employees be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content in this video.