Mining magnates Frank Giustra and Rob McEwen had a friendly audience yesterday at the Precious Metals Summit in Beaver Creek, Colo., as they outlined the key role they expect gold to play in a coming global financial reset.
In a panel moderated by Anthony Vaccaro, president of The Northern Miner Group, Giustra and McEwen presented a bleak picture of the current economic landscape, and suggested there will be big economic ramifications from the potential end of a 70-year super debt cycle.
"Never listen to what a central bank has to say,” said Giustra. “Watch what they do. And right now, they're screaming, buy gold. They're loading up. And it is my belief they're loading up because there will be a monetary system reset that we don't know what it looks like yet. But gold will play a role, otherwise they wouldn't be loading up this way," he told the session.
While younger investors have been seduced by cryptocurrencies and other non-traditional assets, Giustra, labelled crypto as a speculative investment that lacks transparency and is prone to market manipulation.
In contrast, he emphasized gold as a viable investment avenue for younger generations, suggesting buying physical gold coins as a stable and relatively safe investment route.