Ordinary investors have largely sat out gold’s rally, leaving room for another leg higher while central banks keep buying on price dips, veteran mining financier Frank Giustra says.
Central banks have become steady, long-term buyers as countries reduce their reliance on the U.S. dollar, Giustra, founder and CEO of Vancouver-based Fiore Group, told The Northern Miner at the recent Precious Metals Summit in Colorado.
“The general public hasn’t really been exposed to the gold market yet, not in ways that I’ve seen through my 45 years in this business,” he said in a new video with The Miner’s Western Editor, Henry Lazenby. “Gold is your hedge against all human stupidity.”
Giustra said a geopolitical or financial shock could trigger the next rally. He also explains why he expects copper prices to spike before new mine supply catches demand and discusses Copper Giant Resources (TSXV: CGNT; US-OTC: CGNRF), where he is a major shareholder.
Watch the full interview below: