Next Round of QE Will Trigger a Dollar Crisis | Frank Giustra & Michelle Makori
Aug 17, 2026
Michelle Makori, President & Editor-in-Chief of Miles Franklin Media, interviews Frank Giustra, CEO of the Fiore Group, mining financier and founder of Lionsgate Entertainment.
Following Senator Rand Paul’s visit to Fort Knox, Giustra explains why seeing the gold is not the same as independently verifying its quantity, ownership and possible encumbrances.
Giustra also examines mounting pressure on the U.S. dollar and Treasury market, central bank gold buying, de-dollarization, the petrodollar and the yen carry trade. He explains why he expects quantitative easing to return and how the policy response to the next crisis could drive gold significantly higher.
Giustra also warns that the AI-driven equity boom is an unsustainable bubble and explains why a recession could initially pull down stocks, cryptocurrencies and gold. He closes with his long-term outlook for copper amid rising demand and a deepening supply deficit.
In this episode of The Real Story with Michelle Makori:
What Senator Rand Paul’s Fort Knox visit did and did not confirm
Why Giustra is calling for an independent audit of U.S. gold reserves
Whether America could be quietly accumulating additional gold
Central bank gold buying and the acceleration of de-dollarization
The petrodollar, Iran and the Strait of Hormuz
Japan, the yen carry trade and risks to U.S. Treasuries
Why Giustra expects quantitative easing to return
The AI bubble, recession risk and implications for financial markets
Why gold could fall initially during a liquidity crisis
Copper shortages, critical minerals and the global supply deficit
Why owning physical gold remains Giustra’s highest-conviction position
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00:00 Coming Up
02:38 Introduction
04:15 Fort Knox Timeline
06:10 Clips And Reactions
08:27 Why No Real Audit
11:53 Audit Motives And Doubts
16:46 Hidden Gold Theories
19:11 Covert US Gold Buying
25:05 China Gold And Paper Market
29:11 How Gold Reenters System
31:09 Five Year Reset Forecast
34:37 Petrodollar And War
37:52 Petrodollar Police Examples
40:02 Bessent Clip And Pushback
43:39 Iran War Endgame
44:36 War Fallout Grows
45:52 Inflation Oil And Gold
49:27 Japan Yen Carry Trade
53:24 Treasury Selloff To QE
56:35 Default Or Debase
59:38 Next QE Ends Dollar
01:02:09 Dollar Crisis Repression
01:05:51 Hard Asset Reset Path
01:08:52 AI Bubble Rate Cuts
01:15:41 Copper Supply Cliff
01:19:53 Own Physical Gold
01:21:29 Closing And Where To Follow
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