Barrick Gold CEO: No One Believes In Fiat Currencies Any More

Weak US dollar

In the past twelve to sixteen months, we’ve learned just how quickly things can change in life and we’re seeing how trust is diminishing on a global scale with government leaders and their effect on fiat currencies.

Through rising inflation, the dollar is losing value over time and it’s impacting everyone.

The CEO of one of the largest gold mining companies in the world appeared on CNBC earlier this month warning that everyone is desperate to find alternatives. And we’re seeing that with the rise of cryptocurrency and gold.

Unlike cryptocurrency though, as Mark Bristow, CEO of Barrick Gold points out, “gold acts as a stabilizer against volatility in a portfolio while the deltas in crypto are enormous.”

He added:

No one believes in the fiat currencies any more and everyone’s desperate” to find alternatives.”

The question for many becomes, gold or crypto?

Although cryptocurrency seems to be the hot new craze, talk to anyone you know about it and you’ll agree it is highly speculative and volatile in nature.

Sure, it may be a good gamble for those who like to dream of winning the lottery, but with so many uncertain factors still in play and until a more distinguished track record has been proven, many experts believe crypto is just that, an enormous gamble.

It’s not unusual for currencies like Bitcoin and Ethereum to drop as much as 40% in value in 24 hours. There’s no tangible coin, no tangible asset.

Let’s look at the risks. Aside from price fluctuations that change dramatically day-to-day, there are other uncertainties to consider.

The Wall Street Journal reported a story on hackers who stole $600 million in assets from a decentralized finance platform just last week.

Not to mention that the near $1 billion hack was said to be “just for fun,” which leads one to believe that this is just the beginning of a long, what seems to be, mere game to hackers across the globe.

Halsey Huth, head of growth at MoonPay, a cryptocurrencies payments platform, referred to companies providing financial services using blockchain technology saying that, “Everyone interacting with this stuff knows there’s always a chance there’s going to be a bug or an exploit.”

We agree with Barrick Gold CEO Bristow that Americans are looking for alternatives. Now, when faced with the truth of the matter, it’s the wild wild west when it comes to cryptocurrency.

What is tried and true is the long history precious metals have had throughout human history.

CNBC’s Mad Money Jim Cramer sat down with Mark Bristow saying that “it always pays to diversify, and with cryptocurrencies looking more like speculative assets rather than hard assets, gold remains a good option.”

When asked about the scarcity of gold, Bristow noted that only 50% of the world’s gold reserves have been replaced since the turn of the century, and that’s why it remains so valuable.

People like security. It’s that simple. And when it comes to protecting one’s hard-earned wealth, who could even attempt to argue against this?

Gold broke historic price records in 2020. In April and May of this year, gold rallied 11% fueled by angst over inflation, a weak dollar, and higher central bank demand.

In an economy where the government is running on an endless supply of money, this may just be the next consolidation period before gold goes on to break yet another all-time high.

Learn how thousands of Americans are protecting their wealth and retirement with assets like gold by calling  American Hartford Gold today at 800-462-0071.

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