Tom welcomes back Jan Nieuwenhuijs to explore the dynamics of the global gold market and its implications for global monetary systems. Key topics include the movement of gold from London to Comex, driven by concerns over tariffs and geopolitical shifts. Jan explains that this flow reflects both physical arbitrage and strategic reshuffling of gold reserves, with banks moving gold into the U.S. for potential future use or resale in Asia.

The discussion also delves into the lack of transparency around U.S. gold audits, particularly at Fort Knox. Jan highlights issues with the auditing process, noting that compartments have been reopened multiple times without proper justification, raising questions about the integrity of the audits. He argues for an independent audit to ensure accountability and reassurance regarding the nation’s gold holdings.

Another significant point is the valuation of U.S. gold reserves at $42 per ounce, a relic from the Bretton Woods era aimed at demonetizing gold. Jan suggests that revaluing gold could unlock substantial funds but warns this would be inflationary. He also touches on the role of gold in China’s financial strategy, noting that while official reports understate their purchases, they are actively accumulating gold to diversify away from the dollar.

The conversation concludes with Jan emphasizing the importance of tracking central bank gold buying and developments in alternative payment systems like the BRICS M-Bridge, which could challenge the dollar’s dominance.

Time Stamp References:
0:00 – Introduction
0:54 – Tariffs & LBMA Flows
5:30 – Gold Demand & Lease Rates
9:01 – Import Code Changes
10:30 – U.S. Gold Reserve Audits
20:14 – Time Req’d to Audit
21:37 – Encumbrance Concerns
24:35 – $42 U.S. Gold Valuation
26:36 – U.S. Dollar Vs. Gold
29:09 – Revaluing & Funding
32:10 – Sovereign Wealth Fund?
33:25 – Uncertainties & Credit
37:50 – Deleveraging & Dollar
41:00 – Eastern Perspective
44:32 – China’s Gold Holdings
46:30 – Gold & Dollar Flight
49:49 – Concluding Thoughts
51:30 – Wrap Up

Guest Links:
Twitter: https://x.com/JanGold_
Website: https://moneymetals.com

Originally a sound engineer in the Dutch movie industry, Jan Nieuwenhuijs has devoted the last decade to in-depth gold market research. His commentary and analysis has earned him international recognition as a top expert on the Chinese gold market, the COMEX futures market, the London Bullion Market, and the Turkish gold market. At Money Metals, he writes about the international monetary system, central bank gold policies, the mechanics of the global gold market, the gold price, and economics in general.