Gold Reserves on the Decline


Manage episode 303945367 series 2631573
By Rich Dad and The Rich Dad Radio Network. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

In 1971, President Richard Nixon changed the rules of money because foreign countries being paid in U.S. dollars grew skeptical when the U.S. Treasury was printing more and more money to cover our debts, and they began exchanging their dollars directly for gold in earnest, depleting most of the U.S. gold reserves. There’s been a significant under-investment in exploration by the world's major gold miners and it has resulted in a decline in minable gold. Today’s guest explains that there has been a 40% decline in gold reserves. David Garofalo, Chairman & CEO of Gold Royalty Corp. says, “What they didn’t do is replace what they’ve been depleting.” He continues, “Our assets have been depleted and as a result, the production is declining. We can’t respond with supply because it takes a long time to find deposits, it’s capital intensive, and it’s risky.” Host Robert Kiyosaki and guest David Garofalo discuss what the declining gold reserves mean for the future of gold mining and its price. Learn more about your ad choices. Visit

359 episodes