Barrick Gold CEO Says 'No One Believes in Fiat Currencies Anymore' – Economics Bitcoin NewsAugust 10, 2021
The South African businessman and CEO at Barrick Gold Corporation, Mark Bristow, recently explained in an interview that “no one believes in fiat currencies anymore.” Bristow says the world is currently “battling” on how to “position investments on the back of the unforeseen and unrealized damage of how the pandemic crisis was managed.”
Mark Bristow: ‘Everyone’s Desperate to Find Alternatives’
Barrick Gold CEO Mark Bristow joined CNBC’s “Squawk on the Street” this week to discuss the global economy, gold’s recent falter, and other types of investments. The Barrick Gold executive discussed the company’s goals and 2021 revenue on Monday as well, and noted that it didn’t expect inflation to hurt gold.
While speaking with CNBC’s Carl Quintanilla, Bristow stressed that the gold market was a “long-term business” and further emphasized that “the gold price goes down and it goes up and not necessarily in that order.”
Bristow showed a distaste for fiat currencies and how the world’s central banks handled the economy during the pandemic. The Barrick Gold CEO explained to Quintanilla that he’s not a fan of crypto assets and it’s not the first time he’s told CNBC that he believes cryptocurrencies are “inferior.”
On May 20, 2021, Bristow told the hosts of the “Mad Money” broadcast that gold can’t be created so easily. “That’s one thing you can’t do, is no one can print gold. We can still make cryptocurrencies,” Bristow said at the time.
On Monday, during the interview with Quintanilla, Bristow reiterated his dislike for digital assets, but further explained why he thinks people are attracted to them.
“This world is battling with how to position investments on the back of the unforeseen and unrealized damage of how the pandemic crisis was managed… and the impact it has on the global economy which really hasn’t materialized yet,” Bristow remarked. Quintanilla delved into the crypto subject and Bristow stated that when it comes to digital assets “there’s no comparison with gold.”
The Barrick Gold executive explained that one thing was “critical” and that “you can’t just create value… and what you are really buying [with crypto] is energy.” Bristow wholeheartedly believes the global battle on how to position investments is what’s causing crypto adoption. The lack of trust in fiat is the main reason, Bristow noted, saying:
No one believes in fiat currencies anymore and everyone’s desperate [to find alternatives].
Gold Buying Opportunity
As far as the recent precious metals flash crash, Bristow thinks it’s a buying opportunity. Bristow thinks developing countries are hurting far worse than a number of other regions worldwide.
“The whole issue here is that everyone wants instant gratification, everyone’s already concerned about how you store your [wealth] that you’ve seen grow in the developed worlds,” Bristow said. “The emerging and developing world’s economies are in dire straits,” the Barrick Gold CEO added. Bristow further said:
Without a doubt, this is a buying opportunity and you still need a 5% or so part of your investments in gold.
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