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Government will shut down any really successful crypto, mining entrepreneur Giustra says

Section: Daily Dispatches

9:44p ET Saturday, December 7, 2019

Dear Friend of GATA and Gold:

A friend tonight calls attention to the insightful comments made in September by zillionaire mining and movie entrepreneur Frank Giustra in an interview with Kitco's Daniela Cambone, wherein Giustra explained why he thinks the gold price is "explosive" amid the devaluation of government currencies. He also describes his strategy for investing in gold stocks, which excludes the largest producers.

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Perhaps most interesting, asked about cryptocurrencies, Giustra says he is not enthusiastic about them, in part because he suspects that if a cryptocurrency ever starts to compete seriously with government currencies, government will shut it down.

Twice in 2017 Giustra told interviewers that he believes the gold price is "managed" by governments and investment banks:

But despite his warning about the threat governments pose to cryptos, the question of a similar threat to gold didn't come up in the interview with Cambone three months ago. Instead Cambone induced Giustra to note that 80 percent of his work now is philanthropy and among other things he has gone into the olive oil business.

Maybe those two 2017 interviews were as close as Giustra dares to come to the primary determinant of the gold price, and his venture into the olive oil signifies that government made him an offer he couldn't refuse.

In any case, for Giustra's protection GATA is glad to certify here that none of his philanthropy has ever extended to us, despite our having approached him through mutual friends several times over the years to request an audience. GATA has learned that if we want the time of day when Giustra is around, it's best to wear a watch.

Giustra's September interview with Cambone is 20 minutes long and can be viewed at YouTube here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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