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Beneath the Surface

The Endgame for Fiat? Currency, Credit, and the Case for Gold

Loading ...Dominic Frisby

November 3, 2024 • 47 second read

fiat currenciesgold
The Endgame for Fiat? Currency, Credit, and the Case for Gold

I am travelling this weekend so today’s thought piece is a conversation, which Mining Network recorded last week week between veteran gold guru, Alasdair Macleod, and myself.

It’s heavyweight goldbug stuff. I hope you enjoy it.

You can watch it below, but I have also ripped the audio so you have the option to listen to that if you prefer to escape the clutch of your screens.

If you are thinking of buying gold to protect yourself in these uncertain times, I recommend The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, US, Canada and Europe or you can store your gold with them. More here.

I’ll be MCing this year’s Moneyweek Summit this coming Friday November 8th. Readers of the Flying Frisby can get a 20% discount by entering the code FRISBY20

And if you are interested in hearing more from Alasdair, he has a Substack too.

A Large And Growing Wealth Gap

January 28, 2026 • Addison Wiggin

Trump is trying to force two converging economic events that haven’t aligned like this in over 40 years.

The first is the cost of borrowing. After the fastest rate-hiking cycle in decades, rates are rolling over. Trump wants them at 1%. Jerome Powell’s term ends at the Fed on May 15. The path is being cleared for a true believer in lower interest rates to take his spot.

The second is the cost of living. Oil has fallen from $95 to just over $60 in a year. Gas is averaging $2.88 nationally. And because oil feeds into everything — shipping, food, plastics — falling prices cascade across the economy. The capture of Venezuela’s Nicolas Maduro is not a coincidence. Venezuela is one of the leading exporters in the OPEC block of oil producers.

A Large And Growing Wealth Gap
The Buck Gets Whacked

January 28, 2026 • Addison Wiggin

A push for lower interest rates, jawboning by Trump administration officials, and concerns over U.S. debt levels are giving the dollar a good thrashing.

Dollar-denominated assets, from global commodities to U.S. stocks — even competing fiat currencies — will see prices rise versus the U.S. variety until this trend shifts.

The Buck Gets Whacked
Metacycles, Mayhem, and Monetary Overhaul

January 27, 2026 • Addison Wiggin

Over the past year, gold has climbed more than 80%.

Why?

Because inflation isn’t dead. Because debt isn’t sustainable. Because equities look priced to perfection. Because bonds yield less than honest work. And because every institution you thought was safe is now a political football.

Is it peak gold? Maybe. But previous gold rallies have lasted for years. The storm hasn’t passed — it’s only beginning to darken. Many of the risks keeping investors up at night are unlikely to go away soon.

Metacycles, Mayhem, and Monetary Overhaul
Gold Forecasts Stock Market Volatility

January 27, 2026 • Addison Wiggin

The S&P 500 may be sitting near a record 7,000. But relative to gold, it’s been in decline.

Over the past three years, the market is up 45%, but gold is up 180%. Today the ratio of the S&P to gold is down to 1.39.

Gold Forecasts Stock Market Volatility