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Beneath the Surface

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

Dominic FrisbyDominic 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.


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Debts and deficits will eventually cause a crisis. Treasury Secretary Scott Bessent’s effort to help bail out the Japanese Yen this week is entirely motivated by self-preservation. The contagion signal flashing in Japanese bonds since late ‘25 is infecting the BOJ, which may be forced to sell U.S. Treasurys to stabilize its own currency.

One Sign that Government Spending Is At a Crisis Point
“Doc” Copper Tests Positive for Testosterone

August 6, 2026 • Addison Wiggin

The copper price is no doubt benefiting from inflation driven by money printing. But the doc don’t lie. Copper’s new all-time highs, while gold and silver still languish, are a sign the AI growth story is also that of the global economy itself.

“Doc” Copper Tests Positive for Testosterone
Gold Mining Stocks Still Big Winners Amid the Price Pause

August 5, 2026 • Addison Wiggin

Many miners were profitable with gold around $2,000 and silver near $50. At sustained prices closer to $4,000 gold and $60 silver, the arithmetic changes dramatically.

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The “Yentervention” Kicks US Markets Into High Gear

August 4, 2026 • Addison Wiggin

The stock market is getting an unexpected boost to kick off August, bucking the historically weak summer session for the U.S. stock market.

What’s happening? The Bank of Japan and the U.S. Treasury are making a coordinated effort to support Japanese yen; a move last attempted nearly 30 years in the height of the Asian Financial contagion (1998).

The “Yentervention” Kicks US Markets Into High Gear