In a recent interview by Liberty and Finance, Keith Weiner, CEO of Monetary Metals, delivered a stark warning about the future of the US dollar. Weiner, known for his unconventional perspective on economics and monetary theory, predicts a continued decline of the dollar against gold, stating, "I don't see any limit to how far down the dollar can go against gold."
Weiner's comments, shared in an interview released on April 2nd, 2025, challenge conventional views on the gold market and the broader economic landscape. He urges investors to recognize that rising gold prices are not necessarily a cause for celebration but rather a symptom of the erosion of fiat currencies.
Weiner provided a historical context to illustrate the dollar's decline. He pointed out the dramatic devaluation of the dollar against gold since the establishment of the Federal Reserve. "When they created the Fed in 1913, the unit of a dollar was 1,500 milligrams [of gold]. Now it's under 10," Weiner stated. This comparison underscores the significant loss of the dollar's purchasing power relative to gold over the past century.
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Weiner cautioned against viewing rising gold prices solely as a positive development for investors. "A rising gold price may feel good for your portfolio if you're overweight gold, but it kind of means bad things are happening in the broader society and the broader economy," he explained. He used the example of Caracas, Venezuela, to illustrate how extreme economic instability can undermine the value of wealth, even if held in assets like luxury vehicles.
Weiner believes the gold market is currently in a bull market, but he anticipates potential corrections. "I now think we are in a buy the dips, not a sell the blips, market," he stated. While acknowledging the possibility of significant price corrections, he remains optimistic about the long-term outlook for gold, driven by strong underlying fundamentals. "I think this is durable," Weiner said regarding the gold market's strength.
Challenges to a Gold-Backed System
When asked about the potential for countries to adopt a gold-backed system, Weiner expressed skepticism. While some countries desire an alternative to the US dollar, he highlighted the significant structural challenges involved. He pointed to the dollar's dominance in global finance and the prevalence of capital controls in many countries as obstacles to a widespread return to a gold standard. "The gold standard is the money of a free market, and that's the last thing anybody wants," Weiner asserted.
Weiner agreed with concerns about capital controls and systemic risk in the banking system. He criticized the increasing difficulty in accessing one's own money and the potential for central bank digital currencies to exacerbate these issues. He also discussed reports of banks hindering clients' efforts to purchase precious metals. "I agree with everything you said," Weiner stated, confirming the validity of these concerns. He emphasized the growing need for individuals to protect themselves from these risks by considering alternatives like gold. "If you buy gold, you're opting out of any of this nonsense," he said.
Weiner sees a confluence of factors creating a "perfect storm" for gold. "It's almost like one of those rare moments when...everything's all lined up," he explained, referring to the economic and financial conditions favoring gold. He anticipates a strong bull market for gold, with potential corrections along the way.
Keith Weiner's interview with Liberty and Finance provides a compelling analysis of the gold market and the global economic landscape. He warns of the continued decline of the US dollar against gold and emphasizes the importance of understanding the underlying economic forces driving gold demand. While acknowledging potential volatility, Weiner remains bullish on gold's long-term prospects as a hedge against fiat currency devaluation, systemic risk, and geopolitical instability.