Frank Giustra: Gold Will Be ‘Very Volatile’ but He’s Not Selling

Frank Giustra has a simple test for giving up on gold: give him “world peace, honest politicians, and benevolent bankers.” The Lionsgate founder, who helped turn a tiny company into Goldcorp when gold sat under $300, tells Kitco News anchor Jeremy Szafron at the New Orleans Investment Conference that we’re getting none of the three, and his gold thesis still holds.

Giustra says central banks are slowly replacing dollars with gold, building a floor under the price that won’t go away. What’s missing, he says, is the crowd. He sees no “Lamborghinis in the driveway” and none of the frenzy of the 2003 to 2008 run, when he was doing a deal almost every second day.

The Fiore Group CEO also warns that oil could go a lot higher if the U.S.-Iran conflict escalates, with Brent already above $110. As diesel costs squeeze the miners, he expects the majors will eventually have no choice but to buy juniors, including those holding big copper deposits. He also shares the lessons behind his new memoir, The Money Dilemma, out Nov. 3.

This interview was recorded on Oct. 29, 2026.