Debt, Currency Debasement, and Why Gold Still Wins in 2026 | David Garofalo

The precious metals market surge at the close of 2025 is examined, with gold approaching $4,500 per ounce and silver exceeding $80 per ounce. David Garofalo, Chair, President, and CEO of Gold Royalty, attributes this to long-term quantitative easing and the delinking of fiat currencies from the gold standard. He notes the historical decline in the dollar's purchasing power relative to gold's rise. Garofalo suggests that governments will continue to debase fiat currency to manage unprecedented debt levels, further driving up gold prices. He also touches on the royalty and streaming space, highlighting consolidation trends and Tether's investment strategy, emphasizing the importance of scale and lower capital costs. Garofalo anticipates significant revenue growth for Gold Royalty, driven by its expanding portfolio and increasing cash flow.