The stars of “Gold Rush” are unearthing more than just gold this season. With gold prices soaring to around $3,800 an ounce, and miners collectively raking in close to $100 million, Parker Schnabel, a successful young miner, suggests this boom reflects a growing distrust in the U.S. dollar.
Schnabel believes the gold rush is a direct result of Americans losing confidence in the strength of our currency. He points to the excessive spending in Washington and a lack of willingness by lawmakers to address the nation’s mounting financial obligations.
“Look at the amount of debt the United States has,” Schnabel stated, “and the complete lack of attention to it from anyone in Washington. There’s zero interest in dealing with the debt.”
He suggests the government’s inaction leaves them with one option: to devalue the dollar, making investments like gold more appealing.
“Which means the only option is to inflate it away, right, and reduce the value of the U.S. dollar,” he explained, adding that a weaker dollar will naturally drive investors towards safer alternatives. “Which is going to make other assets go up, like gold being the number-one hedge against that.”
Schnabel sees this shift as a long-term trend, not just a temporary spike. “I think that we’re going to see a lot of very big structural support for gold prices, both from institutional traders, retail traders and central banks.”
Another “Gold Rush” star, Rick Ness, notes that despite being 16 seasons in, the challenges they face are still new and significant. He highlights the enduring appeal of gold mining, that “there is basically money in the dirt and you can dig it up but it’s yours … I still think that’s crazy.”
Schnabel emphasized the high stakes this season, with every decision impacting their operations due to the rising gold prices. He noted the importance of balancing short-term gains with long-term strategies, stating, “how much effort do you put into short-term profit gain, right, with gold prices where they’re at?”
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