If you’re based in the UK and following the gold market, this is one interview you don’t want to miss.

Jim Rickards, a longtime friend and trusted analyst here at Southbank, delivered one of his most eye-opening gold breakdowns on Daniela Cambone’s show recently — and it nearly slipped under the radar.

We talk a lot about gold in our offices, especially as a hedge against the chaos unfolding in the bond market, central banking missteps, and currency debasement. But what Jim exposes in this interview goes far deeper — into the structural plumbing of the gold markets themselves.

Whether you hold physical bullion, trade gold ETFs, or simply want to understand how the system really works… this one’s essential viewing.

The provocative title is “Jim Rickards: Is the Gold Gone? Did the U.S. Treasury Lease it? This Would Break the System”.

The interview took place during the beginning of the trade war tensions, so the first 7:00 minutes of the discussion can be skipped (unless you want a recap).

At the 7:40 minute mark, Daniela and Jim get deep into the fundamentals of gold. How it’s priced, delivered, and traded internationally.

Jim explains that the vast majority of gold is traded as paper contracts. Only about 1% of gold traded on futures exchanges like the COMEX is ever physically delivered.

Jim goes on to explain that exchanges like the COMEX can change the rules whenever they please. For example, when the Hunt Brothers cornered the silver market in 1980, COMEX did not allow them to take physical delivery.

Tampering With The “Primal Forces”

When the topic of Fort Knox gold comes up, Jim says that the gold is all there. However, his concern is whether that gold has been leased (on paper, not physically) to the bullion banks.

“You can have a hundred tonnes of paper gold transactions supported by one physical tonne that got leased by the Treasury to JPMorganChase.”

Gold bugs have long suspected that bullion banks, such as JPMorganChase and Goldman Sachs, have “leased” gold from the U.S. Treasury. And it’s possible that gold has been “rehypothecated” many times, meaning that multiple individuals believe they own the same piece of gold.

Jim notes that when we ask questions about gold leasing, we are essentially “tampering with the primal forces”.

He goes on to explain the difference between allocated and unallocated gold, and how the rehypothecation process works.

This interview is a must-watch for all Jim Rickards fans.

Watch the entire episode here on Youtube.

Regards,

Sam Volkering
Contributing Editor, Investor’s Daily

P.S. If Jim’s right — and the U.S. has quietly leased out its gold to bullion banks like JPMorgan — then we may be standing on a fault line far bigger than anyone realizes. In a Trump “third term,” with economic disruption likely and trust in institutions already eroding, the question of who really owns America’s gold could become explosive. That’s why Jim’s latest research is essential viewing. He’s connecting the dots others won’t — and for UK investors watching from afar, the ripple effects could hit closer to home than you think. Click here to learn exactly what you need to know.