People are turning to a trustless asset, Phair says

Scottsdale Mint CEO and owner Josh Phair sees gold as a trustless asset in the current uncertain market, attracting people who no longer trust government-issued data or each other's intentions in trade. He noticed a shift in buying patterns, with well-heeled investors and businesses putting gold on their balance sheets and lending against it.

China has been a major buyer for 22 consecutive months, and central banks are gradually increasing their gold allocations. The volatility in gold and silver markets is growing, with some countries aiming for over 30% of their assets in gold. Phair argues that the biggest obstacle in mining today is refining, causing investment to spread more globally.

He believes that many mining projects are being consolidated and mining companies continue to grow due to this need. However, region-specific challenges and geopolitical risks make mining difficult, especially in places like the United States and South America.