Today King World News spoke with Jonathan Haycock, who began his career as a barrister before moving on to work 27 years on Wall Street, finally ending his career as one of the longest serving Managing Director’s in history at Morgan Stanley in London. And what he had to say about a world in chaos and the gold market was absolutely shocking.
Jonathan Haycock, who had a storied 27 year career on Wall Street is now warning about a world in chaos.
This Is Going To Blow Your Mind
February 22 (King World News) – Eric King: “Jonathan, because you were on the Street for so long this is going to blow your mind. We’ve had this (spectacular) rise in gold from $1,800 on this leg up towards the $3,000 level, but I’m going to ask you a question. The GDXJ is one of those ETFs that tracks junior gold miners. There are a lot of components to it, but in the last 6 months how many days of inflows, cash inflows, do you think that it has seen? Take a guess for me. Remember, gold has marched from $1,800 to basically $3,000, but take a guess.”
Jonathan Haycock: “In the last 6 months? I’m going to guess 10 days, something like that.”
Eric King: “Close. One day.”
Jonathan Haycock: (LAUGHTER)! It doesn’t surprise me.”
Eric King: “I wanted to bring that up regarding sentiment. Sentiment is dark, sentiment is ugly, and nobody believes.”
Jonathan Haycock: “And this is why you are going to see an enormous revaluing of the asset class. The fact is there is a major structural underweight (of the gold space by institutions) that’s been built up over decades just at the point where gold is becoming increasingly relevant.
Here are some stats for you. I’ll keep this brief. If you go back to 1932, gold and gold miners as a percentage of total global assets accounted for 20%. So 20% of total global assets in 1932 was gold and gold miners. In 1948, that number was 30%. In 1981, that number was 26%. At the end of 2024, that number is (only) 1%! It’s just breathtaking. Absolutely breathtaking.
And of course most people just look at the gold price and think it’s gone from $250 to almost $3,000, I must have missed it. But of course as you know, Eric, it’s the wrong way of looking at it. You’ve got to look at gold adjusted for money supply. And here’s the thing, gold at today’s price when you adjust for US money supply is 75% below the 1980 peak! It’s just extraordinary, but those are the facts. And what are we seeing right now, Eric? We are seeing trust in fiat currency coming to a shuddering halt.
1971 was a key year because of abandoning the gold standard. 2022 was absolutely a critical year with the weaponizing of the dollar, and all the BRICS and the central banks in the East realizing that they had to sell US Treasuries to buy gold because they realized that their dollar assets could be stolen at any point by the US (West). So you’ve got this persistent demand from central banks, which has been pushing up the gold price, at a point where the mainstream are not even on the pitch. So just think about what can happen to the price once the pension funds, institutions, family offices, start allocating to the asset class. There simply isn’t the supply to cope with that incremental demand. It’s really exciting. That is what we’re seeing.
And here is one more (astonishing) fact. It is a fact that…this is an interview that everyone around the world needs to listen to immediately because it is one of the most powerful and quite frankly shocking interviews as we continue to kickoff 2025, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
Just Released!
To listen to Alasdair Macleod discuss Fort Knox and the (missing) US gold hoard and much more CLICK HERE OR ON THE IMAGE BELOW.
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