Central Banks No Longer Trust Each Other: The Global Rush To Gold | Mark Thornton
Central Banks No Longer Trust Each Other: The Global Rush To Gold | Mark Thornton
Kitco News: 9-18-2026
Mark Thornton called the housing bubble in 2004. For four years, he was told he was wrong. He now says every paper-dollar asset you own is facing a very difficult future, and the AI buildout is the clearest warning sign he has seen since.
In this interview with Jeremy Szafron, the Mises Institute senior fellow and author of The Skyscraper Curse explains why AI data centers are this cycle's record-breaking tower, why the bonds financing them run decades longer than the hardware, who gets stuck with the cost when a tenant stops paying, and why central banks no longer trusting each other is the best sign he has seen for gold.
Thornton also reacts to the Federal Reserve's report on Silicon Valley Bank published this week, Chairman Kevin Warsh's first rate hike in three years, and the drone attack on Saudi Arabia's East-West pipeline that cut Aramco supply to European buyers.
CHAPTERS
0:00 What the Fed's own report says about Silicon Valley Bank
3:29 The Fed isn't really tightening, he says
6:11 His case for abolishing the Fed entirely
8:24 The skyscraper curse, and why Jeddah just went quiet
13:38 How to tell if you're early or just wrong
15:41 AI data centers are the new bubble signal
17:37 The bonds that outlive the machines they fund
21:14 Factories are shrinking, power demand is soaring
23:30 Who pays when the tenant stops paying
25:59 Why the pipeline was defenceless, and can be hit again
29:55 The Challenger problem
33:44 Gold survives what paper money can't
37:13 Why no government gives up the printing press
39:32 What Poland and China see that the G7 doesn't
43:15 What survives honest money