Gold Could Double | David Garofalo - Gold Royalty Corp.
The Deep Dive Aug 28, 2026
Summary
Garofalo rejects the gold-bug label and ties gold's bull case to 50 years of fiat debasement since the gold-standard end.
Garofalo frames gold as both insurance and a liquidity source during risk-off shocks like the Iran war onset.
M2 money supply (broad money — currency plus deposits) keeps marching upward, reinforcing gold's bull thesis.
Risk-off flows tied to political upheaval may have unwound, but the underlying debasement thesis remains fully intact.
David Garofalo's takeaways
- Top takeaway The guest argues gold's bull case rests on 50 years of fiat currency debasement since the early-1970s abandonment of the gold standard, framed as an economist's view rather than gold-bug sentiment.
- He points to the Iran war episode as a live demonstration of gold acting as insurance and a source of liquidity in a risk-off market with a flight to liquidity.
- He says risk capital is returning to gold because the underlying fundamentals have not reversed.
- He cites continued M2 money supply expansion as the ongoing driver behind currency debasement and the gold thesis as of 2026-08-28.