 Gold pushing through 1,300oz here. More news out of North Korea has helped push the metal to 11th month highs this week. But last time we saw North Korea tensions push gold higher, the rally was short-lived. So is this time different? We're joined by fund manager and CEO of U.S. Global Investors Frank Holmes. Frank, thanks so much for being with us. It's great to be with you and all your listeners. And gold as we speak here, Frank, breaking above key levels. We're currently trading around 1,320oz. The metals we are speaking to are now talking $1,400 gold. Do you think there's enough steam in this market for that just yet? Well, I mentioned last time that we're extended now. We're due for a correction. But what's happened is that the 10-year government bond, real yields were had risen and now they're shrinking rapidly. So as the real interest rates shrink, that is the 10-year government bond yield is over a falling from 260 to 220. As that happens, the dollar falls. And that is just propelling up the price of gold. And the flavor on all of this is North Korea. Because that triggers another dimension of fear for gold. So we would need two things to happen. The dollar to still be depressed here. But also what we've seen traditionally, Frank, is that gold-safe haven rallies are usually short-lived. Do you think this latest rally is different? No, I think it's real because it was pretty dovish speaking at the Jackson Hole G that basically the finance groupies of the monetaries of the world, that regulations are good. And they think they've done a great job in basically taking control of the global economy. But I would disagree with that for many reasons. But more important is that their interest rates fell. And I think that it's a sign that we're going to continue to have difficulty unless there's massive fiscal change. That is, if you don't get the fiscal change, we're going to live with negative interest rates and gold's going to rally. Now before this rally here, Frank, we did see a gold dip right before Jackson Hole, correct? Yes. And you know, it's a great story there because we went back and looked at the numbers and it's amazing to see within 24 hours it seems to knock itself down. I don't know why, but this year, 2 million ounces, it was sold into the futures market and it seemed to be absorbed quickly. So there's buyers around looking for that gold. I also think the fact that the Germans took back their gold, that physical amount of gold is taken out of the system. So it makes it much more vulnerable to volatility because there's a lack of physical gold. Right. Well, they just moved the gold from New York in Paris back to Germany though, right? Yes, but they physically, they can't be lend out unless they're going to do other securitization in Germany. So it is physically out of the pool. So I think that that takes out supply, which basically with the pent-up demand makes gold go $1,400. All right. So you're bullish right now, very bullish? I'm very bullish on gold. That's why it says, go gold! Do you feel the same about the gold mining stocks? Yes, I do and I think it's, but selective. That's why we launched the go, go, go AU ETF because it takes that universe down to the best value protectors on a per share basis and they're doing very well, Daniela. They're doing exceptionally well. All right. So later in the week, we've got non-farm payrolls data coming out. What could happen to gold if we see some solid employment numbers on Friday? Well, then if the rates were this, coming back to real interest rates, if the real interest rates were to change, the five year is now negative. It was positive a week ago. If it was to go positive, it could just pull gold back a bit. But North Korea is no doubt going to be an ongoing problem in the global economic scene. All right. Frank Combs, thanks so much for joining us today. And thanks for watching this edition of Kiko's Gold Report. We'll be back tomorrow.