Doug Casey on the AI Super Bubble, Gold Revaluation and Platinum Supply

Educational content only, not investment advice. Mining stocks are high risk.

By Ben McGregor

Monday, November 16, 2026

Doug Casey called the AI boom "not just a bubble. It's a super bubble" (4:52) in a viewer question and answer episode. The investor and co-publisher of Doug Casey's Crisis Investing spoke from Buenos Aires with host Matt Smith. The Doug Casey's Take channel posted the episode on November 13, 2026, and the recording date is not stated.

The figures below are from Friday's close, November 13, unless a source uses another date. Several claims in the episode check out. Nvidia's chief executive did resign. Anthropic's shares are due to start trading on Nasdaq on November 19. The 10 year Treasury par yield was 5.15%.

CMR last wrote about him in Doug Casey on Why Central Banks Are Buying Gold, published October 25, 2026.

How did Doug Casey describe the AI boom after Nvidia's CEO change?

The host said Jensen Huang had been ousted as Nvidia's chief executive. Nvidia's filing says the board accepted Huang's resignation as president, chief executive and director on November 11, 2026. Chief financial officer Colette Kress is interim chief executive, and director Harvey Jones became the board's first chair.

Bloomberg and CNBC reported that the board pushed him out after newspaper reports of affairs, one involving a woman US officials suspected of spying. Nvidia's announcement describes it as a resignation. The New York Times reported on the first of those matters in late October. On November 8, Nvidia's board opened an investigation, Reuters reported, and the company said it had no reason to believe secrets or US security were compromised. China has denied the espionage claims. CMR does not treat any allegation as proven.

The host said Nvidia has been lending money to companies to buy its chips, which in his view makes the data center AI business look unstable. What is documented is equity investment in customers. Nvidia bought $2 billion of CoreWeave shares on January 23, 2026. It is also among seven firms buying $26 billion of Anthropic stock in a private placement beside the public offering.

The host said Anthropic is to go public in about a week, and that the book was oversubscribed by about six to one. Nasdaq says Anthropic, under the ticker ANT, is expected to begin trading on Thursday, November 19, 2026. Bloomberg reported on November 12 that the book was about six times oversubscribed, a figure Reuters also reported on November 13. Those oversubscription figures come from unnamed sources and can change. The indicated range is $70 to $78 a share, and the offering covers 825 million shares.

Casey said Anthropic's seven founders will each sell $250 million of shares in the offering. The amended filing lists seven co-founders each selling 3,378,378 shares. At the $74 midpoint, that is just under $250 million each, or about $1.75 billion in total, depending on the final price.

Casey's view is that the AI boom is a super bubble, and the biggest financial bubble in world history. He said, "trillions pile into one area so quickly, all kinds of mistakes and misallocations are made" (5:06). He also said, "AI and the data centers are related, but they're not the same things" (5:22). Gold's role when an AI bubble cools was the subject of AI Bubble Deflates in Gold Ounces: Implications for Gold Stocks, published July 30, 2026.

How does Doug Casey separate a gold revaluation from the platinum market?

Casey does not think a gold revaluation would have a meaningful effect on platinum. He said platinum has never been used as money. He said, "if gold is revalued upwards, it's because of its function as money, not its function as an industrial metal" (16:03).

He said the same of silver at first. The conversation then treated silver as a subsidiary money, and Casey said he does not know. If the dollar could again be redeemed for a fixed amount of gold, as before 1933, Casey said the system would be mostly stable. He said fractional reserve banking, where banks lend more than they hold in reserves, would remain a problem. He called the whole system corrupt and said it has to come down, which is his opinion.

Private gold was called in during 1933. The Gold Reserve Act of 1934 set the gold price at $35 an ounce. That reduced the gold value of the dollar to 59% of the value set by the Gold Act of 1900. The US closed the gold window in August 1971.

The Treasury's Status Report of US Government Gold Reserve showed 261.5 million fine troy ounces as of October 31, 2026. The book value was $11.04 billion, or $42.2222 an ounce. Kitco's Friday market report put spot gold near $3,883.40 an ounce on November 13, 2026. At that spot price, the same ounces would be worth about $1.02 trillion, by CMR's calculation. This is context for the book value, and CMR does not treat a revaluation as expected.

COMEX platinum futures, as quoted by Yahoo Finance under the symbol PL=F, settled at $1,489.70 on November 13, 2026. COMEX gold futures (GC=F) settled at $3,886.30 the same day. Platinum last settled at or above gold on January 14, 2015. That day, platinum futures settled at $1,238.40 and gold futures at $1,234.40. On November 13, platinum was about 38% of the gold futures price, by CMR's calculation. The same platinum series closed at $2,852.40 on January 26, 2026. The November 13 close was 47.8% below that peak, by CMR's calculation.

Casey said platinum is used mostly in autocatalysts, the devices that clean exhaust in cars with engines, and secondarily in jewellery. The World Platinum Investment Council's quarterly report for the second quarter of 2026, published September 9, shows a more even split. Total demand in 2025 was 8,671 thousand ounces. Automotive use was 3,039 thousand ounces, or about 35%, by CMR's calculation. Industrial uses combined were 2,266 thousand ounces, about 26%. Jewellery was 2,214 thousand ounces, also about 26%. The council forecasts 2026 automotive demand down 4%, citing the shift toward hybrids and battery electric vehicles.

Casey said South Africa and Russia are by far the two biggest producers, and that a decline in South Africa could cramp platinum supply. The council's 2025 refined production was 5,557 thousand ounces. South Africa supplied 3,957 thousand ounces, about 71%, by CMR's calculation. Russia supplied 677 thousand ounces, about 12%. South African output rose 4% year on year in the second quarter of 2026, the council reports. Casey's view of South Africa's trend is his opinion. The council forecasts a 2026 surplus of 265 thousand ounces.

He said, "that could cramp the supply of platinum, but I don't have a good argument for platinum going higher right now" (18:46). The host called platinum "a supply side story" (19:19). He also said US car production is about the same as it was 15 years ago, and that battery electric vehicles do not need catalytic converters.

Wards data, via the Bureau of Transportation Statistics, show 8.66 million US motor vehicles produced in 2011. The Federal Reserve's G.17 release shows 10.16 million total motor vehicle assemblies as a 2025 average. It also shows 9.89 million autos and light trucks, at a seasonally adjusted annual rate, in September 2026. These are different series, so CMR gives no percentage change. Output is higher than in 2011. For earlier coverage of the platinum market, see Platinum Price Forecast: Hawkish Fed and Strong Dollar Cap the Rebound, published September 25, 2026.

What did they say about crypto, trust and national currencies?

The host noted that Charles Schwab now offers crypto trading. Schwab began rolling out spot bitcoin and ether trading to US retail clients in May 2026. CMR offers no view on whether that service is safe.

The host said Binance lost $6.8 billion last week or the week before, and that North Korea is said to be behind the theft. Binance put the loss at about $6.34 billion. The incident was on October 29, 2026, about two weeks before the episode. Binance said it covered the loss, and that about $2.85 billion had been frozen or intercepted. The FBI attributes the theft to North Korea's TraderTraitor group. The Justice Department said on November 12 that it had restrained more than $1.2 billion.

Casey said that when trust breaks down, any asset is hard to hold safely. He said, "even owning gold in your own possession, well, somebody can still come up to you with a gun and steal it from you" (22:17).

Asked about banking outside the US, Casey said every country has fractional reserve banking and a central bank. He said, "No currency in the world is backed by anything other than the credit of the government" (25:34). The first part of that claim is too broad. Several countries have no central bank of their own. Panama uses the US dollar and has no central bank. Monaco, Andorra, Liechtenstein, Kiribati, Tuvalu, Nauru, Palau, the Marshall Islands and Micronesia also have none, according to a BBC News Mundo review published November 23, 2023. These states use another country's currency, which supports Casey's wider point that no country has a gold backed currency today.

How does Doug Casey view the Canadian dollar and US yields?

A viewer asked about holding Canadian dollar cash for a year, and about switching to US dollars. Casey said, "Canada is circling the drain faster than the US" (27:14). In his view, the US dollar is the "cleanest bit of dirty laundry out there" (27:20). That US dollar preference is his opinion, and CMR does not adopt it.

The host said short term Treasuries yield about 4%. Casey said, "on the 10-year US government bond, you can get over 5% today" (27:54). The US Treasury's daily par yield curve is dated Friday, November 13, 2026. The 3 month bill yielded 4.32%. The 1 year rate was 4.65%. The 10 year par yield was 5.15%. That 10 year reading also featured in Marc Faber in Zurich: Gold, Treasuries and Debt Deflation, which carries a November 15, 2026 page date.

Casey said a yield over 5% roughly keeps up with inflation before taxes. The latest official 12 month consumer price increase is 3.7% for September 2026. The Bureau of Labor Statistics did not publish a 12 month rate for October 2026, because October 2025 data were not collected during the government shutdown. October prices rose 0.4% on the month, according to the BLS and to CNBC on November 10.

On Friday, November 13, 2026, the Bank of Canada rate was 1.4257 Canadian dollars per US dollar. That is about 70 US cents per Canadian dollar, by CMR's calculation. The host guessed the last time the Canadian dollar was worth more than the US dollar was about 1975. Bank of Canada noon rates show it at or above parity on 457 days from September 2007 to February 2013. The most recent of those sessions was February 7, 2013, when the noon rate was 0.9993 Canadian dollars per US dollar.

A viewer asked about Canada becoming an associate member of the European Union, a formal tie whose terms are still undecided. Canada and the EU held a summit on October 29 and 30, 2026. Prime Minister Mark Carney said Canada aims to become the EU's first associate member by June 2027. Days earlier, on October 28, The Guardian reported that the EU had stepped back from an offer to start those talks. The arrangement is being discussed, and its form is undecided. Casey sees only a little upside, such as lower duties, and sees added regulation as the downside, which is his opinion.

How I read it. Casey's platinum answer separates gold's money role from platinum's industrial one, which explains why he expects no spillover from a revaluation. The checked data back his point that platinum depends on South African and Russian supply and on car demand, while the council currently forecasts a small surplus for 2026. On AI, the IPO and Nvidia facts are verified. "Super bubble" remains his judgment.

Who has a stake in these views?

Doug Casey and Matt Smith publish Doug Casey's Crisis Investing, a Substack newsletter with paid subscription tiers. Casey is also associated with Doug Casey's International Man.

What is on the calendar next?

• Tuesday, November 17, 2026. At 5:00 p.m. ET, Nvidia holds its first conference call on third quarter fiscal 2027 results under the interim chief executive, according to Nvidia investor relations on October 28.
• Wednesday, November 18, 2026. The World Platinum Investment Council publishes its Platinum Quarterly for the third quarter of 2026, with a revised 2026 forecast and a first 2027 forecast. The same day, Anthropic is expected to price its public offering.
• Thursday, November 19, 2026. Anthropic shares are expected to begin trading on Nasdaq under the ticker ANT, according to a Nasdaq Trader notice.
• Wednesday, December 9, 2026. The Bank of Canada issues an interest rate announcement, per its 2026 schedule. The Federal Reserve also announces its decision after the meeting that runs December 8 to 9.
• Thursday, December 10, 2026. The US consumer price index for November is due at 8:30 a.m. ET, according to the BLS schedule.

FAQ: what are readers asking about Doug Casey, gold and platinum?

Why does Doug Casey think a gold revaluation would not lift platinum?

Casey said a gold revaluation would reflect gold's role as money. He said platinum has never been used as money, so he does not think a revaluation would have a meaningful effect on platinum. He also said he does not have a good argument for platinum going higher right now, even if South African supply tightens.

When was the Canadian dollar last worth more than the US dollar?

Bank of Canada noon rates show the Canadian dollar at or above the US dollar most recently on February 7, 2013. It stood at or above parity on 457 days from September 2007 to February 2013. On Friday, November 13, 2026, the Bank of Canada rate was 1.4257 Canadian dollars per US dollar. That is about 70 US cents per Canadian dollar, by CMR's calculation.

Is this article a recommendation to buy gold, platinum, US dollars or any stock?

No. CMR reports Casey's and the host's views and checks the figures they cited. It makes no recommendation on gold, platinum, US dollars or any stock. Casey's preference for the US dollar and his view on platinum are his opinions.

What sources did CMR use?

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