‘Pawn Stars’ personality Rick Harrison concerned for world ‘printing money like confetti’

“Pawn Stars” personality Rick Harrison broke down why investors are putting their cash behind the “absolutely nuts” gold market in record numbers on “The Claman Countdown.”

Harrison joined FOX Business anchor Liz Claman on Thursday after she reported gold prices hit a record high nine times this year, up over 11% year-to-date. This comes during growing calls from officials like Elon Musk to audit Fort Knox, the guarded depository for American gold reserves. 

“I’m just saying that if everyone doesn’t say, ‘No, we shouldn’t audit it,’ we should probably audit it,” Harrison said of Fort Knox. “There’s no good reason not to, and then when they start arguing that we shouldn’t, it makes an even better case for auditing it.”

“My problem is my suppliers are limiting the amount of gold they’ll sell you in gold and silver,” Harrison continued. “Because they can’t get any in. I mean, it’s gone absolutely nuts. I mean, you take South Korea, they banned retail sales here lately because the government’s buying it all.”

Fort Knox holds 147.3 million ounces of gold, according to the U.S. Mint.

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Harrison credited inflation, or the government “printing money like confetti,” to explain the public’s popular investment in gold and silver.

“Remember, we live in a world where we’re printing money like confetti, and it’s getting a lot of people concerned,” Harrison said. 

“I mean, the government’s number-one line item now is interest on the debt. It’s $36 trillion. I mean, you’re never going to be able to pay that off,” he said. “So the only way to pay down the debt is either inflate the money supply or monetize the debt, which can cause inflation, anyway. So, that’s one of the reasons why I think everyone’s buying gold and silver.”

Harrison and Claman discussed how the price of gold rose exponentially just this year, referencing its 1974 cost of below $200 per troy ounce. Currently, gold costs $2,940 per ounce, according to JM Bullion.

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Still, the Gold & Silver Pawn Shop owner insisted there are no downsides to repricing gold for those who are not buying or selling it. He maintained that many are buying gold as a “hedge against inflation.”

“When we were on the gold standard, there really wasn’t much inflation at all because you couldn’t print money,” Harrison said. “Because the whole definition of inflation is increasing the monetary supply, which our government is doing at an astonishing rate right now.” 

After highlighting the gold standard, Harrison transitioned to explaining the cause of today’s inflation. 

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“Back in the day, you know, the gold standard, you just couldn’t print gold, and therefore, it kept inflation in check,” he added. “The bankers complained about it. They wanted more money in the system, so they load more money, you know, but that caused inflation. The gold standard, it works. It’s worked for thousands of years… “