Gold

“But a GPU, it has intrinsic value. Like, you can actually use that asset for something that's really, really valuable. And it doesn't matter where that GPU is. It could be in Iceland. It's still useful to anybody all over the world, as long as it's networked. …”

“Even though we're not happy enough with the US dollar as a restoration of value, there's really no other alternative we can put the money into. Of course, gold is one possibility, but the market is not deep or large enough.”

“Bitcoin is unequivocally the best inflation hedge that there is, more than gold, because Bitcoin is finite. There's only so much Bitcoin that can be mined.”

“We're in a period now of a total and complete restructuring of the geopolitical equilibrium. We're in a period of sustained higher inflation. There's one asset that fills that gap that's created when things change like that. All that change leads to fear, unce…”

“Gold just had its worst week since 1983 down more than 10% in a single week. Gold is now trading around 4500 dollars to 4600 dollars per troy ounce down from 5600 in January.”

“JP Morgan still targets gold at 6300 dollars by year end.”

“Gold is not a precious metal that's speculated on, like most people have come to think of it as. It is the most established money that, it's the second largest reserve currency that central banks hold.”

“If you didn't know what gold was likely to do, and you had no view on gold, one should have between five and 15% of their portfolio in gold because of the fact of how it works with the other components.”

“That is happening in the US now. People are bringing gold back from the Federal Reserve into individualistic countries. In, in a big proportion actually.”

“I literally only have three investments I worry about. That's it. My business, mutual funds, and equity and private businesses. I don't do single stocks. I don't mess around with gold. I don't try to speculate on Bitcoin”

“There's a ATM in China that melts your gold. Cash for gold. At 1200 degrees Celsius and transfers money straight into your account.”

“You can see that the stock markets in the United States over the past years, so this is about seven and a half years going back to the pre-COVID era, is actually down, down pretty substantively. From the pre-COVID era.”

“I think the central banks will realize that there are limitations to gold and limitations to Bitcoin and will, as a result, seek out a completely new cryptographic paradigm That they can control on their balance sheet, that is fungible, that is tradable, and t…”

“Gold is the only money That you can have and nobody has to give you anything to have it. Other money, all other money is dependent on somebody giving you something. Okay. Whether they give you, and so it's unique in that it's confiscation risk is less than oth…”

“I, for a long time, have kept 10% of my asset base in gold.”

“So what you're getting paid for is credit risk, right? So it's not gold. It's a promise to get your gold back, right? Then that's what money was. And that's why it would have an interest rate. You have an interest rate that on the promise to get your gold back…”

“An individual, and most investors should have between five and 15% of their portfolio in a gold or an alternative money.”

“Gold is over a period of time, a low returning asset class like cash. It'll produce, it has produced, and for logical reasons, it produces about a 1.2% a year Real return.”

“So I hold a little bit of Bitcoin. I have a little bit of Bitcoin, but for me, it's not as attractive as gold for the reasons you asked me my thoughts.”

“Gold is up because there are many more net new buyers. Who is the most important net new buyer? It's Tether. Tether has been issuing a stable coin called Tether Gold, where they'll actually custody the gold on your behalf, and it's the amount and volumes of it…”

“Dollar reserves have declined from 60% to 40% in the last 10 years. Meanwhile, gold has doubled from 10 to 20% of central bank holdings.”

“The cost of insuring vaulting gold is maybe, in India, I know the price is, maybe the actual cost is about 30 bips. At scale, it would be even lower. That is lower than managing cryptocurrencies in a way.”

“That was a big, in fact, Philip for gold and for Bitcoin and stuff. The moment America sanctioned Russia, ah, back in, ah, the spring of twenty-twenty-two.”

“I try and make it a habit. To keep between eight to 10% of whatever I have in gold. And I've been doing that for a long time.”

“I'm like equal, I mean, like, I, you know, like, do the two equally, because I've been bullish too equally, because my negative view is on the dollar. Right? So therefore, I see both those as sort of anti-dollar plays.”

“You know, if you leave, if you read the Intelligent Investor, or you actually try to think things from first principles, there's no way to put a discount cash flow model on Bitcoin, or gold for that matter.”

“It's weird if it actually ends up being like a, you know, part of somebody's like hedge strategy, like gold. I think that is, if that happens, then this whole crypto experiment is effectively won, whatever, whatever you want to call it.”

“So you will see gold and Bitcoin going up significantly, and they are from here also. Yeah, they have been going up and over the, over 10 years, of course, they will.”

“Today, the gold inflation, gold supply inflation is, I think, 1.2 or 1.3%. Bitcoin supply inflation today is .6%.”

“Indian households will own the largest amount of gold in the world. 25,000 to 30,000 ton. The US owns 8000 ton.”

“Like, to JD Vance's credit, I think he divested out of his individual stocks. He now only owns Bitcoin, S&P, QQQ, Dow and some gold. So he is very, kind of, aligned with America. If America wins, his portfolio will win. But he's not in, you know, he's not in m…”

“To take a Japan, for example, if you were a holder of Japanese bonds, you lost about 80% of your money relative to gold, and about 60% relative to U.S. Bonds, because you received an interest rate that was three percent less than the corresponding interest rat…”

“Gold is the third largest reserve currency, by the way. Dollars euros, gold, and then yen.”

“Yeah, I have some. Not, not nearly as much as gold. I'm, you know, that's kind of my diversifier. I try to find what are the, I have to have some, I'm, but I'm a gold guy much more than I am a Bitcoin guy.”

“At some point, it won't be that highly convex because the overall market cap will be so high and so many people will be in that it'll probably trade a bit more like gold, where gold sometimes trades like a great inflation hedge and sometimes it doesn't.”

“Then I think we are in a long-term bull market in gold. I think we're seeing reserve accumulation by central banks. I follow it closely. It's my biggest position.”

“And if Trump wins, which it looks like he's increasingly going to do, and if he wins by the margins that it looks like it's going to do, you're going to see a lot of these things exacerbate. Gold's going to go up more probably. Bitcoin will probably go. The sh…”

“I'm long gold. I'm long Bitcoin. I think commodities are so ridiculously under owned. So I'm long commodities. I think most young people find their inflation hedges via the NASDAQ. That's also been great. It's probably some combination. I probably have some ba…”

“They have publicly declared that they are selling off US treasuries and buying gold instead.”

“But the first and foremost in your portfolio should be stocks. You can have bonds, you can have property, you can have gold, you can have many other investment objects, but the primary part of your portfolio should be stocks.”

“If this thing starts to get to these levels of appreciation, it is going to completely replace gold and start to become something that has transactional utility for hard assets.”

“So, if you sell gold in the year, you can buy gold at max, you can buy gold more than two times. Versus silver, you know, people buy four or five times in the year, whenever there's an occasion.”

“We never sold gold. We only sent out gold To be used as a security akin to which we borrowed. And as soon as we repaid that thing, the gold became ours. There was no idea at any time to sell gold, to only to pledge gold and the pledge of gold borrow money.”

“Vanderbilt told a newspaper that Gold was the smartest man in America. Rockefeller, when asked who he thought had the best head for business, answered Jay Gold.”

“In 2020 we put gold into the portfolio for the first time because we saw that more populist governments would be more likely to print money or otherwise debase their currencies because that's what governments always do when they're in those sort of situations,…”

“For instance, when you look at your ring, if you have a wedding ring of gold, then we know that most of the gold in that wedding ring came from neutron stars that collided and blew up, and material came back out into space and was recycled.”

“The BRICS countries are about to introduce an alternative currency that's based on gold.”

“One of the things that looks like a short, but isn't is our long gold position.”

“But right now, a lot of central banks across the world from China to Russia to all of these guys are starting to hoard gold, which is a very interesting trend.”

“And what happened was they seized the gold. They paid people, 20 dollars and 67 cents for them for each ounce of gold. And then they sold on international markets at 35 dollars. So basically purloined almost 70%, 69% of value for the government.”

“Someone has to take the mantle to say that gold has to become both fungible, easy to store, and solve for all the things that it stood for in relation to the other two commodities. And I feel like that's the problem I want to take on and solve.”

“Like if you think the world's coming to an end, like that just gold seems like the worst investment idea.”

“Yeah, it's going to be like Bigger than gold and oil. That's correct.”

“Because we're not believers that this is going to be digital gold. I've also never been a big believer in gold.”

“If you're, I think, a super rich guy, you probably think, I need to have some assets that are off the grid, for lack of a better word. And there's only two of them, really. It's gold and it's bitcoin.”

“If you accept just as a store of value the total gold market at 11 trillion dollars, half of that, five and a half trillion dollars, if you just had generational shift where people said, you know what, I prefer this in the same way they prefer Bonobos to Docke…”

“I think the other fun insight here is that like portable online gold Is valuable. Like it is 10 X better than gold. And so as something you might want to have, if you think gold is something that you might want to own, and it seems like the market does like ow…”

“Can't be used for much, but it's certainly as good as gold and arguably slightly better because it's an infinite supply and easily accessible.”

“I think of crypto as a commodity like gold, and I have a very hard time, or we as a firm have a very hard time investing in anything where the only investment case is that someone will pay more in the future than you do today.”

“I mean, crypto is like a much kind of better gold, right?”