Tom welcomes back, Keith Weiner, to the show. Keith is the President & Founder of Gold Standard Institute USA and CEO of Monetary Metals.
Keith discusses the stark contrast in attitudes towards gold between the West and countries in the Middle East, India, Turkey, and Australia. He notes that in these countries, there is a high level of activity in the gold market, with investors buying gold for wealth planning and intergenerational wealth purposes, rather than just as a hedge or speculation. This is partly due to cultural factors, such as the Koran’s command for Muslims to have gold, but also due to the impact of US monetary policy on these countries. They are more conscious of the US dollar and their own currencies, as they do not have access to dollar swap lines like other countries. This forces them to be more aware of the risks of currency pegs snapping and the importance of owning real dollars.
Weiner also discusses the role of the US dollar in the global economy, noting that it is seen as a safe haven and a means of exchange in many countries, giving it a strong position in the world. He also talks about the rise of the BRICS nations and their desire for an alternative to the US dollar, but argues that they lack the necessary trust and stability for a gold-backed currency. Instead, he suggests that they may settle their trade deficits in gold, but this would require a neutral jurisdiction and the involvement of companies like Monetary Metals.
Weiner also discusses the current state of the US economy, especially the recent rise in interest rates and its impact on the financial system. He criticizes the Fed’s actions of propping up certain institutions and prolonging the boom, which could lead to a major crisis in the future.
In his recent series on the anti-concepts of money, Weiner explains how these concepts are used to deliberately confuse and obfuscate reality. He argues that the government has propagated these concepts to reinforce their own paradigm and that the victims are actually voting for their own harm. He also discusses the concept of inflation and how it is linked to honesty in financial dealings, and advocates for the gold standard as a better system that puts the saver in charge and forces honesty in the financial system. He encourages people to opt out of the banking system by buying gold as a way to protect themselves from the coming train wreck.
Time Stamp References:
0:00 – Introduction
0:36 – Global Gold Sentiment
8:22 – BRICS & The Dollar
14:37 – Trust & Confidence
18:52 – Bifurcation of Rates
31:02 – Anti-Concepts of Money
38:48 – Defining Inflation
41:50 – Concluding Thoughts
Talking Points From This Episode
Keith Weiner is the founder and CEO of Monetary Metals, an investment firm that is unlocking the productivity of gold. Most people regard gold as a dry asset, to lock away in a vault, incurring storage fees. Many are waiting for it to rise in price.
Keith and Monetary Metals are on a mission to change this.
Gold should once again serve to finance productive enterprises and extinguish debts. The dollar performs one of these functions, but not the other. Bitcoin cannot finance anything, as no business can borrow a currency that’s expected to go up a hundred times. Gold is the one thing that fills both roles, par excellence.
Keith writes and speaks extensively, based on his unique views of gold, the dollar, credit, the bond market, and interest rates. When he is not working on the business, he is developing his theory of monetary science, and an arbitrage theory of economics.
Keith also serves as founder and President of the Gold Standard Institute USA. His work was instrumental in the passing of gold legal tender laws in the state of Arizona in 2017. He has met with central bankers, legislators, and government officials around the world.