Gold is ripping to all-time highs…how should this change how you’re investing? In this episode I break down the history of gold as money, why central banks are buying gold instead of bonds, and whether the prices of Bitcoin and gold are being suppressed. I look at the S&P 500 priced in gold, NATO vs BRICS adoption, and what this rally means for Bitcoin. I also share the signals I’m watching as we move through Q4 and explain why this moment matters more than most investors realize.
𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒 & 𝐑𝐄𝐒𝐎𝐔𝐑𝐂𝐄𝐒 document
𝗧𝗜𝗠𝗘𝗦𝗧𝗔𝗠𝗣𝗦:
0:00 – Gold Hitting All-Time Highs
2:54 – A Brief History of Gold
5:30 – Gold: The Canary in the Coal Mine
9:31 – S&P 500 Priced in Gold
10:29 – Is Gold’s Price Being Suppressed?
11:37 – Central Banks Are Choose Gold Over Bonds
14:36 – M2, Gold & Bitcoin Compared
19:21 – Larry Lepard on Gold, Bitcoin & Price Suppression
26:07 – Michael Howe: Global Liquidity & $10,000 Gold
27:44 – Gold Up 15% Since Aug 22nd
29:01 – NATO vs BRICS: What’s at Stake
30:52 – What Gold’s Rally Is Signaling
34:44 – The Signals I’m Watching
37:38 – Why I’m Not Buying Gold
39:22 – Connect with the Show!
Gold vs Bitcoin: Price Signals and Sound Money:
Gold hit all-time highs—up 44% YTD and ~15% since the Fed’s dovish pivot in August 2025—raising questions about Bitcoin’s “chopsolidation,” inflation, and global liquidity. Using an Austrian economics lens, gold and Bitcoin are compared as “sound money,” with gold storing value across time and Bitcoin improving transfer across space. Pricing the S&P 500 in gold shows weak real growth, reframing wealth in ounces and sats.
Central Banks, Liquidity, and Suppression Claims:
Central banks are rotating from government bonds to hard assets, with reported U.S. gold reserves surpassing $1T. BRICS accumulation, sanctions risk, and counterparty risk drive the shift. M2’s link to asset prices may be distorted; broader global liquidity (repo, swaps, shadow banking) near record highs helps explain gold’s surge and Bitcoin’s lag. Historical mechanisms—London Gold Pool, leasing, derivatives—illustrate alleged gold-price suppression.
Macro Regime, Stagflation Playbook:
Rate cuts alongside sticky CPI echo 1970s stagflation dynamics: stocks at highs, gold ripping, denominator (fiat) disintegrating. Some analysts model $10,000/oz gold under fiscal dominance as debts are inflated away.
Allocation View – Digital Gold for Growth:
Gold acts as an emergency, self-custodied hedge; Bitcoin remains the higher-beta growth engine and institutional asset. Portfolio decisions improve when priced in gold and Bitcoin, separating saving (sound money) from investing (risk assets).
