Welcome to The Gold Exchange with Keith Weiner, where we untangle market and policy complexity using timeless economic principles.
This week’s episode of the Gold Exchange Podcast explores the idea of profits, and why it matters how you get them. Much of the financial world has confused the idea of profit with price appreciation. Or as we like to say, they confuse investment with speculation. Investment is deploying capital productively in a business for a yield. Speculation is betting one's capital on an asset price rising. There's a reason why this confusion exists. Central Banks have manipulated and distorted the most important market on planet earth - the market for money and credit. Interest rates are unhinged, and have been falling for over four decades. This has created an investment environment where more and more activity is speculative, and less and less is real investment. While both actions may produce a "profit" there is a significant difference. The results of one build civilization. The results of the other, tear it down.
22 min 53 sec
The history of the Nixon Shock doesn't begin in 1971, it goes all the way back to 1792. As Keith wrote about in his article, Nixon's decision to close the gold window was the culmination of a long history of bad decisions. Decisions where government repeatedly and wrongly interfered in matters of money and credit, where each subsequent decision compounded the ill-effects of the previous one. In other words, the Nixon Shock is the not-so-grand-finale of a long and checkered history of the federal government messing with people's money.
30 min 32 sec
Can there be innovation in physical gold? Absolutely! In our increasingly digital reality, innovation in the material world may seem a bit passé, but not to Dr. Adam Trexler, founder and President of Valaurum. Valaurum produces the Aurum® - the smallest verifiable unit of gold for investment available on the market today. Adam joined Keith and John for an invigorating discussion on what the future of gold is going to look like. "We're at the tip of the iceberg in terms of mainstream gold investment in the United States." That was how Adam began his thoughts on the state of gold today. Keith and Adam take a deep dive into all things gold - what makes gold money and the obstacles that stand in its way, the different forms and functions of gold, legal tender laws, and how we're rediscovering the foundational economic truths about gold and money in new and exciting ways. We were delighted to welcome Adam as our first guest on the Gold Exchange Podcast and we hope you enjoy their conversation!
33 min 32 sec
It’s the proverbial elephant in the room. Everybody knows it’s there, but nobody wants to talk about it. When it is discussed (which is rare), it’s brushed aside, made to look like it’s under control, or kicked a bit further down the road. Meanwhile, it just keeps growing. Those that do see it as a problem tend to misdiagnose its cause, which assures their proposed remedies will miss the mark. We’re talking of course about the national debt. Now, as if it were a last-ditch, throw-your-hands-up-in-exasperation kind of attempt, there’s been talk of simply “resetting” the debt. We are reminded of Boromir at the outset of the Fellowship: “One does not simply reset the debt…”
20 min 23 sec
The precious metals blogosphere has been lit up with the #silversqueeze story. Building on the momentum of the Reddit-born retail trade warriors made famous by squeezing the shorts in GameStop, a Wall Street Silver channel was created. And silver became the next main "squeeze"... if you will. This all started in late January, and for a moment, it looked like it had some legs. It was getting national press coverage, but eventually fizzled out due to the price losing momentum and reversing direction. Nonetheless, a group maintains the silver squeeze isn't over. Rather, it's only just beginning with another "squeeze" attempted earlier this month. This time feels different, with allegations and accusations being leveled at notable precious metals companies, not just the big banks. What's going on? As always, Keith provides some answers in this latest episode.
21 min 57 sec
Keith presented his Theory of Interest and Prices at the Mises' Austrian Economics Research Conference earlier this year. Described as one of the most interesting talks of the entire event, this episode includes his fifteen-minute presentation as well as some follow-up thoughts by Keith himself at the end.
21 min 52 sec
Back in February we published Gold Outlook 2021, our annual analysis of the gold and silver markets from CEO Keith Weiner. In it, Keith explained the market players, dynamics, fallacies, and drivers. He also made a call on gold and silver prices for the year.
20 min 23 sec
Our recent article on Fedcoin - a digital currency being considered by the Federal Reserve - revealed the sinister and pernicious reasons behind such a move. This week's episode of The Gold Exchange Podcast explores the topic further.
17 min 21 sec
In a prior episode, John Flaherty and CEO Keith Weiner discussed the intricacies of inflation, its definition, and the monetary and nonmonetary forces at play. This time, they go a little deeper.
There's been a lot of talk of inflation lately, with predictions in the media running from one extreme to the other. Most folks define inflation simply as "rising prices." But as John Flaherty and CEO Keith Weiner discuss in this week's episode, it's just not that simple. There are a number of intricacies to be aware of if you want to understand what's really going on.
14 min 44 sec
Our prior episode on "money printing" veered into fractional reserve banking at a few points, so this week John Flaherty and Monetary Metals CEO Keith Weiner dive into that topic.
22 min 10 sec
The phrase "money printing" conjures images of a giant printing press spitting out sheets of hundred dollar bills somewhere in the basement of the Fed. But is that what's *actually* happening lately? Absolutely not. Join John Flaherty and Monetary Metals CEO Keith Weiner for a conversation that will likely make you say "WOW!" or "Whaaat?" or maybe even "Oh, NOW I get it..."
25 min 55 sec
Most people think in terms of purchasing power: how much can one’s cash buy? In this week's episode, CEO Keith Weiner & John Flaherty discuss an alternate perspective. Instead of spending your capital, what if you invested it to earn a return? What can that return buy?
29 min 41 sec
Is there common ground the among proponents of gold and bitcoin? John Flaherty and CEO Keith Weiner take on that question in this episode.
24 min 6 sec
This week's episode is the result of many questions submitted by listeners. Such as: Should I invest in silver or gold? What are the main things I need to consider? Can you help me understand what the Fed is doing? Does it make sense to borrow in order to invest in precious metals?
28 min 24 sec
Our current financial environment with massive, growing debt and an irredeemable currency has many investors asking if that debt can ever be paid off. Is it even possible to close this chapter and move on to an honest monetary system?
29 min 54 sec
In episode 6, we introduced the distinction between money and fiat currency, discussing what gives the dollar – or any fiat currency – its value. Now, we continue that conversation discussing additional characteristics of money, and illustrate how a false definition of money can lead to a corrupt state that wields blank checks.
17 min 46 sec
Once upon a time, gold bonds were the norm. They effectively financed productive enterprise & generated income for bondholders - until 1933. And although it has taken 87 years, the gold bond market is reemerging.
22 min 30 sec
Despite what Google Images serves up, money and currency are not the same thing. This view differs from that of mainstream economists, and this episode illustrates how those mainstream misconceptions might materialize to everyday folks. So what is it today that gives the dollar - or any fiat currency - its value? And how do we plan for the possibility that its value could change significantly?
17 min 18 sec
The problem with GDP is that government consumption of private capital is positive. And with the government gradually taking over all aspects of the economy, even a small cut in spending can send workers to the unemployment line and shutter businesses.
15 min 49 sec
Economics has been called the dismal science. It doesn't seem to have the same respect as other fields of "real" scientific study. Why is that? John Flaherty & Keith Weiner discuss a number of reasons.
31 min 49 sec
"Seems like things are getting back to normal." Not exactly. Folks with that view are not looking very closely. But we are.
24 min 46 sec
After successfully selling his software company in August 2008, Keith Weiner pivoted to the study of economics in an effort to protect his assets. At first, his studies brought enlightenment about our monetary system. Then came the radical idea.
57 min 18 sec
How did a software dropout go on to become a successful entrepreneur...and eventually earn a PhD in economics?
29 min 33 sec