The New Gold Strategy for 2026
Gold and silver prices are hitting new highs, but price alone doesn’t explain what’s really happening in the metals market.
In this episode, Greyson Geisler explains why focusing on headlines and price charts can mislead investors, which signals actually matter beneath the surface, and how speculation, central bank behavior, and supply dynamics are changing the risk profile for gold and silver right now.
If you’re investing based on price alone, this conversation highlights what you may be missing.
Follow Monetary Metals on X: @Monetary_Metals
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Transcript
Monetary Metals:
Welcome back to the Gold Exchange podcast. My name is Ben Nadelstein. I'm joined by Greyson Geiler, the fund manager of the GoldRush Fund. Greyson, let's jump right in. As a manager of a gold fund that has a unique strategy, what signals right now in the gold and silver markets actually matter, and how should investors interpret these signals instead of just focusing on gold and silver prices, which are, of course, hitting all-time highs?
Greyson Geiler:
Right. Pretty difficult to not focus on the price the way we've had the last couple of months. In gold and silver. But keep in mind, asset prices of all types are going to run around and react to news. When we've got news about the Federal Reserve, changes at the Federal Reserve, Things like that. The gold and silver prices are going to run around a lot. I think basically we've got a financial media that's trying to prep us for gold to continue going higher.
We're talking about just some long term ratios, and I think that can help an individual investor. When you look at the last few gold rallies over the last few decades, gold has tended to, when it breaks out, starting a new rally, perform about 300%, about a 3X. So when you look at the 2000 rally, when gold got out of the doldrums, when you look at the 2009 rally, when it got out of the doldrums, comes about a 3X. This rally started just below $2,000 an ounce. So to see it going towards $6,000 isn't really that surprising. It's just a matter of trying to make sure you're not getting too excited trying to time the market back and forth because you'll probably get chopped up.
Investors need to look at gold, especially as a long term strategy.
Monetary Metals:
And talk to me about why gold and why now? Obviously, a A lot of these factors have been in the news or been around, whether it's debt or inflation or monetary central bank actions. What is it about this specific moment that we're seeing gold prices and silver prices rally so much?
Greyson Geiler:
Yeah, I think you rewind to April of 2025, and the whole world was looking at the Trump administration throwing bombs around the globe talking about tariffs. We were talking about Elon Musk and Doge Coming into literally doing a picture opportunity with a chainsaw, talking about taking that to the federal government spending.
So people were thinking, Hey, we might have a deflationary spiral going on that really never materialized. By the end of the summer, about August, prices, people had given up on the idea that we might have a deflationary run, and the central banks of the world started lowering interest rates, started printing money again. And that's when it really started, and it's starting to pick up some steam, as you can see.
Monetary Metals:
And so for people who think, well, there's a chance we're going to get this debt under control, the fiscal situation is going to clear up. They see this big doge effort. They see the Trump administration basically failing to materialize any meaningful cuts. And of course, now gold and silver are reacting in a more monetary sense. But talk to me about silver as well, because silver is part and industrial part monetary story. Where do you see silver as compared to gold?
Greyson Geiler:
Well, understand that silver is more industrial and less monetary, and gold is vice versa. So silver is also a lot smaller, a much smaller marketplace than gold. You're talking about gold total market cap around the world, 35 trillion, something like that. Silver is maybe 5 trillion, something along those lines, maybe 6 trillion. So it's a lot smaller. It It's historically been wildly more volatile because of the smaller volume. And on the industrial side, one of the really interesting things going on right now with we've had inflation.
Silver didn't respond to inflation for years. Now it's starting to catch up. On the industrial side, a lot of the users of silver, they don't seem to have much price elasticity, meaning Solar panels are really on the big margin on the demand side of silver. Guys that pay more attention to it than I do are talking about the silver panel producers aren't going to get worried about the price of silver for use in their panels until maybe $150 an ounce. We're not rationing demand too much at current prices for the industrial world. That's pretty interesting. Then when you look at the supply side, silver is so typically supplied.
The supply is coming out as a byproduct of copper mines, of zinc mines, of lead mines. So there aren't as many individual silver mines to really ramp up production, the way when prices go higher like this as compared to gold. So we've probably got a more upside story, silver versus gold, where they're both going Nobody knows how high high is. Does that make sense?
Monetary Metals:
It does, Greyson, because there's this industrial component, and you need to analyze supply and demand on the silver side quite differently than you do on the gold side. I want to ask you about the ratio between gold and silver. In the past, there's been a historical ratio between how many prices or ounces of gold you can get for silver and vice versa. Do you think that ratio still matters today? Should investors focus on the gold to silver ratio?
Greyson Geiler:
Well, that would have been a good question. A few months ago, because you look at the history of that ratio, it's about eight and a half times as much silver on Earth as there is gold. The Roman Empire, the ratio was set for a lot of the Roman Empire at 12 to one, 12 ounces of silver to one ounce of gold. Post-renaissance, Europe was about 14 to one.
The Coinage Act here in America that started our central bank, our buy metal standard was 15 to one in 1782. So that sets over centuries the standard. But when the American and British government started demonetizing silver, however you determine, the ratio went wildly higher during World War II.
It took more than 100 ounces of silver to buy one ounce of gold. Some of that because during, again, silver is more industrial than monetary. So So during tough economic times, a war, people run to gold, and there's not as much legitimate business going on. Industrial side was silver. So the ratio got over 100 to one. I think an important thing from my perspective as a fund manager, we have both gold and silver.
I'm not trying to speculate on exactly where that ratio is going to go. But when you see it over 100 to one, the silver had It coiled like a spring, and it responded, and it rallied versus gold significantly over the last couple of months. A standard maybe to look at since Nixon took us off the gold standard in 1971. The average of that ratio has been about 60.
We were over 100 a couple of years ago, even maybe a few months ago, and that ratio has come back down into the So the easy money has been made, silver versus gold. Going forward from here, like I say, demand-wise, demand doesn't seem to be backing off at higher silver prices and supply may not come pouring in the way it might in gold. So maybe a little lower. That would be my guess. But I think the easy money has been made in that ratio coming in.
Monetary Metals:
And what do you think about in terms of volatility or price shocks to gold and silver? We're seeing all-time highs in gold, all-time highs in silver. What is the price shock catalyst for you? Is it that mine supply is coming online? Is it people are selling their silver, or is it they're selling their gold? What to you is the downside risk in terms of price for both gold and silver?
Greyson Geiler:
Yeah. So part of the thing is, we always look at the speculators, how heavily long, how heavily bought, over-leveraged speculators get. A lot of times that can tell you that maybe we're near a near term high And the marketplace has to shake out some of those speculators. And just over the last couple of weeks, as you can imagine, with these prices going higher, it's getting to be a pretty crowded trade.
Some of the fears of delivery not being able to be made at the Comex exchanges, at the world's exchanges, not just Comex, that has prompted a lot of buying and a lot of speculative buying. So I think Nobody knows how high high is, but it's starting to get pretty top. It's getting pretty frothy. And I think investors for a short term should be waiting to see some of the excess speculation wash back out of these markets.
Monetary Metals:
And on a longer view or a macro picture, obviously, gold in its monetary status is in some ways responding to financial conditions, debt conditions. We heard President Trump say he's not worried about the status of the dollar. Where do you see those macro pictures coming into gold and silver prices? And do you see any realistic turnaround or a shinier future for those macro pictures?
Greyson Geiler:
I think the macro picture is pretty stunning for gold when you talk about the long term. And a big portion of that, everyone listening to this podcast, I would imagine, has heard of the de-dollarization going on around the globe. Governments are trying to separate from their dependents on the US dollar, world's reserve currency status, trying to separate from the Swift codes that are on international currency transactions through the banking system.
So that part is not a big shocker that the governments and central banks of the rest of the world are looking for an alternative. For years, we were talking about maybe a different paper currency was going to turn into a world reserve currency status. Maybe the Chinese Taiwan would, the bricks are maybe going to put together a new paper, digital currencies, all these sorts of things.
As it's turned out, the world is really committed to buying gold. Gold has reemerged as the storage of value. So all the buying on the margin, these prices are set by buying and selling on the margin. All the buying on the margin is these central banks. They And in the last 10 years, Ben, on the net, central banks around the globe, so we're talking about the Bank of Japan, Central Bank of Europe, Chinese Central Bank, they have not bought US treasuries for the last 10 years, and they had been doing that for decades.
They've really turned to buying and aggregating gold. The Chinese are really streamlining this process. The Chinese are building gold depositories for their trading trading partners around the globe. And they're basically saying, Hey, we understand the paper currencies, whether it's the dollar, whether it's the Taiwan, there's so much debt. The paper currencies will continue to devalue
We'll keep using them as the currency of the exchange, the account valuation. How much do we owe you? You owe us $10 billion. We'll still use it for all that. But as far as storage of value, everybody's starting to stash gold in the ground. So I think going forward, again, no one knows how high a high is. And that's really gold's reemergence as the world's storage of value is a compelling story, even past this $5,400 an ounce or wherever we are right now.
Monetary Metals:
And I did want to ask you about in terms of these different central banks, we're maybe facing a multipolar currency world. Would you say that this is the peak of dollar dominance, or maybe this is the beginning of dollar dominance? Because as other currencies start to falter, people say, Well, let's go with the cleanest dirty shirt in the laundry. Where do you see dollar status today?
Greyson Geiler:
Yeah, and there's clearly some validity to the cleanest dirty shirt. And there is an attempt to de-dollarize for sure. When we're talking about the Chinese, we're talking about the Europeans. But one story a lot of people are talking about is the re-dollarization in more of the third world, because third-world currencies, all of them, are all of them are a disaster.
We're going to see third-world currencies actually eliminated. And so what's happened is with the blockchain, some of these stable coins are starting to be utilized in In South America, in sub-Saharan Africa, in the third world, all around the globe, people, essentially, these are US dollars that are taken out of the banking system and put onto the Internet.
And so this marketplace has a lot of upside. Nobody knows for sure because governments of Africa, governments of South America may not be too excited about everybody using Tether, everybody using the US dollar that's on the Internet now without regulating it, without taxing it. So we'll see how that goes. But I think there's a re-dollarization story from that perspective. Tether is the largest of the US dollar-backed cryptocurrencies. They're the 17th largest holder of US treasuries right now, and that is going higher.
We'll see how high it can go. So there's a little more of a tug war up and down for the future of the US dollar. But I don't think that's the case for the other of the world's currencies. I think the Yen is in a lot of trouble, and we'll start from there. We'll see how the others respond after that.
Monetary Metals:
Greyson, how does this make you think about US Federal Reserve monetary policy? Because if the dollar becomes a more important currency globally, does Triffin's dilemma become all the more important? Does Fed decisions and Fed meetings, does Fed independence become all the more important? Or is it because the dollars out there, people are going to use it, how they're going to use it, does the Fed become less important over time?
Greyson Geiler:
No, I think you're exactly right. The Triffin's dilemma is a big thing. Going on. And so in a nutshell, that means, well, hey, we're the world's reserve currency, the Saudi Arabia of money, and we get to conjure up all the dollars and hand it to the world, and they give us goods, and serve, mostly goods, but goods and services and whatnot. And then the dilemma comes in because, well, we get to hand all this out to the rest of the world, but we've got an overpriced currency. So our exports, our manufacturing has been gutded, has been hollowed out over the last few decades.
How do we address this? And we'll see going forward. I don't think anybody really knows. The Federal Reserve, Treasury Secretary, Besson, the Trump administration, we really have to get a good handle on exactly what are we trying to do. What do you want? Do you want to devalue the US dollar to reestablish the manufacturing base in America? Or are you okay staying overpriced with the US dollar and keep buying that manufacturing from the rest of the globe? Because you can't have If you're going to bring back manufacturing, keep in mind, we've got decades of the world's excess production that they sent here by buying our US treasuries.
We've got 40 trillion stacked of essentially the world's savings. What do we want to do? Do we want to protect the value of that, or do we want to debase that and start manufacturing ourselves? I think that's a big question. I hope that wasn't too complicated. Is that what you were asking me?
Monetary Metals:
That was perfect, Greyson. I want to ask you now about the Trump administration. Obviously, there's been attempts to lower the deficit, lower the debt, of course, add growth, add to GDP. Some of those have worked, some of those maybe not so much. What about a post-Trump world? Let's say the Democrats maybe take control of the House or the Senate, and Trump is no longer as powerful as he once was. What does that mean for gold and silver prices? Is this the end of potential monetary reform, of fiscal sustainability? Where do you see gold and silver reacting to Trump maybe losing power unofficially or officially?
Greyson Geiler:
Well, I think that may be some of what you're looking at right now, because the Trump administration is taking on some, let's not call them dictatorial powers, but taking on some executive powers that haven't been seen in previous administrations. How does that go going forward? If we have a Democrat coming in the office, exactly like you say, the marketplace hates uncertainty.
And when we start to see things changing drastically on how business decisions are made, I think that's part of the drive behind the gold and silver prices going higher because you start to aggregate so much power and so much business decision making power, monetary system decision making power in With the context of, Hey, we're going to start changing things. Okay, well, what happens when you change things and then the next guy doesn't have the same vision? So that's probably some of the drive we see right now in these higher prices, because gold is always the answer in crazy unknowns like that.
Monetary Metals:
And I want to now ask about the unknown, which is the Federal Reserve and their Independence from the Trump administration. Obviously, as you mentioned, there have been bombs thrown back and forth between President Trump and members of the Federal Reserve. How likely do you think it is that the Federal Reserve stays strong and independent from these attacks compared to a Trump administration, either personally saying, Hey, I'm Trump. I decide interest rates, or maybe someone like dissent or someone who's a loyalist to the Trump cause, deciding where interest rates go.
Greyson Geiler:
Okay, well, let's just start. I'm not going to get in the whole discussion and debate on how independent the Fed truly is. But let's not pretend that it's always been 100% independent. There are rumors or stories about the Fed share getting launched around the office physically by LBJ back in the '60s because he wasn't lowering interest rates as quickly as LBJ wanted them done.
There's a little bit of a debate on exactly how independent the Fed is. I I think everyone would agree that wherever that independence is, it is becoming less so. You will have a Fed chair. You've already had the change in some Fed governors that are more on board with what the Trump administration wants to do. Fully drawing the Fed into the treasury, maybe that's extreme. Nobody's really sure. I don't think how exactly that's going to go, but we will We have less independence wherever we started from, if I'm not confusing you with that response.
Monetary Metals:
No, that makes sense. Then last thing on this in terms of the Fed, do you see the Fed's rates no longer mattering to gold and silver? Because obviously, there was a large disconnect between gold and silver price rallies and the federal funds rate. Most people thought, well, there's some opportunity cost with treasury yields and buying gold. But is that picture basically gone, the correlation between Fed funds rate and gold prices?
Greyson Geiler:
Yeah, I think the relationship is getting fuzzier one way or the other. And I think, again, with central banks buying around the globe, some of that interest rate, relationship, whatever it was in the past, is getting ignored. And we have very aggressive buyers in gold.
But I think also, let's make sure that we understand historically, The interest rate, we have to make the distinction between the real interest rate and the nominal interest rate. When you have a high nominal interest rate like you did in the '70s, the real interest rate may still be negative. You're going to have the bid under gold when you've got negative interest rates.
Low nominal interest rates in 2010, 11, 12, 13, 14, 15 in there. Well, real rates weren't that negative. I I think if you draw that distinction, you'll get a better correlation between gold and silver interest rates. But again, I think some of that has been thrown out the window just with such aggressive buying around the globe.
Monetary Metals:
Last question on the global gold purchasing. Which country do you think is the most important to the gold picture today? Is it China? Is it Russia? Is it Dubai? Is it someone we're not thinking about? In terms of a global picture, who's the most important when it comes to gold?
Greyson Geiler:
Yeah, well, let me name three of them. The Chinese are the biggest gold producer and the biggest aggregator of gold. Whatever number they're claiming, they have 20 something, 100 tons of gold. It's wildly more than that. So they're not telling us the truth on that. Again, they're building gold depositories around the globe for their trading partners. So that's huge. Dubai is also huge, though, because there's no voting populace that made this decision. There's no judges mandate, no government dictating. It's just a fact the World Center of Gold is moving to Dubai from London.
There's lots of reasons for that. Don't need to dig into the weeds on that, but that's just a reality. They're processing, they're refining so much of the world's Dore, imperfectly processed Gold moves through Dubai now. They're becoming the world's center of gold.
The Russians are always big on the side of this also. Don't forget, when Russia invaded Ukraine, in our infinite wisdom, our financial leaders decided that the Russians are no longer welcome in the US dollar matrix, even though they're the most resource-rich country on the planet, and they were perfectly willing to drill their oil, pump their natural gas, mine their platinum, grow their wheat, hand it out to the rest of the world in exchange for US dollars.
They were perfectly willing to do that. Wiedel told them, No, you can't do it anymore. You have to find an alternative. So of course, they've gone to gold as well. So maybe I cheated your question a little bit, but I wanted to add three of them.
Monetary Metals:
Greyson, obviously, you are an expert when it comes to gold and silver. Talk to us about the Gold Rush Yield Fund and how it's maybe unique or different than some other people who manage gold funds.
Greyson Geiler:
Yeah. How we're very unique, we're the only ones doing it so unique, we actually own gold and silver physical, and we are deploying it predominantly at monetary metals. This is a relatively new marketplace for the private sector. Central banks, also bullion banks, but central banks have been doing this for decades.
Now there's a standardized marketplace that is monetary metals. It's transparent. We know exactly what's going on. There's an interest rate on gold and silver again. They're being deployed as capital assets. So we can earn an interest rate in gold and silver on our investments, and we don't have to just buy gold and store it and pay storage fees, hoping the US dollar price goes higher so that our numbers look good. Does that make sense?
Monetary Metals:
Yeah, and I want you to touch a little bit upon the difference between gold as a speculative asset where the number goes up. Oh, look, gold is now $5,000 or $6,000 per ounce, versus gold Gold is a productive or capital asset when you're focused on growing the number of ounces, and of course, also hoping that those ounces are worth more in dollar terms.
Greyson Geiler:
Sure. I grew up in Omaha, Nebraska, so of course, I'm going to quote Warren Buffet. He always complained about gold. He said, Well, why would you buy gold? It just sits there and it doesn't do anything. Well, he had a point. And again, historically, that may have been true, but it's no longer true. And with all of our fund investors and the people that I interact with, I always try to get people to think in terms of ounces, because whether it's dollars, Whether it's Yen, whether it's Chinese Taiwan, paper currencies come and go. Gold is always here.
So if as an investor, and Americans are at a disadvantage because most of the rest the world remembers their currency going to zero. So the rest of the world is attracted to gold more quickly than American investors. But if you can just say, hey, we understand the monetary system is having its challenges, and we just partition some of our assets, some of our portfolio, and just think in terms of ounces.
We can worry about the dollar price, the dollar value of our holding down the road. But if we have ounces of gold and silver, and it's Those assets are deployed to acquire more ounces of gold and silver, assuming the risk is properly mitigated, that's the right way to think about it.
Ten years down the road, you've got more ounces. You want to check the dollar value of it. That's great. One other point, when we're talking about gold and silver, and a lot of people, and maybe a lot of people watching your podcast, Ben, a lot of people say, okay, I get it. Gold and silver hold purchasing power through the years. So they buy it and they put it in their basement. Well, the dollar price has wildly gone higher. And so you feel pretty good about that.
When the idea is presented to people, Hey, what if you could get it? There's an interest rate on gold and silver again. Why leave it sitting in your basement? You could deposit it and get more ounces It's just like you're not going to leave a whole stack of $100 bills in your basement. You might as well take it to the bank and get an interest rate. That's pretty intuitive. A lot of people get that, again, assuming the risk is properly mitigated, what people aren't seeing is who's on the other side of that transaction? Who's willing to finance in gold and silver and pay it back in ounces?
It turns out there are a lot of business businesses within the metals space that need capital to run their business. It's just wildly easier for them to get their capital in ounces rather than dollars. I liken it to your mortgage, Ben. If you make your dollars working in monetary metals, that's what you make, your salary is in dollars. Well, you certainly wouldn't go buy a house that has a mortgage denominated in Japanese Yen, would you?
There's a mismatch. There's a price risk. Imagine a gold mine. Well, they're going to produce gold. Well, why wouldn't they borrow in gold? Because if they borrow in dollars, And the price of gold sells off, now they're in trouble. Does that help? So it's a matching up. It's a true marketplace of bringing investors together that appreciate the long term value value of gold and silver. And then it's a capital asset. Again, there are people on the other side of the transaction that need capital to run their businesses.
Monetary Metals:
Greyson, thank you for the fascinating explanation. Final question on the fund. Talk to us about how you think of gold allocation versus silver allocation. Some investors see wild prices in silver. They see wild prices in gold. Maybe they only own one metal and maybe not the other. Talk to us a bit about how you think about allocation between gold and between silver.
Greyson Geiler:
Right. And like I mentioned before, I'm really not big into speculating on the ratio between the two because you look historically and it's wildly volatile, and you could get yourself in a lot of trouble. So we're looking at it more from the perspective of what are the investment opportunities that are presented to us?
The opportunities being presented to us are heavier gold than silver. And that really dictates how our fund is positioned from that perspective, because we're talking about 8, 9, 10 to 1 as far as financing deals in gold versus silver.
Monetary Metals:
Absolutely. All right, Greyson, I want to get into a rapid fire section, so I'll ask you questions all over the map. You can answer with just one word, or you can take as long as you'd like. I'd like to start between the gold and silver ratio, which we discussed.
Obviously, maybe using the gold and silver Silver Ratio as an investing tool can be difficult, but where do you see the gold and silver ratio going in the future? Do you think it'll be lower than it has been historically or recently, or do you think that it's going to remain volatile and basically arbitrary?
Greyson Geiler:
Volatility The volatility will continue. Again, the average since 1971 is about 60. I would guess it stays lower than that for the medium term, 6, 8 years. I would guess that it will tend to be a little bit lower than 60 to one.
Monetary Metals:
Next rapid fire question for you. I want to talk about the difference between gold being bought as a safe haven asset and silver having both the monetary and industrial uses. Do you You see there being a future divergence between bull runs in gold and bull runs in silver, or do you think in general, they're going to continue to move together?
Greyson Geiler:
Well, I think they will continue to move together. Here, this is an interesting topic because silver's monetary status has been really questioned, especially in the last couple of decades, where gold has had a much stronger last 25 years than silver up until the last couple of months. And a lot of people were questioning that monetary status of silver.
And I would point out to people, when you statistically analyze the price movements of different commodities, silver is a monetary metal. I mean, you just don't see the correlation. And silver is mined with copper. It's a byproduct of the copper and zinc mines, and it just doesn't have the price correlation with zinc that it does with gold.
So it is absolutely a monetary instrument as well as gold. And another point I would bring out, too, is, as a fund, when we're leasing gold, when we're leasing silver to businesses that use the metal, it's generally because that business, constantly using gold, it's so expensive, and they're tying up so much of their capital to use that gold. They say, Well, why don't we pay to use someone else's gold, just an interest rate, rather than have to have the whole capital outlay to use all that gold?
The same thing has been going on in silver, but when silver is only $20 an ounce, maybe a big industrial company is using 2, 3, 4,000 ounces a month, not a huge capital outlay for a big company. Hold on, now silver is $115 an ounce.
If they're still using that same 2, 3, 4,000 ounces a month, and maybe they want to expand their production, now they're talking about a huge capital outlay, and I think there are going to be more investing opportunities for silver simply because of the price rally that we've had recently. So I don't see a huge change from that perspective, maybe a little bit of change in the ratio, like I already mentioned, But these are monetary metals, and they're going to still run together.
Monetary Metals:
Now, I want to ask you in terms of tokenization of gold, has that really lowered the reason or the need for having silver? In the past, you maybe used silver to buy a cup of coffee or say, Hey, I'll pay labor wages in silver. But with tokenized gold, which can obviously be sold or exchanged in fractional amounts, does that really lower the argument for having silver as a monetary medium?
Greyson Geiler:
Well, if we're talking about a transactional currency And I think you could argue that that absolutely does help. Because when you've got... I look at the cryptocurrencies, and I don't know what's going to happen to the price of Bitcoin. We can guess. It looks speculative to me. But what's important is the technology of the blockchain. And so if you can have silver and gold backing a blockchain asset.
Of course, there's an iteration in there where things can go bad, but it's still a business model that I think is going to work going forward. You could argue that because it's blockchain now, it's tokenized, as you say, that the need for silver would be less on a transactional basis. I think that's a reasonable guess. You may just see gold Gold stay more transactional and fractional gold being so easy to do when you've got it tokenized and the silver stays more on the larger monetary side and on the industrial side. That sounds reasonable.
Monetary Metals:
Next one for you, Greyson. I want to ask you, what's a macro fundamental that you think most investors are missing? Maybe they're paying attention to Fed funds meetings, maybe they're seeing about central bank gold purchases. But what's something that you're paying attention to that I don't think many investors are.
Greyson Geiler:
Well, on the macro side from silver, I think I really did just mention that the silver just being higher priced in the new pricing structure, I don't see us going back to $20 an ounce ever. That will provide more industrial monetization or a monetary demand for silver, like I was mentioning.
I think another thing that people need to realize is the average investor doesn't have a concept that there's an interest rate on gold and silver again. I think we're really in the first or second ending of this really going mainstream around the globe. A lot of people are still thinking in terms of, well, if I buy gold as an inflation hedge or part of my portfolio, maybe I've Maybe I buy GLD that's on the New York Stock Exchange.
Well, there are fees. I've got a broker or a financial advisor that's charging fees on top of that, and it's just electronic and all that stuff. What we're doing as a fund, bringing not just the monetary status, but really gold and silver being deployed as capital assets for private businesses and an interest rate back on gold, I think But that's the biggest fundamental driver that the average investor hasn't been exposed to yet.
Monetary Metals:
Greyson, what about inflation? So obviously, inflation was a big topic in the past few years. It seems like at least official CPI inflation has cooled down. A lot of Fed officials, of course, saying, Oh, we're reaching our unemployment mandate, our inflation mandate. Does inflation, in terms of its CPI, does that still matter to gold prices, or do macro-narratives like Fed or the strength of the dollar, do those matter more now?
Greyson Geiler:
I think that the concept of inflation is always going to matter for the demand side of gold, for sure. I think, and thank goodness, we have an absolutely parabolic rocket launch in technology, technology of all types, because that, by its very nature, is deflationary. So some of the profligacy of the Federal Reserve gets masked over by that. But they still, again, I'm going to go back to what I said a little bit earlier.
We really need the Federal Reserve, the Treasury, the Trump administration to aggregately come together and say, this is what we want to do. Because from one perspective that I'm looking at this, it sure looks like all three of them are really considering extreme inflation by debasing the US dollar value more to bring manufacturing back and have more demand from the international marketplace because of a lower currency. So I think inflation is still a really big factor in the entire analysis of, should gold and silver be part of your portfolio?
Monetary Metals:
What about the other precious metals? Obviously, there's platinum, there's palladium, there's even non-precious metals like copper. Do you see those rising in tandem as a story that says, no, no, this isn't about the monetary metals. This is just about a commodity super cycle by itself. How true or false is that argument?
Greyson Geiler:
Yeah, I think these are different marketplaces. A lot of the same forces will push one direction on all of them. If the administration is devaluing the dollar, they're all going to go higher. But gold and silver, first and foremost, there are a lot of people worldwide that have just aggregated it. They just have it as a store of value, and they will deploy it as a capital asset if there's an interest rate on it. We just don't have people like that in platinum, right?
I look at platinum is very speculative. I'm bullish platinum. I own platinum. But the biggest driving force behind that is simply the fact you want to talk about no price elasticity for catalytic converters. There's what, $300 of platinum in a $60,000 car? If it doubles, now it's $600 worth of platinum. It It doesn't matter.
They'll keep using it. And then on the supply side of platinum, virtually all the world's platinum is mined in South Africa and Russia. And I don't have to tell you about the geopolitical risks if that's your whole supply chain. Copper, we're trying to make everything electronic. The world doesn't have enough copper for the infrastructure. We have not done enough investment in the mining infrastructure to provide enough copper. Copper is going higher, too. All of them are going higher, but for different reasons.
Monetary Metals:
I want to ask you now, as we come to the end of the rapid fire section, what's something you used to believe about money or metals that you no longer do that you could be instructive to future investors?
Greyson Geiler:
Yeah, this is a perfect question for today, because 15 years ago, I would have been really excited about the price of gold and silver rocketing higher today, because I own it, it's in my closet, and now it's worth more US dollars. That's completely thinking in US dollar terms, and I don't think that way anymore. I think about gold and silver as capital assets. How are we going to acquire more ounces? The price going up. We'll do some advertising, some more people want to participate in what we're doing. But it doesn't excite me. The dollar value of it going higher doesn't excite me.
Monetary Metals:
Greyson, okay, what is a question I should be asking all future guests of the Gold Exchange podcast?
Greyson Geiler:
Are you aware of the interest rate on gold and silver again? I mean, I guess there's so much change going on in the monetary system, and I guess I'll pick on the cryptocurrencies a little bit because there are a lot of people that see some of the challenges of the US dollar-based monetary system worldwide, and they think that Bitcoin is the next system.
And Bitcoin is simply a speculative asset. It is not a monetary system. A monetary system has to have an interest rate so that capital is deployed throughout the system. That's the whole point, is to have an interest rate. Well, what's the interest rate on Bitcoin? Who has borrowed Bitcoin to run their business or to buy a new house? Well, if they did, they're insolvent because it's $100,000 or whatever it is, not $90,000 a coin. So that's not a monetary system.
Gold has always been in the monetary system. Gold can be a monetary system. Now there's an interest rate coming back, and I guess that would be my line of questioning for people coming on the podcast. You realize that this is an actual monetary system with an interest rate.
Monetary Metals:
Greyson, it's been so great speaking with you. Tons of our listeners, I'm sure, want to know more about the Gold Rush Yield Fund, maybe how they can participate as well. Where should those interested listeners go to?
Greyson Geiler:
Okay, so the manager of the Gold Rush Yield Fund is Andora Capital. So if you go to andocap. Com, com, short for Andora Capital, and andocap. Com. There's a link there to the Gold Rush Yield Fund page. A bunch of videos I've done, a bunch of newsletters. You can enter your information and be on our email list. There's a phone number there if you want to schedule some time just to talk about your individual situation.
Monetary Metals:
Greyson, it's been such a pleasure getting to interview you. We'll have to have you back on the show. What's a final word you want to leave our audience with?
Greyson Geiler:
I think the world right now is pointed towards the US dollar and gold. I am not worried that the US dollar is going to zero anytime soon. It's a wonderful time to be an American, as long as our administration can define exactly what they're trying to do. I'm cautiously optimistic, which I think would come across a little differently than most people would expect coming from a gold fund manager.
Monetary Metals:
Greyson, absolute pleasure. Thank you so much.
Greyson Geiler:
Hey, thanks a lot, Ben. I really appreciate it.