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Keith Weiner: Gold 1, Bitcoin 0

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 how economists and experts tend to say the strangest things and most of their statements don’t pass basic scrutiny.

Gold has been accumulated for the last 5000 years as a result physical scarcity is not possible. Gold is not consumed unlike other commodities like agriculture. Physical supply shortages are only possible at a particular price. Backwardation occurs in metals when people want to hold their gold more than dollars. Keith argues that because we don’t see backwardation often means the price can’t be massively suppressed.

Canada and the United States have the least understanding of gold markets in the world today. Most of the world understands the value of gold and silver because of their countries unstable currencies.

Keith explains that dollars are illusory credits and are merely claims on wealth, not wealth itself. Fiat systems have become increasingly corrupted and this is why gold is the better option.

Currencies are unsound and worsening. Bad behavior at a state level is trickling down to other parts of society. Eventually, there will be defaults but these may still be years away. Calculating the probability, severity, and consequences of a collapse is very difficult to predict due to the complexities of global systems.

Keith discusses the importance of measuring assets in reference to a good standard. A dollar is a great unit of exchange but a terrible unit of measure. Investors should be calculating their assets against gold ounces to determine and compare their net worth.

Lastly, he explains the issues of unintended consequences due to government actions affecting everything from labor to logistics. The lobbyists are always encouraging the government and often the problems are magnified and exacerbated.

Time Stamp References:
0:00 – Introduction
0:44 – The Sniff Test
3:55 – Basis & Futures
12:20 – Shortages & Price
14:04 – Why Buy Gold?
18:07 – Coinbase & Crypto
23:22 – Gold Backed Bonds
29:00 – Inflation & Green Energy
36:35 – Global Currency Health
42:51 – Valuing Gold
48:32 – Unintended Consequences
52:18 – Wrap Up

Talking Points From This Episode

  • Experts and economists evaluating their opinions.
  • Physical gold availability and price suppression.
  • The reasons for holding gold and using it as a basis of measurement.

Guest Links:

Keith Weiner earned his Ph.D. from the (non-accredited) New Austrian School of Economics. He speaks worldwide about the failing dollar system and the need to rediscover the gold standard. To this end, He founded the Gold Standard Institute USA and Monetary Metals.

The former is a nonprofit focused on education and outreach. The latter makes it profitable to invest in the gold standard by paying gold interest on gold. Previously, Keith founded DiamondWare, a voice technology company that he sold to Nortel Networks in 2008.

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