이 에피소드에 관해
Tom Bodrovics welcomes back Keith Weiner, CEO and Founder of Monetary Metals, to discuss their 2026 Gold Outlook Report and the current state of the gold and silver markets. Weiner expresses that the gold market is in a bull phase, with prices exceeding his conservative targets. He attributes this to a global search for an alternative to the U.S. dollar, which, despite its flaws, is still widely desired. Weiner argues that gold is emerging as the ultimate settlement currency due to the failures of other candidates like the Indian rupee, Chinese yuan, and even crypto-currencies.
Keith also discusses the role of silver, which he sees as a monetary metal rather than just an industrial commodity. He notes that as gold prices rise, more people, especially those in lower-income brackets, are turning to silver as a more affordable store of value. This substitution effect is driving up silver prices and increasing its monetary demand. Weiner also touches on the concept of backwardation in the silver market, where the cost of hedging makes it difficult for refiners to process silver, potentially leading to a shortage.
The conversation also covers the volatility in gold and silver prices, which Weiner attributes to the dollar’s instability. He argues that this volatility is not conducive to the metals’ use as money and that the recent price swings have been driven by speculative trading rather than fundamental demand. Weiner also shares his views on Bitcoin, which he sees as more of a speculative asset than a store of value, and the future of the U.S. dollar, which he believes is inevitable but not imminent.
Timestamps:
00:00:00 – Introduction
00:00:34 – Reviewing 2025 Predictions
00:01:50 – Currency Competition Dynamics
00:05:43 – Global Gold Demand Drivers
00:08:45 – Chinese Yuan Distrust
00:10:12 – Tether’s Gold Holdings
00:11:38 – Silver’s Monetary Role
00:16:55 – Silver Supply Challenges
00:25:00 – Silver Investment Thesis
00:28:49 – Metals Price Volatility
00:37:37 – Bitcoin Money Critique
00:39:10 – Dollar’s Future Prospects
00:41:12 – Fed Chair Policy Outlook
00:45:23 – Concluding Thoughts
Guest:
Keith Weiner — CEO & Founder of Monetary Metals
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.
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