Monetary Metals
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In a crisis, people do not sell dollars to get gold. They sell gold to get dollars. The Middle East conflict made this plain. When commodity prices spiked and liquidity tightened, countries across the Gulf, Turkey, Russia, and beyond did not reach for gold. They sold it because dollars are still the only thing that settles the world's obligations. That is not a bearish case for gold. Gold accumulated over the years is still a powerful asset. But the sequence matters. Gold is accumulated in calm. Dollars are demanded in a crisis. Until the underlying system changes, that is the order of operations every gold holder needs to understand. Santiago Capital
Monetary Metals28,334 Aufrufe • vor 27 Tagen
Otavio (Tavi) Costa Gold miners are buying back shares, paying down debt, paying dividends, and generating more free cash flow than at any point in their history. But their share prices are near where they were in 2011. According to Tavi Costa, CEO and founder of Azoria Capital, that gap comes down to one thing: most investors do not believe the margins are sustainable. They are still applying the same skepticism built up over years of watching mining companies bleed capital. But in his view, the data has changed significantly, and the market has not caught up yet. That mining story sits inside a much larger thesis Tavi has been building around structurally higher resource prices, a dollar likely in a multi-year weakening trend, improving jurisdiction risk across Latin America, and a coming rotation of capital out of technology into hard assets as AI infrastructure spending drives capex higher and compresses tech multiples. Tavi Costa joined The Gold Exchange to work through where he sees the mining story heading, why Latin America has seen the most significant shift in jurisdiction risk of any region over the last three to five years, how the dollar story connects to emerging markets, and what the AI build-out means for resource demand going forward. Watch the full conversation here:
Monetary Metals23,096 Aufrufe • vor 1 Monat
The passive investing thesis looks unbreakable. Buy the S&P 500. Fall asleep. Wake up a millionaire. Danielle DiMartino Booth says it breaks when the confluence hits. AI leverage cracking. Private credit cracking. Baby boomers are retiring every day and stopping their 401k contributions. New entrants to the job market are decreasing and not opening new 401k plans. "It's a real combination of the credit market conditions, demographics, and the magnitude of the bubble in the public markets." And credit spreads? They look calm. They look tight. But that calm is not what it appears to be. There was no $2 trillion fixed-income passive universe during the last financial crisis. Today there is. When redemptions hit the biggest high-yield or investment-grade bond ETFs, only the most liquid bonds get sold. The illiquid ones cannot be touched. "What you see in credit spreads is a reflection of liquidity in the biggest traded names, which is not reflective of prior cycles."
Monetary Metals18,105 Aufrufe • vor 1 Monat
Can triple digit silver prices last for long? Jeffrey Christian of CPM Group (CPM Group) says the supply and demand dynamics make it unlikely as more silver comes to market over the long term. There are billions of ounces in known silver reserves, with hundreds of millions of ounces already moving toward production. At prices above $100, new supply becomes highly profitable, and when supply expands, prices don’t stay extreme for long:
Monetary Metals34,722 Aufrufe • vor 5 Monaten
The Fed talks about soft data. Surveys. How people feel. Danielle DiMartino Booth says, "Do not ignore what is in the hard data." There are more than 7 million unemployed Americans. But only about one in four is collecting unemployment benefits. Why? "When I was born, unemployment benefits covered 66% of what you needed just to get by. Today, they cover 33%." For many households, benefits no longer cover basic expenses. More people take on multiple jobs. More people participate in the gig economy. More Americans continue working later in life. And that 1.8 million continuing claimants number that looks so clean every week? "That's only a quarter of the unemployed. And it's only 14% of the broader universe of those who would take a job if they could get one." The BLS revisions tell the rest of the story. Every month in Q2 2025 was revised lower. By Q3, the revised data showed the labor market was weaker than headline numbers initially suggested. "A monkey could tell you that you were in a recession." Yet recession calls are rarely straightforward. Policymakers must weigh conflicting economic signals, revisions, and uncertainty before making definitive statements about the state of the economy.
Monetary Metals10,912 Aufrufe • vor 1 Monat
Imagine it’s 1998 and I told you that one day the President would threaten to fire the Fed Chair, set interest rates to zero, and we’d be sitting on $36T in debt with a 7% deficit-to-GDP… You’d be loading up on gold without hesitation. That future? It’s happening right now. As Jared Dillian says (Jared Dillian), markets are staring at the screen in shock — but the obvious move has never been clearer.
Monetary Metals29,993 Aufrufe • vor 11 Monaten
Did you know the U.S. Constitution already mandates that only gold and silver should be legal tender for debt payments? States are now reaffirming this rule—pushing back against decades of fiat currency dominance. But even if you write a contract payable in gold, a court may still enforce it in dollars. Why? Because the Federal Reserve Note is considered “legal tender.” This reveals the legal tension at the heart of the sound money movement—and why some states are fighting to restore gold and silver's rightful place. Jp Cortez goes into more detail on our full video:
Monetary Metals25,892 Aufrufe • vor 1 Jahr
You may have seen headlines about silver lease rates spiking — but what does that actually mean? In today’s episode with Keith Weiner (Keith Weiner) , we break down how lease rates work, what backwardation signals in real markets, and why this rare event revealed stress inside the precious metals system. If you want to understand what really happened beneath the headlines, the new episode is live.
Monetary Metals14,042 Aufrufe • vor 7 Monaten
The BRICS alliance talks a big game—but is it all just smoke and mirrors? For over 15 years, we’ve heard the same promises of de-dollarization and unified alternatives to the West’s monetary dominance. But beyond the press releases, has anything actually changed? Brent Johnson (Santiago Capital) explains the reality behind the BRICS narrative and why true de-dollarization may be far more painful—and unlikely—than many think.
Monetary Metals16,567 Aufrufe • vor 1 Jahr
Tavi Costa (Otavio (Tavi) Costa) argues that the Fed’s numbers don’t reflect what we all feel every day at the grocery store, at the gas station, and in the real estate market. This is what living in an inflationary era looks like. The policies being pushed today could bring inflation roaring back. And if they do, the Fed will face one of its toughest tests yet.
Monetary Metals12,248 Aufrufe • vor 11 Monaten
Tavi Costa (Otavio (Tavi) Costa) joins the podcast to discuss his views on the secular bull market in gold and the reason he is structurally bearish on the dollar. We discuss interest rate differentials, how central bank reserves are shifting, and the significance of US monetary and fiscal problems.
Monetary Metals11,843 Aufrufe • vor 11 Monaten
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