Exchange-traded fund backed by physical gold bullion, tracking the spot price of gold.Yahoo Finance ↗
A commodity, not a company — priced via the GLD ETF as a clean proxy. Excluded from the index and host funds.
13 takes · first discussed May 31, 2024 · last Feb 13, 2026
Click a call to see the price move since it aired.
Chamath argues that as debt-to-GDP ratios rise globally and currencies erode, people will seek real durable assets, and gold will do 'much, much better over time' as a hedge against dollar depreciation.
Jason notes gold has ripped alongside silver and copper while the dollar drops, and that money has poured into gold which has way outperformed the S&P.
Sacks adds that China's central bank has been increasing gold reserves for 11 consecutive months, diversifying away from USD and Treasuries for geopolitical reasons, and that BRICS countries may be developing gold-backed certificates for international trade settlement — all structural tailwinds for gold.
Friedberg presents detailed analysis showing gold has eclipsed US Treasuries in central bank holdings and that the stock market is actually down when measured in gold, framing gold as the key store of value amid de-dollarization.
Tucker (Guest) reveals he is a long-standing physical gold buyer — specifically 1-ounce coins — and is now launching a business selling gold at near-wholesale prices. He says it has 'turned out to be a good thing' despite being mocked, and also endorses firewood and ammo as portfolio diversifiers.
The hosts' collective view on gold has evolved from cautious ambivalence to broadly constructive, with the most recent entries reflecting a notably bullish consensus. Friedberg and Chamath (in his later takes) are the most explicitly bullish, citing structural tailwinds including de-dollarization, central bank accumulation, rising debt-to-GDP ratios, and gold's emerging role as a key store of value as currencies erode — with Friedberg noting gold has now eclipsed US Treasuries in central bank reserve holdings and that equities are down when priced in gold. Sacks and Brad (Guest) reinforce the structural demand case, pointing to 11 consecutive months of Chinese central bank buying, BRICS gold-backed settlement instruments, and new crypto-linked gold products (e.g., Tether Gold) as meaningful net new demand drivers. The one area of recurring disagreement is gold's long-term relevance: Chamath and Friedberg both hedge their gold bullishness with the view that Bitcoin will ultimately displace gold as the dominant hard-asset store of value, with Chamath describing current gold demand as "the last vestiges" of gold functioning as rational economic insurance — whereas Tucker (Guest) is an unqualified, conviction physical gold buyer with no such caveat.
Chamath argues that as debt-to-GDP ratios rise globally and currencies erode, people will seek real durable assets, and gold will do 'much, much better over time' as a hedge against dollar depreciation.
we probably see things like gold. Do much, much better over time because people will be afraid about the durability of their dollar-denominated resources.”45:57
Jason notes gold has ripped alongside silver and copper while the dollar drops, and that money has poured into gold which has way outperformed the S&P.
The dollar has dropped as gold and silver and copper have ripped... money has poured into gold and silver, which have way outperformed the S&P.”1:09:58
Sacks adds that China's central bank has been increasing gold reserves for 11 consecutive months, diversifying away from USD and Treasuries for geopolitical reasons, and that BRICS countries may be developing gold-backed certificates for international trade settlement — all structural tailwinds for gold.
China's central bank has been increasing its gold reserves for 11 consecutive months... they've been gradually substituting away from US dollars and US treasuries towards gold... BRICS talk about... some sort of gold-backed certificates”1:18:35
Friedberg presents detailed analysis showing gold has eclipsed US Treasuries in central bank holdings and that the stock market is actually down when measured in gold, framing gold as the key store of value amid de-dollarization.
We now see gold eclipsing US Treasury... gold is a larger share of the holdings... if you look at the stock market relative to gold, it's actually down.”1:13:24
Tucker (Guest) reveals he is a long-standing physical gold buyer — specifically 1-ounce coins — and is now launching a business selling gold at near-wholesale prices. He says it has 'turned out to be a good thing' despite being mocked, and also endorses firewood and ammo as portfolio diversifiers.
I am personally a 1-ounce coin buyer of longstanding. Turned out to be a pretty good route, I would say. I was much mocked by everyone I know… And yeah, I do bury it in my yard because that's the kind of man I am.”1:33:25