What do you see as the compelling reasons for investors to own gold?
There's no question that throughout history that gold has been the go to investment for safety and security. It's worked for 10,000 years. Nothing else has a 10,000-year track record of success. It's the ultimate brand name. Today, we still talk about the gold card. In the Olympics, you win the gold medal. In the Old Testament, God instructed that his temple be encrusted in gold. In the New Testament, the wise men brought gold. They didn't bring Bitcoin. They didn't bring T-bills. So, gold has stood the test of time Globally.
When you look at how Aristotle originally defined what makes good money. It has to be portable; gold is eminently portable. It has to be widely accepted. You can go into any room, anywhere in the world where there's a group of people assembled, hold up a pile of gold coins and say, "Who would like them?" and nobody is going to turn you down. It is universally accepted around the world. It's got to be divisible and you can cut it into pieces as small as you want to. It has to be useful in it's own right and it has limited industrial applications. I just can't think of anything else, I mean, oil is of course valuable. If I was to offer you today, a stack of gold coins or 10 barrels of oil, oil is just not nearly as useful. You can't take it home and put it in your apartment. If you do, Homeland Security will be by in a short order to have a chat with you. There's just nothing else that has the track record that gold has.
Gold has competed against all of those elements over the years. No one has dictated that gold be the thing. It's competed, over and over and over and over again. Every single time it's won out. When you compare it to what we have today, fiat money, there's never been a civilization in history where feed-it money has lasted for any length of time. As soon as it becomes feed-it money, politicians print up as much of it as they can. When they do, it eventually becomes valueless and people have to resort back to something that is of limited supply and has value. We go right back to gold. The cycles just repeat. Anyone who has studied history, this is nothing new. What we're going through now is not a surprise. There's no ambiguity here. This is just the standard playbook and the end result is disastrous. Those who have real assets set aside will be the ones who get through it relatively unscathed. No one comes out great, but comes through it relatively unscathed.