Gold and hard assets as the debasement trade: decades to run, or already crowded?
The count, last 30 days: 51 bull, 11 bear. The tape leans bull. A count, not a verdict.
The tape vs the talk
The line is Gold, last 90 days. Each dot is a claim as it landed on the tape: filled is bull, outlined is bear. Tap a dot to read it. Where the tape went after is context, not a verdict.
The tape
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bullbearclaims filed per week
What the people who move markets are saying about this, in their own
words. These are views on the record, not scored bets: when a call here grows a number
and a deadline, it moves to the scoreboard. Newest first.
Bull2026-08-03
Goldman year-end gold target 4900, nearly 1000 upside from the tape. EVENT: will, dated year-end.
We expect gold prices at $4,900 at the end of this year. So just under $1,000 of upside be
The 5000-gold top-caller stays bearish at ~4100; wants 3000 before 5000; cycle high behind us.
Right now, I'm still bearish gold. I'll probably put out a really bearish comment if we get to near the 200 day mover and everything, give us a bounce.
He calls the silver run a burst bubble with more downside: 'The floor of the basement is forty bucks or thereabouts' @1:53, and expects to start 'picking up some bars' under $50 'sometime this year' @2:45. Host recap at 36:41 repeats the targets; teaser duplicate of his sell-the-top boast at 0:43.
“the good news is we're getting near to the bottom now and I see forty to fifty as being the bottom. So the roof of the basement is fifty bucks.”
With spot around $4,000 he sees the bottom near $3,500: 'you're brave if you're buying it now, but you're not brave if you're buying it at three and a half thousand' @3:28, and at $3,000 'you'll be lucky to get it that low' @3:43. Host recap at 36:41 repeats the number.
“And for gold, that's probably three and a half thousand dollars. It could be a little bit lower. So go three and a half thousand as a place where it starts to get interesting”
After the bottom he expects a long sideways phase, 'it could be a couple of years' @3:06, then a big rise; the AI buildout is 'going to be massively inflationary because they're going to have to print like no tomorrow to fund it all' @18:52, which he says speaks to silver and gold.
“what happens really long term, obviously, it's going to go up a long way because we're about to go into a seriously inflationary period.”
His 'gold is for war' framework: governments stockpile gold before conflict, so when Xi 'and the PLA fell out with each other' @9:35 and a Taiwan invasion was shelved, 'gold is just lost a very, very powerful use case' @13:17. He argues this, not Fed policy, ended the vertical.
“Then gold falls. And that's what I believe we saw back in the beginning of the year. China went right, we're not we're not going to invade Taiwan next year in May. And that was it.”
Says gold went through 'a one in a hundred year event in q1' and was overheated; oil has 'stolen a lot of that geopolitical premium from gold' (@82:15) and hawkish higher-for-longer Fed talk is a headwind. Cites China: to reach a 30% gold allocation it would have to repeat June's monthly purchases 'For 33 years' (@83:31) - 'this is secular' (de-dollarization, debasement, diversification).
“come back down. Um, we still believe the secular trade is there It's just simply taking a bit of a breather”
Conditional on a second-half US economic slowdown reviving the 'sell usa theme' and weakening the dollar (@86:30). Also flags decade-long mine underinvestment: critical metals 'sitting in deficits' (@84:59).
“Dollar traditionally silver's been better correlated to weaker u.s Dollars, I think silver can sort of outperform”
Wedge favors one more downside flush; a buyer below 4,000; long-term mega-bull.
“there might be one final flush down to about the 3,500 level, but basically anything below 4,000, I'm starting to look at it very attractively as a buy.”
Asked whether $4,000 gold is a market bottom, Cook frames it as a battle over Fed policy ('does the Fed have to raise rates due to inflation or they have to lower them' @15:54) and central-bank treasury selling, then gives a one-year range call. Gold is repeatedly established on tape as trading about $4,000, down from a $5,000 top. Teaser duplicate of this line at 0:00.
“I personally, I'm expecting gold to jump around within $500 of where it is right now for the next year.”
Brent Cook · Exploration Insights (co-founder, senior advisor; economic geologist) · David Lin ↗
Gold since this was said: ▲ +7.4% · 4,013 → 4,310 · as of 2026-08-05
His stated basis: 'There's a deficit in copper production coming' @5:05 and central banks buying gold while selling Treasuries; 'So I think the outlook for gold looks very strong' @5:15. This is the premise for his whole junior-miner stock-picking framework.
“I'm still looking at the long term, I think, you know, the gold and silver and copper prices have got to go up. And I mean that over the long term, the next few years.”
Brent Cook · Exploration Insights (co-founder, senior advisor; economic geologist) · David Lin ↗
Gold since this was said: ▲ +7.4% · 4,013 → 4,310 · as of 2026-08-05
Answer to whether record copper above $6 a pound looks frothy or justified. He ties the demand to 'the infrastructure build-out for all the energy that it's going to take to power AI plus everything else' @27:30, and adds 'I think neutral through the end of the year... certainly looking further out, yeah, it looks pretty strong' @27:49.
“It might be frothy right now, but if I look two years out, it's cheap.”
Brent Cook · Exploration Insights (co-founder, senior advisor; economic geologist) · David Lin ↗
Gold since this was said: ▲ +7.4% · 4,013 → 4,310 · as of 2026-08-05
He cites gold's peak 'at about uh fifty five hundred dollars an ounce' and silver at 'one sixteen an ounce' @3:40, with 'silver falling back to about sixty dollars an ounce or basically cutting in half is where we would get more interested again' @3:54. They are acting on it: 'now we've been building it back up towards about that average 10 percent' of the high-income strategy @4:53, and 'the energy and precious metal space uh look pretty attractive' @28:24.
“we always kind of had a range of with gold falling back to about four thousand dollars would be where we start to get a lot more interested again”
Gold has broken and closed below the $4,000 floor he had given a 60-70% chance of holding. Conditional on follow-through selling below the October bottom near 3932. Later refined: 'the fact that it's closing near the low potential support comes in around 3920' @19:13, and he calls the chart 'a textbook example of a market under pressure' @17:23 with lower highs and lower lows from the 5600-area record.
“I'm going to base my revised support at around 3,900 on the low end”
Direct answer to host: 'earlier this year your wave model... pointed to kind of $6,000 gold last month you softened it saying the top might already be around 5600... is 6,000 still a real year-end target or is that called changed for you' @15:02-15:19. He explains via his ship/captain analogy that models must recalibrate when policy fundamentals change - here, the rate-hike talk. An explicit on-tape reversal of a prior price target.
“that call has to change remember I create models and look for certain activities based on past performance”
'everybody got like super bullish right at the top' @10:27. Reads the metals stall plus the Fort Knox audit noise as the market saying the dollar is strong despite $39T+ debt; watch the dollar under 100: 'that might actually flip back more into the medals.' @11:18. Whisper renders 'metals' as 'medals' throughout: kept verbatim.
“I was bullish for years, and I am flat in the medals, which I have been for months now. Do I think they could bottom? Yeah.”
Direct answer to Maggie Lake's 'Do you think gold has found a bottom here, or is there more downside ahead?' @3:54. Support: 'there's a stubbornness in terms of any kind of downward pressure on silver and gold prices' @4:03 and 'the smartest of people are reloading with more gold and silver like the Chinese are' @4:23. Follows the post-Warsh-nomination crash he calls 'a hit job on precious metals' @0:57. Teaser duplicate at 0:17.
“Well, there could be more downside ahead, but I think it looks like a bottom to me.”
Mark Thornton · Mises Institute (senior fellow; Austrian economist) - org from title/public record, not stated on tape · Wealthion ↗
Gold since this was said: ▲ +8.1% · 3,986 → 4,310 · as of 2026-08-05
The 'steering currents' are the dollar, interest rates and Fed-policy expectations that currently favor rate hikes. Timing: 'that's what I'm expecting over the next, I don't know, couple of months. It's been hard to time.' @7:47. He expects the Fed to push rates lower or compress real rates, flipping speculators back into gold and changing market sentiment.
“So I think those steering currents that speculators are paying attention to are going to be reversed. Instead of being against the gold price, it's going to be for the gold price”
Mark Thornton · Mises Institute (senior fellow; Austrian economist) - org from title/public record, not stated on tape · Wealthion ↗
Gold since this was said: ▲ +8.1% · 3,986 → 4,310 · as of 2026-08-05
Sold the bulk of his gold/silver STOCKS on his across-the-board trigger system after the January peak (~$1,300 above current); still holds all bullion; 'less high is not low, lower is not low'; gold ~$4,000 'not really low'
Restates the base case on fresh tape; 2020's consolidation at $2,000 lasted three years; 2011/1980 chart similarities 'imprudent to ignore'; a 50-60% drawdown from the 5,600 peak = sub-3,000 is his unconditional buy
“My base case right now is actually a period of correction and consolidation and the next big move will be higher. That is my expectation. Not my prediction.”
'gold is starting to find support around $4,000' (@4:29); the dollar 'has been very strong. I think it's due for a pullback' (@4:32); 'these are some of the most hated assets in the market... I love buying the hated stuff' (@4:48).
“And if anything less than the extreme hawkishness that's expected by the Fed materializes, I think gold and bonds are going to be very strong.”
Calls it 'the revenge of the old economy' (@8:00) and the 'halo' trade - hard assets, local operations (@8:20); mining capex down 35% from peak (@10:57); 'all of this is the de-globalization theme in process, which just leads to higher commodity prices' (@8:50). Conditional growth warning: 'you don't have the products, you don't have the oil, it will hit growth' (@10:00).
“You know, I was arguing before this ever happened, we were going to enter a new area where all commodity prices, whether it's oil, metals, agriculture, and the rest of them are going to be structurally higher.”
On the June 24 drop to $4,000 he alerted readers 'that really felt like capitulation. Don't know if that was the bottom, but it sure felt like one' @1:37; seasonality 'usually mid-July to mid-August at the gold price bottoms' @1:08, and he expects 'a stronger fall' @2:16.
“You know, we put a little breathing room between $4,000 and us. That seems to be a pretty good floor for the price right now. So I'm optimistic.”
He models this bull from a base 'probably about $1,050 and the base set in 2015' @4:17; 'Earlier this year, I would have said six to eight months' to get there @4:41. At $6,000 to $8,000 'I'm going to be pretty cautious going forward' @11:02; a 1970s-style 24x projection to the mid-20-thousands would imply a monetary reset he is 'not predicting' @12:07.
“if you project other markets to 70s, the 2000s, then we should get to $6,000 to $8,000 at the end of whatever this cycle is.”
He is describing generalist investors returning from 'the summer doldrums' @14:54 after Labor Day and finding they 'missed those gains through sheer inattention' @15:14; miners are down about 40% from highs and 'Asia is buying. China is buying. Central banks are buying' @14:21.
“they're going to look back and they're likely going to see the gold price up 5 or 10 percent. These mining stocks up 20 or 30 percent”
He adds 'one day two weeks ago, we actually had zero bullish' @1:48. Host paraphrase (not on tape verbatim): Day 'told me gold could break its last low and fall towards $3,600 before this is done' @2:03, so he is not promising a straight line.
“The negative sentiment on gold equities among the broader investment public right now is, and I say this literally, the worst sentiment I have ever seen in my 50 years managing money in any sector at any time.”
He frames the shift as structural: 'Gold now has surpassed US Treasuries' in central bank holdings @2:23, though 'it hasn't surpassed, you know, US dollars if you look at all types of dollar investments' @2:26.
“gold represents, what, 23 to 25 percent based on the World Gold Council of central banks holdings. So, you know, that's different. We're finding central banks continuing to buy.”
Her clip: 'a rise in gold price is an indication of the failing currency. And if you get that, once you get that, well, frankly, you start to make different choices' @2:48.
“You need to think about gold and silver as money and not a trade.”
On the roughly 50% crash from $121 he says 'the whole system was really on the verge of breaking' @4:01. At $4,000 gold his 8-to-1 mining ratio implies about $500 silver. Host paraphrase (secondhand): asked if triple-digit silver happens again, 'his answer was simple, absolutely. He just won't say when' @4:31.
“You know, we mine eight to one. So for everyone else in gold, eight ounces of silver is being mined worldwide by the mining industry. So divide the current gold price by eight, and that should be the silver price.”
Answering conference-goers asking 'what do you think of Nvidia?' @4:47. Host relays his reasoning: 30 years of underinvestment 'meeting a world that wants more of everything, you can't fix that in a hurry' @4:55. Earlier he says symposium attendees are 'greedy', conditioned to see 'soft markets are sales' @1:15.
“The truth is, I don't think of it at all. I can't spell it. I understand copper.”
Recorded Tuesday Jul 14 after a cooler 3.5% CPI print, with gold rebounding to ~$4,062 after touching ~$3,990. He cites a double/tweezer bottom vs the Jun 23-24 low: 'we have really a real strong support right around $4,000 is based on the double bottom' @15:10, but stresses 'There's no confirmation that a bottom is in place' @20:31.
“I think that we have, at least on a tentative basis, formed a bottom or a definitive level of support at around $4,000.”
Closing summary of the technical walk-through: 'I think that this set of bonds [bottoms] would be where we have really strong support and we could see it move higher' @31:48; downside checkpoints 'Four thousand thirty nine sixty and then about thirty nine thirty five' @30:13.
“In other words, if you continue to fall , I don't see gold going below thirty nine twenty.”
Asked for his conclusion: 'it's certainly not time to continue to be bearish and... continue selling' @28:38; resistance map: break $4,076-$4,080, then $4,180-$4,190 ('the major area' @29:01), then ~$4,400; but 'Would I be an excited bullish player? No, there's a potential for the bearish momentum to continue' @31:21.
“So short term, I would look for gold to continue to track higher if, in fact, we're correct.”
Silver ~$60 after $121 ATH; AUDIO CAVEAT: 'not quite honestly' garbled, bottom-is-in leg NOT-EVALUATED pending ears; 6-12mo consolidation reading safe; talks his book (silver miner CEO)
“I think we've seen the lows, not quite honestly. But we need to bounce around. You know, we had the market, the investors, institutional investors need to get used to this kind of new pricing regime that we're in. And it may take six months. It may take 12 months.”
His cleanest structural call: ~2024-2034 precious bull, the 50% drawdown a mid-cycle correction; book disclosed
“But, you know, I think we're two years into a 10 year bull market. I look at this bull market similar to what I said earlier about the 2002 to 2012 rally. And we're in one of those corrections.”
Endorses a return to the ~$120 high as certain; the triple-test pattern is chart musing, not a filed target
“Oh yeah, and it will. It's just like, you know, we saw $50 three times on a third time broke through. You know, maybe we'll hit 120 again three times before it breaks through to go to some other level.”
MEANING GUARD: his long-standing normative fair-value doctrine (ratio SHOULD be 8), conditional on miners controlling pricing; not a forecast the ratio gets there
“we mine eight to one. So, for every one ounce of gold, eight ounces of silver is being mined worldwide by the mining industry. So, divide the current gold price by eight, and that should be the silver price.”
The title claim: habitual shorts flipping long while suppressing price; ALLEGATION FLAG on 'manipulation' (his claim, unproven; 2015 CFTC letter went nowhere per host)
“we do see some manipulation going on. You know, they're trying to knock it down as much as they can to, you know, load back up again for the next big rally, which is a little bit different, because normally they'd be on the short side. I think now they're getting on the long side.”
Personal-portfolio disclosure, buy-the-dip advice-flavored; book disclosed twice over (CEO + retail mint owner)
“So I like things on sale. And right now I'm in the market buying because, you know, stocks down 50%. And a lot of these companies are really solid, really good companies.”
AI/nuclear/robotics demand thesis; 'we need higher prices' is a producer's normative claim doubling as his direction view
“because this commodity is in demand, and with AI coming in, nuclear energy coming in, robotics, and, you know, all the fancy electronics that, you know, we want to produce, you know, this metal is needed. And with these deficits, you know, we need higher prices to try to close the gap on these deficits.”
Unhedged structural bull case: debasement + central bank gold accumulation
“Oh, I'm extremely bullish on all of the precious. And the core of it really is the debasement, meaning that fiat currencies have only been around since 1971.”
MEANING GUARD: '7x' is his HISTORICAL supercycle average, not a stated forward target; $10,000 gold / $300 silver are 'could see' levels, deliberately hedged; the video title's 'to 7X' is the channel's packaging
“I don't like to get into the numbers game, but, you know, I could see 10,000 gold and $300 silver. I don't think that's an unrealistic. By the way, and people that had put out these numbers, like, 'Oh my God, he's crazy.' Every super cycle we've been through in the one in the 70s and one in the 2000s, the price of these commodities go up by 7x on average.”
Falsifiable structural claim: a recession only delays the supercycle ~2 years (cites 08-09 losing 24 months)
“'Cause I can tell you demand collapsing or something like that won't derail these stories. It really has to come from the supply side. If demand collapsed, you just push it out a couple of years.”
House view: debasement is the debt exit, crisis elevates gold; BOOK FLAG: channel is sister to a physical precious metals business (self-ID on tape)
“but we also think that the dollar can lose its value and will continue to lose its value because that's the way you get out of the debt problem. Until there's a crisis, that's not going to change. And when the crisis comes, that's gonna be great for gold, certainly in the short to medium to even very, very long run because it'll, its brand will elevate.”
Rejects the bear label; held all physical bullion through the correction
“My base case is still that the next big move is likely to be upwards. But that involves the correction and consolidation first. Which means I'm not in any hurry to buy.”
“I think gold is gonna continue to struggle. But my view is that there's a very good chance the AI bubble is gonna burst in the second half of the year.”
Gold since this was said: ▲ +3.7% · 4,155 → 4,310 · as of 2026-08-05
…of basically hiring. And when it comes to CapEx, that's really propelling the economy forward. So I would say that, you know, the gold rally yesterday was a bit premature because I don't think that, you know, it was a 2% rally, it was a big rally. You know, markets thinking, wow, maybe this is it. Maybe the labor market is gonna roll over and real yields are gonna collapse and the gold is gonna go up from here. I think it's much too early to actually make that case. In fact, I worry that real yields are gonna keep going higher until the AI bubble burst. And that's when gold is gonna get a real, real, basically help. In my view, gold's biggest problem is AI. Until the AI bubble has burst, I think gold is gonna continue to struggle. But my view is that there's a very good chance the AI bubble is gonna burst in the second half of the year. We have a scorecard for you of the calls you've made on my show. You've been on here twice now. Seven months ago, you said that the AI bubble is going to start bursting. You were short the NASDAQ. Actually, barring the big rally we had in April, you were pretty much right. It's starting to happen now. Now, the question is what happens to the other markets. You also called that Bitcoin is finished. That's what you said. That's clearly been correct so far. You said Kevin Warsh won't cut the police tunnel Trump. So far, I think markets would agree with you. So that's before Warsh was even…From: this video · 6 claims mined from it
Gold since this was said: ▲ +3.7% · 4,155 → 4,310 · as of 2026-08-05
…Yeah, I will change the world But we're not quite sure how yet and throwing money at some of these new ideas isn't necessarily a good thing to do in my opinion Have you rotated into AI stocks and tech stocks at all in the last two years? I really haven't know and I've missed I missed all the time the technology stuff I mean, I'm kind of a one-trick pony. I think that the you know The the basement trade is the trade of our decade that we live, you know We hit peak deflation in 2020 and we haven't until I see something that suggests that they are going to solve You know the overspending problem and that they're going to solve unsound money and that they're going to you know behave in a responsible fashion I'm gonna ride the debasement and the inflation trade because I think it's I think it's got years to run maybe decades to run Now don't get me wrong though. I'm not a perma, you know In that direction. I mean at some point in time things will change they may cut the deficit They may reset the currency that you know, there are a lot of things that could happen That would change this and it wouldn't be the best place to be but for now You know, I I've been saying in other pockets I've been doing I really do feel like we're in the third or fourth inning of a nine inning baseball game You know and until I see change on the spending side and the and the budget side I I don't think there's any reason to to not be where we are, which is, you know betting on debasement, you know…From: this video · 4 claims mined from it
Gold since this was said: ▲ +3.7% · 4,155 → 4,310 · as of 2026-08-05
…direction The original plan. Yeah, maybe I mean I yeah who knows it's who knows I mean I the clues I've seen from you listen if you read I mean but said said something recently beset settle something along these lines He said he said, you know, we could have a stronger dollar with lower interest rates. I thought to myself Why would he say that unless he was actually thinking that there is a plan to have lower interest rates? I mean just making that comment to me is like guys like a bad poker player It's like it's that's a big tell from what I can see. So, you know, I don't know. We'll see we'll just have to see You know, what are you buying right now ? Anything? Oh, yeah, I know exactly what I'm buying So I'm buying I'm buying micro strategy . I just bought some this morning It's gotten beaten up terribly and everyone thinks sailors gonna get liquidators. It's ridiculous anyone who does that just do your basic homework You see that's not true. I've been and I've been buying silver miners. I mean the silver miners You know, so as you a lot of men people are precious metals investors Silver was stuck below for 30 years. We 're talking about strategy. I'm gonna leave this on the screen. Oh, yeah, right this this strategies Michael sailor strategy lodges a big point monetization program that allows the company to sell BTC to fund Operations ran neuter had a good tweet about this to summarizing the the main points here…From: this video · 4 claims mined from it
Gold since this was said: ▲ +3.7% · 4,155 → 4,310 · as of 2026-08-05
…in the few major corrections that we've seen in the market before. So it does make sense that this would be an area that people would be moving to. I'm wondering about timeline when it comes to this correction that could be coming. Are we talking about this ETF could continue to go down all the way until October? Or is now a time to be interested in entering into something like this? Does it have a chance to turn around sooner than that October, November bottom that we could be looking at? I think when it comes to precious metals, now is the time to get in. What you're doing here, this is called a counter-trend trade. You're buying something that's already beaten down. It's been in a downtrend for quite a long time. Almost all of the selling that's going to happen in this sector has already happened. Now there might be a little bit more selling, but that's okay. Precious metals is right now a screaming buy, especially for those that are willing to hold onto it for the next several years. If you're gonna hold onto it just for the next several months until the stock market correction is over, I think it's still a great time to buy it. Okay, that timeline is really helpful, Chris, of knowing how long investors should be holding a stock like this. I want to look back historically a little bit. Right now it seems like gold and silver is on a pullback, although we did see the price of gold kind of getting a little bit of recovery in the last few weeks or so. But let's talk about historically how have these stocks performed, especially during these times of correction that we're predicting. We track 45 sectors. So we break the stock market into 45 groups. The precious metal sector about a third…From: this video · 2 claims mined from it
Gold since this was said: ▲ +3.7% · 4,155 → 4,310 · as of 2026-08-05
…metal that we have. And, you know, we 've seen a pullback in the price of gold since the war broke out. Yeah. And that's led a lot of people to think, oh, wait a minute. Maybe gold's not a safe haven anymore. It went down. It didn't go up. Gold went up in anticipation of this war. One of the reasons that gold went to 56 00 or 56 or 56. It went as high as 56. Yeah. 5600 was gold markets started looking forward to the war. But also gold had a huge run even before that. So by the time the war came around, gold was very overextended, overbought. It was due for a pullback. And the war ended up being the catalyst , more of a buy the room or sell the fact. But gold is still in a major, major bull market. So is silver. Silver's had a little bit more volatility. Gold, Peter, has performed less well since the war than Bitcoin did. So that brings me to you, Anthony. Sure, it's Bitcoin looks better than gold since February 27th. But that said, Bitcoin has had extraordinary returns. Unbelievable since it first became a thing in January of 2009. However, it's also suffered multiple massive crashes. I think several of 50 percent or more. That to me is something where you look at an asset that can suffer that kind of retrenchment and that kind of hit. How is that even good? Forget retirees…From: this video · 3 claims mined from it
“Look out gold goes to seven [thousand]… silver goes to 200 Bitcoin goes to 180”; owns his prior miss on-air: “I missed the Bitcoin call. I thought we'd go to 150. I was wrong. We went to 125”
Gold since this was said: ▲ +7.1% · 4,023 → 4,310 · as of 2026-08-05
…Look out gold goes to seven, you know silver goes to 200 Bitcoin goes to 180 I mean, that's that's kind of what I see. What are you buying right now? I'm pleased to welcome back the show Lawrence the part managing partner of equity management associates We're gonna talk about the global economy. We're gonna talk about Bitcoin gold. What's next for markets? How do we survive? Basically this correction is it going to continue do we get back in do we stay out Lawrence has been right before it I'm gonna explain exactly why Lawrence good to see you again. Really nice to see you Dave. I always enjoyed talking to you I haven't enjoyed talking to you as well. My audience has enjoyed talking to you on my screen now is Is an interview that you and I did back…From: this video · 4 claims mined from it
On Fox vs Schiff: “over like a three to ten year period, gold and Bitcoin have both been outperforming stocks” (chyron: GOLD OUTPERFORMS S&P 500 OVER 1Y)
Gold since this was said: ▼ -0.5% · 4,331 → 4,310 · as of 2026-08-05
…discount. So now he's sacrificing his own shareholders by destroying value to sell his stock into the market at a discount to buy Bitcoin and creating a negative Bitcoin yield. So this whole fly real is running backwards. Strategy is down about sixty seven percent over the past year. Right now it's up six percent. Let me finish with this. What about stocks? When you look at the performance of gold versus the S&P Bitcoin versus the S&P, depending on the time horizon and the comparison, I mean, stocks over the long term since 1929 have returned much better than just about anything else. You still like stocks? I think that that is true over very long periods of time. But actually, interestingly, if you go and you look over like a three to ten year period, gold and Bitcoin have both been outperforming stocks, which is exactly opposite of what most people would think. They think the productive assets can outperform. And so that's where I say that, you know, Peter, sometimes it takes a little while for people to kind of come around here. I do think one day Peter, but maybe the thing I'll leave you with, Liz, is that I like stocks. I like Bitcoin. But Peter is the only person on here who sells gold and accepts Bitcoin. There's no Bitcoiners accepting gold. We don't actually take any of the Bitcoin. But Liz, there's a big difference between stocks and gold. They're very different assets. Stocks are income generating businesses or they're operating companies. And I like stocks if I can buy them at…From: this video · 3 claims mined from it