Welcome to Grant's Interest Rate Observer. That is the podcast edition of Grants. I am Jim Grant, and with me today, as always, is Eric Whitehead at the dials. He's our engineer, the great Evan Lorenz, the deputy editor of grants, is here with us.

And as is Phil Grant, who runs our almost daily grants, and his last name is, yeah, that's

a coincidence, fine, and father, his son.

And I don't know.

And with us also, soon to be with us, is Trey Reich, who manages gold and gold investments for Sprott asset management in Toronto.

We are brought to you today by the people at Casper, which is one doesn't say mattress so much

as sleep brand. It is a sleep brand that is pretty fabulous, and I'll be getting into some of those details

a little later on.

But first, Trey is the author of a merely fabulous think piece on gold and the putative

challengers to gold bullion and the role of a great store of value in a monetary substitute for fiat currencies,

and that's something or other, that would be contender, are the cryptocurrencies.

And Trey, like so many other gold people, I certainly am one of them, have been reading

for what seems like many, many fiscal quarters about the obsolescence of this rock that just sits there looking

good. It's gold. Five thousand years old doesn't really show its age, but we've been listening

to these contentions that Bitcoin, Ethereum, what have you, have indeed superseded, this legacy

thing, have disrupted it.

And Trey has written, as I say, a merely fabulous challenge to the challenge.

Trey, could you, in a few well-chosen words, tell me your thesis?

Sure.

And by the way, my hesitancy was because the Dary and police officers and fire department

are heading towards the office on an apparent altercation, so I was trying to mute myself a bit.

But there are some similarities between cryptocurrencies and gold, which I think you and I

...