GM99: Gold, Trust, and the Return of Real Assets ft. Philip Diehl
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 6 May 2026
⏱️ 66 minutes
🧾️ Download transcript
Summary
Today, we are joined by Philip Diehl, former Director of the United States Mint and President of U.S. Money Reserve, for a timely conversation about gold’s renewed role in a world shaped by inflation, geopolitical stress, central bank demand, and uncertainty around fiat currencies. Philip explains why gold’s recent rise is not simply a speculative move, but part of a broader shift in how governments, institutions, and individuals think about wealth preservation. From central bank buying and Chinese retail demand to Bitcoin, ETFs, physical coins, and the limits of the U.S. dollar system, this episode explores why gold is once again moving from the margins of portfolios toward the center of the macro conversation.
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Episode TimeStamps:
00:00 - Why Philip Diehl believes investors should “buy the dip” in gold
01:14 - Philip’s career from public policy to the U.S. Mint
06:08 - What U.S. Money Reserve does and why physical gold matters
08:08 - The forces behind gold’s powerful multi-year rally
13:08 - Central bank buying, dollar risk, and portfolio diversification
19:05 - Why some central banks may sell gold during stress
22:18 - Chinese demand, cultural memory, and the role of retail buyers
28:32 - Why Philip does not see Bitcoin as “digital gold”
32:44 - Physical gold versus ETFs and the question of ownership
37:10 - How retail investors behave during gold bull markets
41:16 - Portfolio allocation and the changing case for gold
45:52 - Why Philip expects gold to outperform equities over the next decade
48:15 - Why today’s gold market is not a repeat of the 1970s
52:21 - Gold miners, production limits, and rising extraction costs
55:58 - Fort Knox, revaluing U.S. gold reserves, and political reality
59:24 - Lessons from Philip’s career and how to learn more about gold
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Transcript
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| 0:00.0 | I think we're probably seeing it right now because central banks see an opportunity to buy gold at a relative margin price when it's going up. |
| 0:13.1 | So we likewise, we urge our clients to buy the dip. |
| 0:18.5 | And during this run, we've seen multiple dips, which have represented |
| 0:24.5 | great. They're basically time machines that have allowed buyers to go back in time to a month |
| 0:32.9 | or two earlier when prices were lower, buy then and then ride the next ride up. |
| 0:40.3 | Welcome to Top Traders Unplugged. In markets, success doesn't come from predicting what |
| 0:46.3 | happens next. It comes from being prepared for what you can't predict. |
| 0:51.3 | In each episode, we go deep with some of the world's most thoughtful minds in investing, |
| 0:56.0 | economics, and beyond to understand how they think, how they prepare, and how they decide, |
| 1:01.3 | and the experiences that shaped how they see the world. No noise, no shortcuts, just real |
| 1:07.4 | conversations to help you think better and invest with confidence. |
| 1:13.8 | Today I'm delighted to be joined by Philip Diehl. |
| 1:16.6 | Philip is currently president of the US Money Reserve, |
| 1:20.1 | which is one of the world's largest private distributors of US and foreign government |
| 1:24.2 | issued gold, silver, platinum, and palladium voins. He was previously the |
| 1:29.1 | 35th director of the United States Mint. He is a frequent commentator on the precious metals |
| 1:35.5 | industry and a well-known figure in that industry. So, Philip, great to have you with us today. How are you |
| 1:40.4 | doing? It's great to be with you. Thank you very much. I feel good. Here we are in April in the Pacific Northwest and we've got an early spring. |
| 1:49.0 | It's just beautiful here. |
| 1:51.0 | Good stuff and it's definitely a timely occasion to speak. |
| 1:56.0 | We've had, you know, tremendous moves in precious metals and great volatility and big price appreciation |
| 2:03.7 | in recent years. So hoping to help you, hoping that you can help us, I should say, untangle |
... |
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