Welcome to Money for the rest of us. This is a personal finance show on money, how it works,

how to invest it, and how to live without worrying about it. I'm your host, David Stein,

and in this episode, we share a conversation about investing in gold from a portfolio manager

with one of the biggest asset managers in the gold space. This is part of our monthly

podcast series of episodes released by my former institutional investment advisory firm, FEG Investment

Advisors. Their podcast is the FEG Insight Bridge hosted by Greg Dowling, Fegs chief investment

officer and head of research.

Greg and I worked together for years as part of FHG's investment committee. In this episode, Greg

interviews Max Belmont, portfolio manager and senior research analyst at First Eagle Investments.

Belmont has been with First Eagle for over a decade, primarily focusing on gold.

The topic is timely as gold recently surpassed $3,000 an ounce, reaching an all-time high.

As an institutional advisor, gold just wasn't something we recommended or invested in. I changed my

mind and began buying gold coins

in early 2015. Now gold comprises over 5% of my investable assets. If you haven't invested in

gold, you might be asking yourself, is it too late? This episode will help answer that question

by providing some historical, philosophical, and practical

understanding of owning gold.

Topics include, where does gold's reputation as a safe haven come from?

And why does it trade differently than other commodities?

How does gold differ from other asset classes including Bitcoin, which is

sometimes referred to as digital gold? And how should we think about gold when including it in

our investment portfolio? Now, before we start with the interview, I wanted to share a few words

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