What Gold Tells Us About the FUTURE of Our Economy
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 2 October 2025
⏱️ 52 minutes
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Summary
To read the article mentioned in the is podcast follow this link: https://www.monetary-metals.com/insights/articles/when-gold-backwardation-becomes-permanent/
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Transcript
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| 0:00.0 | Keith, good to have you all the way from Dubai. |
| 0:05.6 | I think a lot of people are wondering, you know, about gold itself. |
| 0:09.1 | So how do you look at gold? |
| 0:10.6 | Do you look at it as like an inflation hedge, a soft haven, a store of value? |
| 0:15.1 | So when you look at gold, how do you see it? |
| 0:17.3 | You know, it's kind of all the above. |
| 0:20.2 | But, you know, I have to preface my remarks by |
| 0:22.6 | saying that I'm somewhat of a contrarian guy, and my views don't necessarily fit the standard, |
| 0:29.6 | you know, view in a lot of these things. I break down, you know, people define inflation roughly |
| 0:34.6 | as, you know, rising prices. And a lot of the cause of rising prices is |
| 0:40.3 | non-monetary. You know, if we have tariffs, for example, that's going to cause prices to go up. |
| 0:44.8 | If we, you know, have regulatory issues or we make energy more expensive with green energy |
| 0:51.2 | policies, all these things can, you know, make crisis skyrocket, |
| 0:55.0 | but they're not monetary. And therefore, the price of gold isn't necessarily going to respond. |
| 1:00.1 | And then a lot of people, usually the anti-gold people say, see, you know, I told you, |
| 1:03.7 | gold's not an inflation hedge. Yeah, gold responds to monetary debasement, but not necessarily |
| 1:08.9 | non-monetary in rising prices. |
| 1:11.6 | When people say safe haven, usually I think what they're referring to is something you can put your money that isn't going to go down and price when other things go down. |
| 1:20.6 | And certainly of late, gold has been behaving that way, but not always. |
| 1:25.6 | You know, gold price is a two-directional market. |
| 1:28.9 | It can go down, and it's easy to forget that in times of extreme bullishness. |
| 1:33.2 | Now, I don't think the sentiment is extreme bullishness in gold right now, |
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