Nothing like a crisis proves gold’s value. Thomas Thornton, the founder of Hedge Fund Telemetry, sees the yellow metal as the ultimate portfolio hedge amid multiple crises, including a shooting war in Eastern Europe, rampant inflation all over the globe, and the continuing monetization of debt by the world’s major central banks. Thornton, in conversation with Jared Dillian, editor of The Daily Dirtnap, traces gold’s recent history, beginning with its performance in the aftermath of Federal Reserve Chair Paul Volcker’s aggressive interest-rate increases in response to rampant inflation in the late 1970s and early 1980s. The Volcker disinflation took a toll on the gold price. But the Greenspan era at the Fed, defined by aggressive monetary response to all manner of domestic and global crises, has put a long-term bid underneath it. Thornton details his bullish case for gold, shares his views on the future of Bitcoin, and touches on other commodities and companies poised for outperformance amid a complex set of global problems. Recorded on February 22, 2022.