I am now reading a book about central bankers and WW1 impact and Weimar Republic hyperinflation chapter and what's interesting is that I never thought of inflation and deflation as something that can happen at the same time. But Dan mentions it in his interview as part of what happened back during the days of Weimar R. and now that I think of it, since QE and ZIRP started in 2008, we observed inflation in assets and lack of inflation if not deflation in the everyday cost of living (CPI). The Fed still cannot hit its inflationary target. My hunch is that after debt pile starts imploding, causing a sale in assets, and printing aka QE will resume, we will see exactly a reversal of last 12 years - massive monetary inflation combined with assets value deflation. It seems quite logical to me...

Meh. These Gold amount are just a total fantasy. Three properties of Bitcoin [vs gold] considerably make that state harder to reach: Portability, Verifiability and Censorship Resistance. Let's have a look at each... 1) Portability: A fatal flaw of the gold standard was that the settlement in physical gold is cumbersome, expensive, and insecure, which meant it had to rely on centralizing physical gold reserves in a few locations—banks and central banks. Ultimately, this made gold vulnerable to being captured by governments (via confiscation or mere accumulation), leading to the temptations that inevitably resulted in the creation of money unbacked by physical gold. Gold was always very hard to move and store, difficult to secure against loss or theft and allowing it to facilitate long-distance trade. When bullion is transferred between a buyer and a seller it is typically only the title to the gold that is transferred, not the physical bullion itself. Transmitting physical gold across large distances is costly, risky and time-consuming. Bitcoin is not limited in portability. Anyone can store millions of dollars of value themselves, something impractical with gold, and transmit them in a permissionless way, with almost instantaneous settlement, as well as carry them through airports or any similar scenarios without risk of confiscation. For the first time in the history of money, it is easy to bypass key entities throughout nearly the entire money life-cycle. This by itself highly reduces the tendency towards centralization, which is needed to boost out-of-control fractional reserves. In summary, Bitcoin is highly portable, while gold was not. 2) Verifiability: Gold was difficult to verify, both in qualities and even in mere existence. Even today it is estimated that the reserves in central banks are partially inaccurately estimated, and even fake bars have been found in vaults. Once again this made gold more prone to centralization and capture as the average citizen not only had more difficult verifying his own ownership but also auditing that the their "gold account" at a bank actually had that value in it and wasn't just a promise. Bitcoins, on the other hand can be verified with mathematical certainty, by anyone, at any time and without the need to be worried about possibly accepting a debased unit (unlike one getting gold of lower purity than expected). If one sends funds to an exchange or withdraws them, that settlement can be verified onchain with absolute certainty. An Exchange can still obfuscate the real funds from a user, but it is now considerably easier to force them to demonstrate proof of reserves, as wallet transactions and balances can be verified in the public blockchain. Some exchanges perform proof-of-reserves voluntarily, while others do not. The latter can be forced to do it (via regulation or merely user pressure). One example of an exchange voluntarily doing this was Kraken, that proved 100% of its bitcoins are held in reserve. (source) And such cryptographically verifiable proof of reserves audits are absolute - unlike in the traditional financial system. Now what about the ones that do not to it? Well, there are still two ways to force an exchange to supply proof of reserves - one is via regulation enforcement and the other is through peer pressure (bad rep to the industry helps no one) and customer pressure. The latter might seem inconsequential but it is not. Some investors like Trace Mayer have promoted the idea that users should remove their keys (i.e. coins) from the Exchanges periodically (Proof of Keys event). In the past this has been enough to unmask exchanges that were not holding the funds they claimed, eventually collapsing - this was for example at the heart of the demise of the QuadrigaCX Exchange, which was unable to settle enough withdrawals once users started requesting them. Playing shenanigans with the reserves is much harder with Bitcoin, which brings cryptographic digital certainty to accounting and can help expose banks engaging in fractional reserve banking when we reach that stage. So in summary, Bitcoin is easily verifiable/auditable, gold was not. 3) Censorship resistance: Gold's physical nature made it far more susceptible to state capture than Bitcoin, as history has shown. One way to do this would be to censor and block transactions considered undesirable, or even having the gold captured in the process (physically or via blocked IOUs). The owners had little or no options except finding alternatives and surrendering or getting rid of their gold. In BTC the individual has sovereignty if he so wishes, having a degree of economic freedom which was not possible with gold. It is nearly impossible to censor and intercept a transaction sent between two independent nodes (that any user can run), which by itself further lessens odds of capture by governments and centralization (although naturally some individuals will still delegate the management and storage of their wealth to third parties - but this time such is a choice, not an inevitability). So in summary, these three areas where BTC is very different from gold (Portability, Verifiability and Censorship Resistance) are by nature contrary to the need to rely on trust, reducing centralization and therefore making fractional reserve extremely hard to achieve. It's superior in every way, yet people still dream Gold will hit those levels in this age? Perhaps, if the USD keeps losing value, but if Gold ends up at $10K, you'll have BTC at $1M. It's almost a mathematical certainty.

How do investors buy gold bullion? Or the closest thing without setting up private vault?

Does anyone have suggestions on good Jr. Gold Mining stocks worth looking into further? Seems like it's worth buying a few dollars (for someone with no experience in the market) worth to play the board.

I see that he has a gold fund. Anyone has any experience with it? How much does he charge?

Gold is up 55% since its bottom in 2015. Bitcoin (BTC) is up 4800% since its 2015 bottom. Not to mention the decade as a whole. Does anyone well informed here still think the current decade will be any different? If so, I have a Gold bridge to sell you. And it comes in IOU form for extra profit.

There are 7 counterparties between a GLD claim and the actual metal. Each of them has heavily limited liability about tail risks. Tail risks are the main reason why gold is bought. Think about that...

One of the most compelling cases for gold I have ever heard. Bravo sir.

RealVision, your members agree....this interview totally rocks. Thanks to all RealVision staff who supported this interview. I cannot find content such as this, anywhere! On behalf of your viewers, you deserve a standing ovation. Thanks so much!

Oliver is great. His supply chain and access to debt capital explanations are concise and clear. Excellent interview.

There is absolutely no way Gold will hit $10K in the age of BTC. People are getting educated. A new generation is coming. It's inevitable.

Excellent information that provides much of insights on how to gauge gold as ultimate value at the end. Please interview him again and again every few months. Await his book. Invaluable.

A spectacular discussion. He should write a book on this topic!

It's strange how some people seem to forget why the Gold Standard failed. All the limitations of Gold are still present. And this time governments are even more adept and exploiting those same exact weak spots (lack of portability, easy to censor, permissioned, very difficult to secure, etc). The Gold Standard isn't coming back. It failed. It would fail again. Markets always beat governments and better technologies beat old obsolete technologies. Bitcoin is Gold now.

This is one of the best interviews I have seen since subscribing about a year ago. Dan's historical knowledge of money, the credit cycle and the role that gold plays in the monetary universe is outstanding. Very balanced, not just a gold bug rant, but rather the historical context and underlying mechanics of why gold plays such an important role in the monetary universe. Very few really understand what Dan is so clearly describing. I learned a lot, and I am a gold guy. Anyone who wants to understand what is going on and why gold is important now, be sure not to miss the last 20 minutes. The first half is the set up. The second half is the road map.

How do you print and / or email the reports from the iPad? The app is very frustrating and much worse than the previous app.

Re btc...consider GBTC for your IRA. I know I'm talking my book but this is worth investigating.

Excellent from Dan Oliver as usual, but it would have been easier to follow if he had slowed down a bit / spoken more slowly. Will be watching this again. Thank you. :-)

Dan Oliver must have been the inspiration for The Most Interesting Man in the World! Please keep him coming back on Real Vision as I could listen to him all day.

Best interview since a month!

Dude is a train running over you, but it actually worked. He basically covered the functions and history of our economy in 25 minutes AND contextualized it properly - that should be kind of impossible. It was one of the rare examples of a top down presentation actually being valuable. By covering so much ground in such a narrow timeframe, he is able to draw a more a complete picture. Something bottom up presentations can never achieve, because you are only looking at 1 or 2 pieces of the puzzle. I liked it a lot - welcome change of pace, quite literally :-)

Dan Oliver is a stud.

Great historical content. Felt that the RV team didn't aid Dan Oliver enough as he mumbled some of his concepts and found his communication manner not so easy to understand, but his message is good. Comments below give me confidence that investments in gold will go further than one believes. I also own BTC but this is not comparable to gold; BTC is purely speculative and will likely also go up very high until it doesn't and that point of reversal will be fierce, with a fast & furious unwind. That is not stability. You'll have wanted to take your profits on BTC and ensure you have plenty of gold silver stashed in a safe country as that will bring much more comfort.

Really wanted a 3/4 speed button... wow. Outstanding thoughts shared. Thank you. I feel like the rather intense gold/miner price action Friday reinforced his admonishments about hubris and respecting volatility and timing challenges. Again, great content, thanks.

Very good. Very good questions

loved this vid pls get Dan on again would love to see narrow and deep views

Impressive video.

Enjoyed the interview and the insurance policy in junior gold miners is a reasonable conclusion. Inflation from the expansion of the money supply, however, does follow the money. QE directly caused the inflation in financial assets. As the bubble bursts, trillions of inflated financial assets will be wiped out. Hopefully this will happen over time, but I fear passive selling will overshoot the correction - press the sell button on SPX one time and eliminate your position at market. The new COVIN-19 virus is part of a whole new game. The Fed is fighting the last war. The administration wants zero interest to save money on the ever-expanding debt. So many new variables. Bubbles are not new, but each one plays out differently. It is like a game of chess. Same rules, same game pieces but a thousand different outcomes. "The game is a foot." Be careful! DLS

I wish we could get some more insight into harbingers of the credit bubble bursting, what to look out for, when the musical chairs for treasuries will stop. This was one of my favorite interviews this year. Things are going to be very dynamic over next 6mo I would imagine.

Very informative production. Dan Oliver is saying what everyone is thinking.

"Hic situs est Phaethon, currus auriga paterni, quem si non tenuit, magnis tamen excidit ausis". Really enjoyed this interview, cheers.