Gold’s Evolving Role in Portfolios

Published on
May 11th, 2018
63 minutes

Confronting Tech’s Titans: Meet the Professor Who’s Schooling Wall Street on Silicon Valley

Gold’s Evolving Role in Portfolios

The Interview ·
Featuring Simon Mikhailovich

Published on: May 11th, 2018 • Duration: 63 minutes

Simon Mikhailovich, Co-Founder of the Tocqueville Bullion Reserve, returns to Real Vision to discuss the events that propelled him to become a gold investor. In this in-depth interview, Mikhailovich speaks with Real Vision's Grant Williams about gold's role in a portfolio and how it can be used to hedge against risk. Filmed on April 9, 2018 in New York.


  • PG
    P G.
    25 October 2019 @ 03:12
    Simon is amazing! So clear!
  • SP
    SUNIL P.
    26 August 2019 @ 03:07
    Just brilliant. I learned so much. Thank you.
  • WK
    William K.
    10 June 2018 @ 14:17
    Simon, well done. Your Swiss bank reclassified you from “client” to “customer” - THE agency problem of our time and industry. Great interview and questions by Grant.
  • GM
    Greg M.
    22 May 2018 @ 13:07
    I really enjoyed this, especially looking at the asset gold through the eyes of insurance. Simon is very thoughtful and colorful in his approach. This interview could have went all day and still been interesting.
  • RP
    Ryan P.
    20 May 2018 @ 17:23
    It’s amazing to me how more pension plans don’t understand this exact interview.
  • SS
    S S.
    12 May 2018 @ 14:01
    Where to store your physical gold is if nots in the financial system such as a bank vault? Having it in the home doesn't sound like a safe bet.
    • SM
      Simon M. | Contributor
      12 May 2018 @ 14:42
      Dear Kulbir, There is a well developed infrastructure of public and private secure logistics companies (Loomis, Brinks, G4S, Malca Amit, and others) that provide gold and silver vaulting services. These companies operate commercial vaults that have nothing to do with the banks. Not all such companies deal directly with private investors but there are solutions, including my firm, through which private investors can get access. Although it makes sense to hold a small amount of silver and gold coins close at hand for emergencies, you are right that storing significant amounts at home isn't safe.
    • SS
      S S.
      12 May 2018 @ 15:41
      @Simon, thank you for your response and sharing your knowledge. I have a question. As you stated in the interview, Gold is a hedge against the financial system collapsing. Yet, I've noticed a lot of firms, use Lloyds of London, an insurance company to insure their clients gold, is this wise? It kind of reminds me of AIG and 2008/9 and how they had to get a bail out because they couldn't cover all the claims. Also, it is not entirely impossible and there are examples in recent history, that Governments will confiscate their citizens gold, wherever it may be.
    • RS
      Roger S.
      12 May 2018 @ 21:33
      Hard Asset Alliance offers sale of gold, silver & platinum bars and coins for shipment to you or arranged storage in several vaults both inside and outside the US. I have no personal affiliation with them other than a satisfied customer.
    • KS
      Kim S.
      13 May 2018 @ 02:03
      Governments might confiscate and perhaps even make it difficult to get any gold you store overseas. Gold is insurance against a lot of possibilities, but not everything of course. Likewise, insurance on insurance is just part of the picture.
    • SM
      Simon M. | Contributor
      13 May 2018 @ 15:30
      Dear Kulbir, Lloyds insures gold vaults against theft, fraud, etc. These risks are called idiosyncratic, i.e. situation-specific. Unlike systemic risks, which affect almost everyone, idiosyncratic risks are insurable. AIG was selling default protection on pools of subprime mortgages, which were unsound and all went bad at the same time. In regards to gold restrictions, some governments are much riskier than others. In all of Asia, Middle East, India and Switzerland, for example, gold is a major part of financial culture and the likelihood of it being banned in those places is extremely remote. The same may not be true in other places, including North America. Hence, international diversification and active risk management. Contingency plans are all about flexibility and the skills/tools required to roll with the punches.
    • SS
      S S.
      14 May 2018 @ 08:26
      @Simon. Thank you for sharing your invaluable wisdom. After this interview, I will be removing all of my Gold held at the bank vault, asap.
    • ww
      will w.
      20 May 2018 @ 03:04
      Specifically regarding forced gov't takeover of private bullion (whether or not "paid" for): Silver Bullion has an interesting policy intended to thwart such expropriations. Of course, we don't yet know how effective it will prove to be.
  • DS
    David S.
    12 May 2018 @ 22:21
    Would it reasonable to start out with physical gold by buying a putting in your safety deposit box? Where and in what form would you buy gold to store in your safety deposit box. Thx. DLS
    • SM
      Simon M. | Contributor
      13 May 2018 @ 09:35
      David, safety deposit boxes are not ideal for a range of reasons: they are only accessible when banks are open and, ultimately, the property is under indirect bank control, which might become direct during a crisis, especially should gold ownership become restricted in some way. For a small amount, one ought to be able to secure some gold coins inside one's home. And, most importantly, no one should be ever told about this except for those who need to know (a spouse).
    • DS
      David S.
      13 May 2018 @ 20:34
      Thank you Simon. I will follow your good advise. For price only I have GLD. Some gold and silver at home and in the bank sounds good. What is a safe way to buy a little gold? Looking for answers. Thanks. DLS
    • ww
      will w.
      20 May 2018 @ 02:58
      If in U.S., there are a number of reliable PM coin (& perhaps some also sell bars) dealers. In no particular order, SprottMoney (Toronto, Canada), David Hall Rare Coins (Newport Beach, Calif.) (also sells bullion coins & doesn't try to sell you rare ones unless you want them), Miles Franklin (Wayzata, Minn. & Delray Bch, Fla.), American Gold Exchange (Austin, Texas), Camino Coins (Millbrae, Calif.) Asset Strategies Int'l (Rockville, Maryland). A smaller, but highly regarded one in Tennessee is Franklin Sanders ("The Moneychanger"). In Hong Kong, Wing Fung Precious Metals (among many gold bullion dealers there - but there are few, if any, that sell silver bullion). In Singapore, Silver Bullion.
  • WB
    Wes B.
    15 May 2018 @ 16:23
    He makes the storage issue sound so complicated without ever giving a reasonable answer to it. Also, what the hell did he do with the suitcase full of gold in Zurich? Good piece. I get it. Hold gold in case financial markets become unglued. It would be nice to hear the best way to purchase and store it though. I think most investors have no clue. My Morgan Stanley broker certainly can't tell me how to do it. There have been 100 RV pieces on gold. I'd like to see one where they tell you best way to buy and store $100k-500K worth of precious metals.
    • SM
      Simon M. | Contributor
      15 May 2018 @ 21:51
      Dear Wes, I discussed specifics in one of my earlier interviews but there is no single right answer. I created TBR because I could not find a way that made sense to me. To understand why this is not as straightforward as it seems, consider the issues with storing $100k-$500k in cash. This is not just about safety, it is also about legality, liquidity and ability to use the money without running afoul of the regulations. I would be happy to answer any specific questions. You can contact me through our website
    • CM
      Christopher M.
      16 May 2018 @ 12:27
      Hi Wes, purely my own way to store PM and a very small allocation to Crypto. I have 10% allocation to PM which I hold with Goldmoney. They allow you to have a physical storage across several storage facilities worldwide. There is also cold storage function for Cryptocurrencies (BTC ETH) which I have a 5% allocation. Just in case the nerds are right. I also have a small number of silver coins in a safe at home, should the worst ever happen.
    • AL
      Alex L.
      17 May 2018 @ 00:54
      Wes, I recently starting funding a Goldmoney account, though after listening to many of Simon's recent pieces I have begun to question exactly how far removed from the financial system that would be. Though I believe they do state that you can visit their vaults for physical withdrawl.
    • ww
      will w.
      20 May 2018 @ 02:15
      Silver Bullion - in Singapore - has some interesting, cost- (and value-) competitive storage, and probably also purchase, options. (I am a (storage) customer)
  • OL
    Otto L.
    19 May 2018 @ 14:44
    I Always enjoy Simon's interviews. Thanks. It seems to me that very few market risk pros understand how insurance and reinsurance actually work. Have you considered interviewing an expert to educate the viewership? Lmk if you need some suggestions for interviewees. Also the Ecclesiastes reference makes me wonder if it's a good time to visit Neil Howe again?
  • CA
    Craig A.
    12 May 2018 @ 04:06
    Good talker but another gold salesman. Look at golds return lifetime over the last century. Its awful. Please stop try to sell us gold garbage, and find something of better value What happened to RealVision.
    • TH
      Timo H.
      12 May 2018 @ 04:43
      dow:gold ratio has historically varied between 2 and 50. Don't you think, that at certain times, it is better to own gold than stocks?
    • SZ
      SALEH Z.
      12 May 2018 @ 04:44
      Not true mate. Gold was fixed till 1972 - since then vol adjusted returns been similar or better than SPX
    • SK
      Stephen K.
      12 May 2018 @ 05:00
      Did we watch the same video? However, if he was selling, then I’m sold. Now shopping for coins, bars and unallocated pool gold held by Perth Mint.
    • SM
      Simon M. | Contributor
      12 May 2018 @ 14:32
      Dear Craig, every person is entitled to his own opinion but not his own facts. Firstly, I was sharing my story with a goal to educate, not sell gold or anything else. Secondly, gold is not an investment but a reserve currency, which, unlike fiat currencies, does not have impairment risk. There can be no return without risk, which is why gold does not compete with assets that do have impairment risk. Over the long term, gold merely preserves purchasing power but there are periods, typically during crises, when it can gain a lot of purchasing power relative to risk assets. There is a time and place for everything but if you would like to unload some of the "gold garbage" you may have, I would be delighted to take it off your hands! :-)
    • WM
      Will M.
      12 May 2018 @ 15:09
      Craig I am astounded at your ignorance. There are many schools of thought out there and everyone has a right to their opinion. I did not hear Simon pushing his services at all. I heard him make highly cogent arguments (as did Tony Deden...and Grant...and many others) as to why it might be very sensible to have gold as part of your portfolio. I do not deal with TBR but do have another firm store my metal which is a fraction of my net worth but will probably triple upon any break of the current price congestion. I strongly advise you to read some actual history to see just how wrong your statement about gold is. You can buy gold when it lowish and nobody wants it and sell it when it is highish and make 100s of %. Real Vision is doing just fine....
    • EF
      Eric F.
      13 May 2018 @ 17:50
      What can you do, the odd one will always slip in!
    • MB
      M B.
      14 May 2018 @ 06:49
      Information on gold as an asset class is very available to retail investors, RV does not need to 'democratise' it any further.
    • js
      joachim s.
      14 May 2018 @ 08:57
      No, Simon was the perfect gentleman... he went out of his way to not promote his service.
    • MB
      Matthias B.
      15 May 2018 @ 09:26
      Craig, you appear to fall for the same fallacy as a certain Mr. W Buffet by comparing Gold as an investment to stocks. Since gold has no counterparty risk, it does not compensate by paying any "yield". As great a role model and investor Mr. Buffet is, various of his comments show that he is not an astute student of "money", which may explain his comments surrounding gold. A good source to learn more about the concept of "money" is Jeffrey Snider c/o Alhambra Investment Partners.
    • CA
      Craig A.
      19 May 2018 @ 04:34
      Gold is a terrible asset for returns. It performs worse than equities & bonds over the last 100 years quite considerably at <1% returns I come here to find investments and I want a return. Gold simply just doesn't do that. The only time gold is good is when the people lose confidence in country's government, and you get hyperinflation and the sorts. That's literally the ONLY use gold has as a hedge. The reason I wrote what I wrote is because I'm frankly a little tired of realvision telling its viewers how wonderful gold is when it really isn't.
  • WB
    William B.
    18 May 2018 @ 09:24
    I love the reality of long term perspectives mixed with the short (3-6) month trade ideas. We survive by using all aspects of our brain we have access to. The fun is using my little brain to place priorities on ideas that might be trades in my world as I know it and try to grow that world daily to make even better decisions tomorrow.. Can you do the two step? One fast forward, one slow up , the shuffle of both to the beat and repeat..being able to turn opens up a whole new ball game from there.
  • JF
    Jennifer F.
    17 May 2018 @ 09:04
    I Love Simons Common sense. Its so very rare these days.
  • JF
    Jennifer F.
    17 May 2018 @ 09:04
    I Love Simons Common sense. Its so very rare these days.
  • DS
    Darryl S.
    16 May 2018 @ 11:02
    Wonderful reference to Mark Twain and what everyone (taps nose) just knows. Uncertainty and doubt drives better decisions. Almost 30 years as a firefighter reminds me that certainty and a tomorrow that relies on certainty is a luxury few can afford.
  • DY
    Dmytro Y.
    16 May 2018 @ 05:05
    Hi Simon, hello from ex USSR fellow :) Thoroughly enjoyed this interview and your unique philosophical approach and appeal to historic wisdom. Great thanks for the video.
  • AD
    A D.
    11 May 2018 @ 23:50
    Standing on the street with several thousand Bitcoin on a Trezor wallet certainly seems like a better way to travel. Just sayin...the only universally accepted independent asset?
    • TH
      Timo H.
      12 May 2018 @ 06:39
      Do you know this Trezor guy? Do they guarantee your assets in the case of a software bug?
    • MS
      Matt S.
      12 May 2018 @ 13:56
      It's certainly worthy of more discussion - Bitcoin CAN be accessed globally... although a bit of a problem, it can be done.
    • rr
      rlw r.
      12 May 2018 @ 17:20
      Bitcoin shmitcoin it's still early days. Potential? ... we'll see. Gold? ... it's proven, case closed at this point in time.
    • AD
      A D.
      12 May 2018 @ 20:40
      Trezor or equivalent is just a flash-device key, it's hardware and there is not software component to break. Don't think so- get a secret phrase and cold-storage. I am a realist, I know it's minuses, I was just surprised that someone left out on the street with a Tumi full of Gold does not see the value- put your flash-key in your pocket and go- universal acceptance, no authority dependance and NO need to wheel heavy metals.
    • EF
      Eric F.
      13 May 2018 @ 18:01
      Yeah, and see your ‘assets’ flip-flop in value like nothing else. By the way, pretty sure the wallet won’t work without an online connection. Plus, if I’m looking for insurance I think I’ll go with thousands of years of history instead of a potential fad that hasn’t been around a decade even. Good luck accessing those coins in minutes in panic when everyone else is too. I’ve seen Bitcoin network congestion at the best of times, so can only guess what it will be like at the worst!
    • AD
      A D.
      14 May 2018 @ 16:23
      @Eric F. really? you are going to access your gold bars in minutes in time of panic when everyone else is too? Without an Internet connection? If we assume times of distress, say you have to leave a country with risk of expropriation, would you rather take a small plastic safe key or a heavy Tumi bag full of "years of history"? As far as fad- well smart phones were once a fad too.
    • Nz
      Nicholas z.
      15 May 2018 @ 10:14
      the chinesr central bank doesn't seem to be loading up on bitcoin....but they are loading up with gold....i know who i will be following
  • PB
    Pieter B.
    15 May 2018 @ 05:59
    Outstanding! Massive thanks!
  • AC
    Andrew C.
    14 May 2018 @ 09:09
    Simon, If I may, some questions about different “physical golds” from around the world. The Royal Perth Mint sells coins / bars at 99.9% purity Thailand uses 96.5% purity India uses 91.67% (I believe these numbers are correct for bars and jewelry) What’s your take on the differences, and the effects these may have using gold as insurance? Also, how do you consider the “mark-up” for coins or “craftsmanship” for Asian Jewelry (purchased as insurance, because they are often just easier to get your hands on)? thanks
    • SM
      Simon M. | Contributor
      14 May 2018 @ 11:54
      Andrew, Ultimately, any form of gold works in a pinch. The differences between the options you mention all revolve around the trade offs between convenience vs liquidity and friction costs. The cheapest to transact are the 400 oz LBMA bars but, obviously, they are not practical for most people. The most practical units for smaller amounts are bullion coins but they are relatively expensive to buy. Jewelry (22k) works and can be worn but there are usually manufacturing charges and much higher friction costs then bullion coins and bars. Over time, we at TBR have concluded that for amounts over $100,000, cast (not stamped) kilo bars of 0.9999 purity from the LBMA-listed refineries offer the best balance between costs and convenience. These bars are liquid in the retail world and are the new standard unit across most of the wholesale world as well.
  • RD
    RP D.
    13 May 2018 @ 16:56
    Are Grants trousers a little bit ripped? Wonderful content. Thanks Simon and Grant.
    • JL
      John L.
      14 May 2018 @ 00:26
      LOL. Those "trousers" are called jeans and yes, they are ripped intentionally. Its a fashion statement !!!
    • SF
      Simon F.
      14 May 2018 @ 07:48
      Of all the things one could accuse Grant of, making a fashion statement wouldn’t be on my list!
  • KF
    Karen F.
    14 May 2018 @ 07:31
    Nice interview. Please ask Simon to speak louder next time (or turn his amplifier up ;-) )
  • JD
    John D.
    13 May 2018 @ 06:44
    Nice conversation that further strengthens the case for Bitcoin...
    • SR
      Steve R.
      13 May 2018 @ 08:39
      Bitcoin is NOT, and never will be, a store of value! It has none of the properties Simon stated. If the electricity networks go down, if the internet goes down, your phone doesn't work => then you have NOTHING! Think about it. You need to buy some groceries, you have a silver coin, or a string to random letters and numbers to pay for them - which one do you think the shopkeeper is going to accept? In this scenario bitcoin is worth ZERO!
    • EF
      Eric F.
      13 May 2018 @ 17:40
      Bitcoin cheerleaders look a lot like Tesla cheerleaders to me. Lots of optimism with very little actual understanding.
    • GD
      Gareth D.
      13 May 2018 @ 19:20
      I agree with this statement particular with regards to the mobility of funds. Those replying seem to be unaware that Bitcoin does not need the internet to function (you could use radio waves for example). Yes, in terms of true armageddon gold/silver are more practical but in terms of the collapse of a financial system, Bitcoin seems to serves as an excellent hedge. There is a place for both.
    • hj
      henrik j.
      13 May 2018 @ 19:37
      I don't think anyone knows if Bitcoin is a clear hedge it looks and feel like it can be one but "Safe havens" is not place to Gamble . Bitcoin is more diversification. Where gold is a true known time tested hedge.
  • MS
    Michael S.
    13 May 2018 @ 03:06
    • CH
      Cindy H.
      13 May 2018 @ 11:16
      If the electricity networks go down credit cards don't work either. Yet they are still held in high regard and have proven very useful in our society. With the no electricity/no value argument you would have not have access to your money stored in banks either due to the failure of electricity. Banks going electronic with computers and credit cards should probably have failed as well due to lack of access upon power failures.
    • EF
      Eric F.
      13 May 2018 @ 17:43
      Cindy, you argument strengthens the case for gold, not weakens it. Simon didn’t make a case for using credit cards or online banking facilities.
  • DR
    Daniel R.
    13 May 2018 @ 15:27
    I am so glad you have he is a regular contributor to RV. THANK YOU SIMON.
  • JV
    Jason V.
    13 May 2018 @ 10:11
    Expertly questioned and brilliantly answered. Thank you, Grant and Simon. It's a real privilege to listen in on such a conversation.
  • JB
    Jonathon B.
    13 May 2018 @ 08:56
    I loved the UHT milk analogy with Gold. Just FYI Simon, I am stealing it.
  • CC
    Christopher C.
    11 May 2018 @ 15:46
    Great video. I am not sure anyone alive actually remembers what happened the last time the system collapsed. It has passed from memory to shadowy myth and yet... Our profligate political and personal spending, clueless monetary authorities and the banking guilds are all playing perfectly their prescribed parts necessary to conjure the beast. It will roam again and devour the unwary, the unlucky, the disrespectful, and perhaps even some few of the prepared and wise. It is at its roots a morality tale, though few will admit it. I expect those who can and do will be most counted amongst the least harmed in the aftermath.
    • IO
      Igor O.
      11 May 2018 @ 17:47
      I lived through USSR collapse. There was no warning. Average person had no concept what's happening, no clue how bad it's going to get and how long it will last. Older people got hit hardest. All lost savings. Many died.. Some got rich
    • WM
      Will M.
      11 May 2018 @ 18:22
      Igor people should read your comment twice. Especially if they are retried or nearing. I cannot imagine what I would do if I lost most of my life's savings and pension value with little forewarning. One thing for sure, I would be very very angry. Luckily thats why have RVT and Armstrong Economics to read......
    • CC
      Christopher C.
      12 May 2018 @ 12:02
      Igor O. No Warning? The average person had no concept? Respectfully sir... "Они притворяются, что платят нам, мы притворяемся, что работаем." Some truths are universal. One being this. “There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest of them have to pee on the electric fence for themselves.” -- Will Rogers
    • IO
      Igor O.
      12 May 2018 @ 15:15
      Well, I was a kid back then in a small town in middle of nowhere, and no matter who I asked had not a single scooby doo what's going to happen tomorrow. That's only thing I am saying. I agree people in general are stupid otherwise would learn by now not to pee on same electric fence.
    • KS
      Kathleen S.
      12 May 2018 @ 23:26
      I am sorry Igor but there are always signs that things are wrong, if the average person did not see this - well that was their fault because they chose to "trust" instead of questioning and doing some critical thinking. The same is happening here in the US, most Americans are distracted or to over worked to bother to pay to the signs. Donald Trump being elected was a big sign that things are not right, but people again do not understand why this reality star outsider was elected president. Many on the left want to belief it was because as Hillary says, "those that vote for Trump are deplorables - racist, anti-immigrant, anti-gay, anti- women pigs" WRONG or Trump won because of Russian influence - WRONG. Trump won because neither the democrates or the republicans represent the people anymore - he was an anti establishment vote!!! I predicted he win, but was shocked when he actually won because I thought the real owners of the US (the Deep state) would have never allowed this, maybe they did not expect -- who knows? But, there are always signs when the empire is going to collapse, you just have to "wake up" and stop believing the lies and it soon becomes very obvious, as it is now.
    • IO
      Igor O.
      13 May 2018 @ 06:21
      For every person who understand there are thousands who don't.
  • CS
    C S.
    12 May 2018 @ 08:26
    Golds value is in carrying value through troubling times but that value is realised on the other side; else purchasing large assets in the malee. Its not for buying milk and cookies in the midst of emergency. Warren Pollock was in the NY storm surge. He offered silver coins to folks for gas/other stuff and none of them knew what to do with it/wanted it. They wanted small denominations of cash. Even in hyperinflations the penchant is still to use the rapidly inflating currency. Of course, necessities/real goods are the best items to have on hand, for trade.
    • KS
      Kim S.
      13 May 2018 @ 02:05
      I think that would depend on the type and length of emergency. People in Argentina and Venezuela have used precious metals to trade.
  • RE
    Richard E. | Contributor
    11 May 2018 @ 13:02
    This was a fascinating discussion. On the surface such common sense, but digging deeper one realizes the extent to which his views have been thoroughly researched. One gets the sense that Simon is playing chess while others are playing checkers. Thank you.
    • WE
      William E.
      12 May 2018 @ 19:31
      I've been listening to Simon for about 3 years and he is top shelf!
  • EL
    Edward L.
    12 May 2018 @ 17:01
    Simon, as ever, is the brilliant and entertaining discussant to inform and provoke. He is the pedagogue that harkens to philosophic educators at critical times in world history. This discussion is much more than a discussion about gold as it is about values in life, human awareness, and the difference between belief and reality.
    • rr
      rlw r.
      12 May 2018 @ 18:58
      Exactly Edward, the conversation was so nuanced to numerous other valuable philosophy(s)/thought(s). As well folks, print out the transcript for a proper insurance underpinning. Grant extends his home run streak, it's awesome:). Simon thanks for sharing, it's very good stuff.
  • HH
    Henri H.
    12 May 2018 @ 16:32
    Fantastic interview! Grant does a fantastic job as usual and Simon is definitely one of my favourite guests on RV!
  • JH
    Jesse H.
    12 May 2018 @ 13:49
    One of the best, hands down.
  • KC
    Kevin C.
    12 May 2018 @ 13:26
    Tech prob - ‘Download Audio’ loops first minute or so. Also on my iPhone SE the file doesn’t download so I can’t play it offline. It streams instead. FYI
  • GB
    Gold B.
    12 May 2018 @ 02:40
    In the end TBR is holding gold in a vault in Zurich and charging 50 basis points annually. Why not go to the Vanguard of bullion storage? BullionVault charges 6 basis points to buy and sell, and 12 to store per year. So storing your gold with TBR would cost 2.5% for five years, yet using BullionVault would be 0.73%.
    • GO
      Gary O.
      12 May 2018 @ 04:51
      You get what you pay for.
    • SM
      Simon M. | Contributor
      12 May 2018 @ 11:34
      Valentin, I did not promote TBR in the interview but since you raise the issue, here are a few facts. BullionVault is a broker dealer operating an online trading platform with 70,000 customers whereas TBR is an offline fiduciary that provides personal service to a small number of shareholders/limited partners. BV makes money from the trading and if one wants to withdraw gold, the fees range from 2.5% (+ insurance & shipping) to as high as 7.5%. TBR only charges a flat management fee and everything else is at wholesale cost. There are many other differences related to the legal structure, property rights, etc. Apples and oranges, really.
  • BL
    Bart L.
    12 May 2018 @ 11:05
    Fascinating discussion by Simon and Grant, gave me an alternate view of gold and rethink the use of GLD in the future especially as I think there will be a liquidity crunch in the near future (6-12 months. Thanks RV, great job as always, love your work Grant
  • ZY
    ZHENG Y.
    12 May 2018 @ 10:32
    Great interview, RealVision you are doing better and better. Good point on silver too.
  • NI
    Nate I.
    12 May 2018 @ 02:56
    Another extraordinary conversation. Tapping into the wisdom of Simon Mikhailovich and Tony Deden has been incredibly valuable. I hope both return to the RV cameras soon. Thanks Grant! Keep them coming.
    • JV
      Jason V.
      12 May 2018 @ 08:16
      Completely agree with Nate. Simon and Tony really stand out as two of the very finest minds in finance. It's a real pleasure and honour to hear their thoughts. And as always, impeccably interviewed by Grant. Thank you, gentlemen.
  • GO
    Gary O.
    12 May 2018 @ 04:50
    This is what you get when you talk to the pros. Thank you Grant and Simon!
  • WS
    William S.
    12 May 2018 @ 03:28
    Best reasoning I have ever come across on how to think about gold as an asset and as part of a overall portfolio.
  • DF
    Dominic F.
    12 May 2018 @ 01:19
    "People have been excused from thinking and from learning because markets go up" Boom!
  • FB
    Floyd B.
    11 May 2018 @ 22:55
    Few if any experts value/weight history properly. Extremely refreshing. Asking what can go wrong especially from someone who actually experienced hardship is very instructive. Good one Grant!
  • MN
    Maverick N.
    11 May 2018 @ 22:55
    What a superb interview.......the pearls of wisdom that Simon keeps dropping.......Just this one is worth the entire year's fee. Grant, kudos for another great one!
  • SS
    Sam S.
    11 May 2018 @ 22:18
    Second video with Simon for me and he's taken the conversation to a deeper level. Well done! Thx Guys.
  • FH
    Franz-Xaver H.
    11 May 2018 @ 21:12
    Great discussion. With a focus on the insurance aspect it's a reasonable way to look at gold. Long ago I was responsible for the fire insurance of a small chemical factory. There I learned what to insure. If you cannot bear a possible outcome, you have to insure. If the maximum damage is only a financial loss you can absorb, you can save money by skipping the insurance.
  • SH
    Stu H.
    11 May 2018 @ 20:53
  • WG
    Wade G.
    11 May 2018 @ 19:23
    Great video, thanks guys.
  • SS
    Sam S.
    11 May 2018 @ 19:14
    Grant is back! All Right All Right.
  • SH
    Steve H.
    11 May 2018 @ 18:12
  • DW
    Daniel W.
    11 May 2018 @ 16:49
    I always love listening to those two gents. However, I hope one day they take it a step further and Grant asks him about "the rest" of Simon's portfolio. How does he create income exceot TBR? How does he generate growth within his portfolio?
  • SF
    Simon F.
    11 May 2018 @ 15:20
    Great interview with two genuinely nice but whip smart guys. It was really valuable to be walked through the myriad practical realities of why and how gold is insurance, and how understanding this puts into stark relief the fragility and interconnected architecture of the rest of the financial ecosystem - if a big bit of it collapses, chances are the rest can’t be decoupled........time to reach for your unconnected plan B!
  • TJ
    Terry J.
    11 May 2018 @ 14:32
    Another classic video that was totally absorbing. I could have listened to Simon and Grant discussing the importance of having portfolio and event insurance, that is genuinely "outside" the financial system for hours. Sadly all too few of us in the West grasp this while it is second nature to Asians.
  • SS
    S S.
    11 May 2018 @ 14:16
    Love watching anything Grant is in. His content recently has been exceptional.
  • JM
    Jim M.
    11 May 2018 @ 13:21
    One of RealVision's rock stars. Always a treat.
  • JR
    J R.
    11 May 2018 @ 13:01
    Love hearing Simon's perspectives.
  • JS
    John S.
    11 May 2018 @ 11:52
    Always a pleasure to listen to Simon
  • PU
    Peter U.
    11 May 2018 @ 09:17
    Oh, this is going to be good!