Part 13/17:
The Broader Impact: Gold, Goldbugs, and Speculation
An intriguing part of the discussion is the rise of gold to record levels—hitting $4,000 per ounce, up 121% since the end of 2022, and outperforming Bitcoin this year. Scott notes that much of this rally may be speculative, driven by momentum and expectations of future inflation rather than fundamental demand from central banks. The World Gold Council reports increased ETF holdings, but Scott points out that actual central bank purchases have not yet confirmed the rally.