Why Gold’s Quiet All‑Time High Matters (and How BAR Lowers the Cost of Owning It)

Lead-Lag Live

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12h ago 49:22

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A record high without the roar—gold has climbed to new territory while the crowd looks elsewhere. We sit down with GraniteShares founder and CEO Will Rind to unpack why this is the most interesting precious metals cycle in years: a quiet surge powered by falling real yields, relentless debt growth, and a decade‑long shift by central banks toward gold as the de facto alternative to the dollar. Will brings rare perspective from building gold ETFs in the UK, stewarding GLD, and launching BAR, a physically backed gold ETF designed to cut costs and increase transparency.
We dig into the mechanics that matter to serious allocators: why BAR’s 0.17% expense ratio compounds an edge over time, how allocated bars and third‑party audits reduce custody risk, and where gold fits on the efficient frontier as a true diversifier with near‑zero equity correlation. Along the way, we pressure‑test common narratives. Bitcoin gets the headlines, yet gold and BTC have moved in step from key points while official reserves tell a different story. We explore how to read the gold price as a mirror of fiat dilution, not just momentum, and why this rally can coexist with rising policy rates when the bigger forces—deficits and credibility—dominate.
The conversation widens to the rest of the complex. Platinum’s breakout, a persistent supply deficit, and a growing role in hydrogen technologies add torque to a metals allocation that often plays catch‑up as gold leads. For investors hunting income without abandoning diversification, we walk through GraniteShares’ options‑based Yield Boost ETFs—weekly distributions generated by defined‑risk put spreads rather than uncovered calls—to complement core holdings like BAR or a platinum sleeve. If your portfolio still leans entirely on stocks and bonds, this is your cue to reconsider what real ballast looks like when passive flows and public debt keep climbing.
Enjoy the episode, share it with a colleague who still thinks gold is only for crises, and subscribe for more candid, research‑driven market conversations. If it helped you think differently about allocation, leave a quick review—it makes a big difference.
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Chapters

1. Welcome, Credits, and Agenda (00:00:00)

2. Will Rind’s Gold Background (00:03:25)

3. What Makes BAR Different (00:04:45)

4. Gold’s Silent All‑Time High (00:05:50)

5. Real Yields, Crises, and Gold (00:07:55)

6. Portfolio Math: Gold as Diversifier (00:09:15)

7. Debt, Fiat Dilution, and Reserve Shift (00:11:45)

8. Gold vs. Bitcoin: Roles and Flows (00:14:15)

9. GLD vs. BAR: Costs and Taxes (00:18:05)

10. Flows, Euphoria, and Early‑Stage Thesis (00:19:35)

11. Who’s Buying: Central Banks, Jewelry, Investors (00:22:28)

12. Platinum’s Breakout and Use Cases (00:24:18)

13. Paper vs. Physical: Why Allocation Matters (00:27:58)

14. Bonds, Yield, and Gold’s Role (00:31:38)

15. Rates, Dollar, and Gold’s Decoupling (00:34:28)

16. Allocation Drift and Market Share Upside (00:38:35)

17. Creating Income: Yield Boost Approach (00:40:55)

18. Modern Portfolios and Specialization (00:44:35)

19. Final Takeaways and CFP Credits (00:47:00)

848 episodes

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