| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 554 | $33.88 | $18,770 | 0.77% | $18.00 | $8,796 | +88.2% | — |
In short: "The PHYS reserves will be kept in place as I remain very bullish on gold." The issue's precious-metals section argues a right-tail beyond central-bank buying: Treasury carries 261,498,926 oz at a statutory $42.2222 set in 1973 (~$11bn of book against ~$1.18tn at market), and revaluing it credits the TGA with "more than $1.1 trillion of spendable cash without selling an ounce or auctioning a single bond" — every $1,000 on gold adding ~$260bn of capacity. "That is a policy incentive pointing in precisely one direction and that is higher gold prices." Gold and silver consolidating around $4,400 and the mid-$60s, "which would be a great place for both to be for some more time as we build a base."
PHYS is the portfolio's physical-gold reserve and is being kept in place. The reason to read this issue's gold section is a mechanism most people have never heard of, and it is not central-bank buying.
The US government owns about 261.5 million ounces of gold but carries it on its books at $42.22 an ounce — a price Congress fixed in 1973 and nobody has touched since. That is roughly $11bn of book value for metal worth about $1.18 trillion. If Treasury marked the gold to market, it would issue paper certificates against the difference, the Federal Reserve would credit Treasury's checking account with the gain, and Washington would gain over $1.1 trillion of spendable cash without selling an ounce or auctioning a single bond.
The reason that matters for the gold price is the incentive it creates. Every $1,000 on gold adds roughly $260bn of that capacity — so a Treasury that needs cash to fund its bond buybacks (and cannot fund them by issuing more bonds without defeating the purpose) has a direct interest in gold being higher before it pulls the trigger, not after. It is not a new idea: Roosevelt did exactly this in 1934. Mart's summary of the regime change: "a government that needs a higher gold price to generate fiscal room is still a completely different actor from one that treats gold as evidence of its own failure."
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In short: The bullion leg beside the miners — "along with physical gold and silver, PHYS, etc." Recent gold buys were briefly underwater while the ten-year ripped; he added anyway on the peaked-real-rates view.
This is a fund that holds actual gold bars in a vault, so the price tracks bullion rather than any company. Singh holds it beside the miners as the low-drama half of the trade: if he is right that real rates have peaked, the metal alone should work even if a mine disappoints.
4:18So, that's AGI. We're also long Kinross Gold. We're also long Barrick, which reported. I think we timed AGI almost perfectly at the bottom. We're also long Barrick and we're also long Agnico Eagle, along with physical gold and silver, PHYS, etc. We've also been long the REITs during the index rebalancing from the small cap index when there was big selling in Redwood because of a fear of interest rates as well. We loaded up on Redwood.
In short: Gold reserve kept in place; gold/silver back above $4,000 / $60 but volatile — he "started buying" and stays very bullish (central banks a floor, 61% of managers see $5,000–6,000 by mid-2027).
PHYS is a trust that holds allocated, auditable physical gold (lower counterparty risk than futures-based vehicles) — the Codex portfolio's designated gold reserve. Gold and silver are back above the key $4,000 and $60 levels but volatile, and Mart wouldn't be surprised by one more dip; regardless, he "started buying" and keeps the reserve in place.
The reason is structural rather than tactical: central banks are steadily accumulating (82% now hold physical gold, up from 71%; the top motive is protection against a financial system that can be weaponized against them), which acts as "a floor under the market rather than a fuse under the price." Rates and a firm dollar are the near-term headwind that set the daily price, but the strategic buyer accumulates into weakness, and 61% of reserve managers see $5,000–6,000 by mid-2027. He's happy with solid gold exposure through the near-term volatility.
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In short: Gold reserves maintained; current weakness in the gold price is the accumulation window Mart has flagged for months — the official-sector diversification thesis is intact.
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In short: The "gold trust" alternative in viewer John's question (buy a metal-holding trust or a major royalty?). Rusche would pick a major royalty for the long-run outperformance — while still valuing some actually-held physical metal as insurance outside the banking system.
The Sprott Physical Gold Trust is a fund that simply holds bullion — a way to own gold without storing it yourself. Asked to choose between that and a major royalty company, Rusche picks the royalty company for its long-run outperformance, while still seeing a place for actually-held physical metal as insurance outside the banking system.
2:33Yeah, at least on the chart, it looks really good to me. I like what you said. Don't make permanent decisions on temporary issues. I think that's a good saying. All right. And John is asking another question about gold. He says, "If I don't wish to buy physical gold, which is preferable, the Sprott physical gold trust or a major royalty company?" If you compare the performance of gold to the performance of the major precious metals royalty companies, I'm talking Franco Nevada, Wheaton Precious Metals, and Royal Gold,
In short: Added for spot-gold exposure (with GLD) after gold fell ~25% from the January highs (~$5,420 → ~$4,150) and bearish positioning hit its highest since 2017 — central-bank buying "not going away."
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In short: Reserves kept in place for the secular gold thesis — gold has overtaken Treasuries as the #1 official reserve asset (~27% of global reserves vs ~22% for Treasuries); near-term pullback from $5,600 to ~$4,000 is cyclical noise; the $10–15k long-term fundamental path remains intact and this correction looks like a gift.
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In short: No company-specific news this issue; PHYS reserves kept in place — conviction that gold will go considerably higher over the coming years despite near-term volatility.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.