GM99: Gold, Trust, and the Return of Real Assets ft. Philip Diehl
Top Traders Unplugged
Retail buyer behavior during rallies
Philip contrasts Chinese retail buying on dips with Western bandwagon buying and long-term holding motives.
Today, we are joined by Philip Diehl, former Director of the United States Mint and President of U.S. Money Reserve, for a timely conversation about gold’s renewed role in a world shaped by inflation, geopolitical stress, central bank demand, and uncertainty around fiat currencies. Philip explains why gold’s recent rise is not simply a speculative move, but part of a broader shift in how governments, institutions, and individuals think about wealth preservation. From central bank buying and Chinese retail demand to Bitcoin, ETFs, physical coins, and the limits of the U.S. dollar system, this episode explores why gold is once again moving from the margins of portfolios toward the center of the macro conversation.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Alan on LinkedIn.
Follow Philip on LinkedIn.
Episode TimeStamps:
00:00 - Why Philip Diehl believes investors should “buy the dip” in gold
01:14 - Philip’s career from public policy to the U.S. Mint
06:08 - What U.S. Money Reserve does and why physical gold matters
08:08 - The forces behind gold’s powerful multi-year rally
13:08 - Central bank buying, dollar risk, and portfolio diversification
19:05 - Why some central banks may sell gold during stress
22:18 - Chinese demand, cultural memory, and the role of retail buyers
28:32 - Why Philip does not see Bitcoin as “digital gold”
32:44 - Physical gold versus ETFs and the question of ownership
37:10 - How retail investors behave during gold bull markets
41:16 - Portfolio allocation and the changing case for gold
45:52 - Why Philip expects gold to outperform equities over the next decade
48:15 - Why today’s gold market is not a repeat of the 1970s
52:21 - Gold miners, production limits, and rising extraction costs
55:58 - Fort Knox, revaluing U.S. gold reserves, and political reality
59:24 - Lessons from Philip’s career and how to learn more about gold
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
The AI-powered Podcast Player
