Yah Lah But #775 ft. Allen Kuo – What Gold’s Rise Means For Singapore and The World | #775
There’s been a lot of renewed interest in gold, so we got Allen Kuo, Chief Investment Officer of Singlife, to walk us through everything we need to know about the asset. He goes deep into the philosophy and history of gold, explaining its value as a riskless benchmark, and more poignantly, what its price can tell us about geopolitics today. We also make a detour into 90s nostalgia and shared culture, plus why it’s important to have physical gold in Singapore’s vaults (but not under our beds).
𝙏𝙝𝙞𝙨 𝙚𝙥𝙞𝙨𝙤𝙙𝙚 𝙞𝙨 𝙗𝙧𝙤𝙪𝙜𝙝𝙩 𝙩𝙤 𝙮𝙤𝙪 𝙗𝙮 𝙇𝙞𝙤𝙣 𝙂𝙡𝙤𝙗𝙖𝙡 𝙄𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨
𝘐𝘯𝘤𝘦𝘱𝘵𝘦𝘥 𝘰𝘯 1 𝘋𝘦𝘤 2025, 𝘵𝘩𝘦 𝘓𝘪𝘰𝘯𝘎𝘭𝘰𝘣𝘢𝘭 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦 𝘗𝘩𝘺𝘴𝘪𝘤𝘢𝘭 𝘎𝘰𝘭𝘥 𝘍𝘶𝘯𝘥 𝘪𝘴 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦’𝘴 𝘧𝘪𝘳𝘴𝘵 𝘱𝘩𝘺𝘴𝘪𝘤𝘢𝘭 𝘨𝘰𝘭𝘥 𝘧𝘶𝘯𝘥 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘪𝘯𝘴𝘶𝘳𝘦𝘥 𝘢𝘯𝘥 𝘢𝘭𝘭𝘰𝘤𝘢𝘵𝘦𝘥 𝘨𝘰𝘭𝘥 𝘪𝘴 𝘴𝘦𝘤𝘶𝘳𝘦𝘭𝘺 𝘷𝘢𝘶𝘭𝘵𝘦𝘥 𝘪𝘯 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦. 𝘍𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘍𝘶𝘯𝘥 𝘢𝘵 https://yahlahbut.short.gy/LGI-goldfund
𝘿𝙞𝙨𝙘𝙡𝙖𝙞𝙢𝙚𝙧 – 𝙇𝙞𝙤𝙣 𝙂𝙡𝙤𝙗𝙖𝙡 𝙄𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨 𝙇𝙞𝙢𝙞𝙩𝙚𝙙
𝘛𝘩𝘪𝘴 𝘢𝘥𝘷𝘦𝘳𝘵𝘪𝘴𝘦𝘮𝘦𝘯𝘵 𝘩𝘢𝘴 𝘯𝘰𝘵 𝘣𝘦𝘦𝘯 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘰𝘯𝘦𝘵𝘢𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘰𝘧 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦. 𝘐𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯, 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯. 𝘠𝘰𝘶 𝘴𝘩𝘰𝘶𝘭𝘥 𝘳𝘦𝘢𝘥 𝘵𝘩𝘦 𝘱𝘳𝘰𝘴𝘱𝘦𝘤𝘵𝘶𝘴 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘢𝘵 𝘸𝘸𝘸.𝘭𝘪𝘰𝘯𝘨𝘭𝘰𝘣𝘢𝘭𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴.𝘤𝘰𝘮 𝘣𝘦𝘧𝘰𝘳𝘦 𝘥𝘦𝘤𝘪𝘥𝘪𝘯𝘨 𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘵𝘰 𝘪𝘯𝘷𝘦𝘴𝘵 𝘪𝘯 𝘵𝘩𝘦 𝘧𝘶𝘯𝘥.
𝙏𝙝𝙚 𝙁𝙪𝙣𝙙'𝙨 𝙣𝙚𝙩 𝙖𝙨𝙨𝙚𝙩 𝙫𝙖𝙡𝙪𝙚 𝙢𝙖𝙮 𝙝𝙖𝙫𝙚 𝙝𝙞𝙜𝙝𝙚𝙧 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙞𝙩𝙮 𝙙𝙪𝙚 𝙩𝙤 𝙞𝙩𝙨 𝙣𝙖𝙧𝙧𝙤𝙬𝙚𝙧 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩 𝙛𝙤𝙘𝙪𝙨 (𝙥𝙧𝙞𝙢𝙖𝙧𝙞𝙡𝙮 𝙞𝙣 𝙂𝙤𝙡𝙙 (𝙖𝙨 𝙙𝙚𝙛𝙞𝙣𝙚𝙙 𝙞𝙣 𝙩𝙝𝙚 𝙥𝙧𝙤𝙨𝙥𝙚𝙘𝙩𝙪𝙨)), 𝙬𝙝𝙚𝙣 𝙘𝙤𝙢𝙥𝙖𝙧𝙚𝙙 𝙩𝙤 𝙛𝙪𝙣𝙙𝙨 𝙬𝙞𝙩𝙝 𝙢𝙤𝙧𝙚 𝙙𝙞𝙫𝙚𝙧𝙨𝙞𝙛𝙞𝙚𝙙 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤𝙨. 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵𝘴 𝘪𝘯𝘷𝘰𝘭𝘷𝘦 𝘳𝘪𝘴𝘬𝘴 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘱𝘰𝘴𝘴𝘪𝘣𝘭𝘦 𝘭𝘰𝘴𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘳𝘪𝘯𝘤𝘪𝘱𝘢𝘭 𝘢𝘮𝘰𝘶𝘯𝘵 𝘪𝘯𝘷𝘦𝘴𝘵𝘦𝘥. 𝘓𝘪𝘰𝘯 𝘎𝘭𝘰𝘣𝘢𝘭 𝘐𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴® 𝘓𝘪𝘮𝘪𝘵𝘦𝘥 (𝘜𝘌𝘕/ 𝘙𝘦𝘨𝘪𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘕𝘰. 198601745𝘋)
𝘿𝙞𝙨𝙘𝙡𝙖𝙞𝙢𝙚𝙧 – 𝙎𝙞𝙣𝙜𝙖𝙥𝙤𝙧𝙚 𝙇𝙞𝙛𝙚 𝙇𝙩𝙙 𝘛𝘩𝘪𝘴 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘪𝘵 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘩𝘢𝘷𝘦 𝘳𝘦𝘨𝘢𝘳𝘥 𝘵𝘰 𝘵𝘩𝘦 𝘴𝘱𝘦𝘤𝘪𝘧𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘴𝘪𝘵𝘶𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘱𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢𝘳 𝘯𝘦𝘦𝘥𝘴 𝘰𝘧 𝘢𝘯𝘺 𝘱𝘦𝘳𝘴𝘰𝘯. 𝘈𝘯𝘺 𝘷𝘪𝘦𝘸𝘴, 𝘵𝘩𝘰𝘶𝘨𝘩𝘵𝘴, 𝘢𝘯𝘥 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘦𝘳(𝘴) 𝘢𝘳𝘦 𝘴𝘰𝘭𝘦𝘭𝘺 𝘵𝘩𝘢𝘵 𝘰𝘧 𝘴𝘶𝘤𝘩 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘦𝘳(𝘴) 𝘢𝘯𝘥 𝘥𝘰 𝘯𝘰𝘵 𝘳𝘦𝘧𝘭𝘦𝘤𝘵 𝘵𝘩𝘦 𝘷𝘪𝘦𝘸𝘴, 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴, 𝘱𝘰𝘭𝘪𝘤𝘪𝘦𝘴, 𝘰𝘳 𝘱𝘰𝘴𝘪𝘵𝘪𝘰𝘯 𝘰𝘧 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦 𝘓𝘪𝘧𝘦 𝘓𝘵𝘥 𝘰𝘳 𝘪𝘵𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘤𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘪𝘰𝘯 (𝘸𝘩𝘦𝘳𝘦 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘣𝘭𝘦) (𝘤𝘰𝘭𝘭𝘦𝘤𝘵𝘪𝘷𝘦𝘭𝘺, 𝘵𝘩𝘦 "𝘚𝘪𝘯𝘨𝘭𝘪𝘧𝘦 𝘎𝘳𝘰𝘶𝘱"). 𝘛𝘩𝘦 𝘚𝘪𝘯𝘨𝘭𝘪𝘧𝘦 𝘎𝘳𝘰𝘶𝘱 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘦𝘯𝘥𝘰𝘳𝘴𝘦 𝘢𝘯𝘺 𝘷𝘪𝘦𝘸𝘴, 𝘵𝘩𝘰𝘶𝘨𝘩𝘵𝘴, 𝘰𝘳 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘦𝘥 𝘩𝘦𝘳𝘦 𝘰𝘳 𝘵𝘩𝘦 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭(𝘴) 𝘳𝘦𝘧𝘦𝘳𝘳𝘦𝘥 𝘢𝘯𝘥 𝘪𝘴 𝘯𝘰𝘵 𝘳𝘦𝘴𝘱𝘰𝘯𝘴𝘪𝘣𝘭𝘦 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵𝘴 𝘩𝘦𝘳𝘦. 𝘚𝘪𝘯𝘨𝘭𝘪𝘧𝘦 𝘮𝘢𝘬𝘦𝘴 𝘯𝘰 𝘦𝘹𝘱𝘳𝘦𝘴𝘴 𝘰𝘳 𝘪𝘮𝘱𝘭𝘪𝘦𝘥 𝘳𝘦𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘢𝘵𝘪𝘰𝘯, 𝘸𝘢𝘳𝘳𝘢𝘯𝘵𝘺 𝘰𝘳 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘢𝘴 𝘵𝘰 𝘵𝘩𝘦 𝘧𝘢𝘪𝘳𝘯𝘦𝘴𝘴, 𝘢𝘤𝘤𝘶𝘳𝘢𝘤𝘺, 𝘤𝘰𝘮𝘱𝘭𝘦𝘵𝘦𝘯𝘦𝘴𝘴 𝘰𝘳 𝘤𝘰𝘳𝘳𝘦𝘤𝘵𝘯𝘦𝘴𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯. 𝘚𝘪𝘯𝘨𝘭𝘪𝘧𝘦 𝘢𝘯𝘥 𝘪𝘵𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘤𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘪𝘰𝘯𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦𝘪𝘳 𝘳𝘦𝘴𝘱𝘦𝘤𝘵𝘪𝘷𝘦 𝘥𝘪𝘳𝘦𝘤𝘵𝘰𝘳𝘴, 𝘰𝘧𝘧𝘪𝘤𝘦𝘳𝘴 𝘢𝘯𝘥 𝘦𝘮𝘱𝘭𝘰𝘺𝘦𝘦𝘴 𝘢𝘤𝘤𝘦𝘱𝘵 𝘯𝘰 𝘭𝘪𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘧𝘰𝘳 𝘢𝘯𝘺 𝘭𝘰𝘴𝘴 𝘰𝘳 𝘥𝘢𝘮𝘢𝘨𝘦 𝘸𝘩𝘢𝘵𝘴𝘰𝘦𝘷𝘦𝘳 (𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘥𝘪𝘳𝘦𝘤𝘵, 𝘪𝘯𝘥𝘪𝘳𝘦𝘤𝘵 𝘰𝘳 𝘤𝘰𝘯𝘴𝘦𝘲𝘶𝘦𝘯𝘵𝘪𝘢𝘭) 𝘢𝘳𝘪𝘴𝘪𝘯𝘨 𝘧𝘳𝘰𝘮 𝘰𝘳 𝘪𝘯 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘢𝘯𝘺 𝘶𝘴𝘦 𝘰𝘧 𝘰𝘳 𝘳𝘦𝘭𝘪𝘢𝘯𝘤𝘦 𝘶𝘱𝘰𝘯, 𝘵𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘰𝘱𝘪𝘯𝘪𝘰𝘯𝘴 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘦𝘥 𝘩𝘦𝘳𝘦𝘪𝘯 𝘰𝘳 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘤𝘢𝘵𝘦𝘥 𝘪𝘯/𝘥𝘶𝘳𝘪𝘯𝘨 𝘵𝘩𝘪𝘴 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘢𝘵𝘪𝘰𝘯. 𝘛𝘩𝘦 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘯𝘰𝘵 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘢𝘴 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘳𝘦𝘴𝘱𝘦𝘤𝘵 𝘵𝘰 𝘵𝘩𝘦 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘦 𝘰𝘳 𝘴𝘢𝘭𝘦 𝘰𝘧 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘢𝘯𝘥 𝘯𝘰𝘵𝘩𝘪𝘯𝘨 𝘩𝘦𝘳𝘦𝘪𝘯 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘦𝘥 𝘢𝘴 𝘢 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯 𝘵𝘰 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵 𝘪𝘯 𝘢𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘱𝘳𝘰𝘥𝘶𝘤𝘵. 𝘠𝘰𝘶 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘤𝘰𝘱𝘺, 𝘳𝘦𝘱𝘳𝘰𝘥𝘶𝘤𝘦, 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘦, 𝘮𝘰𝘥𝘪𝘧𝘺 𝘰𝘳 𝘤𝘳𝘦𝘢𝘵𝘦 𝘥𝘦𝘳𝘪𝘷𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘴 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘱𝘳𝘦𝘴𝘦𝘯𝘵𝘢𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘱𝘳𝘪𝘰𝘳 𝘸𝘳𝘪𝘵𝘵𝘦𝘯 𝘤𝘰𝘯𝘴𝘦𝘯𝘵 𝘧𝘳𝘰𝘮 𝘚𝘪𝘯𝘨𝘭𝘪𝘧𝘦.
𝗢𝗻𝗲 𝗦𝗵𝗶𝗼𝗸 𝗧𝗵𝗶𝗻𝗴
- Haresh: This TED Talk Is Full of Bad Ideas | Gabe Whaley | TED
- Terence: Wild Ride! with Steve-O
- Allen: Ghost Town Living on YouTube, Zoltan Pozsar on His Next Big Move and the Coming Monetary Divorce | Odd Lots, Luke Gromen on YouTube
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(00:00) Intro
(03:21) From Math and Physics to Wall Street
(05:18) What Is a Riskless Asset
(07:17) Gold vs The US Dollar System
(09:23) From Gold Standard to Petrodollar
(12:10) Why Physical Gold Still Matters
(15:10) Limited Supply and Store of Value
(17:06) Real Returns vs Nominal Returns
(19:34) ETFs vs Physically Custodied Gold
(22:54) Sovereign Risk and Asset Seizures
(25:18) Generational Views on Risk
(28:20) Gold Price as Risk Signal
(29:35) Hype vs Real Value Drivers
(31:20) Portfolio Strategy and Allocation
(33:09) Gold as Crisis Hedge
(35:21) Gold vs Gold Mining Stocks
(37:06) Culture and Gold Ownership
(40:28) Trust in Institutions and Markets
(47:37) Past Gold Surges in History
(51:50) One Shiok Thing
(59:24) Post-Interview Reflection
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