GM99: Gold, Trust, and the Return of Real Assets ft. Philip Diehl

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May 6, 2026

Philip Diehl, former Director of the U.S. Mint and current president of U.S. Money Reserve, discusses gold’s comeback amid inflation, central bank buying, and geopolitical stress. He covers Chinese retail demand, why Bitcoin is not digital gold, the tradeoffs between physical coins and ETFs, and why gold may move from the margins into core portfolios.

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INSIGHT

Gold Rally Started With Geopolitical Shock

Gold's current bull market began after the Hamas attack on Israel and was amplified by falling inflation expectations and central bank buying.
Central banks bought ~1,000 metric tons per year, removing metal from circulation and tightening physical supply.

INSIGHT

Central Bank Buying Tightens Physical Supply

Central bank purchases are a major structural driver because bought gold is placed in vaults and taken out of the tradable market.
That reduces available supply while demand rises, amplifying price moves.

ADVICE

Buy The Dip In Gold

Buy the dip in gold because repeated pullbacks have been buying opportunities during this rally.
Philip notes multiple dips served as "time machines" letting buyers re-enter at lower prices and ride the next leg up.

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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.

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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

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