Andrew Henderson sits down with Joshua Rotbart, founder of J. Rotbart & Co., to explore how gold is reshaping wealth preservation, geopolitics, and global capital flows as the world becomes increasingly multipolar.

Using Asia's precious metals markets as a case study, Joshua explains why China has become one of the world's largest buyers of physical gold, why central banks are accumulating bullion at the fastest pace in decades, and how investors are increasingly prioritizing jurisdictional security alongside financial returns. They discuss the cultural role of gold across China, India, Thailand, and Vietnam, examining why physical ownership remains deeply embedded in societies shaped by inflation, political instability, and generational wealth preservation. Joshua explains why Singapore and Hong Kong have emerged as Asia's leading precious metals hubs, why Switzerland continues to command a premium despite growing competition, and how geopolitical tensions are changing where individuals and institutions choose to store their wealth. Along the way, they explore China's property slowdown, the evolution of precious metals infrastructure across Southeast Asia, Africa's growing role in the global gold supply chain, sanctions, commodity traceability, and why a more fragmented world is driving renewed interest in tangible assets. The conversation also examines how gold is evolving from a traditional store of value into a strategic asset at the center of international finance, sovereign reserves, and cross-border wealth protection.

In this episode, Andrew and Joshua discuss:

• Why China has become one of the world's largest buyers of physical gold following its property market slowdown.
• How gold functions differently across Asia, serving as both an investment and a cultural store of family wealth.
• Why investors increasingly prioritize jurisdictional risk, political stability, and physical security when deciding where to store gold.
• How Singapore and Hong Kong developed into Asia's leading precious metals trading and storage hubs.
• Why Switzerland continues to dominate global refining despite growing competition from Asia.
• The infrastructure, regulation, and tax policies required to build a successful international gold market.
• How Southeast Asian countries are attempting to expand their precious metals industries and where they continue to face structural challenges.
• Africa's growing role in global gold production and the challenges surrounding refining, compliance, and resource sovereignty.
• How sanctions, commodity traceability, and geopolitical fragmentation are reshaping the global gold trade.
• Why central banks have become some of the largest buyers of gold since the Global Financial Crisis.
• The investment case for silver alongside gold and how sophisticated investors allocate between precious metals.
• Why physical assets are becoming increasingly important as governments, institutions, and investors prepare for a more uncertain geopolitical environment.

Follow Joshua Rotbart: on LinkedIn (https://www.linkedin.com/in/joshuarotbart/)

About Borders

Borders is a long-form audio series hosted by Andrew Henderson, exploring how capital, power, and opportunity are reorganizing beyond the Western mainstream.

Each episode features an unscripted conversation with founders, policymakers, investors, and thinkers operating at the edges of conventional narratives. The focus is structural clarity — not headlines.

Produced by Vesper (vesper.vc).

Hosted by Mr. Andrew J. Henderson: (https://andrewjhenderson.com/)