What’s the difference between hoarding and investing? There’s a reason markets built on productive assets—like stocks and bonds—are far larger than hoarding markets such as gold and cryptocurrency. In this episode, David explores why that is, and shares why he recently bought Zcash, and how it’s both similar to and different from Bitcoin.

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Show Notes

Zcash

CoinGecko

The Largest Companies by Market Cap in October 2025—The Motley Fool (Accessed October 2025)

DOJ Seizes $15 Billion in Bitcoin as U.S. and U.K. Target Massive Southeast Asian Crypto Scam Network—Chainalysis

Selling Gold in the Diamond District - Money for the Rest of Us Substack

Related Episodes

532: Should Private Assets, Gold, and Crypto Be Investment Options in 401k and other Defined Contribution Plans?

513: Crypto—Innovation or Insanity? Meme Coins, Hacks, and Strategic Bitcoin Reserves

432: Are the Economy and Financial Markets Zero-Sum Games?

496: Are You Taking Enough Aspirational Risk?

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How AI gets simple finance wrong, and how to make it work for you, not mislead you

Topics covered include:

• How AI ignores the time value of money
• A detailed example of ChatGPT misleading by making a simple math mistake
• Some examples of opportunity costs and sunk costs when making financial decisions
• Understanding how AI works can help us use it more effectively

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Show Notes

What Kind of a “PhD-level Expert” Is ChatGPT 5.0? I Tested It. by Gary Smith—Mind Matters

Top US Army General Says He’s Letting ChatGPT Make Military Decisions by Joe Wilkins—Futurism

Why Language Models Hallucinate by Adam Tauman Kalai, Ofir Nachum, et al—Arxiv

Auto Loan Calculator—nerdwallet

Related Episodes

538: Forests, Fakes, and the Fight for the Real

457: AI’s Fork in the Road: Societal Bliss or Existential Threat

450: How Higher Interest Rates Alter Our Financial Blueprint

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Are gold and silver up more than 50% in 2025 because investors fear currency debasement, or is this rally just the latest meme trade? In this episode, we explore the supply and demand forces behind gold and silver, discuss investing strategies, and outline what to watch to see if investors truly are worried about debasement.

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Show Notes

The Great Debasement Debate Is Rippling Across World Markets by Ruth Carson, Naomi Tajitsu, and Masaki Kondo—Bloomberg

How long will gold mania last?—Financial Times

Dalio Echoes Griffin in Seeing Gold as Safer Than the US Dollar by Alexandra Semenova, Natalia Kniazhevich, and Lisa Abramowicz—Bloomberg

Gold Reserves by Country—World Gold Council

Gold's rise in central bank reserves appears unstoppable by Jamie McGeever—Reuters

Above-ground stock—World Gold Council

Gold Demand Trends: Q2 2025—World Gold Council

Treasury Term Premia—Federal Reserve Bank of New York

Trey Reik—LinkedIn

Investments Mentioned

iShares Gold Trust (IAU)

SPDR Gold Trust (GLD)

SPDR Gold MiniShares Trust (GLDM)

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