E.B. Tucker, author of Why Gold? Why Now? and writer of The Tucker Letter, joins the show to discuss gold’s current close to $3,000/oz price, which he views as appropriately valued given the $20 trillion total gold stock versus the $60 trillion U.S. stock market. Reflecting on his book, he stands by its core gold thesis—up 40% in the past year—while distancing himself from outdated equity picks, advocating for adapting to new facts rather than clinging to past predictions. Tucker argues gold’s rise reflects a managed market, not tariff-driven headlines (which he dismisses), but a shift from suppressed prices via futures to gradual increases tied to money supply growth, with central banks absorbing a third of annual mine supply (3,600 tons) as a hedge against global uncertainty.

Tucker sharply critiques gold mining stocks, calling them poorly run with no institutional appeal despite $3,000 gold and $69 oil—conditions that historically promised a “bonanza” but delivered lackluster returns (e.g., Agnico Eagle up 24% YTD vs. speculative tech soaring 75%). He attributes this to executives prioritizing personal enrichment over investor value, failing to craft compelling narratives for growth, and suggests miners need fresh leadership and storytelling to attract capital—otherwise, physical gold’s 40% gain trumps their 30% ceiling. On silver, he’s apathetic, noting its $32/oz stagnation since 2011 lacks the momentum of gold, while in a chaotic world, he favors cash-heavy portfolios over speculative leaps, thriving in instability rather than stability.