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let's just talk about this let's talk about warren buffett buying barrack gold which i know you did an entire podcast on and i want you to first address how do you address the criticism that ah hey look peter he's buying he's buying a gold company he's not buying physical gold number one number two it probably wasn't even buffett it was probably one of his minions and number three it's only a five only a 560 million dollar position maybe he just peppered it into the portfolio for a little diversification and he hasn't really uh turned tail and become a gold bug yeah well you know i think the natural tendency from main street or or the mainstream rather might be to try to dismiss this right that's you know your first thing hey why is buffett uh doing this and you know even though buffett has talked in the past about you know why own gold you know it just sits there um he has always said that he prefers businesses as an inflation hedge that he thinks that buying a business where you have real tangible assets where you have pricing power that that is a better way to hedge against inflation but warren buffett seems to have a very good understanding of inflation he doesn't regard it as rising prices he regards it as money supply he he's talked about inflation as a tax as a tax on savers as a hidden tax as a cruel tax he understands uh the loss of value of money and he he basically says that that's inflation the erosion of the purchasing power of money and he can see the monetary policy that exists and that is going to exist and i think warren buffett now has a you know much darker outlook on inflation than he did in the past and i think that he recognizes that while uh owning businesses may be a good hedge against moderate inflation or you know kind of a more benign inflation two percent a year or something like that i think warren buffett is now of the opinion that inflation is going to be so much higher than that that he thinks that this is now a period of time that we're entering where gold is going to be particularly important to own rather than just owning businesses but i think when you buy barrick gold you really get the best of both worlds as far as a buffett is concerned because barrick gold is a business uh and it's in the business of mining and selling gold and so there you know buffett is not simply buying the metal and letting it sit there he is buying a business that he sees tremendous value in but he wouldn't see tremendous value in the business if he didn't see potential in the price of gold in fact if he thought the price of gold was going to go down he wouldn't want anything to do with barrack right i i think it's because he has a positive outlook on people using in gold as an inflation hedge he sees that demand for gold like demand for any product that a business might produce he sees demand going up and he looks at the balance sheet of this business and he sees a great business he sees earnings he sees dividends uh and he and he sees a bright future uh so you know i think you actually have to be more bullish on gold when you're buying a gold company than if you're just buying the metal because clearly if the price of gold goes down there's a lot more downside risk in the miners than there is just in the metal itself and i think there's a you know a lot more upside potential in the mining stock so it's kind of like a levered bet on gold so if you're really bullish on gold uh you may focus on on the miners but you know i i remember reading and i mentioned this on my podcast an article that warren buffett wrote many years ago you can still see it up on the internet about squanderville and squander bucks and squanderville was the united states and squander bucks was the us dollar and buffett was very worried about the value of the dollar and because of the deficits that we were running at the time and the money we were printing which is small by comparison to what's going on today uh and and so buffett has expressed many of the same concerns that i've expressed during his career about profligate deficit deficit spending and artificially low interest rates and money printing uh it's just kind of he's put on this public persona um to really try to be the guy that's optimistic that's bullish on america and he's kind of downplayed the need uh you know to hedge against inflation or the deficits but i think at this point maybe buffett is surprised and i don't know why but uh by the degree you know to which uh you know we've now gone you know off the deep end when it comes to these things we've pushed the envelope to the point where buffett uh now has to acknowledge that it's a problem and so he's buying and so the other uh criticisms or the way people are dismissing this well it probably wasn't warren buffett it was probably one of his uh portfolio managers well i don't know i mean i i kind of doubt given the public statements that buffett has made about gold you know being you know why buy gold and given how you know sharply this investment really contrasts with everything else they've done i mean obviously anybody knew that hey if if berkshire hathaway buys a gold stock that in and of itself is going to be a big news because it makes a big statement i really don't think that somebody would make an investment like that without running it by buffett i mean i don't think buffett would end up being blindsided like oh whoa i didn't know you guys did that oh you know i i i i'm pretty sure that since it was kind of not a typical you know buff stock um that before they did something that was a little bit out of the ordinary they would probably give the give buff it a call and say hey you know warren we're thinking about buying a gold stock uh what do you think you know you know or just get some kind of input rather than risking you know doing something that might you know get the guy to be pissed like what the hell are you guys doing you know that would be like one of your employees getting you long the dollar without telling you it just seems like you know i mean it's it's if if they were doing something you know that really was typical buffett you know it was probably okay but i just i just have a hard time believing that he didn't know about it and even if he didn't make the decision if he knew about it and he didn't tell them not to do it then obviously he agrees with it right i mean because if it was something he didn't want to do he would have said ah no you know let's not do that even just sending i don't want to send that kind of signal i don't want i don't want to i don't want to you know it's like he's all his money has been you know i'm with the table i'm i'm betting the numbers you know and it's like well let's put something on the don't pass line oh no i don't want to i don't want to do that you know it's like it's not it's like anti the crowd right i don't want to be i don't want to be betting you know betting on that um the video that you posted i talked about on my own podcast you know first off i said buffett always says don't bet against america and what what he should have been saying was don't bet against the fed that should have been his actual uh you know but it's a nice pr polish to come out and make it seem as though you're doing something patriotic by riding the fed's wave i saw the video that you posted go ahead did you want to respond to that yeah well i was just saying that you know buying gold and gold stocks is betting on the fed i mean you're betting that the fed will keep doing what it's doing and so you know if you're if you don't buy gold stocks then you're betting the fed is going to change so you're betting the fed is going to come to its senses recognize the mistake that it's made and correct them that the fed is going to finally do the right thing right so i'm not making that bet i'm betting that the fed will continue doubling down on failed policies and never admit that it got anything wrong i i don't think the fed will ever change until everything it's done has completely blown up in its face to the point that there's a currency crisis and then maybe they'll get religion it's kind of like a guy you know you know that maybe you finally get cancer or something and you're about to die and all of a sudden you're you go to church because you're confronted with you know maybe you've been an atheist your whole life but all of a sudden you're about to die and you're like you know now you find religion or something i don't know but i think that that may happen to the fed because as long as they could keep printing money and the the negative consequences are not as apparent in that they're not showing up you know at the supermarket you know you know in a big way as long as the inflation is concentrated in asset prices and they can keep on moving the stock market higher or the real estate market higher the bond market higher and foreigners are willing to stockpile our ious and keep supplying american consumers with all sorts of stuff that they didn't produce and can't really afford well then there's no reason for the fed to stop i mean why end a party prematurely when you don't have to right but eventually you know when when the cops raid the place uh that's when the the party's gonna come to an end and i i don't think we're that far away from that point right i think that that is you know what people are missing is that you know this is not a problem for our grandparents i mean for our grandkids right i keep hearing people say look we're leaving this mess for our kids we're leaving all this debt for our children look i don't think our children are going to deal with this debt i think it's going to be wiped out before they get a chance to inherit it so we're going to deal with the consequences in in terms of inflation and i think buffett can see that and you know when people say but this is only a small investment right it's only you know five six hundred million dollars which you know for buffett is small i mean it's not small for a normal person or even you know even even a normal hedge fund if they were to put half a billion dollars into a gold stock that would be a big position for a hedge fund you know um but for berkshire hathaway uh it's not a lot but my counter to that is that first of all every journey begins with the first step and so simply looking at this barrack position how do you know that buffett has finished buying how do you know that how do you know that he isn't just starting to build a position and that he's going to build a much bigger position over time this is just his initial foray into the sector uh you know who knows what's behind it right then the the my other point would be that well you know this disclosure that we're we're getting is from the end of the third quarter so how do you know how much more he bought right since then yeah you don't and and and there's like 50 54 days in there now where he could have been buying uh and would not have had to disclose it yet
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