Episode Details

Gold has had five straight up weeks and is heading for its best month since 1999. But former investment banker Felix Prehn ( @FelixFriends ) says most people who bought physical metal to protect themselves have left the bigger half of their money completely exposed.

Speaking with Jeremy Szafron on Kitco News, Prehn puts typical retail AI exposure at 60 to 70 percent and says a plain index fund or 401k is likely around half AI already. His warning is that people then buy the same handful of companies again on top of it.

He explains why gold fell when the war in Iran began, why the Treasury's expanded bond buybacks from September 9 matter for savers, and why he thinks the mining story has longer legs than most people expect. On his numbers it takes fifteen years or more to bring a mine into production, so record producer cash flow does not translate into new supply.

Prehn also names what he has actually been buying with his own money, why he holds physical metal as insurance rather than as a growth asset, and what he would tell a 70 year old sitting on a retirement account.
On gold, his line is direct: "Gold doesn't go up, the dollar goes down. So it protects us, but it doesn't actually make us wealthy."

Recorded August 25, 2026

Follow Felix Prehn on X: @felixprehn (https://twitter.com/felixprehn)
Follow Jeremy Szafron on X: @JeremySzafron (https://twitter.com/JeremySzafron)
Follow Kitco News on X: @KitcoNewsNOW (https://twitter.com/KitcoNewsNOW)

CHAPTERS
00:00 The Money Hasn't Moved Into Gold Yet
01:45 Why Retail Investors Got Scared Out of Gold
04:37 Add or Take Profits? How to Read the Rally
07:45 Why the Gold Miners Have Longer Legs Than People Think
10:20 Gold or Silver: Which He'd Own for Five Years
11:35 Why Gold Is Rising Even as the Fed May Hike
12:40 The Sept 9 Buyback: "It's Just Money Printing"
16:05 Who Really Pays for Money Printing
16:45 The Stock Market Is in "La La Land"
18:20 Your 401(k) Is Probably Half AI
19:15 What He's Actually Buying Right Now
23:30 Is Cash Actually Safe?
26:40 What "Liquidity Support" Really Means
31:20 What He'd Tell a 70-Year-Old

#gold #silver #goldmining #401k #FelixPrehn
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