The Advantages of Owning Gold

We have a $1 trillion per year trade deficit. That's a trillion dollars that the world has every year that they don't really need. Most sellers of dollars would rather own gold than just pick another random fiat currency like the Euro or the yen or the pound, right? All these currencies, the central banks were giving people an incentive to hold them. Now they're providing the opposite. They're incentivizing everybody to buy gold. Gold is now a higher yielding asset than any of these currencies. It just doesn't have as big a negative yield because gold has got a 0% interest rate and all these other countries have a negative interest rate that's much larger than that.