The Master Investor Podcast with Wilfred Frost

David Tait: Inside Gold’s Relentless Bull Market

Jan 12, 2026

David Tait, CEO of the World Gold Council, shares insights from his extensive experience in the gold market and fundraising. He discusses six key drivers behind gold's recent surge, particularly the fear of a US debt spiral fueling central bank buying. Tait highlights Japan's untapped potential for gold investments and the impact of China's insurance market deregulation. He also contrasts gold with Bitcoin, calling the latter not true digital gold. Tait's personal journey through adversity, including his inspirational Everest climbs, underscores his commitment to charity.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Central Banks Fear Debt Spiral

Central banks are buying gold mainly because they fear a runaway debt spiral, not just geopolitics.
Gold hedges against currency debasement and bond-market runs that developing central banks worry about.

INSIGHT

Six Unified Drivers Pushing Gold

Six core drivers — macro debt fear, Japan, China, India, geopolitics and investor demand — are all pushing gold higher.
Most of these drivers trace back to macroeconomic and debt concerns.

INSIGHT

Japan's Generational Gold Opportunity

Japan holds vast wealth concentrated in older generations, much of it in cash and at home.
Generational change and new inflation experience should drive large flows into gold ETFs and holdings.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

As CEO of The World Gold Council, David Tait oversees the physical gold that backs one of the biggest gold ETFs in the world (GLD) – some $180bn of gold – and he brought along one 13kg bar to show Wilf during his appearance on this week’s episode of The Master Investor Podcast – worth a $1.8m. Sadly he asked for it back at the end.

David outlines the six main drivers for gold’s recent surge – from a new wave of Japanese buyers to Chinese deregulation – but why the one that matters the most is the fear of a debt spiral, particularly in the US, which in particular is driving the enormous surge in buying from central banks around the world, who he has particularly close ties to.

He also outlines the one thing he is watching that could lead to a top in the gold price – albeit he assigns a low probability to it – and that is if the US can successfully inflate and grow its way out of its debt problem in the next few years.

He also talks about the future of gold – from digitalisation of gold for use as collateral for institutions, why bitcoin is NOT digital gold, and why increasingly he thinks gold won’t be seen just as a ‘disaster asset’ but as a positive part of all portfolios regardless of what events are coming.

In the final part of the episode, Tait shares the extraordinary story of how childhood abuse, a near breaking point at 30, and five ascents of Mount Everest led him to raise more than £8 million for children’s charity NSPCC – and the life and career lessons he now passes on to the next generation about risk, courage and using trauma as a weapon rather than a shield.

You can watch the full video on The Master Investor Podcast YouTube channel

And follow @WilfredFrost on X and Linked In

Sponsored by BNY Investments, Interactive Brokers - ibkr.com/masterinvestor and London Stock Exchange Group (LSEG).

The Master Investor Podcast is produced by Paradine Productions, Master Investor Ltd in association with Bird Lime Media.

This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision.