In this discussion, Josh Phair, CEO of Scottsdale Mint and Wyoming Reserve, dives into the growing importance of gold as a reserve asset for central banks, highlighting shifts away from treasuries. He argues that countries like China are leading a global gold race, amid increasing delivery challenges triggered by geopolitical tensions and market dynamics. Phair also sheds light on the implications of upcoming Basel III regulations and the potential role of gold in a future monetary reset, urging investors to be proactive in adapting to these changes.
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insights INSIGHT
Central Banks Shift To Gold
Central banks are shifting from treasuries to gold as a risk-free reserve asset due to inflation concerns.
Basel III regulations amplify this trend by requiring physical gold holdings for banks starting summer 2025.
insights INSIGHT
LBMA Delivery Challenges Explained
The LBMA faced delivery delays due to multiple factors including tariffs, market demand spikes, and regulatory complexities.
The high demand for physical gold reflects increasing global competition and regulatory changes like Basel III.
insights INSIGHT
Gold Custody & Jurisdiction Importance
Jurisdiction matters greatly for physical gold custody as countries demand their gold stored locally.
This trend follows geopolitical tensions and asset seizures, driving demand for physical possession within borders.
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In this episode of Palisades Gold Radio, host Tom Bodrovics interviews Josh Phair, CEO of Scottsdale Mint and Wyoming Reserve. The discussion centers on the current state of global finance, particularly the role of gold as a reserve asset and its implications for central banks, markets, and investors.
Phair highlights that central banks are increasingly turning to gold as a risk-free asset, replacing treasuries on their balance sheets. This shift is driven by de-leveraging and de-risking strategies amid concerns over fiat currency inflation. He notes that countries like China have been leading this trend, with significant imports of gold into the U.S., signaling a global "gold race."
The conversation also touches on Basel III regulations, set to take effect in summer 2025, which require banks to hold more capital and physical gold. Phair explains that owning ETFs does not provide the same risk-free status as holding physical gold, prompting central banks to prioritize its acquisition.
Phair discusses the recent LBMA delivery issues, where metals were being requested at unprecedented rates, leading to delays. He suggests this was a combination of factors, including tariffs, market dynamics, and regulatory preparedness.
Phair also explores the role of gold in a potential monetary reset, suggesting that while it won't happen overnight, gold is likely to play a significant role due to its status as a trusted asset. He advises investors to follow the lead of central banks and accumulate physical gold as a hedge against uncertainty.
Time Stamp References:0:00 - Introduction0:48 - Gold Vs. Treasuries3:20 - LBMA Deliveries & Tariffs10:37 - Exchange Purity Specs12:36 - Who is Buying?17:02 - Bessent & Gold19:24 - Risks & Scenarios24:27 - Public & Retail Interest27:25 - Fed & China Trade Collapse35:49 - Manufacturing Investment42:50 - Capital Rotation & BRICS45:02 - Wrap Up
Guest Links:Website: https://www.scottsdalemint.comX: https://x.com/scottsdalemintX: https://x.com/JoshPhilipPhairInstagram: https://www.instagram.com/scottsdalemint/
Scottsdale Mint was started in 2008 by Josh Phair after working as Vice President of what is now known as Willis Towers Watson, where he ran the North American Mining Practice, personally managing dozens of the largest mining companies and their risk management operations.
Dedicating himself to innovation, quality, and security, Mr. Phair orchestrated a remarkable transformation of the company, evolving it from a mere retailer into a prominent U.S.-based manufacturer. Simultaneously, he adeptly managed a sophisticated trade and hedge book encompassing commodities, currencies, and digital assets. Thanks to his strategic leadership, Scottsdale Mint has earned global recognition as a premier brand in the precious metals industry.
Josh Phair also cofounded and serves as CEO of The Wyoming Reserve Opportunity Zone Fund, a tax-advantaged precious metals vaulting business.
In addition to his remarkable achievements, Mr. Phair’s profound appreciation for fine art extends to a deep passion for both traditional and digital artistic expressions. This passion serves as the driving force behind the artistic excellence that sets Scottsdale Mint apart in the realm of precious metals.
Palisades Gold Radio