L2 Capital Podcast #08: Chat with Simon Mikhailovich – Tocqueville Bullion Reserve

In today’s episode, Marcelo Lopez spoke with Simon Mikhailovich, co-founder and manager of the Tocqueville Bullion Reserve, which he describes as a global solution for those who wish to have gold and make use of a complete infrastructure with fiduciary responsibility and alignment of interests, allowing the purchase directly from the refiners.


At the beginning of the conversation, Simon draws a distinction between having gold as a form of investment and having it as a safe haven. For both cases, he highlights how to position and the incredible features of the yellow metal.


Simon and Marcelo conduct an interesting discussion of gold price performance since the peak in 2011, and ponder the effects of asset inflation, central bank intervention, currencies, confidence and how the “insurance policy” works.


Simon Mikhailovich makes a detailed analysis of the differences between the sentiment and behavior of Americans, Russians and Chinese in relation to the acquisition of gold, with a historical and political context for each.


Asked if gold is the only way to protect oneself and where to keep it, Simon elaborates with a thorough explanation of the weaknesses of the global financial system, compares gold to other real assets and underlines what makes it unique when it comes to protection and practicality.


After Marcelo brings some recent examples of consolidation activities among gold mining companies, Simon Mikhailovich explains how the prices, the expectation and the dynamics of gold extraction are the catalysts for the mergers and acquisitions that are happening in the sector, besides commenting on his perspective on this issue.


Simon, who has extensive experience as a derivatives investor, having made money on the way up and also on the way down in the last cycle, argues that derivative contracts represent a major risk to the system and discusses his macroeconomic outlook, including global indebtedness, asset pricing and possible consequences for the markets.


Specifically on the US government borrowing and central bank actions, Mikhailovich assesses the current situation, the implications of the policies adopted, underscores the importance of the issue of trust and compares the current scenario with the latest financial crises.


Asked about the importance of the price of gold, Simon Mikhailovich ponders about purchasing power, nominal and real values and cites historical examples of the commodity price relative to other assets to substantiate his view on the subject.


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The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.


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