Lead-Lag Live

Gold: The Only True Wealth Preserver

• Michael A. Gayed, CFA

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What if everything you've been told about money and wealth preservation is fundamentally flawed? In this eye-opening conversation with Lynette Zhang, a financial expert with over 50 years of market experience, we explore why physical gold remains the ultimate safe haven during times of monetary uncertainty.

"If you don't hold it, you don't own it," Zhang states emphatically, challenging conventional financial wisdom. Drawing on her background as a banker and stockbroker who has studied currency life cycles since 1987, she reveals the predictable patterns that signal our current monetary system's final stages. With the US dollar having lost 97% of its purchasing power, Zhang argues we're witnessing the death throes of fiat currency—something central banks worldwide seem to acknowledge as they accumulate gold at historic rates.

The conversation takes a fascinating turn when Zhang calculates gold's true fundamental value at over $40,000 per ounce—far above current market prices. This isn't wishful thinking but based on dividing global debt by all existing gold, revealing just how severely undervalued the metal remains despite recent price increases. Zhang explains how governments suppress gold prices through paper markets because "a rising gold price is an indication of a failing fiat currency."

Perhaps most compelling is Zhang's framework for diversification. While many advisors consider stocks and bonds sufficient diversification, Zhang demonstrates why tangible assets like physical gold and silver are the only true portfolio diversifiers during a currency transition. As she puts it: "During transitions, wealth never disappears, it just shifts location."

Whether you're deeply concerned about monetary policy or simply looking to protect your financial future, this conversation provides actionable insights on positioning yourself for what Zhang believes is an inevitable currency reset. Subscribe and share your thoughts on preparing for financial uncertainty in today's rapidly changing world.

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Speaker 1:

Is it fair to say that you are a gold bug?

Speaker 2:

Anybody that wants to stay independent needs to have sound money that is beyond any government's or central bankers control and cannot be inflated away. And the reason why it can't be inflated away, and okay, I'm going to throw this one back at you and think about this right, it sounds like you don't trust the Fed Is that a fair statement.

Speaker 2:

Let me just put it this way If you don't hold it, you don't own it. No, I don't trust the Fed. The Fed is there to support the banks and the corporations, not the public. And they're there to regulate the rate and speed of inflation. But the problem is is they of inflation? But the problem is is they? A rising gold price is an indication of a failing fiat currency. That's why and governments don't want you to know that their money, your money this is the real trend is the purchasing power you know. They don't want you to know that it's failing.

Speaker 1:

My name is Michael Guy, publisher of the Lead Lag Report. Joining me here is Lynette Zhang. Now, lynette, you and I have done a couple of these in the past. It's been a minute and I was just commenting on those two big-ass gold bars that it looks like you have on your table. We'll maybe touch on that, but introduce yourself to the audience. For those who are not familiar, who are you? What's your background? Have you done throughout your career? What do you do now?

Speaker 2:

Well, excellent. Well, right now I have Zang Enterprises and I've been in these markets on some level since 1964, and I'm 70. So I was 10 years old, but I've been a banker. I was a stockbroker at Shearson and I've been studying currency life cycles since 1987. And what I discovered when I was doing that is that currencies, like humans, have repeatable patterns, that if you know how to recognize them, you can tell where we are in this trend cycle and therefore what is the next most likely outcome, so you can get into a position to have the wealth transfer your way.

Speaker 2:

At Zhang Enterprises, we execute a sound money strategy. Now, sound money is money. It's physical gold, physical silver that have been money for thousands of years, but it's, above all, governments and, above all, central bankers. But again, going back to those repeatable patterns, the strategy that we execute for clients is to help them become their own central bankers with a foundation of sound money, physical gold and silver, and it is the true diversifying tool, and everybody better have some right now, let me tell you. But the goal is to get sound money back in the system. Again, to be perfectly frank with you, because we're commissioning, it sounds like you don't trust the Fed.

Speaker 1:

Is that a fair statement?

Speaker 2:

Uh, let me just put it this way If you don't hold it, you don't own it. No, I don't trust the Fed. The Fed is there to support the banks and the corporations, not the public, and they're there to regulate the rate and speed of inflation. But the problem is, is they? They're between a rock and a hard place, right? If they keep the rates high or raise them more to fight inflation, well then that's not what the markets want. The markets want more easy money. You asked what these were. These are my Fed guns right here. All they have to do when they want to create inflation is to create a whole bunch of new money that then goes into the intangible markets and make them look like they're going up, but every time they do that, the purchasing power value of the currency goes down. That's simple. So, yeah, no, I don't trust the Fed.

Speaker 1:

You have to tell me where you bought that.

Speaker 2:

I actually got them on Amazon.

Speaker 1:

I am going to buy every single one of those I can, and probably I'm going to steal that from you. I guess there's no silver version? Right, there's got to be the gold version. There's no silver version.

Speaker 2:

Different color versions. So yes, you can get whatever you want.

Speaker 1:

All right. So you said something which I want to hit on a little bit. You said if you don't hold it, you don't own it. I have on a little bit. You said if you don't hold it, you don't own it. I've seen these arguments for the longest time that there's a difference between physical gold and paper gold. Let's touch on that because on the one hand it sounds conspiratorial, on the other hand I kind of get it.

Speaker 2:

Well, let me first start by saying that it was the Bank for International Settlements, which is the central bank, or central bank in their piece, that they did on what place for gold in foreign exchange reserves. So acknowledging both that gold is sound money and what they say is gold is the only financial asset, not one of two, not one of five the only financial asset that runs zero counterparty risk if you hold it. So the difference between an ETF, which is really what a lot of people think, they're buying, gold no, what they're actually buying are shares of a trust. They do not have access to the underlying physical gold. In other words, gold is not redeemable from these funds. So these funds are merely designed to track the spot gold market, but the spot gold market can and does create a whole lot of contracts for gold and silver. That they don't exist right now because there's a finite amount of gold and silver. Whether it's in the ground or above ground is not relevant. There is a finite amount.

Speaker 2:

But the ETFs, particularly the silver SLV, they had to change their prospectus in I think it was 2022 or somewhere in there to simply mirror what happens in the spot gold market.

Speaker 2:

The spot gold market reflects current trading value. It does not reflect the true value of an ounce of gold or an ounce of physical silver. And in an ETF, what they do and you can see it if you go to I'm sure you're familiar with stockchartscom, which is free, and if you put in a relative performance chart, you could take the spot market, so dollar sign G-O-L-D, comma G-L-D, and do a relative performance chart and what you will see is it's actually a diminishing asset because they sell off parts of their gold holdings and their silver holdings to pay their daily ongoing management fees, silver holdings to pay their daily ongoing management fees. So you'll notice that spot is up here and it does go up and down with it, but there is a gap that is getting wider and wider and wider. So there isn't really all the gold underlying that people think there is and they don't have any access to it anyway.

Speaker 1:

I see a question off of YouTube from a live viewer. We see a massive divergence currently in the gold to silver ratio. Ah, the gold to silver ratio. I love that ratio. Everyone references that. Has this permanently decoupled, or will this ratio, or will we see this ratio coming closer in the future? So first of all, let's talk about why that matters historically.

Speaker 2:

Well, that's a great question. Great question really, because this is a one dollar gold coin. You see how tiny it is. It's a 20th of an ounce of gold it was equal to. This is not an old, uh, silver dollar, but it's like a silver dollar. So it was a 20th to one ratio gold to silver $1, $1. And historically that ratio I think the person that wrote in said it's somewhere around a hundred to one, I think somewhere in that vicinity right now Well, historically, what'll happen is that ratio between gold and silver will get more and more narrow, maybe going back to that 20 to one ratio.

Speaker 2:

But frankly, I don't really care that much about the ratio because I've done enough studies during hyperinflationary events, which I think is in our near future, and what you see is that we will probably see that gap grow more narrow. But once we hit hyperinflation, gold is the primary currency metal and that's the one that flies. So what silver does is it maintains your ability to purchase the same goods and services. Over time, gold expands that ability. So, yeah, that ratio do.

Speaker 2:

I think it's permanently broken Pretty much because this is a currency life cycle event. It's not during the life cycle of the currency that we're in, that's when the ratios can get more narrow. But this is a currency life cycle event, so I don't anticipate them getting much more narrow, certainly not going back to the 20 to one ratio and I say that with a sigh because you know I just did this the other day so I'll be fairly accurate in it. When you take a standard food basket from the Bureau of Labor Statistics going back to 1913, 1971, and then I just did it maybe a week ago from 1913 to 2025, roughly about 2,600%, somewhere in that vicinity Spot gold even manipulated spot gold is up over 3,000%, so it maintains your ability to purchase the same goods and services. But spot gold is up over 13,000%, so it expands your ability to purchase the same goods and services. So I know that was kind of a long answer for that, but yeah.

Speaker 1:

What about other like ratios I mean? I also hear things like gold to oil or gold to gold. I mean any historical significance to that, or silver, for the one that everyone likes to focus on the most.

Speaker 2:

Well, no, they focus on gold to real estate. They'll focus on gold too, but but this is just in the last hundred plus years, not thousands of years, not thousands of years. And that's what I'm really going back to, because there have been 4,800 currencies over time actually most of them since we went off the gold standard that do not exist anymore because governments can't stop doing this, central banks can't stop doing that, and so they hyperinflate away all purchasing power value in the currencies. So the ratios depends on. What's going on would determine the level of importance.

Speaker 2:

And for me, knowing without a doubt, I started talking about the system dying and a need for a reset back in 2008. That's when it really died. And I was watching because it was Shearson Shearson's, my alma mater. That's where I learned about currency life cycles, so I was paying very close attention. And when that went out, what did they do? They just printed, printed right QE to the moon and inflated those stocks, bonds, or reflated, I should say, all of those targeted assets, real estate and stocks particularly. They came out and said it we're going to reflate them. So now all of that inflation needs to run out of them. And what position does that put you in? Can they inflate it? I mean, what happens when we get to zero?

Speaker 2:

Have you looked at the Federal Reserve's purchasing power chart? I prefer not to cry. Well, for me it's all about educated choices, right? And the Federal Reserve, that is the keeper of this stuff and their job is really to regulate the rate and speed of inflation. If you go on the Federal Reserve Education Department, also known as the FRED, and you put in the search bar purchasing power of the consumer dollar, put in the search bar purchasing power of the consumer dollar, you'll see on the left-hand axis where it started out as a dollar. And what do you see at the bottom of that axis? A big fat goose egg. And officially we have three cents left in purchasing power.

Speaker 2:

And what holds it together is consumer confidence and inflation expectations. And so it's a consumer confidence and inflation expectations, and so it's a con game. Quite honestly, this is backed by what? The full faith and credit of the government. Have you ever bothered to translate those words? As long as you trust them, you have faith. You will continue to loan them money, give them credit, but the world is turning away and losing faith in the dollar and not wanting to buy our treasuries, which is how the Fed does this. So that's going to put a damper on things. And what do we do when we get to zero? We're three cents away. What do we do when we get to zero? It's just the confidence that's holding the system together. When that goes, we're in hyperinflation.

Speaker 1:

And, of course, the key part of the word confidence is con, as we know, but I think you're just finding any excuse you can to just shoot that, which I appreciate that that's the case.

Speaker 2:

Holly, it's great exercise picking this stuff up.

Speaker 1:

I'm wearing, not a product placement. I'm wearing a tailored athlete shirt because I am now big on the physical fitness and that's one way to work the biceps, I guess Okay. And that's one way to work the biceps, I guess Okay. So we touched on that. Gold obviously has had a sizable run. I've been quite bullish, up until recently at least, on short-term movement October 2023, got very bullish on it. I kept on saying gold is sending a warning. Gold tends to be something that benefits from geopolitical risk. Every time you see some kind of war strike or something like that, you see gold prices spike. There's the long-term argument for the investment holders and there's the short-term taxable side. At what point do you say, at least in the short term, gold prices could be vulnerable? I happen to think that, akin to the sort of magazine cover indicator, when you have something that's on Forbes or Barron's or any other publication, you're probably close to a top. That happened, I think, a week or two ago. What are your thoughts on that side of things?

Speaker 2:

Well, I think that there's a couple of different ways to look at it. So, yes, with a very rapid run up, technically it would be in spot, gold would be overbought. So if you're trading well, you would use all of the technical indicators that you would for any other stock or anything else. So it's not a surprise that there's profit taking in a pullback in here, because the run-up was quite rapid. But then there's a couple more things. Number one there's the physical only market. So let me explain that, right, this is my one, well, and I'm wearing my bullion travel bracelet, but this is the only bullion that I personally own. This will flow with the spot market up or down and then, depending upon demand, the premiums to get your hands on the physical are going to grow or shrink, right, but this happens to be a pre-1933 collectible coin. This is a physical only market. So when you look at what's happening in these markets, what I think is extraordinarily interesting is when you look at ultra's happening in these markets.

Speaker 2:

What I think is extraordinarily interesting is when you look at ultra rarities. So these are super rare pre 33 coins that were might go for like 15 million bucks, something like that. Right, that typically will break out and has broken out when there is a breakout, before anything else, because it's smart money. How many people can afford 15 million dollars for one ounce of gold? Then the next area, which is the area that that we work in in Zhang Enterprises and we do bullion as well.

Speaker 2:

That's not a problem. We sell all of this. But the next area is more. They're still rare, they're slabbed and all of that, but that will typically break out next, because these are the two ultra-rarities where the general collectible market are physical only markets. So you're talking about the spot market, but there are other markets that help you really understand where we are again in this trend cycle. The last one that typically breaks out or does movement is in the spot market, but it's the people in the know that are showing you the way to go and that's making all time highs, not pulling back at this time.

Speaker 1:

Is it fair to say that you are a gold bug? I feel like we should define that term, because that's a term that I equate it to being a Bitcoin maxi, and I'm not a huge fan of the idea of anybody being super convinced in anything, because nobody knows what tomorrow brings in general. But I mean, how should we think about sort of the extent of conviction?

Speaker 2:

My level of conviction is huge. I don't think of myself as a bug. I could call maybe you a stock snake, right? I mean, it's a derogatory term that is absolutely designed to turn people away from gold, which is the only asset that can protect them, because what it does is it fights inflation. You cannot inflate this away. But how committed am I? Well, I can tell you this. I started in these markets when I was 10 years old and I've learned an awful lot as a stockbroker and as a banker, and I got to go back to my currency life cycles.

Speaker 2:

This currency is shifting. There is virtually no purchasing power left in the currency. We need to go into a new system and I know you've heard about the reset. I started talking about that in 2009 after I watched a Bloomberg interview with Christine Lagarde and in that 20-minute interview which they have subsequently deleted and I didn't know enough to save it, unfortunately, other than the link she used the term reset about 29 times how we had to reset the financial system and this system and that system. And I have a tendency to believe my technical data and believe the people that are actually in the know.

Speaker 2:

And what have we been seeing? We've been seeing global central banks buy more gold than they ever have since history began. Why would they do this if it's just an old relic right? That doesn't really make sense. It's not what central banks are about. They're not really about tradition. They're about remaining, I don't know, maybe a little independent, not everywhere. Maybe we have that in our future, that the Fed loses the independence here. But anybody that wants to stay independent needs to have sound money that is beyond any government's or central banker's control and cannot be inflated away. And the reason why it can't be inflated away.

Speaker 2:

And OK, I'm going to throw this one back at you and think about this right Gold, physical gold, physical silver is used in every single sector of the global economy. Therefore, it has the broadest base of functionality and the broadest base of demand. That's why it's above governments and central bankers, because of that demand and that use. So yeah, I'm all in. I haven't always been all in. I don't anticipate being all in in the future, but there isn't even one little doubt in my mind. Look at the purchasing power chart right. Look at the monetary velocity chart. There are a whole bunch of different. Look at the confidence. What's happening with the confidence? This is a con game. When that confidence goes away, it goes away, so I can always convert this into any other thing that I want anywhere in the world. Um yeah, I'm at safety. I'm at absolute safety. Right now, I do not trust these markets.

Speaker 1:

Sorry, probably not what you want to do sorry about I and, by the way, I I certainly hope I'm not a stock snake, because I'm apparently. Some people think I'm a pervert on stocks. Not at all.

Speaker 2:

Uh, I just think there's cycles, everything gold obviously, now is the cycle right well, the gold is a cycle because of where we are in the trend, I mean, and I would go. It really is just that simple. But here I'm going to throw something else out at you After when I saw it happen in 2008,. I became a prepper. I was not much of a gardener or a farmer, but here's my mantra I was not much of a gardener or a farmer, but here's my mantra Food, water, energy security, barter ability, wealth preservation, community and shelter, because these are all the things that we need to live a reasonable standard of living.

Speaker 2:

And when we transition from one currency and what happens is when one currency dies, another one pops up. So I'm not saying we're going into this nothing, because what you need, then, is a bridge to get you from one system into the next system with your purchasing power intact, so that you've got something to work with on the other side of this mess. And if you have all of those other things and community is arguably become actually, I would call myself a community bug more than anything else, because we're running out of time for this. So I'm sorry to tell you but yeah, I am all in. I don't own any fiat money products other than cash, and that's only because that's our tool of barter. If it wasn't, I wouldn't even have any cash right now.

Speaker 1:

I thought that was monopoly money, and I'm right. Apparently that is monopoly money.

Speaker 2:

And actually I think I have some Monopoly money in here, because what's the difference?

Speaker 1:

I think a lot of people can certainly relate to that. I see a lot of. I see Wowie giving the whole 100, 100, 100 message on that on X, appreciate Wowie watching this. It's funny referencing people by their username for handles. Okay, so clearly a cycle for gold. Uh, gold is acting as a sponge. You can argue for scared money, but I do think again, there's some short-term speculative momentum, um, yours. How should one think about for those that are not all in right and and are trying to figure out how to position Right? How do you think about risk management? Because the reality is, if financial advisors are watching this and saying, I'm with you on gold, I share the same sentiment. There's a fiduciary responsibility aspect to portfolio management. So, not financial advice, but what do you typically see in terms of how people pair it against stocks, bonds or houses?

Speaker 2:

Well, as part of the strategy, it is a true diversifier right, and we can look at what the fundamental value of an ounce of gold is really worth. So, even though you're looking at the stock market and you see it rising and you go, wow, look at that, gold is at all time highs, or, okay, it's had a little pullback or whatever. But what would you think if I told you the true fundamental value of an ounce of gold is over $40,000? So, at $3,300, $10,000, $20,000 undervalued right Now, that might sound absolutely outrageous. So how do I come up with that number? Because, quite frankly, I think it's critically important that everybody understands the true fundamental value of any instrument or any asset. That's the only way you can possibly know.

Speaker 2:

Is something undervalued, fairly valued or overvalued? Therefore, do I want to buy it, do I want to hold it? Do I want to liquidate it? And so you have to go back to this is sound money. This is government debt based fiat money. So how do I know how much this is really worth issue? So you can do it country to country, but I do it globally and I look at all of the debt that has been created in the world because, oops, wrong one Cause that's how this is created is through debt.

Speaker 1:

I can't stop giggling. I'm sorry, I just you're killing me here.

Speaker 2:

There's a reason why. Hey, I could also pull out my magic eight ball if you ask me a question that I can't answer and I'll let that answer for me. So you got to have some fun. What I talk about is really such ugly stuff, but I am definitely not a doom and gloomer. What I am is, during these transitions, wealth never disappears, it just shifts location. So I try and help people get into the position to have the wealth shift your way.

Speaker 2:

But going back the way that you know the true value of an ounce of gold. If they were to do that overnight reset on a one-to-one basis tonight, right is you take all the debt that's been created, because that tells you how much new money has been created in this system, and you divide it by all the gold that exists in the whole world, because gold, all gold, it's indestructible. So we can account for about 98% of all of the gold that has ever been mined, plus, on an annual basis. The department of the interior does a study and they publish a report to tell you how much gold is yet in the ground. And I take how much has been mined, how much is yet in the ground, and I divide all the debt by that number and that gives me somewhere north of $40,000. Somewhere north of $40,000. And, as outrageous as that might sound, what's the face value of this one ounce gold coin? $20. And if you had said to this person you know, one of these days you're going to see gold at $3,400 an ounce, they would have looked at you like you had three heads. They would have looked at you like you had three heads. So I can tell you that gold is severely undervalued.

Speaker 2:

Why? That's the next question. Well, why? Why isn't the market just lapping this up? And it's simple A rising gold price is an indication of a failing fiat currency.

Speaker 2:

That's why and governments don't want you to know that their money, your money this is the real trend is the purchasing power. They don't want you to know that it's failing, so they have to suppress it by creating a whole bunch of gold that does not, nor ever will exist. And in fact, back in the day so this was 2009 before the central banks really got into the derivative bets there was a little bit in foreign exchange, but not too much at that point and probably the data that they were publishing was a little bit more honest, but I saw it myself and did the calculations, so I know this is true. According to the Bank for International Settlements, in 2009, for every one ounce of physical gold that exists, there were over 62,000 digital ounces of gold. So the market reads it as if that gold exists, when it does not.

Speaker 2:

And I would like to point out something else. In this country, in the US, we primarily work in contracts, not the physical metal. But what have we seen recently? Somebody taking delivery on those contracts. That's somebody in the know that is taking delivery of the physical metal. And how did they get that physical metal? Because we don't deal that much in physical metals in this country. Oh, the Bank of England nicely sent over the gold that it's holding for other countries to the US, and then that gold got delivered out. You tell me what you think might just happen when because I don't think this is an if when those countries ask for their gold back, where is the Bank of England going to get all the gold that it shipped to the US?

Speaker 1:

Well, since you carry so much gold, I think they're going to call you up. I think it's the way that this has to play out. Hold on Before we wrap up, because we're a little bit out of time. I do want to get another question here from Spanky. Is the actual username? I have to say that seriously From Spanky, I'd like to know her thoughts on gold miners. So let's talk a little bit about the company side as opposed to the commodity side.

Speaker 2:

Right, it's really interesting. Gold mining, I think, is a very hard field and you would think that you're buying gold, but you're not. You're buying a company. So mining stocks do not perform as well and I can tell you, because I was certainly there in 2008 and even have a comparison chart, this isn't the time. This isn't the time to be in intangibles. I'm sorry I probably shouldn't completely say that, but if you're going to, you wanna be properly diversified and have some physical metals outside of the system to make sure that you're properly balanced, and you can do it against that $40,000 number. So if you have, say, 400,000 in the stock market, make sure that you have 10 ounces or the equivalent of gold. Now you've got some diversification. Understand that as the government prints more money, which is coming up because we're fighting deflation. So that's going to happen. Only one way to fight deflation, that's with inflation. Only one way to fight inflation, that's with deflation. And you know what we have coming up. I think we'll make this run up to thirty five hundred on. I mean, it's chump change, it's nothing.

Speaker 2:

But there is a strategy that I would say to employ for those that want to stay in the markets or even go into cryptocurrencies. Whatever you want to do, you have to do what you're comfortable with. Just make sure that you're properly diversified and one intangible diversifying another intangible is not diversification, right. It's got to be a tangible asset that diversifies and protects what you're holding intangibly. So it should be used as a diversifier With real estate there are ways to pay off that debt and uses the same strategy that the government uses to repay debt with dollars that have virtually well less and less and ultimately no value.

Speaker 2:

There's a way to make sure that you can maintain your property taxes, because those are a couple threats to people in terms of real estate.

Speaker 2:

So it depends on what you own, what your equity is, and then we look at each piece and what your debt is, and we look at each piece and we build this strategy in layers which, by the way, actually includes some level of cash, depending upon what you're trying to accomplish and what your circumstances are. So I just think it is the ultimate diversifier and puts you in a position to maintain the wealth that you've already accumulated and expand your wealth base, because we know that what goes up must come down and what goes down will go up if there's real intrinsic value in it. So this real estate, these markets that are overvalued, that's going to flip flop and if you're holding your purchasing power, you get to take advantage of them. And that's why I said you know, at the moment, yeah, I'm all in, but that hasn't always been true and it's not. I don't expect it to be true in the future either, but right now, because of where we are, yeah, I'm all in.

Speaker 1:

Lynette, for those who want to track more of your thoughts, more of your work or, in general, want to get involved with what you're involved in. Where would you point them to?

Speaker 2:

Well, you know, I'm very, very active on YouTube and Twitter at the Lynette Zhang and Instagram and Facebook at Lynette Zhang and I love our phone number, which is 833-GLD-ZANG, so we love human contact Kind of old-fashioned that way.

Speaker 1:

I am jealous that you have that number. I don't think I can possibly compete against that, no matter how creative I can get, so watch this again, folks. This will be an edited podcast on Delete Live. I'll see you all on the next episode, and I may now end up buying that money gun that lynette's got. Uh, thank you, lynette, appreciate it pleasure. Thank you.

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Michael A. Gayed, CFA

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