{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Episode 122 \u2013 Why is gold rallying?","description":"In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about gold and how it has become a hedge against distrust. When money becomes too political to believe in, investors turn to what can\u2019t be printed. (1:35)  Let\u2019s start with AI. OpenAI\u2019s been in the headlines almost weekly - new partnerships, huge infrastructure deals, and some big numbers attached. But behind all of that excitement, there\u2019s a growing conversation about vendor financing and related-party transactions - essentially suppliers funding their own customers. You\u2019ve been following this closely, Tracey. What\u2019s your take on it? (4:59) So in effect, the same interconnectedness that amplifies growth on the way up amplifies fragility on the way down. (7:43) Is the other risk though around whether the revenue that is being promised by some of these companies in some of these loans is being pulled forward. (8:50) So the concern would be the quality of the revenue - not necessarily the existence of financing itself. (9:19) You\u2019ve said recently that gold has stopped being a hedge - and started being a referendum. What do you mean by that? (10:18) So you\u2019d say this is more a vote of no confidence? (11:36) That really is interesting. We\u2019ve built a system that depends on our faith in fiat, in this case, the US dollar, but we price our distrust in fiat in US dollars per ounce. (12:32) And what\u2019s the implication for portfolios? (14:17) Let\u2019s move to a related theme - risk management. You mentioned that a client asked you recently, \u201cHow do you think about risk when adding a new fund to the portfolio?\u201d That\u2019s such an important question, particularly in times like these. (15:40) Right \u2013 and so even when allocations look different on paper, they can still be tied to the same global currents. How do you identify genuine diversification? ","author_name":"'Perspectives' by Escala","author_url":"https:\/\/escalapartners.com.au\/","html":"