Recorded on October 15, 2025.
Today, Steve Yang sits down with Dr. Keith Weiner — founder and CEO of Monetary Metals — to unpack late-stage “central-bank-ism,” why he thinks interest rates will resume a secular decline, how gold’s role is misunderstood, and why silver’s current behavior matters. Weiner lays out his “gold withdraws its bid on the dollar” thesis, discusses zombie-company debt dynamics, and explains why CBDCs are the logical (and troubling) extension of negative rates.
About the guest:
Keith Weiner is a monetary economist and the founder/CEO of Monetary Metals, a firm focused on making gold productive via leasing and bonds so savers can earn a yield in metal terms. He’s an active commentator on macro and market structure.
What we cover:
Late-stage irredeemable currency and distorted GDP incentives
Why rates fall again globally and what that means for credit
Gold’s “bid” vs the dollar and the endgame mechanism
Silver’s backwardation and physical tightness signals
CBDCs as a policy response to negative rates
Earning interest on gold (paid in gold), not dollars
Guest & Company Links
Monetary Metals (official): https://monetary-metals.com
Keith on X (Twitter): https://x.com/RealKeithWeiner
Host & Channel Links
Natural Resource Stocks — Official Channel
🌐 Website: https://www.NaturalResourceStocks.net
📺 YouTube: https://www.youtube.com/@naturalresourcestocks
🐦 X (Twitter): https://twitter.com/NRS_Stocks
💼 LinkedIn: https://www.linkedin.com/company/natural-resource-stocks/
Steve Yang — Host
🐦 X (Twitter): https://twitter.com/SteveYang_Market
💼 LinkedIn: https://www.linkedin.com/in/steveyang88/
Andy Millette — Host
🌐 Website: https://www.NaturalResourceStocks.net
🐦 X (Twitter): https://twitter.com/AndyMillette
💼 LinkedIn: https://www.linkedin.com/in/andymillette/
Chapters
00:00 Opening hook: Late-stage central-bank-ism
01:19 What irredeemable currency breaks (and why)
04:02 Why rates resume falling; the Swiss signal
07:53 Gold’s bid, not dollar’s: the endgame explained
10:13 Silver backwardation and scarcity dynamics
15:12 Zombie companies and refinancing risk
27:10 CBDCs as the ‘fix’ for negative rates
30:58 Gold vs crypto: volatility vs money
35:08 Earning interest on gold, paid in gold
41:05 Compounding, retirement, and real yield in metal
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