Uploaded June 2026 | Updated September 2026, 2 weeks ago
Axel Merk joins Darrell Thomas to break down the Fed’s shifting role, the legacy of easy money, and why monetary policy still sits at the center of every major asset price. Merk explains why gold remains a core long-term holding, how real yields and geopolitical shocks can pressure the metal in the short term, and why central banks are still incentivized to move away from the U.S. dollar. The conversation also covers U.S. debt, inflation, junior mining opportunities, silver and much more.
Follow Axel:
https://x.com/AxelMerk
merkinvestments.com
Follow Darrell on X: https://x.com/MoneyLevelsShow
Follow the VRIC on X: https://x.com/vricmedia
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00:00 - Introduction
00:48 - Alan Greenspan’s legacy
04:14 - Kevin Warsh, Fed reform, and forward guidance
07:35 - Interest rates, Iran, and pressure on gold
10:18 - Fed balance sheet policy and the ample reserve regime
13:17 - Gold outlook under today’s macro headwinds
15:24 - U.S. debt, inflation, and default risk
20:23 - Political incentives and supply shocks
21:49 - Short-, medium-, and long-term view on gold
27:03 - Where Merk sees opportunity in gold miners
29:09 - Silver, volatility, and risk management
32:05 - AI, industrial demand, and the mining sector
35:38 - Silver deficits, copper, and strategic metals
38:19 - Central bank gold buying and de-dollarization
41:17 - Where to follow Axel Merk
Copyright © 2026 Cambridge House International Inc. All rights reserved.
Axel Merk joins Darrell Thomas to break down the Fed’s shifting role, the legacy of easy money, and why monetary policy still sits at the center of every major asset price. Merk explains why gold remains a core long-term holding, how real yields and geopolitical shocks can pressure the metal in the short term, and why central banks are still incentivized to move away from the U.S. dollar. The conversation also covers U.S. debt, inflation, junior mining opportunities, silver and much more.
Follow Axel:
https://x.com/AxelMerk
merkinvestments.com
Follow Darrell on X: https://x.com/MoneyLevelsShow
Follow the VRIC on X: https://x.com/vricmedia
Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: linkly.link/26yH9
Sign up for Jay’s newsletter at 2ly.link/211gx
00:00 - Introduction
00:48 - Alan Greenspan’s legacy
04:14 - Kevin Warsh, Fed reform, and forward guidance
07:35 - Interest rates, Iran, and pressure on gold
10:18 - Fed balance sheet policy and the ample reserve regime
13:17 - Gold outlook under today’s macro headwinds
15:24 - U.S. debt, inflation, and default risk
20:23 - Political incentives and supply shocks
21:49 - Short-, medium-, and long-term view on gold
27:03 - Where Merk sees opportunity in gold miners
29:09 - Silver, volatility, and risk management
32:05 - AI, industrial demand, and the mining sector
35:38 - Silver deficits, copper, and strategic metals
38:19 - Central bank gold buying and de-dollarization
41:17 - Where to follow Axel Merk
Copyright © 2026 Cambridge House International Inc. All rights reserved.
