Stocks, Bonds, Euro, and Gold Go Up, Report 4 June, 2017

The jobs report was disappointing. The prices of gold, and even more so silver, took off. In three hours, they gained $18 and 39 cents. Before we try to read into the connection, it is worth pausing to consider how another market responded. We don’t often discuss the stock market (and we have not been calling for an imminent stock market collapse as many others have).

The initial reaction in the US equities market (futures, as this was before the opening bell) was down. But it was muted, and then in a few hours turned around and the market ended even higher.

Each stock represents a business. Presumably, if jobs growth was disappointing then this is bad for stocks on two grounds. One is that companies hire based on their revenue expectations. Slow or no hiring means slow or no revenue growth. The other is that people who aren’t hired don’t buy as much, and so there is a feedback loop into sluggish business revenue growth.

However, the stock market disagreed. It said let’s cut the earnings yield a bit more, from 3.94% to 3.93%. This presumably means that earnings are set to take off (or it could mean that everyone from wage-earners who pour their surplus into the stock market to older speculators are not thinking about earnings yield).

Not only did the stock market go up, so did the euro. As did US Treasury bonds. And, finally, gold and silver. What is the one thing that these all have in common?

It is possible to borrow to buy these assets.

We read this as a garden-variety day of credit expansion. Folks, this is how the monetary system is supposed to work, according to mainstream economic thought. Based on <insert story du jour>, people borrow to buy assets. This creates a wealth effect, as rising asset prices makes people (at least those who own those assets) feel richer. When they feel richer, they go out to eat more, buy more Rolexes and Porsches, and that employs everyone else. Or so their theory goes.

Stock analysts have a wealth of material to study the fundamentals of public companies. We leave that work to them. We have a theory, model, and now a robust software platform to study and calculate the fundamentals of gold and silver.

We will show charts of the fundamental prices we calculate. But first, a look at the prices of the metals and gold-silver ratio.

Next, this is a graph of the gold price measured in silver, otherwise known as the gold to silver ratio. It moved up a bit, though down on Friday.

In this graph, we show both bid and offer prices. If you were to sell gold on the bid and buy silver at the ask, that is the lower bid price. Conversely, if you sold silver on the bid and bought gold at the offer, that is the higher offer price.

For each metal, we will look at a graph of the basis and cobasis overlaid with the price of the dollar in terms of the respective metal. It will make it easier to provide brief commentary. The dollar will be represented in green, the basis in blue and cobasis in red.

Here is the gold graph.

We had a dropping price of the dollar (the mirror image of the rising price of gold), and a slightly falling abundance (the basis) and slightly rising scarcity (the cobasis).

Our old model shows an increase in the gold fundamental price of $19 ($1,267 to $1,286). Our new software also shows an increase, though smaller and at a higher level ($1,330 to $1,334). We plan an article to discuss this difference.

Now let’s look at silver.

In silver, there is a slight increase in abundance and decrease in scarcity as the price has risen.

Our old model shows an increase in the silver fundamental price of $0.05 ($16.12 to $16.17). Our new software, however, shows a decease and not a small one ($17.97 to $17.62). Here is a graph.

Note that the fundamental price (new software platform) is rangebound from early March. It is considerably less volatile than the market price, which is what we would hope for.

Keith will be in London the week of June 19, and in New York the week of June 26. If you’re interested in attending a Monetary Metals seminar on GOFO and transparency in the gold market in either city, or to meet with Keith to discuss gold investment, please click here.

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Tom says:

2017-06-05 at 08:24

I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.

Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.

“how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.

In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/

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1. Brent says:
  
  2017-06-05 at 18:18
  
  I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
  
  Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
  
  “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
  
  In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
  
  Log in to Reply
  1. Tom says:
    
    2017-06-05 at 19:34
    
    I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
    
    Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
    
    “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
    
    In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
    
    Log in to Reply
    1. Brent says:
      
      2017-06-05 at 21:19
      
      I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
      
      Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
      
      “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
      
      In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
      
      Log in to Reply
      1. Tom says:
        
        2017-06-06 at 08:03
        
        I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
        
        Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
        
        “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
        
        In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
      2. Brent says:
        
        2017-06-06 at 17:31
        
        I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
        
        Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
        
        “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
        
        In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
2. Keith Weiner says:
  
  2017-06-05 at 19:14
  
  I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
  
  Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
  
  “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
  
  In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
  
  Log in to Reply
3. Bron Suchecki says:
  
  2017-06-05 at 19:25
  
  I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
  
  Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
  
  “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
  
  In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
  
  Log in to Reply
  1. Tom says:
    
    2017-06-05 at 19:48
    
    I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
    
    Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
    
    “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
    
    In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
    
    Log in to Reply
    1. Bron Suchecki says:
      
      2017-06-05 at 20:16
      
      I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
      
      Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
      
      “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
      
      In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
      
      Log in to Reply
      1. Tom says:
        
        2017-06-06 at 07:47
        
        I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
        
        Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
        
        “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
        
        In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
      2. Bron Suchecki says:
        
        2017-06-07 at 20:50
        
        I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.
        
        Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.
        
        “how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.
        
        In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/
cesar says:

2017-06-05 at 17:29

I was just proposing an inverse way of looking at the data, different side of the coin. I’m not sure investors are less price sensitive – yes they tend to follow the price but I think there is a case that they are far more fickle than jewellery consumers, that is, they show bigger changes in their demand to the same change in price than jewellery consumers. From that way of thinking, one could argue they are the marginal/swing player in price formation.

Regarding speculators, yes they are generally trading paper contracts like futures, but there are also those that buy and sell physical on short time frames.

“how would we empirically test Keith’s model?” – only thing you really need to compare it to is price. I would note that the basis and cobasis charts are not the indicator to test, they are but one input and it is Keith’s (proprietary) fundamental price algorithm that seeks to turn basis into a price predictor. We have a lot more work planned on refining this algorithm, such things are always a work in progress.

In terms of the theory, this gives a good overview https://www.monetary-metals.com/introduction-to-the-monetary-metals-supply-and-demand-report/

Log in to Reply

About Monetary Metals & Co.

Monetary Metals & Co.

Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Unlike traditional gold companies that buy or sell gold for dollar gains, Monetary Metals unlocks the productivity of gold by matching investors who hold precious metals with qualified businesses—including mints, refiners, jewelry manufacturers, and miners—that use gold productively. Through Gold Leases and Gold Bonds, investors earn interest paid in physical ounces rather than fiat currency, allowing their gold holdings to compound over time with no storage fees.

Monetary Metals & Co.: Founders

Name, Role / Title, Description
Name	Role / Title	Description
Keith Weiner	PhD, CEO & Founder, Chairman of the Board	Keith Weiner is an economist who is a leading authority in the areas of gold, money, and credit and has made important contributions to monetary theory. He is also an entrepreneur who specializes in businesses that solve hard problems. Before Monetary Metals, he founded DiamondWare, a software company that developed 3D voice technology, sold to Nortel in 2008. He is the President of the Gold Standard Institute USA. He earned his PhD from the New Austrian School of Economics.

Monetary Metals & Co.: Team

Name, Role / Title, Department, Description
Name	Role / Title	Department	Description
Keith Weiner	PhD, CEO & Founder, Chairman of the Board	Leadership Team	Keith Weiner is an economist who is a leading authority in the areas of gold, money, and credit and has made important contributions to monetary theory. He is also an entrepreneur who specializes in businesses that solve hard problems. Before Monetary Metals, he founded DiamondWare, a software company that developed 3D voice technology, sold to Nortel in 2008. He is the President of the Gold Standard Institute USA. He earned his PhD from the New Austrian School of Economics.
Jeff Deist	Chief Risk Officer	Leadership Team	Jeff spent ten years as president of the Mises Institute, where he wrote hundreds of articles and delivered countless speeches on topics of monetary policy, gold, and central banking. Prior to that he worked on Capitol Hill as Chief of Staff for Congressman Ron Paul. He previously worked as an attorney in law firms and public accounting firms specializing in private equity, mergers & acquisitions, and tax. Jeff holds degrees in law and taxation.
John Flaherty	Chief Operating Officer	Leadership Team	Throughout his career, John has excelled in operational leadership roles in the fields of commercial construction management, real estate development and education. In his recent role as Director of Real Estate Development for BASIS Independent Schools, John was responsible for developing a national portfolio of elite private schools. He has a bachelor’s degree in civil engineering from Arizona State University and pursued graduate studies in economics at the University of Arizona.
Nathan Lucas	Chief Financial Officer	Leadership Team	Nathan Lucas has over 25 years as an accounting professional. After graduating with a Bachelor of Commerce (Major Accounting & Economics) from Monash University, he was admitted to the Institute of Chartered Accountant in Australia whilst working in the audit division of Ernst & Young. Nathan has worked in a variety of senior finance roles including guiding a start-up to IPO, extensive experience in ERP system implementation as well as being CEO and founder of an Accounting Software business.
Miranda Werstiuk	Chief Revenue Officer	Leadership Team	Miranda has over 30 years’ experience in finance for the resources sector. She has worked across the spectrum of transaction mechanisms (equity, debt, and alternative financing), with a focus on complex structuring for creative and mutually beneficial solutions. She has relationships with private and public corporate issuers, as well as high net worth individual and institutional investors. Miranda regularly contributes to conferences including PDAC, 121 Mining, Mining Indaba, Mines & Money London, IMARC, and CIM. She is Chair of the Program Advisory Group for planetGOLD, which seeks to eliminate mercury used by artisanal and small gold miners, as well as being a long-standing participant and committee member of WIM Toronto.
Dickson Buchanan, Jr	Chief Commercial Officer	Leadership Team	Prior to joining Monetary Metals, Dickson served as Senior Broker and Director of International Development at SchiffGold, where he helped a wide range of investors to obtain a strategic allocation into gold and silver both domestically and abroad. He received a Master‘s in Economics from King Juan Carlos University in Madrid, Spain where he studied under renowned Spanish economists Jesús Huerta de Soto and Juan Ramón Rallo.
KC Sparks	Chief Technology Officer	Leadership Team	A graduate of The Ira A. Fulton Schools of Engineering at ASU, KC is a value-driven technology expert with a proven record for developing and implementing robust software solutions that enhance profitability, efficiency, and redundancy. He has led initiatives resulting in SOC 2 compliance, optimized infrastructure and deployment workflows, and ensured optimal prioritization and execution of software strategies aligned with the intricate demands of the financial sector—all while fostering a culture of ownership, empowerment, and collaboration among his growing team. His evolution from Lead Software Engineer to Chief Technology Office reflects his commitment to excellence and deep understanding of software development.
Addison Quale	Vice President Relationship Management	Leadership Team	Addison concentrated in economics at Harvard University and came to embrace libertarian thought while studying for a Master of Divinity at Gordon-Conwell Theological Seminary. Addison worked as a precious metals specialist at SchiffGold, with additional work experience at Cambridge Associates, a Boston based investment consulting firm.
Mark Pey	Director of Strategic Relationships \| Dubai office	Leadership Team	Mark brings significant experience across financial services, technology, and digital physical gold management to Monetary Metals. His career background includes roles as Financial Services Industry Manager, Microsoft Corporation, where he ran Microsoft's financial services practice across Australia, New Zealand, and 'English speaking Asia' (Singapore and Hong Kong). He was also Vice President, J.P. Morgan American Century, where he ran institutional investment sales for some of their largest clients including Intel Corporation. Lockheed-Martin, and Bechtel Corporation.
Jeffrey Rhodes	Managing Director Business Development, Middle East and Asia	Leadership Team	A leading expert in the international precious metals market, Jeffrey is widely recognized as 'The Godfather of Gold Leasing.' For over 45 years, he served major financial institutions, including Credit Suisse, HSBC, Standard Bank, and StoneX. He founded Rhodes Precious Metals Consultancy DMCC in 2013, was appointed as Principal Consultant to Goldstrom Pte in 2022, and in 2025, he was named the CEO of Goldstrom Advisory DMCC. He's played a prominent role in the development of the Dubai Multi Commodity Centre, and he's been a member of Dubai’s Gold Advisory Group since its inception in 2003. He was a Chairman of the Public Affairs Committee of the LBMA, during which time he founded its popular trade magazine, The Alchemist.
Andrew Senior	Vice President Strategic Relationships	Leadership Team	Andrew is a creative entrepreneur with experience in investor engagement, commercial partnerships, and scalable growth strategies. With a career spanning decades and continents, he has founded and scaled several successful ventures, including Skuuudle, IT247.com, and Marsland Holdings—and raised over £65 million in capital across various funding rounds. He has led international expansion efforts across the US, China, and Russia, has advised C-level teams on fintech, pricing automation, & emerging tech, and drove strategic partnerships and investment initiatives at Glint Pay.
Hiren Chandaria	Managing Director, Middle East and Asia Operations	Leadership Team	Hiren Chandaria is a seasoned precious metals executive with over two decades of experience in gold investment, structured finance, and market development. He helped structure India’s first and largest gold savings fund, which won CNBC’s “Most Innovative Fund” award, while another fund he managed was ranked Bloomberg’s best-performing gold fund globally. A CFA Charterholder and Sloan Fellow of London Business School, Hiren leads Monetary Metals’ expansion across the Middle East and Asia.
Jim Brown	Director	Board of Directors	Jim lives in Jackson Hole and manages the Justice Brown Family Office. His finance career includes ten years as a stockbroker and 20 years as partner and portfolio manager at Brandes Investment Partners of San Diego. Prior to his finance career, he was an Air Force instructor pilot and an airline pilot. Jim is a Chartered Financial Analyst, holds an MBA from Harvard Business School and a BS in political science from the United States Air Force Academy.
Simon Guenzl	Director	Board of Directors	Simon Guenzl has over 30 years of experience in finance, including over 20 years in private-markets investing. His experience includes advising on mergers & acquisitions at several leading Wall Street investment banks, making venture-capital investments in start-ups, and investing in private-equity and venture-capital funds on both a primary and secondary basis. He holds a law degree from the University of Western Australia and an MBA from the Wharton School of Business.
Ronald P. Stöferle	Advisor	Board of Advisors	Ronnie is managing partner of Incrementum AG and responsible for Research and Portfolio Management. Upon graduation, he joined the Research department of Erste Group, where he published his first “In Gold We Trust” report in 2007. The report has become one of the benchmark publications on gold, money, and inflation. Since 2013, he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie. In 2014, he co-authored the book “Austrian School for Investors” and in 2019 “Die Nullzinsfalle” (The Zero Interest Rate Trap). He is a member of the board of Tudor Gold, a Canadian exploration company, and an advisor to Matterhorn Asset Management, a global leader in asset preservation in the form of physical gold stored outside the banking system.
Mark Valek	Advisor	Board of Advisors	Mark is fund manager and partner of Incrementum AG. His passion is to apply interdisciplinary thinking to investment. He is particularly fascinated with the Austrian School of Economics, monetary history, and the foreseeable paradigm shift in the monetary system. Prior to the establishment of Incrementum AG, he was with Raiffeisen Capital Management for ten years, most recently as fund manager in the area of inflation protection and alternative investments. He gained entrepreneurial experience as co-founder of Philoro Edelmetalle GmbH. Since 2013, he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie. In 2014, he co-authored the book “Austrian School for Investors”.
Brent Johnson	Advisor	Board of Advisors	A globally recognized macroeconomic professional with over 25 years of financial markets experience, Brent is the CEO of Santiago Capital. Previously he served as Managing Director at BakerAvenue, a $2.5 billion wealth management practice where he advised several of the firm’s largest clients. Prior to that, he worked almost a decade in the private client group at Credit Suisse. Brent is widely known for his “Dollar Milkshake Theory” and speaks frequently on macroeconomics, currencies, and precious metals.

Monetary Metals & Co.: Awards & Recognition

Award, Issuing Organization, Description
Award	Issuing Organization	Description
Inc. 5000 Fastest-Growing Private Companies - Rank No. 677 Overall	Inc. 5000	Monetary Metals named to the 2025 Inc. 5000 list, ranking No. 677 overall, top 15% of fastest-growing private companies in the U.S., No. 45 in financial services, and No. 19 among Arizona private companies.
Worldwide Finance Awards 2020 Winner	Acquisition International	Monetary Metals & Co. recognized as one of the winners of the 2020 Worldwide Finance Awards.
Bullion.Directory 2025 Gold Price Forecast Category - Silver Medal	bullion.directory	Monetary Metals awarded the Silver Medal in Bullion.Directorys 2025 Bullion Dealer of the Year public vote in the Gold Price Forecast category.
Bullion.Directory 2024 Dealer of the Year winner in News and Analysis	bullion.directory	Monetary Metals won bullion.directory's Dealer of the Year award in the News and Analysis category
Better Business Bureau A+ Rating	Better Business Bureau	Monetary Metals received an A+ rating from the Better Business Bureau
Trustpilot 4.8/5 star rating	Trustpilot	Monetary Metals achieved a 4.8/5 star rating on Trustpilot
Google Business 4.7/5 star rating	Google	Monetary Metals earned a 4.7/5 star rating from customers on Google Business

Monetary Metals & Co.: External Profiles

Platform, URL, Bio
Platform	URL	Bio
Monetary Metals & Co. LinkedIn Profile	https://www.linkedin.com/company/monetary-metals-&-co./	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com. Founded in 2012 and headquartered in Scottsdale, Arizona, Monetary Metals is a different kind of gold company. Unlike others that simply buy or sell gold for dollar price appreciation, Monetary Metals unlocks the productivity of gold by matching investors who hold gold and silver with qualified precious metals businesses who need financing, including mints, refiners, jewelry manufacturers, miners, and recyclers. The businesses benefit from financing denominated in metal—which removes the need to hedge their price exposure—and owners of gold and silver can benefit from growing their total ounces of metal. The company offers two primary gold fixed income products: gold leases and gold bonds (gold bonds are for accredited investors only), which deliver income paid in physical ounces rather than dollars, eliminating storage fees and enabling investors to achieve compounding returns in ounces gained rather than mere dollar price appreciation. Since launching the Gold Yield Marketplace™ in 2016, the company has completed over 80 funded transactions across six continents. Monetary Metals has served thousands of clients—including family offices, high net worth individuals, and institutional investors— with the vision that everyone can save, earn and finance production in gold.
Monetary Metals & Co. X (Twitter) Profile	https://twitter.com/Monetary_Metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform.
Monetary Metals & Co. Facebook Profile	https://www.facebook.com/MonetaryMetals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. YouTube Channel	https://www.youtube.com/c/Monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals & Co. UAE Website	https://www.monetary-metals.ae/	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Inc. Profile	https://www.inc.com/profile/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Pitch Book Profile	https://pitchbook.com/profiles/company/155796-94	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Tracxn Profile	https://tracxn.com/d/companies/monetary-metals/__tWpXFqZV_Ax5kTWcCI_QekEMBATS_E_6yIVgznl7OwM	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry.
Monetary Metals & Co. Better Business Bureau (BBB) Profile	https://www.bbb.org/us/az/scottsdale/profile/investment-management/monetary-metals-1126-1000087817	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Crunchbase Profile	https://www.crunchbase.com/organization/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals Google Patents Profile	https://patents.google.com/?assignee=Monetary+Metals+%26+Co	Google patents profile for Monetary Metals as an assignee
Monetary Metals Google Business KGMID	https://www.google.com/search?kgmid=/g/11vldcrgw9	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals alternative name (Monetary Metals Corp) KGMID	https://www.google.com/search?kgmid=/g/11f01bkd18	The KGMID associated with Monetary Metals Corp, an alternative name for Monetary Metals & Co.
Monetary Metals & Co. Trustpilot profile	https://www.trustpilot.com/review/monetary-metals.com	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.
Monetary Metals & Co. Bloomberg company profile	https://www.bloomberg.com/profile/company/1627759D:US	Monetary Metals & Co. delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding overtime with no storage fees.
Monetary Metals & Co. bitscale.ai profile	https://bitscale.ai/directory/monetary-metals-and-co	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com. Founded in 2012 and headquartered in Scottsdale, Arizona, Monetary Metals is a different kind of gold company. Unlike others that simply buy or sell gold for dollar price appreciation, Monetary Metals unlocks the productivity of gold by matching investors who hold gold and silver with qualified precious metals businesses who need financing, including mints, refiners, jewelry manufacturers, miners, and recyclers. The businesses benefit from financing denominated in metal—which removes the need to hedge their price exposure—and owners of gold and silver can benefit from growing their total ounces of metal. The company offers two primary gold fixed income products: gold leases and gold bonds (gold bonds are for accredited investors only), which deliver income paid in physical ounces rather than dollars, eliminating storage fees and enabling investors to achieve compounding returns in ounces gained rather than mere dollar price appreciation. Since launching the Gold Yield Marketplace™ in 2016, the company has completed over 80 funded transactions across six continents. Monetary Metals has served thousands of clients—including family offices, high net worth individuals, and institutional investors— with the vision that everyone can save, earn and finance production in gold.
Monetary Metals & Co. PR Newswire profile	https://www.prnewswire.com/news/monetary-metals-%26-co./	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals & Co. Rocket Reach Profile	https://rocketreach.co/monetary-metals-co-profile_b44cf87bfd5765aa	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com.
Monetary Metals & Co. privco.com profile	https://www.privco.com/company/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees.
Monetary Metals & Co. CB Insights profile	https://www.cbinsights.com/company/monetary-metals	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions earn a yield on gold and silver every month, compounding their holdings over time without storage fees. It was founded in 2012 and is based in Scottsdale, Arizona.
Monetary Metals & Co. Bullion.Directory listing	https://bullion.directory/bullion-dealers/monetary-metals-reviews/	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified companies in the precious metals industry. Through its gold leases and gold bonds, investors and institutions worldwide earn a yield on gold and silver every month, compounding their holdings over time with no storage fees. For more information, please visit monetary-metals.com. Founded in 2012 and headquartered in Scottsdale, Arizona, Monetary Metals is a different kind of gold company. Unlike others that simply buy or sell gold for dollar price appreciation, Monetary Metals unlocks the productivity of gold by matching investors who hold gold and silver with qualified precious metals businesses who need financing, including mints, refiners, jewelry manufacturers, miners, and recyclers. The businesses benefit from financing denominated in metal – which removes the need to hedge their price exposure – and owners of gold and silver can benefit from growing their total ounces of metal. The company offers two primary gold fixed income products: gold leases and gold bonds (gold bonds are for accredited investors only), which deliver income paid in physical ounces rather than dollars, eliminating storage fees and enabling investors to achieve compounding returns in ounces gained rather than mere dollar price appreciation. Since launching the Gold Yield Marketplace™ in 2016, the company has completed over 80 funded transactions across six continents. Monetary Metals has served thousands of clients – including family offices, high net worth individuals, and institutional investors – with the vision that everyone can save, earn and finance production in gold.
Monetary Metals & Co. Instagram profile	https://www.instagram.com/monetary_metals/	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to companies.
Monetary Metals & Co. TikTok profile	https://www.tiktok.com/@monetarymetals	Monetary Metals delivers a yield on gold, paid in gold.
Monetary Metals & Co. Wikidata entry	https://www.wikidata.org/wiki/Q139589172	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals & Co. OpenCorporates profile	https://opencorporates.com/companies/us_de/5166254	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals & Co. LEI Identifier	https://search.gleif.org/#/record/254900N6I62WNJ1VT195	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing.
Monetary Metals & Co. Primary KGMID	https://www.google.com/search?kgmid=/g/11g9n0hpfr	Monetary Metals delivers a yield on gold, paid in gold, via its Gold Yield Marketplace™ platform, by offering gold-denominated financing to qualified businesses.

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Videos

True Gold Leasing - How it Works

Youtube, 3:45, 2025-10-09

Monetary Metals offers gold fixed-income products designed to grow your wealth in real, physical gold. In this video, we explain our Gold Leases—what they are, how they work, and the potential benefit...

JV Video: Monetary Metals offers yield on gold, paid in ounces

Youtube, 11:44, 2025-10-06

Bullion can pay interest – in metals, Monetary Metals‬ CEO Keith Weiner says. The company has established a program that leases clients’ gold to refiners and jewellers, typically returning 4% a year p...