Denis is back on the pod as something snapped in the gold market. While the mainstream blames “retail panic” and “overbought conditions,” Crescat’s macro strategist Otavio “Tavi” Costa thinks we’re witnessing the quietest act of monetary warfare in decades — one led not by retail investors, but by central banks front-running a sovereign balance-sheet crisis.
In this episode of CrashLabs, we tear into:
- Why the U.S. Treasury may be secretly re-accumulating gold at 90-year-low reserve levels.
- How the West’s debt spiral and the AI-era infrastructure boom could ignite a hard-asset supercycle.
- Why “value investing” isn’t dead — it’s just been starved of real collateral.
- The coming rotation from ideas to tangibles: mining, oil, and energy as the new tech.
- How automation and AI will rewrite the cost curve of mining — and who actually wins when the robots arrive.
00:00 Intro — The return of Denis
02:00 Gold’s 90-year-low reserves and central-bank accumulation
09:03 How retail panic is misreading the signal
21:51 Oil as the ignored hedge
34:17 The illusion of institutional capital
49:32 The AI-to-mining capital rotation
56:51 The coming automation boom in resource extraction
1:12:43 Tavi’s rule for conviction investing
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Disclosure: The opinions and information shared by Tavi in this discussion are his own, and not necessarily those of Crescat. Any investments discussed may or may not be held by Crescat. Investments carry risk including risk of loss.
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