Gold vs. Reality
This episode tackles gold mania in its latest surge, debunking its “safe haven” myth with historical returns and practical comparisons to stocks. Don and Tom expose how Wall Street and fund providers exploit the hype, critique Ameriprise and high-yield muni funds, and answer listener questions on target-date funds vs DIY portfolios, HSA withdrawals, and advisor conflicts. The conversation balances humor, skepticism, and blunt warnings about chasing assets after dramatic run-ups.
0:04 Gold’s ancient appeal and modern hype
1:27 Big banks, Costco, Gundlach, and the gold push
2:06 Safe haven narrative challenged with history
3:32 Gold fails in WWII, Depression, 1970s inflation
3:42 Returns: 20-year streak vs long flat stretches
5:11 Larry Summers data: 0.1% real return over 130 years
6:19 The “special gold dividend fund” KGLD scam critique
7:58 Buffett’s take: no growth, no dividends, just metal
8:42 Prediction: gold goes up, down, sideways—like always
9:05 Warning against buying at peaks; mountain metaphor
9:53 Owning gold miners vs owning gold directly
9:53 Apple vs gold over 20 years: $770 → $81,000 vs $3,600
11:01 Gold as survival currency, not investment
11:41 Bunker jokes and survivalist banter
11:58 Listener Q&A begins
13:07 Ameriprise/Caribou Wealth case—parents in risky muni bonds & annuities
14:30 John Hancock Muni Opps Fund (JTBDX) dissected—unrated and junk exposure
15:55 Broker behavior: wholesaler stories, too many securities
17:24 Ameriprise’s high fees and conflicts
18:29 Simpler alternative: VT + BND allocation
18:29 Listener strategy: fund of funds vs DIY target date portfolio
19:52 Why Vanguard’s wrap costs nothing and saves time
21:12 Listener HSA question: when to spend vs save
21:50 HSA flexibility, saving receipts, timing withdrawals
23:02 Medicare Part A mistake closes HSA eligibility
23:56 Wrap-up: mistakes admitted, humor, dad jokes, gratitude