Finance News

Michael Saylor Said This Gold Company Shouldn’t Exist, The CEO Responds

Michael Saylor, an American entrepreneur and business executive, seems to have met his match following statements comparing gold and Bitcoin on the popular Lex Friedman podcast, with the CEO of a breakout gold company responding to his comments in an open letter. Saylor was featured on the podcast to talk about Bitcoin and while buttressing his points for his investment bias, took a jab at gold. He did not have too many kind things to say about gold and specifically mentioned that no one would ever build a business based on loaning gold. The comment did not sit well with Keith Weiner, the CEO of Monetary Metals, a company that has recorded relative success loaning gold, and he expectedly responded to the claims of Saylor.

Loaning of Precious Metals

Silver and gold as well as other precious metals have become investment instruments that have attracted the attention of private and institutional investors across the globe. Over the years, several platforms and companies have emerged to offer good returns on gold and silver deposits. However, the team at Monetary Metals, led by the visionary Keith Weiner has raised the bar by not only offering a yield on gold but also paying in gold and silver, ultimately helping savvy investors multiply their ounces of gold and silver.

What Makes Monetary Metals Different?

Monetary Metals operates the Gold Yield Marketplace™, a platform for products offering a Yield on Gold, Paid in Gold® for investors and institutions. It also provides Gold Financing, Simplified™ for businesses that use or produce gold. The company saves investors from the unending management costs and vault fees that erode their returns when investing in the likes of ETFs, coins, and bullion.

Michael Saylor’s Claims About Loaning Gold

During the podcast, which attracted more than 3 million viewers, Saylor talked about economics and money. He mentioned that “at 5%, one needs $1 million worth of capital to generate $50,000 income. But when the interest rate drops to 0.5%, then the same bond that pays the same $50,000 a year rises to $10 million,” a concept Keith termed “Yield Purchasing Power.” Saylor also claimed that bitcoin has a “massive yield” while dismissing other cryptos by saying, “you can’t build a civilization on speculation.”

On his thoughts on the gold business, Saylor said “you can’t loan the gold,” and “no one’s going to create a business with your gold.” He also declared that “most people wouldn’t store a billion dollars for a decade in gold.”

Keith Weiner Responds To Michael Saylor In An Open Letter

In an open letter to Michael Saylor and the host of the podcast, Lex Friedman, Keith Weiner called out the comments of Saylor, debunking the misconceptions and the wrong comments made by the entrepreneur.

Monetary Metals pays interest on gold, in gold. Not by betting that the price will rise, nor by lending to short sellers, betting that the price will fall. We finance businesses in gold and pay gold interest to investors out of the profits the business generates.” – Keith Weiner.

The letter goes on to criticize some of Saylor’s other comments, including the claims “that no one can mortgage their gold” and that “most people wouldn’t store a billion dollars for a decade in gold”. The CEO of Monetary Metals rebuffed both statements saying that taking out loans against gold has been available for some time and that the gold market is currently valued at over $11 Trillion, so obviously someone, or many someone’s, have been storing many billions worth of gold, for a very long time.

Keith Weiner argued that Bitcoin has several fatal flaws, principally the price volatility, which makes it impossible to be used as money to finance production. Gold, on the other hand, can and is being used to finance production, according to Weiner. While both Saylor and Weiner agree that there are serious problems in the dollar system, the strategies they adopt in addressing the issues are different.

For further information about Monetary Metals and the solutions offered, visit – https://monetary-metals.com/.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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