Chris Brycki

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759 appearances 3 recordings 2 series first heard Mar 2022 last heard 30 Jul

Chris Brycki’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Investing in defensive assets: Cash, bonds & gold · 21 Mar 2022 podcast

That's not a bad way in small quantities.

And there's actually, you know, you don't have to pay GST, for instance, if you buy gold in that format.

um the problem with buying physical is obviously storage and safety you know unless you're really confident that you've got a safe place to keep this stuff um there's always a risk that it disappears gets stolen you lose it um and that's why um you know buying something through a you know stock exchange is it seems these days to be more popular and it's a safe way to do it so then you've got a decision you know should i buy gold mining companies

And I know you mentioned Buffett before, like it's something I know Buffett did a couple of years ago as he made his first investment into a gold mining company.

He liked that because it's a company that generates cash flows.

It could measure the dividends.

He could actually kind of feel comfortable that there was a business that was valuable.

You know, one of the challenges with miners is that miners are exposed to a lot of other factors other than the price, you know, margins, hedging, their own costs.

There's all sorts of things that are out of your control that actually may lead to a particular miner performing quite differently to the underlying metal.

um generally over the long run the miners will do better than gold in theory if they're running their business as well and they're you know and they're managing things well but it's actually not what we've seen over the last 10 years the miners have drastically underperformed the physical um which is not the reason why i think physical is more valuable certainly from a portfolio diversification perspective is why we prefer just buying physical gold in an etf format so the benefits of that structure is

Although you don't physically take possession of the gold, the gold is there.

It's sitting in a vault.

In the example of the one that we use, the ETF security is Gold ETF, G-O-L-D.

It sits in a vault in London.

And so it's physically backed.

You don't have counterparty risk.

um with a bank where they might default or they might not you know pay out um but it's it's stored in a efficient way and you're very closely getting um you know a return that reflects the change in gold price over time so um you know there's all different options

I think the purest option if you're wanting a defensive asset is gold physical through an ETF.

Gold miners, I think, you know, in some worlds acts more like a growth asset.

You know, over the last 10 years, it definitely hasn't been a defensive asset, but there will be probably a time in the cycle where gold shares do very well as well because, you know, they'll benefit from over the last 10 years, a lot of restructuring of their businesses and rationalizing costs as well as benefiting at some point from a rising price.

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