Simon White

speaker

448 appearances 2 recordings 1 series first heard Jul 2026 last heard 11 Sep

Simon White’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.

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Merryn Talks Money · Markets Wrap: Inflation Means Bad News for Burnham · 24 Jul 2026 podcast

That was kind of an unusual set of circumstances.

But I do think it's setting up for a longer term, more durable kind of rally.

I will say, though, it's not really just about inflation.

I would say it's both edges of the distribution you're hedging with gold, so inflation and deflation.

So in serious deflation, which we could get like if you have a credit bust, like private credit maybe or something like that, you get a deflationary bust and that's the tail risk for sure.

Gold actually should benefit in that situation because it's the very integrity of the financial system itself comes under question.

and once again, gold starts to look, because it's orthogonal, if you like, to the whole thing, it starts to look attractive again.

So I think there's, again, all the fundamental reasons, I think, that if you were owning gold for the right reasons before, i.e.

it's not just like a quick trade, you should still be in it today.

it's a very good question obviously it's the question is it a bubble all that sort of stuff without getting into definitions of bubbles or not it's one big bet right they're all betting on the fact that this is an epoch changing time for computing and it's we're going from the old paradigm of CPU driven computing which is kind of deterministic to non-deterministic i.e.

large language models GPU driven

So it's a very different type of computing and it requires different chips, obviously GPUs that are much more expensive and depreciate much faster and requires these vast data centers because these models are extremely hungry for computing power.

So it really all comes down to that.

That's their bet.

Whether they're right or not, nobody knows.

And you've got, in the one extreme, you've got Elon Musk thinks we need to build them in space because we'll run out of, literally won't have enough space, suitable space on Earth.

And then you've got Zuckerberg at Meta actually saying he's maybe got too much because he's going to start renting out.

So even if these guys can't agree, then we'll agree that we don't know.

So it's one big bet.

And so I suspect that whether the bet is ultimately proven right, which it kind of was with the tech thing, but it's path dependency, right?

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