The REAL Reason Gold Is Beating Bitcoin

Summary

Bob Murphy joins Anthony Pompliano to discuss why gold has outperformed Bitcoin, Fed politics and independence, tariffs, housing, stablecoins, and inflation data. Murphy is bullish on both gold and Bitcoin but sees gold as the stronger crisis hedge, and he expects central-bank diversification and de-dollarization to keep supporting gold. He warns about US housing pressure in 2026, stablecoin-related risks to banks and stablecoin issuers themselves, and distrusts official inflation data.

• Gold outperformed Bitcoin amid geopolitical uncertainty and central bank buying.
• Murphy remains bullish on both gold and Bitcoin but views gold as safer in extreme crisis.
• Fed independence is discussed as a political construct, with tensions between the White House and Powell.
• Tariffs are analyzed as potentially sensible only within a broader tax-cut and deregulation package.
• Housing is flagged as a 2026 concern due to Fed MBS runoff and higher mortgage rates.
• Stablecoins are seen as a threat to conventional bank deposits but also carry reserve and run risks.
• Murphy distrusts official inflation data and believes price inflation has been understated.