“We’re moving into another massive QE program,” warns Garrett Goggin, founder of Golden Portfolio and a leading gold and silver expert, in this exclusive conversation with Daniela Cambone. Goggin sees a seismic shift ahead as the Treasury and the Fed work in lockstep to finance ballooning U.S. debt, driving rates lower and flooding the system with liquidity. “This is truly gold’s time,” he asserts, pointing to a historic setup where overpriced growth assets give way to deeply undervalued cyclical plays like gold miners — some trading at up to a 70% discount to fair value. With major producers “gushing cash” and retail investor exposure to gold still near decade lows, Goggin believes the sector is primed for a powerful revaluation. “When Buffett can’t find value in growth, he’ll come for the miners,” he adds, emphasizing that record debt, political spending, and a weakening dollar are “the perfect storm” for gold and silver to go ballistic. When the founder of the world’s largest hedge fund tells you to own 15% gold, you pay attention.

Ray Dalio’s latest portfolio disclosure revealed a jump in his gold holdings—a move that has gold and silver experts buzzing. Garrett Goggin, founder of Golden Portfolio, says Dalio’s position is more than a hedge—it’s a signal. From Buffett’s historic cash hoard to Trump’s looming debt-fueled spending spree, the economic backdrop is screaming for tangible assets. And gold’s time, Goggin insists, has finally arrived.

Buffett’s $400 Billion Cash Pile: A Secular Shift in Motion

The Buffett Indicator—the ratio of total stock market value to GDP—is flashing red. Historically, when valuations run this hot, Buffett dumps stocks and raises cash.

• Today, Buffett sits on a record $400 billion.

• Last time this happened? 2000–2011, when gold skyrocketed from $250 to $1,700 an ounce.

Goggin sees a similar setup now: a rotation out of overpriced growth and into underpriced cyclical assets—especially gold miners, which are gushing free cash flow. Case in point:

• Newmont is paying $1B in dividends, buying back $3B in stock, and retiring $3B in debt.

• Yet Wall Street continues to misprice miners, even using outdated gold price estimates 6% below reality.

The Golden Anomaly: Developers at Fire-Sale Prices

While gold trades at $3,380 and silver at $38, the sector remains starved of capital:

• GDX shares outstanding are near a 10-year low.

• Gold’s share of total investor assets sits at 0.5%, far below the historic 5–7% average.

Some developers, like Rio2 in Chile, trade at 70% discounts to their net asset value—despite being near production. Goggin calls it “the golden anomaly”: soaring gold prices, dirt-cheap mining equities, and a market still asleep.

Trump, MMT, and the Coming Debt Inferno

Goggin warns that a second Trump administration will supercharge the debt machine:

• Trump, the “self-proclaimed king of debt,” will spend aggressively.

• Modern Monetary Theory (MMT) will justify it: debt doesn’t matter if you can print more.

• The Fed and Treasury could effectively merge, with massive new QE to absorb unsellable U.S. debt.

The result? Inflation on steroids. “Everyone will be a millionaire,” Goggin says, “but a bottle of Coke will cost $20.”

Gold & Silver: The Ultimate Inflation Hedge

In a world where each new dollar of debt produces barely 10 cents of growth, there’s no escaping currency debasement.
Physical gold and silver are:

• Wealth preservation tools that can’t be printed away.

• Tangible assets immune to corporate bankruptcies or digital freezes.

• A proven inflation hedge, especially in periods of monetary excess.

While Dalio says 15% gold, Goggin argues that’s conservative—especially for those seeking to protect retirement savings against an aggressive, debt-driven monetary regime.

Conclusion

Dalio’s 15% gold allocation isn’t just a portfolio adjustment—it’s a warning shot. The combination of record debt, a cash-rich Buffett eyeing hard assets, and political willingness to print without limit points to one conclusion:
We are at the dawn of a gold supercycle. The only question is whether you’ll act before the crowd.

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