Daryl Thomas argues that gold is his top hedge in a shifting global monetary order, driven by de-dollarization, central-bank buying, deficits, and stagflation risk. He prefers physical gold plus gold miners/royalties, while also seeking exposure to oil and asset-light royalty businesses as geopolitical instability rises.
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This interview centers on Daryl Thomas’s market positioning in a volatile, geopolitically stressed environment. He says his top pick for regional instability is physical gold, supported by the ongoing de-dollarization trend, central-bank accumulation, and his view that fiat currencies will continue losing purchasing power because of deficits and political incentives to spend. He says he has owned gold since 2020, still adds to it, and now prefers mining equities and royalty/streaming exposure as a way to maximize fiat returns while owning real money. The conversation then broadens into how he is playing related themes. He highlights oil as a hated asset and says he is looking at royalty and land-leasing businesses such as Franco-Nevada, Viper Energy, Texas Pacific Land, and LandBridge because they have less operational risk than direct producers or junior explorers. …
Near term, the setup is tactically mixed: Daryl wants continued exposure to gold and oil-related hedges, but the host’s pullback argument highlights real breakout-failure risk after a sharp run. Volatility is high enough that short-duration cash-like assets still make sense until the market shows whether the move is consolidating or reversing.
Over the next few months, the base case in the interview is that hard assets stay favored if deficits, de-dollarization, and geopolitics remain dominant. Confirmation would come from sustained central-bank buying, firmer energy prices, and weak breadth in consumer-facing parts of the economy; a clear easing in those forces would argue for more caution.
Structurally, the conversation frames a regime where fiat credibility erodes and ownership of scarce, hard-to-replicate cash flows becomes more valuable. The durable thesis is not just ‘buy gold,’ but that monetary instability should favor real assets, royalties, and infrastructure-like toll collectors over pure paper exposure.
Gold is his top pick for regional instability.
Direct answer to the interviewer’s question about what stocks/assets could benefit from regional instability.
Central-bank gold buying is a signal that the global monetary order is changing.
He ties central-bank demand to de-dollarization and a regime shift in the monetary system.
He prefers gold miners over physical gold for maximizing fiat returns.
He says he does not focus on the spot price for physical gold and instead looks at miners.
If you were writing an article about top picks for regional instability, what would your picks be?
Daryl's top pick is gold and gold equities. For oil, he avoids the big majors and instead invests in oil royalties via Franco Nevada, Viper Energy, Texas Pacific Land, and Landbridge because they carry less risk.
How do the land leasing companies work? How do they make money?
They buy land with infrastructure, and oil companies doing the drilling must lease the land from them. Daryl likens it to owning the roads and toll booths rather than the cars driving on them.
Think back to the moment in 2020 that persuaded you to buy gold. Tell us what it is.
Daryl started by reading Rich Dad Poor Dad, then watched Robert Kiyosaki's YouTube channel where guests like Lynn Alden and George Gammons laid out the case for gold. He also read The Power of Gold. The key insight was that gold is outside the financial system controlled by elites, is hard money that has been around for thousands of years, and has stood the test of time.
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