Gold just had its worst quarter since 2013 while stocks had their best since 2020, so where does a $3.5 billion money manager invest now? Jeff Sarti of Morton Wealth on what to do after the gold pullback, the new Fed chair, and the AI trade.
Jeff Sarti, chief executive of Morton Wealth, joins Kitco News anchor Jeremy Szafron for his first appearance on the channel. He explains why he’s underweight stocks near “1999 dot-com” levels, why he calls passive investing a “mindless, price-agnostic” force driving the market, why the gold community shouldn’t write off new Fed chair Kevin Warsh, why “nobody in the West owning gold” is the most bullish thing about it, how much gold he actually holds, the one signal he’s watching (the bond market), where he’d deploy new capital today, and the single biggest mistake he says investors are making right now. A behavior-and-allocation conversation, not a price forecast, you decide what fits how you invest.
Recorded June 30, 2026.
00:00 The Divergence No One Can Explain
01:00 Why He’s Underweight Stocks Near 1999 Levels
03:00 The “Mindless” Force Driving the Market
04:30 Is This an AI Bubble, or Just Euphoria
06:30 Stocks at Highs, Confidence at Lows
08:00 The Yen, the Carry Trade, and Japan’s Warning
10:00 Is the New Fed Chair “Volcker 2.0”
13:30 Why Higher Rates “Probably Won’t Work”
15:00 Why Nobody Owning Gold Is Bullish
16:00 Why Gold Really Corrected
19:00 How Much Gold Should You Actually Own
21:00 The One Signal He’s Watching
22:30 Two Investors, One Answer
26:00 Where He’d Put $10 Million Today
28:00 The Private Credit Red Flag
31:30 The Biggest Mistake Investors Are Making
#gold #goldprice #investing
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23 Comments
Buy Equinox Gold.
Bonds are certificates of guaranteed confiscation. – Dr Franz Pick
Prepare for WARSHout.
This cat is in private equity. Remember the legend over the entry to Dante's Inferno?
I'm balls deep in the precious metals investing podcast circuit and this guy was new to me. A very pleasant surprise I just loved the way he communicated his views. Very compelling interview, tremendous guest.
While silver is used in larger volumes for high-voltage power paths and cooling systems, gold is essential for the ultra-precise, micro-scale connections inside AI hardware. According to the World Gold Council, the global expansion of AI data centers and high-performance computing is driving a significant surge in electronics-related gold demand, pushing it to an estimated 300 to 320 tonnes annually.
Nice interview. A great guest speaker. Thank you👍
This video brought back a lot of memories. ❤ Trading completely changed my life. At the beginning, it felt like the market was always against me. I jumped from one strategy to another, bought three different courses, and no matter how hard I tried, I kept getting stopped out. 😭 I almost gave up. But everything changed when I discovered a different approach and started looking at the market from a new perspective. That shift changed everything for me. I'm truly grateful for the opportunities the crypto market has given me. 💙
I spent over 30mins to hear the guy talked lots of AI, bubble, stock, bond and gold market, but I did not get any useful data and prospect of market sentiment.
Verbose and rambling
Thanks, Jeremy; love your work as always! Extremely high-quality interview. Please have Jeff back on in the near future to discuss how these trends and investment themes are playing out. He strikes me as extremely thoughtful about allocation rather than just adopting a regime and dumping money into the usual suspects associated with that theme. The private credit allocation as a way to get independence from GDP and interest rate risk was particularly insightful (and useful). Thanks!
Excellant show
Computers in the late 90's were the new kid in town and concenssus was it would revolutionize every aspect of society. However, all it did was absorb all existent endeavors into one medium, making some people extremely rich but degrading society tremendously. Take Windows as example, and compare Windows '95 to Windows 11, or the movie industry. Compare the block buster of yesteryear to movies today. Artificial Intelligence, which is perhaps the worst euphemism of all times, is already deteriorating. Captions and translations are a clear example, because as the language database grows the errors multiply and grow proportionally to it!!
Should be a two minute video
Great interview.
When I hear money managers pushing private lending on their customers I find they often are double dipping and getting paid a percentage from the lendee, as well as taking a percentage from their clients, the lenders. This is a conflict of interest, where their clients are ill served.
I'm new to trading and have lost quite a bit of money trying out strategies I found in online tutorials. I would greatly appreciate any advice you can give me.
…..
My ex-wife is still a drug addict.
My gold is doing great.
excellent guest!
This is such a great opportunity to get in for the people who missed the run on miners and the metals. Im buying again when I thought I was done. Amazing drop in metals price. Warsh is a dove in hawks clothing. This is all theatre to make investors believe that the fed is still independent. Cmon.
The most counterintuitive idea in this whole conversation: nobody owning gold is bullish for gold. That's the signal most people get backwards.
When everyone already owns something, there's no one left to buy, that's a top. When nobody owns it and sentiment is miserable, every future buyer is potential upside. Same logic runs through the whole discussion. Stocks at highs while confidence sits at lows. A market driven by mindless, passive flows rather than conviction.The lesson underneath all of it: Sentiment and price move together far less often than people assume. The crowd is most wrong exactly when it's most certain. Position for where the buyers will come from, not where they already are.
Great down to earth guest.
I still remember Greenspan saying irrational exuberance but no one in the government ever says that anymore
IF A PRIVATE COMPANY HAS ASSETS TO ACT AS COLLATERAL -WHY SEEK PRIVATE CREDIT VS BANK LOANS? WOULDNT YOU EXPECT THENM TO BE ALREADY LEVERAGED?