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China Gobbles Up 80 Tons Of Gold

August 23, 2022

"The discussion has been around these enduring issues of Chinese economic growth, Chinese economic numbers being the first point of pressure in the oil markets. And of course the oil markets and the energy markets are one of those things that are ratcheting up pressure within Europe. So the higher those prices have gone, the more desperate things have become, in Germany, in the Eurozone, and globally." - David McAlvany

Kevin: Welcome to the McAlvany Weekly Commentary. I’m Kevin Orrick, along with David McAlvany. 

Well, what a difference a week makes, Dave. You’re situated in a place that you didn’t expect, but for the 35 years that I’ve worked with your family, I remember your dad over and over and over saying, “Live with it. You got to go with it. Life is a moving target.” I can’t tell you how many times I’ve heard life is a moving target. And actually that’s been very helpful.

David: That is one of those phrases I’ve heard and still hear countless times from my dad. Life is a moving target. And life definitely felt that way over the last week. The markets didn’t offer up anything extraordinary, at least in the US, but life did. And an email came from my dad last Tuesday, as I was finishing up preparation for the podcast. It was about my mom. It was a diagnosis of cancer. That was on Monday. Of course, they’re ahead, being in Asia, across the international dateline. Surgery was scheduled for Friday. One of the shortest pieces of writing I’ve ever received from my dad, and brevity for him is an indicator. And I could feel every word that was left unsaid, but certainly between the lines there was, life is a moving target.

Kevin: Dave, we realistically understand here as a family and as those who’ve worked with the family as long as I have and some of the other guys have, we realize that Molly really is the anchor, the backbone. Don was known for his newsletter. You had talked about short note from Don is almost impossible because his newsletter sometimes used to run 40 pages long, but your mom’s really the person who started, down in the basement, this company back in 1972. We all love her dearly, and we were very sober to hear the news, and immediately started praying for and would ask the listeners to pray for her. But you didn’t know last week at the time that we recorded the Commentary that you’d be in Malaysia today.

David: No, I didn’t really see that at the time. No, I didn’t have the imagination that I would be in Malaysia. I’m sitting in the shadow of the Petronas Towers in downtown Kuala Lumpur, and that’s today and for the next 10 days. Mom had a successful surgery on Friday, and is running around like nothing happened. So this afternoon we went for a walk after breakfast, and then seemed to linger over lunch till the afternoon was gone. The hours just slipped by as we sat and talked. So lots to talk about, always chipper, always positive, always curious, not a surprise that she’s planning the next family reunion and thinking about where nearly 40 of us can gather for meals and games and adventures and the creation of future memories.

Kevin: You wrote a book on legacy. And it’s mainly about your family. Hopefully all of our listeners have read the book or will have a chance to read it. But we do find that this is a person who knows what to trust and how to actually be a matriarch of a family.

David: Quality attributes that stand out. These are the things of which legacy is made because it’s what goes into the relationship. She’s indefatigable, she’s unrelenting. She’s determined, occasionally stubborn. There are a whole host of things that I see every day reflected in one of our kids mirroring their grandmo...