Axel Merk is the founder and chief investment officer of Merk Investments and is widely known for his expertise in currencies, gold, central banks, and global macro investing.
👉 X: @AxelMerk
Recording Date 5-20-2026. In this episode, Axel joins Steve Barton to break down the growing risks inside the global financial system, including rising bond yields, inflation pressures, central bank policy mistakes, and geopolitical tensions impacting energy markets and precious metals. Axel explains how tariffs disrupt global capital flows and increase borrowing costs, why he believes incentives ultimately drive economic outcomes, and why long-term investors should focus on preserving purchasing power instead of reacting emotionally to short-term market volatility. He also shares why gold became a core part of his investment philosophy, how central banks continue accumulating gold as a strategic reserve asset, and why pricing homes and college tuition in gold reveals the long-term decline in fiat currency purchasing power.
Axel also gives a detailed outlook on the future of the Federal Reserve and explains why he believes Kevin Warsh would bring a far more disciplined and hawkish approach to monetary policy than recent Fed leadership. He argues that the Federal Reserve has become too politically involved through policies like mortgage-backed security purchases and excessive intervention, creating distortions that ultimately increase long-term borrowing costs and financial instability. The conversation also explores gold demand, silver accumulation, oil market volatility, and how geopolitical conflicts could accelerate nearshoring and structural shifts across the global economy. Axel discusses why markets currently expect oil prices to normalize over time despite Middle East tensions, while warning that prolonged government intervention and fiscal stimulus programs could eventually create stronger tailwinds for precious metals. By the end of the interview, Axel emphasizes that successful investing requires discipline, a long-term process, and a deep understanding of how governments and central banks respond during periods of economic stress and market uncertainty. Top of Form
Bottom of Form
Key Insights in this episode
✅ Axel explains why tariffs increase borrowing costs and disrupt global capital flows
✅ Gold demand remains strong as central banks continue diversifying reserves
✅ Kevin Warsh could bring a more hawkish and disciplined Federal Reserve
✅ Rising bond yields reflect inflation fears and growing fiscal concerns
✅ Oil shocks and geopolitical tensions are accelerating nearshoring trends
✅ Governments may rely on subsidies and intervention to delay economic pain
Tools for Success that I Love and find Helpful / Affiliates:
Rule Classroom Plus (2 Free Months)
Chapters
00:00 Axel Merk Background And Investing Journey
02:53 Why Gold Became A Long Term Investment
06:57 Bond Vigilantes Inflation And Rising Yields
12:02 Kevin Warsh And The Future Of The Fed
17:38 Why The Fed Should Not Buy Mortgage Securities
20:29 Gold Prices Central Banks And Investor Demand
25:31 Fiscal Stimulus Inflation And Gold Outlook
28:49 Oil Markets Energy Prices And Geopolitics
35:22 Government Intervention And Market Distortions
37:33 Premium Discussion Gold Miners Copper And Risk Management
DISCLAIMER: I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience, and your experience may be different. These videos are for educational and motivational purposes only. Investing of any kind involves risk. Do your own due diligence. Every investment and bet comes with the risk that your capital could go to zero.
WHAT I DO: I spread out my investments. It's not all on one thing. For every bet that I make, I devote one hour of study per month to that investment. I keep the number of bets to what I can feasibly study.
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#AxelMerk #Gold #Silver #FederalReserve #Inflation #GoldStocks #BondMarket #OilPrices #CentralBanks #KevinWarsh #MacroInvesting #PreciousMetals #USDollar #InterestRates #MiningStocks #Commodities #EconomicCrisis #EnergyMarkets #CurrencyMarkets #Investing #SteveBarton #InItToWinIt
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