️@RayDalio appeared on the All-In Podcast for the third time, discussing gold, Bitcoin, and silver: - Gold is not a speculative asset but the most established form of currency and the second-largest reserve asset held by central banks. Even if you don’t have a clear view on gold, your portfolio should allocate 5% to 15% to gold. - Why is Bitcoin dropping? BTC lacks privacy; transactions can be monitored and indirectly controlled. Central banks are unwilling to buy and hold it. The market is small and easily manipulated. Plus, it’s often highly correlated with tech stocks, making it prone to sell-offs during liquidity squeezes. As a currency, BTC is too small compared to gold. - Silver is a byproduct in production, making supply growth difficult. Historically, it had monetary attributes, but now its rise is largely speculative, following gold. People are chasing it because it’s been trending recently.