**Founders: There is only one True Risk-off Asset

The Right Way to Value Gold

We will do a write-up of this during the week for premium. The concept recalls prior comments made in this space regarding Gold as a pure hedge for economic activity since it is a “pet rock”. We’re glad it is being viewed this way now and agree with the perspective.

For now, find attached a clean version and a version with some notes we made on first p…