Gold To $35,000? The Math Is Hard To Ignore | Josh Phair

The Last Trade: Josh Phair joins to break down the metal wars escalating between sovereigns, gold's run from $3,300 to $4,700 in nine months, why CLARITY's Senate markup tomorrow is a capital flight moment, Wyoming winning the state's first physical gold mandate over JP Morgan, and the Fair-Sinclair ratio pointing to $35,000 gold.

---

🔸 Connect with Onramp: The leader in resilient, fault-tolerant Multi-Institution Custody for secure, enduring bitcoin ownership.

👉 Onramp Finance: https://onrampbitcoin.com/finance

👉 Sign up for Genesis: https://onrampbitcoin.com/finance#genesis

📩 Schedule a consultation: https://onrampbitcoin.com/consult

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, & finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, & Brian Cubellis. Join us as we dive into what bitcoin means for how individuals & institutions save, invest, & propagate their purchasing power through time. It's not just another asset… in the digital age, it's The Last Trade that investors will ever need to make.

🎙️ About This Episode

Josh Phair, founder of Scottsdale Mint and CEO of the Wyoming Reserve Opportunity Zone Fund, returns to break down what he calls the "controlled demolition" playing out across sovereign balance sheets. China just posted its largest monthly silver import in 20 years, Poland is moving to 37% gold-backed reserves, and the US's number one net export has quietly become gold flowing to China via Switzerland for rare earths. Banks are now doing mercantile trading on behalf of governments, choke-pointing metals out of Latin America in what Josh calls the metal wars. Plus the CLARITY Act's Senate markup and the banking lobby's 100+ amendments threatening capital flight, Wyoming Reserve beating JP Morgan for the state's first physical gold mandate, the Tether seizure as the programmable-money tell, and why the Fair-Sinclair ratio points to $35,000 gold in a multi-decade money printing scenario.

🧠 Chapters

00:00 — Welcoming Josh Phair

03:42 — Gold From $3,300 To $4,700 In Nine Months

07:30 — The Metal Wars & Sovereign Accumulation

13:09 — CLARITY, Capital Flight & The Banking Lobby

15:33 — The Setup For The Biggest Bull Run Yet

24:54 — Who Was On Air Force One To China

28:27 — The Under-Allocation No Advisor Sees

33:21 — Market Structure & Trust-Minimized Custody

40:39 — Wyoming As The Property Rights Jurisdiction

44:00 — The Phair-Sinclair Ratio & $35,000 Gold

51:46 — Distrust As The Real Debasement Trade Driver

54:30 — The Tether Seizure & Programmable Money

1:02:57 — Beating JP Morgan For The Wyoming Mandate

1:08:45 — States As The Next Sovereign Gold Buyers

1:11:59 — Last Takes & Where To Find Josh

💡 Subscribe & Stay Ahead

Get Onramp’s weekly Research & Analysis:

High-signal insights in bitcoin, macro, and custody.

📩 https://onrampbitcoin.com/research

Subscribe to Onramp Media for more:

🎧 The Last Trade | Final Settlement | Scarce Assets