In this week’s episode of the Principled Discord Podcast, our host Thierry Arys Ruiz invites Yazen Alkhudairy, Managing Director of the Financial Institutions at the GFH Financial Group and current member of the Advisory Board at AgAu, to discuss the value of gold compared to fiat money in the MENA region.
Mr. Alkhudairy has over 20 years of banking sector experience, mainly in treasury, financial institution coverage, and investment banking. He was notably the former Head of Financial Institutions and Sovereign Coverage at Société Générale Saudi Arabia. During his career, he also served as Head of Treasury for Deutsche Bank, Saudi Arabia, and Head of Trading and Investment Treasury at AlRajhi Bank Saudi Arabia. Mr. Alkhudairy has demonstrated years of extensive expertise in forecasting, managing, and mitigating any risks within the trade and treasury sector.
During the interview, Mr. Alkhudairy talks about the effects of global economic changes and COVID-19 on fiat money and why he sees a huge potential in emerging cryptocurrencies and blockchain technology. He also discusses the role of gold within the treasury department and mentions how gold holds deep economic, cultural and social relevance in the Middle East. In fact, gold has been a significant part of the Middle Eastern culture for centuries. For the people in the region, gold is one of the most important elements. It is cultural inheritance. Through Biblical times, gold was known to be the largest monetary standard in the middle-eastern society.
“People globally believe that gold is a safe haven” — Yazen Alkhudairy
As a matter of fact, gold is a very significant part of middle-eastern households. It is not only a symbol of status and wealth but also of heritage. Many people from the region indeed invest in gold to pass it down to their future generations in form of ornaments and jewellery. Gold is considered a ‘safe haven’ due to its high and growing value.
The conversation then switches gears, delving into the topics of the importance of gold from a currency point of view. Mr. Alkhudairy recalls his interactions with many top-level individuals wherein every communication, the gold concept will pop up and everyone collectively agrees that gold will be the future model of payment as compared to currency, which is depreciating in value and in some countries, the cost of production of the currency is higher than the value of currency itself.
Mr. Alkhudairy believes that in wealthy countries, currencies need to be backed by precious metals such as gold/silver and other resources to provide more stable value. The discussion closes on the note that the ultimate power lies within the common people, who choose and consult with each other as to what they think is the best consensus for a potential monetary reset.
Click on the link to watch the full episode of Principled Discord Podcast with Yazen Alkhudairy hosted by Thierry Arys Ruiz, and learn about Gold as a standard of payment and other commodities. Don’t forget to subscribe to Principled Discord’s YouTube channel to watch more episodes. Now accessible on Spotify! Click here to follow the Principled Discord Podcast on Spotify!