Why Gold and Silver Are Your Best Hedge Against Inflation and Economic Uncertainty with Layton McWilliams

Hello and welcome to the Control Your Cash Podcast. I’m your host, Olivia Kirk.
And I’m co-host, Tim Yurek.

Today we’re here with Layton McWilliams. We met Layton at an event in Arizona. He deals with gold, and we very much appreciate you coming on to share your knowledge with us and a little bit of your story. So, welcome, Layton.
Layton: Thanks for having me. It’s great meeting you guys a couple weekends ago, and I’ve been looking forward to this ever since I talked to Tim about it. So excited to be here.

Olivia: So, Layton, I just want to point one thing out here. It says you were born and raised in Wyoming—that’s the state of Wyoming, correct?
Layton: Yep, Mountain West, state of Wyoming.

Tim: Great. So, I grew up in a town called Wyoming, Pennsylvania, and your state, the state of Wyoming, was named after the Battle of Wyoming, which occurred in Wyoming, Pennsylvania during Revolutionary War times. Most people who live in the state of Wyoming don’t know that little tidbit, so consider yourself educated.
Layton: That is a no-go. I was just going to say that’s a great fact to start out the episode with. I’m sure I’ve heard that at one point, but that is refreshing my knowledge. So that is actually very interesting.

Tim: Absolutely, so consider yourself educated on your state.
Layton: Yeah, absolutely. No, I’m thankful to grow up in Wyoming, and the more that I’m away from Wyoming, the more thankful I am that’s where I grew up. You know, more a small-town atmosphere, things like that, so I appreciate it more and more as I grow older.

Olivia: So how did you end up in Arizona? Like that’s quite the transition—from the middle of nowhere to the big city of Arizona.
Layton: Yeah, that’s a good question. I moved down to Phoenix 12 years ago now when I graduated high school. But I was the baby of the family, so I had three older siblings, but they’re all 10-plus years older than me. So, long story short, when I was in kindergarten is when my oldest brother graduated high school. He moved down here to Phoenix, Arizona. So, throughout my entire childhood, you know, I’d visit him, come stay with him. So, by the time I graduated high school, I was already familiar and comfortable with the city, and it’s like anything else. You know, you grow up somewhere, and then you graduate high school, and you kind of want to go experience life somewhere else. So, I made that transition 12 years ago.

Arizona is a great place. You know, I’m very connected to the outdoors, and Wyoming has world-class hunting, fishing, exploration. But Arizona, I think, is very underrated, too. We’ve got a lot going on here. But yeah, I kind of followed my brother down here, and I have moved back to Wyoming a few times in the last 12 years to help my family out with business and other things like that. So, I’ve gone back and forth, but the majority of my last decade has been here in Arizona. So, quite the transition, but I think Arizona is probably one of the most underrated states, in my opinion.

Tim: Yeah, absolutely. You know, Olivia and I have been out there many times for business, and it is a hidden treasure. And one thing that we’ve noticed is it seems like every time we go out there, there’s been more development since the last time we were there. It’s growing so quickly.
Layton: It really is, and that’s exciting for us that have been in Arizona, especially those of us that are operating, you know, businesses here. It’s a lot more opportunity. And I’ve only been here for 12 years, but I have experienced the boom in population. My oldest brother moved down here in 1998, so he’s really seen a couple, you know, booms come through here and the population continue to grow.

But it’s been really interesting. The way that I articulate it is I think people have been voting with their feet lately. Arizona is still a very freedom-minded state. It has a lot of great laws, you know, the ability for us to protect ourselves, as well as a lot of other things. So, with everything going on around the United States—the different individual states, you know, passing legislation to affect the livelihood of people—I think Arizona has become somewhat of a bastion of freedom, you know, in the southwest of the US.

So, it has been really interesting to see the new incoming population from these other states. A lot of them are great, you know, people that we welcome here, and some other people we clash with. So, it’s been really interesting, you know, but I kind of chalk it up to people voting with their feet.

Tim: Yeah, that certainly makes sense. So, Layton, you have a background in the gold and silver industry. How did you get started with that? How did you come across and get to this point?
Layton: Yeah, so I’ve got, you know, just like anyone else, I’ve got a unique journey. It’s about 10 years ago, when I was like 20 years old, when I went on the kind of path of having an inspiration to look into what’s going on with the world and actually start to piece my puzzle together of what I thought my worldview was going to be going forward as an adult.

Growing up in Wyoming, my parents were entrepreneurs. So, you know, I witnessed them open multiple businesses, get them off the ground, sell them—that’s kind of what they did. And so, I’d always had a business and finance personal interest. So, when I started to look into alternative information and really try to get my idea of what’s going on with the world, I was always attracted to the finance side, the economic side.

And so, I did a lot of research. Long story short, I came to the conclusion that physical gold and silver are actually the fundamental bases of all economic activity throughout history, and it’s very overlooked. There’s a major disconnection between Americans and the idea of gold and silver.

About 10 years ago is when I started my path on connecting with gold and silver, and then about seven years ago is when I first got my opportunity in the precious metals industry. Since then, for the last seven years, I’ve worked for three different companies dealing with physical gold and silver—three different brokerages here in the Phoenix area. So, I’ve had the opportunity to kind of bounce around the industry and get a really good inside look at how different businesses operate, how they approach the business, how they advise their clients, and things like that.

The first place I worked for was very, very respectable, very straightforward. I learned a lot from the gentleman that runs that business. They focused a little bit more on the numismatic or the collector side of coins. So, I learned a great deal about the collector numismatic industry, but I was always more drawn towards bullion, which is what we focus on here at my current company, and it’s a little bit of a more straightforward, better way to invest for the average American versus getting into collector coins as a hobbyist.

I learned a great amount at the first place I worked. Then I went to the second place here in the Phoenix area, and I only stayed there for a couple of weeks because they really did not embody the advisory and the tactics that I stood for.

Eventually, I landed with First National Bullion—that’s the company I’m with now—coming up on five years ago. And I stuck with First National Bullion because we really do it the right way. We position our clients in the right products and take the time to educate.

I’ve been with the current company, First National Bullion, for about five years now, and for three years now, I’ve been managing the office we have here in Scottsdale, Arizona. Our company has five total brick-and-mortar locations: three in the San Diego area, one here in Scottsdale, and one up in Show Low, Arizona.

So, really where my journey started was educating myself and basically placing a bet on what industry I thought would provide me a good career and become more relevant over time. I cannot tell you guys how thankful I am that I stuck with this industry because about eight years ago, talking to people about gold and silver was a little bit more difficult than it is today.

Things weren’t as bad with our economy; inflation hadn’t caught up to us yet. So, it was kind of like pulling teeth trying to educate people about the idea of gold and silver, how we can use it, and how it can protect us. Nowadays, this past year or so, we’ve just been on fire. There are so many people reaching out that I talked to years ago, saying, “Hey, we finally want to learn and get our questions answered.”

So, for me, it wasn’t always the easiest journey, especially going between the different places within the industry. But everything worked out in the end, and I really appreciate First National Bullion. It’s owned by one gentleman named John Cavuto, and he lives in San Diego, managing the offices out there.

I really appreciate him because he allows me to run the office we have here, manage our clients, and advise in the way that I know is right. He trusts myself and my associate, Gilbert, to run the business based on integrity here. So, I couldn’t be more thankful for where I’m at. It’s been a long ride—it’s only been seven years, but honestly, it feels like a lifetime to me.

Olivia: Yeah, it sounds like it’s been a lifetime leading up to this point for you. It sounds like it’s really in line with your values and your beliefs.

Tim: So, Layton, tell us: why is gold and silver so important? And if you were to talk to someone considering getting into gold and silver, what would you tell them?

Layton: Yeah, absolutely. And I think that’s one of the main reasons we’ve really gained a lot of traction here and a great reputation within the industry. Not to take too many steps back, but I do have to let you guys and your listeners know who may not know much about the gold and silver industry—it has a bad reputation for the right reasons.

I’ve experienced this firsthand. The majority of people in our position—precious metals brokers—aren’t really worried about the best interests of the client. They’re trying to sell you whatever product they can make the highest margin on versus what’s actually intelligent for you to be positioned in.

So, one of our main priorities is education first—it’s really how we set ourselves apart. As far as gold and silver are concerned, I really try to keep it as simple as possible, especially in the initial conversations.

The best way I can explain it is physical gold and silver are money. They have been used as money for thousands of years. They’re the only financial instruments we’ve ever had that haven’t lost value throughout that time.

So, really, gold and silver shouldn’t be viewed as a “quote-unquote investment.” I tell people, “You don’t get into gold and silver to get rich. You get into it just to protect the wealth you’ve already earned.” It’s not a speculative investment; it complements your other portfolio assets, whether that’s the stock market, real estate, or cryptocurrency. It’s your foundation—a safe haven of wealth to give yourself a nice base so you can risk money in other assets or investments.

Gold and silver are money, always have been money, and I think always will be money. The reason they’re important to us right now is because the current monetary system we have is not healthy. Everyone knows inflation is hitting us.

Tim: That’s such a great point because the government manipulates the cost of living and inflation rates. They tell us inflation is under control, but when we go to the grocery store, the gas pump, or buy a house, we know inflation isn’t under control. Prices are higher than ever.

Layton: Exactly. You can’t flood the economy with printed dollars and not expect prices to rise. More dollars chase the same amount of goods and services, so prices go up. Consequently, having a percentage of your wealth in precious metals like gold or silver helps protect your wealth from the ravages of inflation.

Tim: And it seems like inflation isn’t a new problem.

Layton: Absolutely. To be honest, one of the biggest breakthroughs for people learning about gold and silver is understanding how disconnected we are from sound money. Through most of our lives, we’ve never had to worry about the US dollar. It’s always been something we relied on as a stable currency, but that wasn’t always the case historically. The disconnect began in 1971 when Nixon took us off the gold standard. Before that, every dollar we printed was backed by a certain amount of physical gold, redeemable on demand. This provided stability and served as a common denominator for trade between countries. When Nixon disconnected us from gold, we transitioned to a fiat currency, completely unbacked.

So, we’ve only been experimenting with fiat money for about 50 years—a small blip in human history. Before that, gold and silver were either used as currency themselves or backed paper money. It’s shocking how quickly things changed, and even up until 1964, all US dimes, quarters, and half-dollars were 90% silver. Real silver was circulating as money.

Today, I could buy a sack of silver dimes, and I paid $2.20 per dime. That shows how much value the metal holds compared to the devaluation of paper money. This transition, from using real money to complete fiat, has been devastating for purchasing power.

Tim: That’s fascinating. So, what was the price of gold in 1971, when Nixon took us off the gold standard?

Layton: It was around $35 per ounce. Today, it’s nearly $2,700. That’s a 7,600% increase in price, not because gold became more valuable but because the dollar’s purchasing power dropped. More of our overprinted money is needed to buy the same ounce of gold, just like it takes more money to buy a pound of hamburger at the grocery store.

This demonstrates gold’s strength as a true, stable form of money, unaffected by manipulation or inflation.

Tim: That’s incredible. And you mentioned earlier that we’ve increased the money supply by five times since 2000. Could you recap the key figures driving this economic situation?

Layton: Absolutely. Let me walk through a few economic indicators to keep it simple. First, the money supply. In 2000, we had about $4 trillion in circulation. By 2024, we’re at $21 trillion—a fivefold increase.

Second, US national debt. It was $5 trillion in 2000 and now stands at $35 trillion—a sevenfold increase.

Third, currency and credit derivatives—essentially, the financial contracts and debts underlying the system—have skyrocketed.

Lastly, our GDP (Gross Domestic Product). In 2000, our GDP was $10 trillion, and today, it’s about $30 trillion. While GDP has tripled, it hasn’t kept up with the sevenfold increase in debt or the fivefold increase in the money supply.

These factors demonstrate the fundamental imbalance in our economy.

Tim: That imbalance seems hard to overcome. How does this affect the average American?

Layton: The overprinting of money is essentially a hidden tax. It’s a form of wealth confiscation because it devalues the savings people have worked their entire lives to accumulate. For retirees on fixed incomes, who saved $1 million or $2 million thinking it would be enough, the purchasing power of that money is significantly lower now.

Inflation removes our ability to save and plan for the future. This is where gold and silver come in—they provide consistency and stability in a volatile monetary system.

Tim: You said earlier that 80% of all US dollars in circulation were printed in the last four years. That’s staggering.

Layton: Yes, before COVID, our money supply was $6 trillion. Today, it’s $21 trillion, meaning 80% of dollars in circulation were created in the last four to five years. That’s not sensationalism—it’s a currency crisis.

We’re dealing with monetary inflation, which happens when money creation outpaces economic output (GDP). Even if Trump—or any leader—boosts GDP, we’re too far behind to catch up with the scale of money creation.

Tim: So, what happens next? How do we prepare for the inevitable crash?

Layton: History tells us that every fiat currency goes through a life cycle, and the US dollar is closer to the end of its cycle than the beginning. When fiat currencies fail, hyperinflation follows. Eventually, economies reset to physical gold and silver.

During hyperinflation, businesses stop accepting worthless currency and revert to gold and silver as reliable money. In the Weimar Republic of Germany, post-World War I, people traded a single gold coin for an entire house. That’s the value gold can hold in a crisis.

Tim: So, should people buy gold and silver to prepare for this?

Layton: Yes, but as part of a broader strategy. Gold and silver provide financial preparedness, but people should also focus on essentials like storable food, water, and secure shelter. Don’t put all your money into gold and silver; it’s just one piece of the puzzle.

Gold and silver are reliable stores of value, but their true utility will shine after a crisis when economies rebuild. Those who own physical metals will have the means to trade for other assets or kickstart the labor market.

Olivia: What’s the difference between owning physical gold and silver versus investing in ETFs or mining stocks?

Layton: The main difference is counterparty risk. Physical gold and silver have zero counterparty risk—they’re unencumbered wealth in your hands. ETFs or mining stocks involve risks like management failures or market volatility.

Olivia: Do you talk about this on your own podcast?

Layton: Yes! My associate Gilbert and I started the Precious Metals Podcast to share insights. People can visit preciousmetalspodcast.com to learn more or contact us for guidance.

Layton: Less than 5% of Americans own physical gold and silver, but as our monetary crisis deepens, more will seek it out. It’s one of the few asset classes that will retain value during the transition.

Tim: Thank you, Layton. We look forward to having you back to discuss silver in-depth.

Layton: Thank you! Happy to join anytime.