Scarce Assets: Jeroen Blokland explains why bonds have destroyed wealth for 20 years, how $124 trillion in generational wealth will reshape portfolios, & why gold at $5,000 is just the beginning.

Jackson Mikalic on X --- https://x.com/macrojack21

Jeroen Blokland on X --- https://x.com/jsblokland

Jeroen Blokland on LinkedIn --- / jeroenblokland

Jeroen's new book --- https://greatrebalancing.com/

🎙️ About This Episode

Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund and author of The Great Rebalancing, joins Scarce Assets to explain why the traditional 60/40 portfolio is broken—and what replaces it. With 20+ years building multi-asset portfolios, Jeroen left traditional finance to launch a fund focused on scarce assets: quality stocks, physical gold, and directly-held Bitcoin. We discuss why bonds have delivered negative real returns for two decades, how gold at $5,000 still isn't enough to rebalance the system, the mechanics of financial repression, why owning assets outside the system matters more than ever, and how $124 trillion in generational wealth transfer will reshape portfolios. The conversation also covers Bitcoin's coming catalyst and the AI investment bubble Jeroen sees forming.

🧠 Chapters

00:00 — Gold's Historic Rally to $5,000 03:08 — What's Driving the Gold Breakout 08:43 — How Long Will the Rally Last? 16:20 — The Myth of Central Bank Independence 21:54 — Trussonomics: When Bond Markets Strike Back 29:58 — The Great Rebalancing Defined 38:40 — Financial Repression & Forced Bond Buying 47:44 — Owning Assets Outside the System 53:23 — The $124 Trillion Wealth Transfer 59:16 — AI Productivity Gains vs. Investment Bubble 1:06:58 — Bitcoin's Catalyst & 2026 Outlook 1:10:41 — Where to Find Jeroen's Book, Outro & Disclaimer