Why Gold Keeps Beating the Dollar and Euro -

Money Metals podcast host Mike Maharrey recently spoke with <a href="https://www.linkedin.com/in/markobyrne/" target="_blank" rel="noopener">Mark O’Byrne, founder of Tara Coins</a> and a longtime authority on precious metals. Their conversation covered everything from the cultural symbolism behind O’Byrne’s Irish bullion coins to the deeper historical role of gold and silver as money. The discussion also explored the long history of currency debasement and why precious metals continue to matter in an age of fiat currencies and expanding money supply.
The interview comes as global attention on gold and silver grows amid rising debt levels, currency devaluation, and increasing central bank demand for physical bullion.
(Interview Starts Around 6:17 Mark)
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<h2>The Creation of Irish Bullion Coins</h2>
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Mark O’Byrne began his career in the precious metals industry more than two decades ago. In 2003, he founded GoldCore, which became the largest gold brokerage in Ireland. The firm specialized in widely recognized bullion products such as gold bars, silver bars, South African Krugerrands, and American Eagles.
After running the company for 17 years, O’Byrne stepped away in 2020. But he noticed a persistent question from investors, particularly Irish Americans. Many wondered why Ireland did not produce its own legal tender bullion coins similar to those issued by countries such as Canada, Australia, the United States, and Austria.
Ireland’s central bank had produced collector coins, but it had never issued investment-grade bullion. That gap inspired O’Byrne to launch Tara Coins in 2023.
The flagship product became the Tree of Life series. The coins are struck in .9999 fine gold and investment-grade silver. They are eligible for Individual Retirement Accounts in the United States and have gained strong interest among Irish American buyers.
Money Metals Exchange has become the <a href="https://www.moneymetals.com/search?q=tara%20coins">largest distribution partner in the United States</a>. The coins are sold to retail investors and can also be stored at the <a href="https://www.moneymetals.com/silver-gold-storage">Money Metals Depository</a> in Idaho.
<h2>Symbolism Rooted in Irish Culture</h2>
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O’Byrne designed <a href="https://www.moneymetals.com/1-oz-ireland-tara-tree-of-life-silver-round/1166">the Tree of Life coin</a> to capture elements of Ireland’s ancient spiritual and cultural heritage.
The central image on the coin is the Tree of Life, a symbol found across many religious traditions and prominently featured in the Book of Revelation in the Bible. The symbol represents renewal, abundance, and the interconnectedness of life.
The reverse design includes the Irish harp, a national symbol that also appears on Irish passports. The harp has long represented music, joy, and cultural identity in Irish tradition.
Another design element is the triskele, or triple spiral, an ancient Celtic symbol representing cycles of life. It is often interpreted as past, present, and future, or as the unity of masculine, feminine, and child.
Together, these symbols were chosen to reflect Ireland’s spiritual and cultural traditions while also celebrating precious metals as enduring stores of wealth.
O’Byrne noted that coins often serve as historical artifacts that reveal how civilizations viewed themselves. Throughout history, rulers frequently used coinage to display national symbols, religious themes, and political authority.
<h2>Coins as Historical Storytellers</h2>
The conversation then turned to historical coinage and its role in shaping economic history.
O’Byrne cited coins issued under Alexander the Great as an example of how currency reflected the expansion of the empire. Alexander’s campaigns stretched from Greece through the Middle East and into India during the 4th century BC.
As territories were conquered, gold was often seized or demanded as tribute. That metal was then minted into coins bearing Alexander’s image, spreading a unified currency throughout the empire.
Another example discussed was the British gold sovereign. The coin contains <a href="https://www.moneymetals.com/2354-oz-circulated-british-gold-sovereign-random/129">0.2354 troy ounces of gold</a> and was historically valued at one pound sterling.
The sovereign offers insight into historical gold and silver ratios and illustrates how coinage once tied national currencies directly to precious metals.
O’Byrne also praised classic American designs such as <a href="https://www.moneymetals.com/buy/gold/pre-1933-gold-coins/saint-gaudens-double-eagle">the Saint-Gaudens double eagle</a> and coins featuring the Statue of Liberty. He said these designs reflected ideals of freedom and opportunity that historically defined the United States.
<h2>Precious Metals in Ancient Ireland</h2>
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O’Byrne also addressed a long-held belief about Ireland’s early economy. Many historical accounts claim that cattle functioned as the primary currency in ancient Irish society.
He argued that this interpretation oversimplifies reality.
While cattle certainly represented wealth in agrarian society, archaeological evidence suggests that small pieces of precious metal also circulated as money. Ancient Irish texts reference the term pifosa, meaning pieces of metal used in exchange.
Gold, silver, and copper were relatively abundant in ancient Ireland and were often found in riverbeds. Early communities collected these metals and hammered them into small discs that functioned as primitive money.
Over time, these metal pieces evolved into ring money. Small rings made of gold or bronze could be worn as jewelry but also functioned as a store of value and a medium of exchange.
These artifacts have been found in archaeological hoards dating back thousands of years, indicating that precious metals played an important economic role long before formal coin minting technology existed.
<h2>Viking and Norman Influence on Irish Coinage</h2>
Ireland’s first known minting operations appeared around the year 800 AD when Viking settlers established trading centers in Dublin.
One notable example is King Sitric, a Viking ruler of Dublin whose silver pennies still survive today.
In later centuries, Norman forces arrived from northern France and expanded minting operations across several Irish cities, including Dublin, Cork, Waterford, and Limerick.
Over time, the English crown consolidated control over these mints. Local minting operations were gradually shut down, and monetary authority was centralized under the royal mint in London.
This shift reflected a broader historical pattern in which political authorities sought to monopolize currency issuance. Control of money has long been linked to control of economic and political power.
<h2>Currency Debasement and Modern Fiat Money</h2>
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The discussion eventually turned to modern monetary systems and currency debasement.
O’Byrne pointed to the long-term decline in purchasing power across major fiat currencies. Since the creation of the Federal Reserve in 1913, the U.S. dollar has lost roughly 99 percent of its purchasing power relative to gold.
He noted that the euro has experienced a similar pattern since its introduction in 1999. Over the past 26 years, the euro has lost approximately 93 percent of its value relative to gold.
According to O’Byrne’s research, the euro has depreciated about 11.3 percent per year versus gold since its inception.
Even in shorter periods, the decline has been dramatic. In one recent year, the U.S. dollar fell roughly 66 percent against gold while the euro declined about 46 percent.
O’Byrne emphasized that gold is not truly rising in value during these periods. Instead, the purchasing power of fiat currencies is declining.
He argued that competitive currency devaluations are now a structural feature of the global financial system.
<h2>De-Dollarization and Global Monetary Shifts</h2>
The interview also touched on the <a href="https://www.moneymetals.com/news/2026/01/22/de-dollarization-alert-danish-pension-fund-dumps-us-treasuries-004630">growing trend of de-dollarization</a>.
Central banks around the world have been increasing their gold reserves as geopolitical tensions rise and confidence in fiat currencies weakens.
O’Byrne noted that gold has recently surpassed the euro to become the second-largest reserve asset held by central banks globally.
While the U.S. dollar remains the dominant reserve currency, the long-term shift toward gold suggests a gradual rebalancing of the global monetary system.
In Europe, the topic of de-dollarization is discussed, although it is often framed as a rivalry between the United States and Europe. O’Byrne argued that both regions face similar fiscal challenges, including high debt levels and persistent budget deficits.
Without major policy changes toward balanced budgets and fiscal discipline, he believes currency debasement will continue.
<h2>Long-Term Gold Price Scenarios</h2>
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O’Byrne also referenced research from VanEck that examined the relationship between global money supply and gold.
The study suggested that if <a href="https://en.macromicro.me/charts/3439/major-bank-m2-comparsion" target="_blank" rel="noopener">global M2 money supply</a> were fully backed by gold, the implied gold price could reach approximately $184,000 per ounce.
O’Byrne noted that when additional regions such as India, Brazil, Russia, and Middle Eastern economies are included in the calculation, the theoretical figure could exceed $225,000 per ounce.
He emphasized that such projections should not be interpreted as short-term price predictions. Instead, they illustrate the enormous expansion of the global money supply.
Gold, in his view, should primarily be seen as a long-term store of wealth rather than a vehicle for quick profits.
<h2>Precious Metals as Long-Term Financial Protection</h2>
Both Maharrey and O’Byrne stressed that gold and silver serve a different purpose than many traditional investments.
The goal is not necessarily to sell quickly for gains. Instead, precious metals offer protection against the gradual erosion of purchasing power caused by inflation and currency debasement.
Historically, governments often reduced the gold or silver content of coins to stretch financial resources. The word debasement originally referred to the addition of base metals into coins.
Today, the process occurs digitally as central banks expand the money supply through monetary policy and debt financing.
O’Byrne argued that modern currency creation occurs on a scale never before seen in human history.
<h2>A Modern Revival of Precious Metals</h2>
Despite the dominance of fiat currencies, Mark O’Byrne, founder of <a href="https://www.taracoins.com/" target="_blank" rel="noopener">Tara Coins</a>, believes the world may be entering a renewed era of interest in physical precious metals.
He pointed to the emergence of new private mints, rising investor demand, and strong central bank buying as signs of a long-term structural shift.
While the trend remains in its early stages, the historical role of gold and silver as money continues to resonate with investors seeking stability.
For O’Byrne, the lesson of history is simple. Empires rise and fall, currencies are debased, and financial systems evolve.
But throughout thousands of years of economic history, gold and silver have consistently <a href="https://www.moneymetals.com/programs/monthly-program">remained reliable stores of value</a>.

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