Podcast Summary: The Iced Coffee Hour —

“Don’t Buy Bitcoin!” Why ‘The Rich’ Are Buying Gold, Diamonds, and Jewelry | TraxNYC

Date: August 17, 2025
Hosts: Graham Stephan & Jack Selby
Guest: Jewelry Business Owner (TraxNYC)

Episode Overview

This lively episode centers on the evolving landscape of wealth preservation: Why the ultra-wealthy are turning to gold, diamonds, and jewelry over modern assets like Bitcoin. The guest, a seasoned NYC jeweler and social media personality, shares stories from his rough-and-tumble journey in the jewelry business, candid thoughts on gold versus crypto, strategies for spotting fake wealth, and raw insights into business, negotiation, and the psychology of money.

Key Discussion Points & Insights

The True Value of Gold vs. Modern Assets

• Gold as Trust and Tangibility:
  The guest repeatedly frames gold as a fundamental store of value, rooted in trust and physical reality, unlike Bitcoin or even cash:

  "Gold is about trust. Can you trust the federal government? If you watch the gold price, it's always about what's actually happening... The question then becomes is not how many dollars you have, it's how many grams you have." (00:58, 71:54)

• Jewelry as Investment:
  Gold jewelry purchased decades ago has outpaced inflation and delivered strong returns due to rising gold prices.

  "You bought $1,000,000 worth of gold chains…20 years later, you’re up 10x, even if you didn’t sell a single piece." (45:25-45:50)

• Why the Rich Are Buying Physical Assets:
  With inflation, currency instability, and economic shocks, tangible assets like gold, diamonds, jewelry, and luxury watches are in high demand.

  "The gold price is high. I'm not telling you to get gold like some gold jerk... buy yourself a gold chain, it's going to pay for itself in time." (71:44-72:54)

• Cautious on Crypto:
  The host argues Bitcoin offers asymmetric returns but is ultimately intangible, while the guest stresses the timelessness of gold:

  "You get the Bitcoin to get the dollars, so you can buy this or spend the Bitcoin on it. But the actual [asset] exists. You don't want a computer chugging away somewhere processing." (55:14-56:06)

The Cutthroat Reality of the Jewelry Business

• Learning the Hard Way — Fraud, Theft, and Hard Knocks:
  The guest describes being naive and trusting when starting out, leading to being defrauded out of millions and learning harsh lessons:

  "I was too naive… I had no awareness that somebody would steal. I didn't know that people could be evil… Now, in real life, a person is guilty until they prove themselves innocent." (9:06-10:28)

• Red Flags and Testing Employees:
  He shares practical advice:

  "If something just rubs you the wrong way... stop eating it. Same thing with a person. You have to have that sense." (12:52-13:14)
  "The easiest way is just to leave [something] around and look stupid and let people believe you have a blind spot that they could exploit." (13:23-14:08)

• Customer Types: Real vs. Fake Wealth:
  Both hosts and guest discuss how true wealth is understated — often the humblest dressers are actually the wealthiest.

  "The poorest dressed people were the richest... the dude is walking in with flip flops, kind of a dirty white t-shirt and sweatpants. He's the one with like $200 million." (29:00-29:22)

  "People fake wealth all the time. You spot it by the energy, not the words." (23:10-23:17)

Psychology of Money: Need vs. Want

• What Drives Success:
  The guest says necessity, not just desire, pushed him:

  "I needed it. I didn't want it. There's no point of me living… I want to order this bottle of wine, impress this chick, pull up in this car... I needed it." (20:53-21:27)

• Greed, Scarcity, and the Vicious Nature of Sales:
  The jewelry business is highly competitive, requiring street smarts, character judgment, and a willingness to play a “primitive game for primitive people.” (14:08-14:56, 21:31-23:01)

Negotiation & Pricing Wisdom

• How to Negotiate:

  "The best way to negotiate a good deal: say, 'This is all I have.' That's what I do." (40:55-42:33)

• Mistakes in Negotiation:

  "If you don't have a framework of the price, then you're just spewing numbers out." (42:36-43:16)

• How Pricing Works for Gold Chains/Jewelry:
  He provides a formula for consumers to not get scammed when buying gold chains:

  "Let's break down the secret... It's a hundred dollars per gram. Now, 14 karat gold is diluted to what, 60, 58%... if they're charging you 75, you say, kind of good, this is labor." (62:06-63:55)

Gold vs. Bitcoin (Main Debate, 52:17–58:01)

• Bitcoin’s Asymmetric Potential, but Gold’s Simplicity:

  • Host: "Take 10% of your business and just Bitcoin it... If it hits, there's such a lopsided opportunity." (52:37-52:47)
  • Guest: "It's a trillion dollar market capitalization. How much more can it hit?... It's not there to hit, it’s there to keep you safe... You could 10x with semiconductors." (52:57-54:28)

• If Bitcoin Goes to Zero vs. Gold:

  "[If] gold goes to zero, I'll buy all of it, bro. I'll have a gold castle, and you can visit it and pay a ticket in Bitcoin to come see it." (57:48-57:59)

Notable Quotes & Memorable Moments

On the Jewelry Game

• "The jewelry business... is a primitive game for primitive people, man." (14:08)
• "I was a young kid who thought the world worked in a different way." (19:21)
• "Money is a game and everybody's responsible for playing it smart." (00:33, 47:12)

On Wealth and Authenticity

• "I listen to the energy... not to the words. If the information resonates, you build a relationship." (23:18-24:11)
• "You spot [fake wealth] by the energy … as soon as I hear speech that's like ... just shut the f*** up, bro, and get the f*** out of here." (23:18)
• "The more you pay [a sales guy], the more they think they're going to be richer on their own. If you pay them nothing, they're scheming; if you pay them a lot, they're scheming even more." (22:20)

On Gold as a Store of Value

• "It's not about how many dollars you have, it's how many grams you have." (00:58, 71:54)
• "If the whole [system] collapses… you'll need gold to get some penicillin." (44:09-45:18)
• "You bought [gold jewelry] in 2004... now you melt it and get your money back." (68:23)

On Modern Asset FOMO

• "For me it’s... just a game to get where I want. What do we want? A beautiful home, a beautiful life, and stability." (56:06)

On Social Media’s Power

• "My social media presence has pushed my business... 90%." (102:31)
• "As long as I got the right product and the right marketing... I'll be able to secure a brand that'll outlive me." (102:34)

Detailed Topic Breakdown with Timestamps

Early Beginnings & Lessons in Betrayal

• Path into jewelry from hustling in tech (03:52–07:27)
• eBay success before the "real world" lessons, lobbying Congress at 19 (07:35–09:05)
• Betrayal by friends, devastating theft, and restructuring (09:06–15:29)

Navigating Trust, Scams, and Employee Red Flags

• How theft happens in jewelry, tactics for catching thieves (09:40–14:08)
• Trusting your gut & why “guilty until proven innocent” is the reality (10:28–12:52)

Real Wealth vs. Appearances

• Spotting fakers, energy over words (23:01–25:06)
• Stories from NYC diamond district & Beverly Hills real estate (28:24–29:22)

How the Wealthy Buy (and Why They Don’t Care About Price)

• Stories of ultra-wealthy buyers, gifting Rolexes and gold bars (35:34–36:56)
• Why true luxury customers are rare – most of his business is built on value (37:17–39:14)

On Negotiating and Buying Smart

• The best approaches to negotiation (40:55, 42:33)
• How jewelry is really priced, what a consumer should pay (61:47–63:55)
• Major negotiation mistakes—lack of price comprehension (42:36–43:16)

Gold’s Role and the Case Against "All-In" Crypto (52:08–57:12)

Lab Grown vs. Natural Diamonds & Watches as Status

• Explaining lab diamonds' pros, cons, and future of gems (83:54–87:56)
• The role of watches as status symbols, by budget (76:31–81:36)
• Advice for buyers at different price points (78:18–80:34)

Dating, Gender Dynamics & Immigrant Perspective

• How women test men, psychology of attraction, differences between wanting a “bad b****” and a life partner (87:56–94:46)
• Advantages immigrants have in America’s “easy” business culture (94:52–96:17)

Business Innovation: Social Media, AI, & The Future

• Leveraging AI for jewelry design, social media’s impact (96:23–97:34; 102:31–104:51)
• Limited drops, transparent pricing as new branding strategy (103:04–104:51)

Timestamps for Important Segments

| Topic | Timestamp | |----------------------------------------------------|----------------------| | Gold vs Government/Trust | 00:58, 71:54 | | Early fraud, debt, and naive mistakes | 09:06–15:29 | | Red flags, testing employees | 10:28–14:08 | | Real vs. fake wealth, energy over words | 23:01–25:06 | | Buying behaviors of wealthy clients | 35:34–36:56 | | Negotiation strategies and mistakes | 40:55–43:16 | | Gold as a store of value, current bull market | 44:09–45:18, 68:23 | | Debate: Gold vs. Bitcoin / Digital Assets | 52:17–58:01 | | Public misconceptions about gold’s value | 46:51–47:57, 71:44 | | How to buy gold/jewelry without getting scammed | 62:06–63:55 | | Lab grown vs. natural diamonds | 83:54–87:56 | | Watches as status, investment advice by level | 76:31–81:36 | | Social media acceleration & innovation with AI | 96:23–97:34; 102:31–104:51| | Romance, attraction, “testing” between men/women | 87:56–94:46 |

Tone and Delivery

The tone throughout is raw, blunt, high-energy, and funny—often intentionally irreverent and peppered with streetwise wisdom. The guest is unfiltered, direct, and offers hard-learned lessons that cut through jargon, focusing on what works and what goes wrong in real business and real life.

The Takeaway

Physical assets like gold and jewelry remain a pillar of wealth and trust for many of the world’s rich and streetwise alike — as bulwarks against uncertainty, currency collapse, and human nature. Yet, the game is competitive, ruthless, and fraught with lessons: trust is earned, not given; real wealth is quiet, status is signaled, but authenticity trumps all. As AI and technology reshape every industry, those who adapt first — and keep their wits about them — will thrive, whether in bling or bitcoin.

Select Memorable Quotes

• On Trust & Gold:
  "Gold is about trust. Can you trust the federal government? If you watch the gold price, it's always about what's actually happening... The question then becomes is not how many dollars you have, it's how many grams you have." (00:58, 71:54)

• On Wealth Fakers:
  "The poorest dressed people were the richest... the dude is walking in with flip flops, kind of a dirty white t-shirt and sweatpants. He's the one with like $200 million." (29:15)

• On Negotiation:
  "The best way to negotiate a good deal: say, 'This is all I have.' That's what I do." (40:55)

• On Need vs. Want:
  "I needed it. I didn't want it... I needed it. I don't want it. I want to experience life for its utmost… That's it." (20:53)

• On Bitcoin:
  "For me it’s... just a game to get where I want. What do we want? A beautiful home, a beautiful life, and stability." (56:06)

For business owners, investors, and anyone curious about how real wealth is protected and signaled, this episode is a crash course in street-smart finance and the art (and blood sport) of luxury commerce.