Simon Mikhailovich emigrated from the Soviet Union at the age of 19 with his family and just $100 in a suitcase. After putting himself through college he began a career in finance. Eventually, he found himself at the leading edge of the development of the financial derivatives that would be at the center of the great financial crisis. Upon successfully navigating those rough investing waters, he turned his attention to effectively hedging risk in an era of mass financialization. Today he manages the Tocqueville Bullion Reserve, a limited partnership focusing on the efficient ownership of physical gold. In this conversation, we discuss the end of the great debt super cycle, its implications for both financial assets and real assets and how gold represents the ultimate insurance policy during this time of growing uncertainty. Visit TheFelderReport.com/podcast for links and charts related to this episode.