NEW YORK, February 4, 2026 – Elon Musk, the world’s richest man, could become the new central banker if SpaceX discovers a gold-laden asteroid, according to a startling “black swan” scenario outlined by wall Street strategist Tom lee.
Speaking at a live recording of SoFi’s The Vital Part podcast at WNYC, Lee, co-founder and head of research at Fundstrat, captivated the audience-and drew amused reactions from author Michael Lewis, of The Big Short fame, and SoFi’s head of investment strategy, Liz Thomas-with his unconventional take on generational investment preferences.”Kids don’t buy what thier parents like,” he said, “but thay buy what their grandparents like.” Gold, he argued, was a favored investment for baby boomers, while Generation X gravitated toward hedge funds and choice investments.
The total “above ground” valuation of gold currently stands between $29 trillion and $34 trillion, comparable to the roughly $21 trillion market capitalization of the Splendid 7 stocks, Lee noted. “By the way,” he added, “it all fits in a swimming pool, all the gold in the world.”
Lewis commented that imagining this scenario was enough to make his “palms start to sweat” and his “saliva start coming to your mind.”
Black Swan risks to Gold’s Dominance
Lee identified several potential disruptors to gold’s long-held status as a store of value.One key risk is the vast amount of gold still buried underground-estimated to be a million times more than what’s currently mined. If gold becomes too expensive, he suggested, even the Magnificent 7 tech companies might enter the gold mining business.
However, the most audacious risk, according to Lee, lies in space. Given that gold originated from meteorites crashing into Earth, he posited that companies like spacex could stumble upon a gold-rich asteroid. “SpaceX might do a mission to Mars and then run into a gold asteroid,” Lee told the audience. “And Elon Musk, if he… would own all the gold, he would become the new central bank.” he also acknowledged that manufactured gold, or alchemy, represents a third potential risk.
Fundstrat research suggests gold may have already “topped,” based on a 100-year analysis of gold’s relationship to stock market capitalization. A 9% decline on January 30, Lee noted, was only the fourth single-day drop of that magnitude in a century-and all three previous instances marked a peak.
A Poker Buddy’s Influence
Lewis revealed his own surprising foray into gold investing,spurred by a conversation with an old poker friend from New Orleans,a fund manager he’d reconnected with while reporting The Big Short. He recalled his friend showing him ancient Roman coins, illustrating how emperors historically debased currency by reducing silver content. “He gave me a long argument for buying gold,” Lewis said, “And it was so persuasive. Like, I don’t do that. I don’t buy gold. Its insane. It’s like insane. But I couldn’t get it out of my head.”
Three years ago, Lewis “bought a bunch of gold,” and it has “just gone up and up, up, and up.” He admitted feeling “guilty” about the profitable investment but decided to reinvest the money in his friend’s fund, which focuses on gold mining stocks as a more affordable way to gain exposure to the metal.
Lewis attributed his investment to the “unstable political situation” and a general sense of global anxiety. “I don’t see any reason not to be scared,” he admitted. “and I think fear is not a bad thing to be long right now.”
