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What drives the price of gold? That's the most perplexing question he is asked about investments. He doesn't know the answer, but he owns gold and FNV-T, though the miners, which are risky. Gold moves inversely to the USD, so gold it's currently stuck at present levels. He's constructive on gold because the Fed has pivoted away from being hawkish, so interest rates won't rise and nor will the greenback.

General thoughts on preferred shares? Yes, he uses them, viewing them as alt-fixed income, meaning they're not as secure as a corporate bond, but they offer higher income prospects because they pay dividends, not coupons and so are better-tax in taxable accounts. But each preferred share has its pros and cons, and they are not deeply liquid, so the institutional money isn't there. They can be very over- and under-valued. But he buys-and-holds preferreds for the income.