• The 2025 Masters Tournament is underway in Georgia.
• The tournament is held at Augusta National, one of the most exclusive golf clubs in the world.
• These clubs are known for years-long waitlists, expensive fees, and high-profile clientele.

Take a look at almost any billionaire's social calendar this weekend, and you'll likely see one thing: The Masters.

The prestigious golf tournament, which teed off Thursday and concludes Sunday, is held each year in Augusta, Georgia, at the Augusta National Golf Club.

"There's a huge amount of very exclusive clubs all over the world — I would say that Augusta National is the most famous one," Barnabas Carrega, CEO of luxury travel and planning firm GR8 Experience, told Business Insider last year.

At Augusta, the best golfers in the world compete to win the coveted green jacket bestowed only to tournament winners and club members and to etch their name into a rich sports history.

In 2024, the honor went to American Scottie Scheffler, who is eyeing a back-to-back win this year.

With past Masters attendees ranging from Nike cofounder Phil Knight to Microsoft cofounder Bill Gates, the event is an annual reminder of the wealth ingrained in golf's history and the culture of exclusivity it breeds in the most elite clubs.

"I think that there's two different ways to look at why a club is exclusive and one of them is the quality of the golf course. Sometimes, the golf course has so much history behind it that the club becomes extremely exclusive by default because of the importance of the golf course," said Carrega.

"And then other times it's just the place, the service, the level of facilities, and what they've built around the golf experience," he added.

Regardless of how they achieved their exclusivity, such clubs are almost impossible to join. They require special connections, patience, and plenty of money for a chance at acceptance.

Here's a peek at 10 of the most exclusive golf clubs in the world.

• Gold prices hit $3,200 for the first time on Friday.
• Trump's tariffs and China's retaliatory action have roiled global markets.
• A BlackRock strategist said gold was a better hedge than Treasury bills amid the market turmoil.

Gold hit another record high above $3,200 on Friday — and is a better way to protect against the ongoing market turmoil than Treasury bills, a BlackRock executive said.

Wei Li, global chief investment strategist at the asset manager, wrote in a LinkedIn post on Thursday that higher exchange rates and "currency down" were abnormal.

"Also not normal — risk off, #dollar and Treasuries down. I will keep saying it: #gold is a better diversifier than Treasuries in this environment of high debt."

Fears over the longer-term effects of President Donald Trump's trade tariffs have triggered an aggressive sell-off of US bonds. Yields have continued to rise this week, with the 10-year Treasury yield up almost 4.4% on Friday.

Treasurys have traditionally been considered one of the safest investments available, but that perception may be starting to change.

The dollar has also suffered amid the turmoil, hitting a three-year low against the euro and a 10-year low against the Swiss franc.

"In this new regime characterized by 1/ #inflationary pressure and 2/ high #debt, gold has been and could continue to be a better diversifier than long-duration Treasuries," Li wrote in an earlier LinkedIn post.

Last month gold broke through the $3,000 level for the first time. In the days following Trump's tariff announcement on April 2, the metal went as high as about $3,150 before retreating.

Gold has since regained momentum as investors seek out safe-haven assets, which typically maintain or increase their value during market turbulence.

In a Friday note, UBS analysts raised their 2025 gold price target to $3,500, citing "escalating tariff uncertainty, weaker growth, higher inflation and lingering geopolitical risks."

"Gold seems to be unfazed by higher US yields," they wrote, adding that the metal has stood out this year compared with other safe havens including Treasurys, the franc, and the yen.

Analysts at Bank of America also have a price target of $3,500 for gold.

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The Pentagon removed a Greenland base commander on Thursday after she sent an email critical of Vice President JD Vance's comments about Denmark, multiple outlets reported.

Why it matters: The Pentagon said it would not tolerate officials who undermine President Trump's agenda.

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• Col. Susannah Meyers was removed from her leadership post at Pituffik Space Base "for loss of confidence in her ability to lead," a Space Operations Command statement said.

Driving the news: "I do not presume to understand current politics, but what I do know is the concerns of the U.S. administration discussed by Vice President Vance on Friday are not reflective of Pituffik Space Base," Meyers wrote in the March 31 email, per Military.com.

• She said that as long as she led the base, all countries' flags would fly together.

What they're saying: "Actions to undermine the chain of command or to subvert President Trump's agenda will not be tolerated at the Department of Defense," Pentagon spokesperson Sean Parnell said on X.

• Col. Shawn Lee will take on the role at Pituffik.
• "Commanders are expected to adhere to the highest standards of conduct, especially as it relates to remaining nonpartisan in the performance of their duties," the Space Force statement said.

Catch up quick: In his March visit, Vance claimed that Denmark failed to keep Greenland safe, and that Trump would make the island "much more secure" and economically stronger.

• Trump later said nothing was off the table in his desire to acquire Greenland, including "military force."

Go deeper:

• Trump doesn't rule out military force to acquire Greenland
• Vance's new Greenland pitch: Independence then partnership

• BlackRock, now managing $11.6 trillion, has more employees outside the US than in its home country.
• On the firm's first-quarter earnings call, CEO Larry Fink stressed its global reach.
• "We are Mexican in Mexico, Canadian in Canada," Fink told analysts.

BlackRock's first client 37 years ago was Japanese. A majority of the $11. 6 trillion New York-based firm's employees are based internationally. The manager's risk platform Aladdin just signed its first Korean client.

There are even plans to open a few more offices outside the US where the world's largest asset manager has a client base, CEO Larry Fink said Friday morning.

"BlackRock is a global firm, but one that operates hyper-locally," he said.

In practice, this means "we are Mexican in Mexico, Canadian in Canada," among other countries and nationalities, Fink said.

It was a notable remark from the world's largest asset manager, which held its first-quarter earnings call Friday morning as the financial world struggles to digest the ramifications of President Donald Trump's tariff policies. Though the tariffs have been put on pause for most countries, though notably not China, Fink said that "in the short run, we have an economy at risk."

This follows his talk Monday at the Economic Club of New York when Fink said that most of the CEOs he is talking to "would say we are probably in a recession right now." In the firm's earnings release, the current market environment is compared to "large, structural shifts" that occurred during the financial crisis and COVID-19.

Despite the dire immediate backdrop, Fink said his firm leads with "optimism." The large macro trends — such as artificial intelligence and infrastructure spending that BlackRock has focused on for the next wave of its growth — "are still around," he said, and that the manager has a "growth mindset."

Over recent weeks, BlackRock has had thousands of client conversations, Fink said, and there's still a significant appetite for infrastructure investing. He said BlackRock preaches long-term solutions, not moves to address "the next tweet."

He said the public market chaos is expected to attract more assets to private markets, a shift the firm is embracing.

Still, the tariffs — which Fink said "went beyond anything I could have imagined" — cannot be ignored as simply short-term noise. BlackRock's European ETF line surpassed $1 trillion in assets for the first time last quarter, thanks to investors leaving the US. Retirement and college savings are hit by such severe dips in stock markets.

"This isn't Wall Street versus Main Street," Fink said in his prepared remarks to start the call.

His closing advice (or wish): "Have a calm second quarter."

• The head of the US Space Force's Greenland base has been fired, Space Operations Command said Thursday.
• Colonel Susannah Meyers was removed from her position after a "loss of confidence," a statement said.
• It comes after Meyers reportedly distanced herself from Vice President JD Vance's criticism of Denmark.

The commander of a US Space Force base in Greenland has been fired following a recent visit by Vice President JD Vance.

In a statement Thursday, the military's Space Operations Command said Meyers had been removed from her position at the Danish territory's Pituffik Space Base due to a "loss of confidence in her ability to lead."

"Commanders are expected to adhere to the highest standards of conduct, especially as it relates to remaining nonpartisan in the performance of their duties," it said, adding that Colonel Shawn Lee had now taken command.

In a post on X, chief Pentagon spokesperson Sean Parnell shared an image of the SOC's statement along with a link to a Military.com article that reported Meyers had distanced herself from Vance's recent criticism of how Denmark manages the territory in an email to base personnel.

On March 31, days after Vance's trip to the island, Meyers is reported to have emailed staff saying, "I do not presume to understand current politics, but what I do know is the concerns of the U.S. administration discussed by Vice President Vance on Friday are not reflective of Pituffik Space Base."

"Actions to undermine the chain of command or to subvert President Trump's agenda will not be tolerated at the Department of Defense," Parnell wrote on X, appearing to confirm the reason for Meyers' dismissal.

Vance visited the Pituffik Space Base during a trip to Greenland in March, where he made a series of controversial comments accusing Denmark of underinvesting in Greenland's security and echoing President Donald Trump's suggestion that the territory would be better off under US control.

Trump told Congress last month that the US would acquire Greenland "one way or the other" and has not ruled out using military force, despite Denmark being a longtime ally and a member of NATO.

An opinion poll earlier this year found that the majority of Greenlanders oppose the idea of becoming part of the US.

Business Insider has contacted the Pentagon for comment.

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