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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Single US Idea Today. Thank you to Apple for rolling

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Speaker 2: this out. We're really thrilled with the initial effort of

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Speaker 2: It's a six or seven minute look at two of

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Speaker 2: our guests today today, we could have done like ten

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Speaker 2: different guests. I thought Linda Dousl of Federators, mess Rising,

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Speaker 2: Greg Peters clipping coupons over at p JIM is just

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Speaker 2: a really, really solid show. We're going to do Javier Blast.

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Speaker 2: We have I mean, come on, folks, we have the

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Speaker 2: surveillance extra virgin correspondent. We're going to go to that

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Speaker 2: in a moment. You gotta do Javier Blast the success

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Speaker 2: of his book in oil. We're going to talk about

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Speaker 2: a different oil. But first and what happens is we

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Speaker 2: have people that we can book like in a moment's notice.

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Speaker 2: We have people that save us when somebody has to cancel,

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Speaker 2: there's an emergency, whatever. We've got people that you know,

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Speaker 2: you send out an email do you want to be

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Speaker 2: on Bubba Bah? They go yeah, sure. And then we've

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Speaker 2: got people that are so crazy busy it's like a

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Speaker 2: three day, five day ordeal to get him on. One

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Speaker 2: of those is James Steele. He is at HSBC. You

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Speaker 2: know Max Kettner, Steve Major over in Hong Kong. James

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Speaker 2: Steele is an absolute institution in gold. About more than

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Speaker 2: just where's it going up down sideways? About the culture,

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Speaker 2: the fabric. Are they buying gold in Dubai? What kind

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Speaker 2: of gold are they buying? How does jewelry play in etc.

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Speaker 2: And so for days we've tried to get James Steele

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Speaker 2: on with gold moving up, getting near twenty four hundred

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Speaker 2: dollars an ounce. And of course every analysis, every article

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Speaker 2: has to begin with China. Here is James Steele on

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Speaker 2: China's buying of gold.

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Speaker 3: It's a default play. In the case of China specifically,

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Speaker 3: the property markets have been very weak, the equity markets

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Speaker 3: have been very weak, and this narrows the universe that investors,

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Speaker 3: you know, big and small, are likely to look for,

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Speaker 3: and gold is a great safe haven. Now we're seeing

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Speaker 3: the same thing abroad, but the equity and property markets

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Speaker 3: haven't fallen abroad. And in the case of Western markets,

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Speaker 3: I think what we've seen is asset managers, portfolio managers

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Speaker 3: and the like have recognized that equities are very high.

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Speaker 3: They have no choice in many cases, but to be

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Speaker 3: in the equity markets, but they have a choice about

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Speaker 3: how they hedge.

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Speaker 2: James Steel there of HSBC really informative conversation. Look for

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Speaker 2: that the entire conversation Bloomberg podcast. What's important here is

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Speaker 2: how we treat commodities. They're an odd duck. They've always

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Speaker 2: been in our heritages to talk to Global Wall Street

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Speaker 2: about it. Francisco Blanche, Bank of America, Jeff Curry, ex

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Speaker 2: Gulb and Sex moving on from City Group to Hallmark.

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Speaker 2: But the bottom line is we're always trying to talk

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Speaker 2: to interesting people. And some can be like gold, what's

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Speaker 2: it gonna do? And others can be saying ConA Hake

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Speaker 2: at ed and f who was on the other day,

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Speaker 2: And ConA Hake is encyclopedic about the softs like cocoa

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Speaker 2: and that. So that's how we're approaching commodities here. Haven't

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Speaker 2: talked much about copper. Eric, we gotta we gotta do copper.

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Speaker 2: We mean, doctor copper, we gotta we do that as well.

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Speaker 2: And so it's interesting here that we tackle the commodities.

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Speaker 2: Sometimes a commodity is thrown at us. I almost slipped

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Speaker 2: when Jave Blass said to me, Tom oil and I said,

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Speaker 2: of course, Brent West Texas. He said no. He said,

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Speaker 2: the moonshot which you've seen in Aisle seven at your

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Speaker 2: grocery store, which is olive oil. Jave Bloss has been

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Speaker 2: lights out about this, and of course it's hilarious about

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Speaker 2: his election that you can only have Spanish olive oil.

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Speaker 2: I have no idea the differences, but actually read about it,

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Speaker 2: and I guess there's some justification to it. Here is

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Speaker 2: a surveillance extra version correspondent, the giant of hydrocarbons, Javier

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Speaker 2: blasts and Spanish olive oil demand.

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Speaker 1: Olive oil from a space is always going to be

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Speaker 1: booming is excellent. I'm a bit biased, but it is excellent.

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Speaker 1: Our prices, yes, couldn't used for connoisterers of olive oil

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Speaker 1: that enjoy not only the Spanish one, but Portuguese, Italian

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Speaker 1: and other origins. Prices that are starting to calm down.

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Speaker 1: Has been raining quite of southern Europe. The expectation is

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Speaker 1: that the next club would be better. So prices are

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Speaker 1: Wholesale prices are down twenty percent since the peak in January.

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Speaker 1: We have get to see these translated into retail prices,

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Speaker 1: but it will come.

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Speaker 2: We try to be polite there. What happens afterwards Pharaoh

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Speaker 2: got upset? Is it goes after Italian olive oil. I

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Speaker 2: have no idea, Folks, if you want to email me,

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Speaker 2: in it out on YouTube live chat, explain to me

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Speaker 2: which olive oil you prefer. One day we had a

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Speaker 2: bottle of morocc At olive oil. I couldn't. I just

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Speaker 2: couldn't tell the difference. That's all there is to it.

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Speaker 2: It is single best idea. Two conversations that we have

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Speaker 2: on Bloomberg Surveillance every day. The show The Arc of

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Speaker 2: the Morning on New York Wall Street from seven am

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Speaker 2: to ten am, Tom Keene and Paul Sweeney with great

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Speaker 2: help from Lisa Matteo and Michael Barr, as well a

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Speaker 2: cast of thousands Eric Mallow, producing our brilliant podcast Here

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Speaker 2: don't forget. We're out on Apple car Play, We're out

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Speaker 2: on YouTube. Bloomberg podcast is how you start to go

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Speaker 2: to YouTube and now I guess there's a my ugly

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Speaker 2: face Sweeney, you know, and Sweeney looks out of you know.

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Speaker 2: He could be in the next James Bond movie. Is

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Speaker 2: like the business guy for Bond. Michael Barr is Michael

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Speaker 2: Barr and Lisa just looks lovely. So our faces are

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Speaker 2: out there now, which makes it better. You can tune

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Speaker 2: in there and also program note I'm gasping here because

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Speaker 2: they need some olive oil. Program note Bloomberg Originals. This

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Speaker 2: is a new distribution and it's out on Apple TV,

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Speaker 2: Samsung TV, and Fire TV. So look for us on

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Speaker 2: Apple carput on YouTube, and a Bloomberg Originals. Good morning,