1 00:00:02,520 --> 00:00:15,040 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News single best idea on 2 00:00:15,120 --> 00:00:17,640 Speaker 1: the most interesting day of shutdown day. Thank you Nathan 3 00:00:17,720 --> 00:00:20,959 Speaker 1: Hagar and all in Washington. Thank you Nathan Dean of 4 00:00:20,960 --> 00:00:25,200 Speaker 1: Bloomberg Intelligence. For perspective. Joe Matthew in the nine o'clock hour, 5 00:00:25,920 --> 00:00:30,120 Speaker 1: just it's amazing the sources he has to pull into 6 00:00:30,200 --> 00:00:34,519 Speaker 1: his balance of power. David Gurra wonderful and the eight 7 00:00:34,600 --> 00:00:37,640 Speaker 1: o'clock hour giving us perspective looked a big take for 8 00:00:37,680 --> 00:00:41,680 Speaker 1: their treatment of this shutdown. In the seven o'clock hour, 9 00:00:41,760 --> 00:00:45,960 Speaker 1: Henrietta Treys was with us as well, wired into Capitol 10 00:00:46,400 --> 00:00:50,040 Speaker 1: here from Veda Partners. Henrietta Trace, I think that the 11 00:00:50,120 --> 00:00:53,720 Speaker 1: shutdown was inevitable. It didn't happen in March, it happened 12 00:00:53,720 --> 00:00:56,240 Speaker 1: this time around, and if it didn't happen now, it 13 00:00:56,280 --> 00:00:58,520 Speaker 1: was going to happen in November. We are at a 14 00:00:59,160 --> 00:01:01,760 Speaker 1: very real impact in the United States. 15 00:01:01,880 --> 00:01:03,720 Speaker 2: It is as tense as I've ever seen it. 16 00:01:03,920 --> 00:01:06,800 Speaker 1: You're seeing a lot of good members leave and retire 17 00:01:06,880 --> 00:01:11,120 Speaker 1: and resign because of the achromony. So this shutdown maybe 18 00:01:11,160 --> 00:01:12,920 Speaker 1: could let the mayor out of the room. If there's 19 00:01:12,920 --> 00:01:14,800 Speaker 1: going to be a positive benefit, maybe they give you 20 00:01:14,880 --> 00:01:18,119 Speaker 1: that Henryta trees there and I have no idea. Folks, 21 00:01:18,120 --> 00:01:21,280 Speaker 1: in the compendium of voices that we spoke to or 22 00:01:21,360 --> 00:01:24,360 Speaker 1: we researched, I can't give you a timeline. It could 23 00:01:24,360 --> 00:01:27,119 Speaker 1: be tomorrow, it could be two months from now. The 24 00:01:27,160 --> 00:01:30,080 Speaker 1: single statistic I saw that stop me in my tracks, 25 00:01:30,400 --> 00:01:34,600 Speaker 1: thank you the Washington Post is social Security will not 26 00:01:34,680 --> 00:01:38,640 Speaker 1: be shut down, but eighty eight percent of Social Security 27 00:01:38,680 --> 00:01:43,720 Speaker 1: employees will work without a paycheck. That is this famous 28 00:01:43,760 --> 00:01:47,160 Speaker 1: TV show said, this does not compute. I don't understand 29 00:01:47,360 --> 00:01:51,440 Speaker 1: how that happens. We spoke to Akash Doshia State Street 30 00:01:51,720 --> 00:01:56,600 Speaker 1: about gold, really really informed about the supply dynamics, the 31 00:01:57,400 --> 00:02:02,720 Speaker 1: demand dynamics, the general equal librium, the oddities of global gold. 32 00:02:03,080 --> 00:02:05,360 Speaker 1: Here from State Street, A Kastoci. 33 00:02:05,640 --> 00:02:08,919 Speaker 2: I think the price level can sustain, and that we're 34 00:02:09,040 --> 00:02:11,560 Speaker 2: knocking on four thousand an ounce and we're going to 35 00:02:11,639 --> 00:02:14,040 Speaker 2: clear that level in the fourth quarter. I just don't 36 00:02:14,040 --> 00:02:17,080 Speaker 2: think the volatility or the violence of this move higher 37 00:02:17,560 --> 00:02:20,000 Speaker 2: is likely sustainable. So I do think there's a bit 38 00:02:20,040 --> 00:02:23,240 Speaker 2: of fomo that we often see in tech stocks emanating 39 00:02:23,240 --> 00:02:26,040 Speaker 2: in gold right now, and I think eventually will calm. 40 00:02:26,240 --> 00:02:29,880 Speaker 2: Gold performs differently than other commodities. Typically when you have 41 00:02:29,919 --> 00:02:32,720 Speaker 2: a supply shock in oil or corn, supply is going 42 00:02:32,760 --> 00:02:35,519 Speaker 2: down and that's why prices are going up. In gold, 43 00:02:35,919 --> 00:02:38,639 Speaker 2: the price discovery function is usually a shift out of 44 00:02:38,680 --> 00:02:42,400 Speaker 2: the aggregate demand curve, so supply can be at a 45 00:02:42,440 --> 00:02:46,680 Speaker 2: record level just as demand is growing at a faster pace. However, 46 00:02:46,880 --> 00:02:49,560 Speaker 2: there are two components of gold supply. There's mind production, 47 00:02:49,919 --> 00:02:52,840 Speaker 2: but there's also gold recycling or gold scrap. So you've 48 00:02:52,840 --> 00:02:56,800 Speaker 2: seen a lot of metals. So within that context, actually 49 00:02:56,840 --> 00:03:00,919 Speaker 2: gold scrap has been lagging on supply growth this year, 50 00:03:00,960 --> 00:03:04,160 Speaker 2: despite record high prices across currencies. So what I would 51 00:03:04,200 --> 00:03:07,800 Speaker 2: say in that regard is that a lot of consumers globally, 52 00:03:07,840 --> 00:03:10,400 Speaker 2: including in India and China, are just holding onto gold 53 00:03:10,400 --> 00:03:13,799 Speaker 2: and also hoarding gold, and that's buttressing this rally even 54 00:03:13,840 --> 00:03:14,720 Speaker 2: as mind production is. 55 00:03:14,720 --> 00:03:19,040 Speaker 1: Growing at costoshit was State Street really really interesting conversation. 56 00:03:19,360 --> 00:03:22,600 Speaker 1: Is he mentioned there the acceleration of gold. How do 57 00:03:22,680 --> 00:03:25,160 Speaker 1: I translate that? Technically? I go back to the chart 58 00:03:25,400 --> 00:03:28,880 Speaker 1: of Dennis Gartman gold and yen, and I'll take it 59 00:03:28,960 --> 00:03:31,880 Speaker 1: on the y access to a logarithm, which shows a 60 00:03:31,919 --> 00:03:36,320 Speaker 1: percentage change. It's a very different set of information than 61 00:03:36,360 --> 00:03:39,680 Speaker 1: a normal Moonshot chart, and the answer is even going 62 00:03:39,720 --> 00:03:44,200 Speaker 1: to logs. Gold has accelerated our podcasts. We're out there 63 00:03:44,200 --> 00:03:48,040 Speaker 1: on Spotify, on Apple, and of course on YouTube podcasts. 64 00:03:48,360 --> 00:03:52,119 Speaker 1: It's single best idea.