Speaker 1: Bloomberg Audio Studios, Podcasts, radio News single best idea on
Speaker 1: the most interesting day of shutdown day. Thank you Nathan
Speaker 1: Hagar and all in Washington. Thank you Nathan Dean of
Speaker 1: Bloomberg Intelligence. For perspective. Joe Matthew in the nine o'clock hour,
Speaker 1: just it's amazing the sources he has to pull into
Speaker 1: his balance of power. David Gurra wonderful and the eight
Speaker 1: o'clock hour giving us perspective looked a big take for
Speaker 1: their treatment of this shutdown. In the seven o'clock hour,
Speaker 1: Henrietta Treys was with us as well, wired into Capitol
Speaker 1: here from Veda Partners. Henrietta Trace, I think that the
Speaker 1: shutdown was inevitable. It didn't happen in March, it happened
Speaker 1: this time around, and if it didn't happen now, it
Speaker 1: was going to happen in November. We are at a
Speaker 1: very real impact in the United States.
Speaker 2: It is as tense as I've ever seen it.
Speaker 1: You're seeing a lot of good members leave and retire
Speaker 1: and resign because of the achromony. So this shutdown maybe
Speaker 1: could let the mayor out of the room. If there's
Speaker 1: going to be a positive benefit, maybe they give you
Speaker 1: that Henryta trees there and I have no idea. Folks,
Speaker 1: in the compendium of voices that we spoke to or
Speaker 1: we researched, I can't give you a timeline. It could
Speaker 1: be tomorrow, it could be two months from now. The
Speaker 1: single statistic I saw that stop me in my tracks,
Speaker 1: thank you the Washington Post is social Security will not
Speaker 1: be shut down, but eighty eight percent of Social Security
Speaker 1: employees will work without a paycheck. That is this famous
Speaker 1: TV show said, this does not compute. I don't understand
Speaker 1: how that happens. We spoke to Akash Doshia State Street
Speaker 1: about gold, really really informed about the supply dynamics, the
Speaker 1: demand dynamics, the general equal librium, the oddities of global gold.
Speaker 1: Here from State Street, A Kastoci.
Speaker 2: I think the price level can sustain, and that we're
Speaker 2: knocking on four thousand an ounce and we're going to
Speaker 2: clear that level in the fourth quarter. I just don't
Speaker 2: think the volatility or the violence of this move higher
Speaker 2: is likely sustainable. So I do think there's a bit
Speaker 2: of fomo that we often see in tech stocks emanating
Speaker 2: in gold right now, and I think eventually will calm.
Speaker 2: Gold performs differently than other commodities. Typically when you have
Speaker 2: a supply shock in oil or corn, supply is going
Speaker 2: down and that's why prices are going up. In gold,
Speaker 2: the price discovery function is usually a shift out of
Speaker 2: the aggregate demand curve, so supply can be at a
Speaker 2: record level just as demand is growing at a faster pace. However,
Speaker 2: there are two components of gold supply. There's mind production,
Speaker 2: but there's also gold recycling or gold scrap. So you've
Speaker 2: seen a lot of metals. So within that context, actually
Speaker 2: gold scrap has been lagging on supply growth this year,
Speaker 2: despite record high prices across currencies. So what I would
Speaker 2: say in that regard is that a lot of consumers globally,
Speaker 2: including in India and China, are just holding onto gold
Speaker 2: and also hoarding gold, and that's buttressing this rally even
Speaker 2: as mind production is.
Speaker 1: Growing at costoshit was State Street really really interesting conversation.
Speaker 1: Is he mentioned there the acceleration of gold. How do
Speaker 1: I translate that? Technically? I go back to the chart
Speaker 1: of Dennis Gartman gold and yen, and I'll take it
Speaker 1: on the y access to a logarithm, which shows a
Speaker 1: percentage change. It's a very different set of information than
Speaker 1: a normal Moonshot chart, and the answer is even going
Speaker 1: to logs. Gold has accelerated our podcasts. We're out there
Speaker 1: on Spotify, on Apple, and of course on YouTube podcasts.
Speaker 1: It's single best idea.