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

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Speaker 2: Single best idea and thank you for listening what we're

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Speaker 2: trying to do here as a short podcast to fold

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Speaker 2: into your other longer listens, including The Big Take, and

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Speaker 2: you know many others that are out there just quietly

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Speaker 2: building here with two ideas each day from the many

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Speaker 2: conversations we have. Thank you to Henrietta Trees, who's really

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Speaker 2: been with us it seems now every third day or

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Speaker 2: so with ADA partners, explaining so nicely what's going on

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Speaker 2: in Washington and particularly on Capitol Hill. She's just been

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Speaker 2: a real value add. We did three interviews today in

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Speaker 2: a German election. Paul and I tried to take it

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Speaker 2: broader than just here are the results. A particular thanks

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Speaker 2: to Holger sch meeting a Barrenberg Bank who was really

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Speaker 2: patient about explaining the path from Conrad Adenauer out to

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Speaker 2: this immense turmoil in Germany and what it means for America.

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Speaker 2: So we thank him for that. Did a lot of

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Speaker 2: equity today. Bob Doles showed up with cross Mark some

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Speaker 2: caution on the market he wants to participate. Riveting was

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Speaker 2: Mike Wilson of Morgan Stanley, and of course he was

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Speaker 2: looking at Washington distractions, but any other.

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Speaker 3: Things that have been we've been focused on really in

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Speaker 3: no particular order. Terrorists, as you already mentioned. Number two,

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Speaker 3: we have immigration enforcement, which has been a huge fiscal

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Speaker 3: boost and also a labor supply boost. And then we

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Speaker 3: have dose right the Department government efficiency. They are off

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Speaker 3: to an aggressive start. I'm optimistic that probably more optimistic

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Speaker 3: than most, that they can make some headway there. But

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Speaker 3: remember the more successful they are in the short term,

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Speaker 3: the more growth negative that is in the near term

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Speaker 3: before you get to the good stuff. And then of

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Speaker 3: course the positive effects of policy like deregulation, maybe extending

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Speaker 3: the tax cuts on those come later in the year.

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Speaker 3: Those those require congressional approval, and so that's just not

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Speaker 3: you know, that's going to take six and twelve months,

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Speaker 3: and so the bad stuff first, a good stuff comes later.

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Speaker 2: Mike Wilson with Morgan Stanley done a lot on gold recently.

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Speaker 2: We'll get Dennis Gartman on who's got arguably the trade

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Speaker 2: of the decade. Gold is measured in Japanese. Yeah, and

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Speaker 2: of course with recent yen strength, maybe that's not as

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Speaker 2: successful as it was. Off to look at the chart

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Speaker 2: to check on that James Steele at HSBC has been

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Speaker 2: absolutely fabulous to come in for lengthy conversations on gold.

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Speaker 2: He and I looked back to the boom from Nixon

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Speaker 2: in thirty five dollars an ounce, through the seventies and

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Speaker 2: on to the eighties.

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Speaker 4: There's a lot of discussion now about that gold is

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Speaker 4: at new highest, and it is says at new Heinz

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Speaker 4: and nominal TEMs. The all time high is eight hundred

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Speaker 4: and fifty dollars in January of nineteen eighty with you

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Speaker 4: and I may all remember it right here. That's how

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Speaker 4: i'm standard deviations and not roughly as thirty four hundred

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Speaker 4: dollars in today's money. So there is on that basis alone,

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Speaker 4: and I'm not saying it would go there. There is

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Speaker 4: on that basis a historical precedent for the market to

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Speaker 4: go higher. But it did drop afterwards for ten or

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Speaker 4: fifteen years pretty so I dropped very quickly for the

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Speaker 4: next ten years.

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Speaker 2: Oh and I measured that we didn't have time to

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Speaker 2: get it on air, are you ready, folks from the

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Speaker 2: peak in the eighties, the gold bugs and all that

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Speaker 2: the price was down over fifty five percent in the

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Speaker 2: length of time of that agony was substantial. I don't

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Speaker 2: have an opinion on that. You will never get me

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Speaker 2: to say buy, hold, sell on gold. What I'll say

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Speaker 2: is we'd love for James Steel of HSBC to return.

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Speaker 2: Really just wonderful perspective. At the end of it, we

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Speaker 2: touched palladium. What does palladium do now with ev and

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Speaker 2: all that. I mean, you know, platinum and palladium, but

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Speaker 2: particularly palladium. I have no idea. I mean, we used

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Speaker 2: to talk about this stuff all the time time. Now

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Speaker 2: we talk about Apple and mag seven and you know

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Speaker 2: the rest of it. It is single best idea on

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Speaker 2: your commute across the nation. Thank you for listening, particularly

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Speaker 2: on Serious Exempt Channel one twenty one. On YouTube. Subscribe

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Speaker 2: to Bloomberg podcast. It's growing each and every day. We're

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Speaker 2: dashing on to more subscribers. Humbled by that domestically, and

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Speaker 2: it's just stunned the international reach of YouTube. Thank you

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Speaker 2: so much on YouTube podcasts, this is single best idea.