Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Single best idea and thank you for listening what we're
Speaker 2: trying to do here as a short podcast to fold
Speaker 2: into your other longer listens, including The Big Take, and
Speaker 2: you know many others that are out there just quietly
Speaker 2: building here with two ideas each day from the many
Speaker 2: conversations we have. Thank you to Henrietta Trees, who's really
Speaker 2: been with us it seems now every third day or
Speaker 2: so with ADA partners, explaining so nicely what's going on
Speaker 2: in Washington and particularly on Capitol Hill. She's just been
Speaker 2: a real value add. We did three interviews today in
Speaker 2: a German election. Paul and I tried to take it
Speaker 2: broader than just here are the results. A particular thanks
Speaker 2: to Holger sch meeting a Barrenberg Bank who was really
Speaker 2: patient about explaining the path from Conrad Adenauer out to
Speaker 2: this immense turmoil in Germany and what it means for America.
Speaker 2: So we thank him for that. Did a lot of
Speaker 2: equity today. Bob Doles showed up with cross Mark some
Speaker 2: caution on the market he wants to participate. Riveting was
Speaker 2: Mike Wilson of Morgan Stanley, and of course he was
Speaker 2: looking at Washington distractions, but any other.
Speaker 3: Things that have been we've been focused on really in
Speaker 3: no particular order. Terrorists, as you already mentioned. Number two,
Speaker 3: we have immigration enforcement, which has been a huge fiscal
Speaker 3: boost and also a labor supply boost. And then we
Speaker 3: have dose right the Department government efficiency. They are off
Speaker 3: to an aggressive start. I'm optimistic that probably more optimistic
Speaker 3: than most, that they can make some headway there. But
Speaker 3: remember the more successful they are in the short term,
Speaker 3: the more growth negative that is in the near term
Speaker 3: before you get to the good stuff. And then of
Speaker 3: course the positive effects of policy like deregulation, maybe extending
Speaker 3: the tax cuts on those come later in the year.
Speaker 3: Those those require congressional approval, and so that's just not
Speaker 3: you know, that's going to take six and twelve months,
Speaker 3: and so the bad stuff first, a good stuff comes later.
Speaker 2: Mike Wilson with Morgan Stanley done a lot on gold recently.
Speaker 2: We'll get Dennis Gartman on who's got arguably the trade
Speaker 2: of the decade. Gold is measured in Japanese. Yeah, and
Speaker 2: of course with recent yen strength, maybe that's not as
Speaker 2: successful as it was. Off to look at the chart
Speaker 2: to check on that James Steele at HSBC has been
Speaker 2: absolutely fabulous to come in for lengthy conversations on gold.
Speaker 2: He and I looked back to the boom from Nixon
Speaker 2: in thirty five dollars an ounce, through the seventies and
Speaker 2: on to the eighties.
Speaker 4: There's a lot of discussion now about that gold is
Speaker 4: at new highest, and it is says at new Heinz
Speaker 4: and nominal TEMs. The all time high is eight hundred
Speaker 4: and fifty dollars in January of nineteen eighty with you
Speaker 4: and I may all remember it right here. That's how
Speaker 4: i'm standard deviations and not roughly as thirty four hundred
Speaker 4: dollars in today's money. So there is on that basis alone,
Speaker 4: and I'm not saying it would go there. There is
Speaker 4: on that basis a historical precedent for the market to
Speaker 4: go higher. But it did drop afterwards for ten or
Speaker 4: fifteen years pretty so I dropped very quickly for the
Speaker 4: next ten years.
Speaker 2: Oh and I measured that we didn't have time to
Speaker 2: get it on air, are you ready, folks from the
Speaker 2: peak in the eighties, the gold bugs and all that
Speaker 2: the price was down over fifty five percent in the
Speaker 2: length of time of that agony was substantial. I don't
Speaker 2: have an opinion on that. You will never get me
Speaker 2: to say buy, hold, sell on gold. What I'll say
Speaker 2: is we'd love for James Steel of HSBC to return.
Speaker 2: Really just wonderful perspective. At the end of it, we
Speaker 2: touched palladium. What does palladium do now with ev and
Speaker 2: all that. I mean, you know, platinum and palladium, but
Speaker 2: particularly palladium. I have no idea. I mean, we used
Speaker 2: to talk about this stuff all the time time. Now
Speaker 2: we talk about Apple and mag seven and you know
Speaker 2: the rest of it. It is single best idea on
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