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

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Speaker 2: Single best idea, a single best idea.

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Speaker 3: It was.

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Speaker 2: It was a textbook summer Friday, but it wasn't. The

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Speaker 2: newsflow is actually pretty heavy, to be honest, It wasn't

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Speaker 2: over out of the tape. We have a thing called

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Speaker 2: Bloomberg Launchpad, which is blinky blinky equities, bonds, currencies, commodities,

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Speaker 2: and it really felt like a summer you know, a

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Speaker 2: summer Friday. It was sort of sluggish, even with stocks up,

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Speaker 2: but at the same time there was a need for

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Speaker 2: great conversation. We treasure our guests who come on on

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Speaker 2: a moment's notice when news breaks on gold from HSBC

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Speaker 2: on Switzerland and shock tariffs James Steele.

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Speaker 3: I think if you're if you're looking at the rais

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Speaker 3: on debtor for tariffs, it's to it's to redress ills

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Speaker 3: and balance is if the US, the US is not

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Speaker 3: a major producer of platinum or palladium, hardly produces any

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Speaker 3: most countries do not, so it's a required metal, it's

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Speaker 3: a needed metal. Then therefore, you know, in my humble opinion,

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Speaker 3: it would not be it should not be subject to tariffs.

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Speaker 3: But but I stress that's not an HSBC view. That's

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Speaker 3: just me looking at it, and I think there's an

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Speaker 3: argument that that gold should not be on tariffs as well,

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Speaker 3: and I'm not saying and you know, these tariff situations

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Speaker 3: can be reassessed. Yeah, we could get we could get

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Speaker 3: a change in the in the ruling.

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Speaker 2: James Steele, HSBC A shout out to Dennis Gartman as

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Speaker 2: we see gold above and pushing higher at three five

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Speaker 2: zero zero thirty five hundred. The call of a decade

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Speaker 2: is Dennis Gartman by gold in Japanese Yen. It has

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Speaker 2: been absolutely extraordinary, extraordinary as well, and this was the

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Speaker 2: potential meeting of the President and mister Prutin. Here is

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Speaker 2: Daniel Tannenbaum of Oliver Wyman.

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Speaker 4: We absolutely do. I mean, it is ironic that the

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Speaker 4: President has done more to hurt the Swiss economy than

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Speaker 4: the Russian economy the last six months. There absolutely is leverage.

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Speaker 4: The focus on India, for instance, in trying to get

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Speaker 4: them to stop purchasing Russian oil by using tariffs which

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Speaker 4: really will enrich the US and the cost of Ukraine.

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Speaker 4: There's primary and secondary sanctions that could be used on

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Speaker 4: Indian entities to essentially threaten to cut them off from

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Speaker 4: access to the US economy, a far greater threat if

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Speaker 4: the objective is to get them to stop buying Russian oil.

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Speaker 4: So the leverage is there. The President hasn't done anything yet.

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Speaker 2: Dan Tanobaum is just brilliant on the different optionality around

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Speaker 2: sanctions in the whole geopolitics of President Trump and the

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Speaker 2: different geographies including Moscow. We'll keep this short. It's a

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Speaker 2: podcast on Apple podcasts, on Spotify, on YouTube podcasts. It's

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Speaker 2: single best idea