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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, A single best idea.

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Speaker 2: What an interesting day, James Steele on Gold. We'll get

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Speaker 2: to that in a moment. For Sebastian Page of t

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Speaker 2: ro Price looking at the oddity of markets higher given sentiment.

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Speaker 3: That is such an interesting point about sentiment when I

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Speaker 3: was thinking about this in my way here this morning.

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Speaker 3: What everybody thinks we might be in a bubble counterentatively,

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Speaker 3: that's kind of a good thing. It means there's some conservatives.

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Speaker 3: Late nineties, it was really you have to travel back

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Speaker 3: in time and put yourself there. Just remove the hindsight

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Speaker 3: bias that all this went berserk and it blew up.

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Speaker 3: In the late nineties, people believed it. People believed it,

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Speaker 3: and so now it's so different in a way, similar

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Speaker 3: in certain ways, but different in the sense that those

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Speaker 3: are cash flow generating businesses, not finance.

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Speaker 2: With that Sebastian Paget Heiro Price. Shout out also to

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Speaker 2: Kim Dawson of NUAG who was absolutely brilliant today on

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Speaker 2: the differences the nuances of the MAG seven, the Mag ten,

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Speaker 2: maybe it's the Mag one hundred, I'll let you decide

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Speaker 2: as well. Hugely anticipated today James Steele joined us from

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Speaker 2: HSBC to set this up. After the conversation, I got

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Speaker 2: a wonderful note from Dennis Gartman. Gartman has one of

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Speaker 2: the trades of a lifetime, which is years ago said

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Speaker 2: by gold and even better by gold in yen or

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Speaker 2: based in euros. It has been a spectacular success for

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Speaker 2: Dennis Gartman. He sent me a note today. He's still

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Speaker 2: in golden euros, gold and yen. He is not short,

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Speaker 2: but he has moved to the sidelines on gold measured

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Speaker 2: in US. Here's James Steele of HSBC on the factors

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Speaker 2: of this gold frenzy.

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Speaker 4: It might be well, it is, it is Germane, but

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Speaker 4: it might be somewhat exaggerated at the moment.

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Speaker 3: Now.

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Speaker 4: In all the years and the years that I've been

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Speaker 4: covering gold, the same twelve or fifteen factors covered it

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Speaker 4: from the day I started looking at it until now.

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Speaker 4: The trick to analyzing it, or the trick to having

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Speaker 4: some idea about where the crisis might go is the

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Speaker 4: ranking and geopolitics has arisen.

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Speaker 2: James Steele there in a long, long conversation, he really

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Speaker 2: circled around and emphasized a number of times how everything's

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Speaker 2: centered on America and ETFs and all that, and maybe

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Speaker 2: London as well at HSBC, the Hong Kong and Shanghai

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Speaker 2: Banking Corporation. He is centered on a study of Asia

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Speaker 2: and the Middle East. We're out on podcasts in Asia

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Speaker 2: in the Middle East, based on Spotify, on Apple and

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Speaker 2: on YouTube podcasts. It's single best idea.

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Speaker 1: H