WEBVTT - Charlie Kirk Killing Suspect Arrested on Murder, Weapon Offenses 0:00:00.080 --> 0:00:10.520 Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg Business 0:00:10.520 --> 0:00:14.680 Weekdaily reporting from the magazine that helps global leaders stay 0:00:14.720 --> 0:00:18.799 ahead with insight on the people, companies, and trends shaping 0:00:18.800 --> 0:00:23.760 today's complex economy. Plus global business finance and tech news 0:00:23.800 --> 0:00:27.800 as it happens. The Bloomberg Business Week Daily Podcast with 0:00:27.920 --> 0:00:31.760 Carol Masser and Tim Stenebeck on Bloomberg Radio. 0:00:32.360 --> 0:00:35.159 The latest on the Charlie Kirk assassination. The suspect in 0:00:35.200 --> 0:00:38.400 the killing identified as Tyler Robinson, twenty two, of Utah 0:00:38.400 --> 0:00:41.760 after a tip from a family member led to his apprehension. 0:00:42.240 --> 0:00:44.440 Joining us is Josh wing Grove. He's Bloomberg New Senior 0:00:44.479 --> 0:00:46.440 White House correspondent. He joins us from the White House. 0:00:46.440 --> 0:00:48.960 He's featured on a new episode of the Bloomberg Big 0:00:48.960 --> 0:00:52.959 Take podcast discussing Charlie Kirk's impact on conservatism. It's called 0:00:53.000 --> 0:00:56.240 The Big Take, How Charlie Kirk Changed Conservatism. Josh joins 0:00:56.320 --> 0:00:59.360 us from the White House. Josh, we spoke earlier with 0:00:59.440 --> 0:01:01.279 Miles Miller about the latest on the case and what 0:01:01.280 --> 0:01:03.440 we heard at the press conference earlier. I want to 0:01:03.480 --> 0:01:05.840 take a big step back and understand the life and 0:01:05.920 --> 0:01:09.919 legacy of Charlie Kirk because no question, an outside sports 0:01:09.920 --> 0:01:12.240 when it comes to republic and politics, friends and close 0:01:12.720 --> 0:01:15.840 to so many in this current administration. What is the 0:01:15.880 --> 0:01:17.959 political legacy that he leaves behind. 0:01:19.120 --> 0:01:22.160 Yeah, I mean, he was arguably the most influential conservative 0:01:22.840 --> 0:01:26.199 of his generation, starting with Turning Point USA, which looked 0:01:26.200 --> 0:01:29.920 to mobilize conservatives on campus. Of course, American conservatives have 0:01:30.000 --> 0:01:32.399 long complained that they don't get a fair shake on 0:01:32.520 --> 0:01:35.840 college campuses, and you know, the professors there are too liberal, 0:01:35.840 --> 0:01:38.119 and so they saw that as sort of one front 0:01:38.760 --> 0:01:41.679 of the struggle to sort of expand the conservative tent, 0:01:41.800 --> 0:01:44.080 as you will, and Kirk really led the push on that. 0:01:44.120 --> 0:01:47.200 He was also a very early supporter and advocate for 0:01:47.319 --> 0:01:51.200 Donald Trump specifically and spoke at its convention regularly. All 0:01:51.240 --> 0:01:54.120 this of course at a young age. It was thirty 0:01:54.160 --> 0:01:57.520 one when he was shot and killed on Wednesday. So 0:01:57.560 --> 0:02:01.000 this is just a very very intent influential figure. It's 0:02:01.040 --> 0:02:04.120 hard to really put into words. You know, Trump, his son, 0:02:04.880 --> 0:02:08.480 Vice President Vance. You know, everyone is putting on statements 0:02:08.480 --> 0:02:11.320 and mourning him. Of course, Trump himself this morning was 0:02:11.360 --> 0:02:15.040 the one who announced the arrest of or let it 0:02:15.040 --> 0:02:16.519 be a slip that there have been an arrest in 0:02:16.560 --> 0:02:19.120 the case in Utah, and so Kirk's influence is just 0:02:19.160 --> 0:02:21.040 so big. There questions now as to where this goes, 0:02:21.040 --> 0:02:24.080 of course, including more logistical ones about who will run 0:02:24.120 --> 0:02:28.120 turning point, can it still be as effective without Charlie Kirk, 0:02:28.480 --> 0:02:31.760 and more broad questions about you know, where we go 0:02:31.840 --> 0:02:35.560 from here. President Trump indicating that he you know, worries 0:02:35.680 --> 0:02:39.080 or is treating this as part of a larger left 0:02:39.080 --> 0:02:42.200 wing effort. And we should note there's no evidence yet 0:02:42.280 --> 0:02:45.919 from investigators that that is fully the case, in other words, 0:02:45.919 --> 0:02:49.440 that this shooter was participating in some sort of network. 0:02:49.480 --> 0:02:51.920 But President Trump thinks it is growing from you know, 0:02:52.000 --> 0:02:56.400 left wing protests and advocacy. In particularly this morning, renewed 0:02:56.440 --> 0:02:59.920 his threat to potentially pursue some sort of racketeering investigation 0:03:00.320 --> 0:03:03.480 investigation against George Soros, not for this, but more broadly 0:03:03.560 --> 0:03:06.720 for funding flesh wing protesters. So this has the chance 0:03:06.720 --> 0:03:08.680 to sort of be the basis on which Trump tries 0:03:08.720 --> 0:03:10.120 to do stuff. And that's what's got a lot of 0:03:10.120 --> 0:03:11.480 Democrats concerned. 0:03:11.160 --> 0:03:11.480 Got it. 0:03:11.560 --> 0:03:15.080 We just feel so broken, Josh in a moment of tragedy, 0:03:15.240 --> 0:03:18.080 and all I can think about is his friends, his family, 0:03:18.960 --> 0:03:21.280 you know, a loss of life. And I understand there's 0:03:21.280 --> 0:03:23.920 a lot of political discourse out there, and it just 0:03:23.960 --> 0:03:25.600 makes me think, like, why can't we all get along? 0:03:25.600 --> 0:03:28.600 Why can't we discuss the differences we have? You know? 0:03:28.919 --> 0:03:32.119 What is though, also the responsibility perhaps of those who 0:03:32.160 --> 0:03:35.960 know Charlie Kirk, of the president, perhaps of the Republican 0:03:36.040 --> 0:03:40.520 Party of Conservatives and maybe saying, hey, like enough, you know, 0:03:41.200 --> 0:03:45.200 there's been too many political targets and shootings and incidents 0:03:45.200 --> 0:03:48.840 and political violence. What's the responsibility of all politicians to 0:03:48.840 --> 0:03:51.560 step forward and say, like, we need to stop this, 0:03:51.640 --> 0:03:53.480 and what's the likelihood that any of that happens? 0:03:54.360 --> 0:03:56.480 I mean, the Utah governor has been calling to take 0:03:56.520 --> 0:04:00.240 down the temperature in his press conference this morning. He's 0:04:00.280 --> 0:04:03.320 a Republican. There are calls from both parties to do 0:04:03.400 --> 0:04:07.280 that lest this sort of spiral into other violent acts 0:04:08.040 --> 0:04:11.720 or without that even just sort of further embitter the 0:04:11.760 --> 0:04:14.040 partisan kind of environment that we're living in here in 0:04:14.080 --> 0:04:17.240 the US. But others don't see that, and there are 0:04:17.240 --> 0:04:21.480 conservative voices right now calling for you know, the way 0:04:21.520 --> 0:04:24.279 to sort of honor Charlie Kirk's legacy is to push 0:04:24.360 --> 0:04:29.599 back against the progressive and left wing groups that Kirk 0:04:30.040 --> 0:04:32.600 enjoyed sparring with. And so that's really the crossroads that 0:04:32.600 --> 0:04:34.520 we're at. I should note the President Trump himself is 0:04:34.560 --> 0:04:37.320 not really among those calling to take down the temperature. 0:04:37.360 --> 0:04:41.360 He has said he supports nonviolent action, but he also 0:04:41.480 --> 0:04:43.760 called Charlie kirkha martyr, and as I said earlier, as 0:04:43.800 --> 0:04:47.040 indicated that he plans to pursue sort of other measures 0:04:47.080 --> 0:04:50.400 in the wake of this fatal shooting on Wednesday, that, 0:04:50.520 --> 0:04:53.800 of course, is being treated by authorities as a political assassination. 0:04:53.920 --> 0:04:56.600 And so it is a fraught time here, no doubt 0:04:56.680 --> 0:04:59.560 about it. And you know, Kirk is so influential in 0:04:59.600 --> 0:05:02.919 the concern of community, the many you're simply grieving, including 0:05:02.920 --> 0:05:05.120 people in this building behind me who knew him personally. 0:05:06.120 --> 0:05:08.640 You know, this is just a tragedy where they've lost 0:05:08.680 --> 0:05:11.800 someone they know important to their movement, but also just 0:05:11.839 --> 0:05:14.200 on a personal level. It's also true that, of course 0:05:14.240 --> 0:05:16.760 some Democrats were not the biggest fans of Charlie Kirk 0:05:17.520 --> 0:05:19.960 and or you know, those who are speaking to that 0:05:20.040 --> 0:05:23.440 right now are being seized upon by conservatives who think 0:05:23.480 --> 0:05:25.200 this is not the time to be litigating what he 0:05:25.200 --> 0:05:27.920 said or what he didn't and so this is all 0:05:28.000 --> 0:05:31.560 just has the potential to really continue to be pretty fraud. 0:05:31.640 --> 0:05:33.919 Of course, we should know that Kirk leaves behind a 0:05:33.960 --> 0:05:37.240 wife and two kids. Focus on them as well right now, 0:05:37.240 --> 0:05:39.919 including from Press Secretary Caroline Levitt, who sent well wishes 0:05:39.960 --> 0:05:42.320 to his widow today. So this is just a tragedy 0:05:42.360 --> 0:05:45.120 on Wednesday. The hope of courses that it doesn't continue 0:05:45.200 --> 0:05:47.800 because we've seen too many of these. Of course, you know, 0:05:47.800 --> 0:05:52.480 shooting in Minnesota lawmakers. Earlier in Minnesota we had the 0:05:52.520 --> 0:05:55.760 of course of the arson outside Pennsylvania Governor Josh Shapiro's home. 0:05:56.520 --> 0:05:59.359 We've had shootings in the past of lawmakers, including Steve Scalize, 0:05:59.360 --> 0:06:02.320 a Republican, including Gabby Gifford's a Democrat. There have been 0:06:02.320 --> 0:06:04.040 too many of these in America, I think is a 0:06:04.080 --> 0:06:07.080 pretty widely held view right now. And the question is 0:06:07.120 --> 0:06:09.160 what can be done sort of bring down the temperature 0:06:09.200 --> 0:06:13.640 and not have these sort of spiral into god forbid, 0:06:13.760 --> 0:06:16.320 more violent acts. That's not something we should, you know, 0:06:16.360 --> 0:06:18.160 anyone wants to see happened. I should know that the President 0:06:18.200 --> 0:06:21.640 Trump is emphasizing though the acts that have targeted Republicans, 0:06:22.200 --> 0:06:25.440 not so much the ones that have targeted Democrats. So 0:06:25.480 --> 0:06:28.200 he's feeding sort of his audience a different view, a 0:06:28.240 --> 0:06:31.440 partial view of the overall landscape of political violence that 0:06:31.480 --> 0:06:33.040 we're seeing in America over recent years. 0:06:33.240 --> 0:06:36.719 Yeah, as we know, violence doesn't distinguish between parties, and 0:06:36.760 --> 0:06:39.479 we certainly have seen that play out. Josh, I just 0:06:39.520 --> 0:06:41.320 want to layer something else on top of it, and 0:06:42.000 --> 0:06:44.839 has come out in some of the reporting and pointing 0:06:44.880 --> 0:06:49.160 to global forces kind of jumping on and seizing on 0:06:49.400 --> 0:06:53.680 you this moment of tragedy and turbulence in American politics. 0:06:53.720 --> 0:06:54.840 Is there anything to that. 0:06:57.000 --> 0:06:58.680 I think it's a little early to say yet, but 0:06:58.720 --> 0:07:03.520 there certainly are concerns and reports and indications that essentially 0:07:03.560 --> 0:07:06.320 bought armies or pouring gas on the fire, for lack 0:07:06.360 --> 0:07:08.920 of a better phrase, And that is a concern that 0:07:09.000 --> 0:07:12.280 predated the fatal shooting of Charlie Kirk. You know, to 0:07:12.320 --> 0:07:16.240 what extent are through social media platforms, Americans being exposed 0:07:16.320 --> 0:07:19.960 or manipulated by foreign actors. This is a long standing issue. 0:07:20.520 --> 0:07:22.920 We just don't know yet how much it's playing here. 0:07:23.240 --> 0:07:25.320 But of course, yeah, it's a concern that this is 0:07:25.400 --> 0:07:29.440 just another partisan issue that can be sort of seized 0:07:29.520 --> 0:07:33.400 upon by America's enemies to inflame domestic political tensions. 0:07:34.040 --> 0:07:36.680 Josh, A lot happening out of the nation's capital. We're 0:07:36.680 --> 0:07:40.720 speaking with Josh Wingrove, he senior White House correspondent. I 0:07:40.720 --> 0:07:43.560 want to talk a little bit about shifting gears, the 0:07:43.880 --> 0:07:47.200 US urging G seven sanctions on Russian oil as President 0:07:47.240 --> 0:07:50.360 Trump loses patients. I feel like the idea of losing 0:07:50.400 --> 0:07:52.720 patients is something that we've heard with regard to Russia 0:07:52.960 --> 0:07:54.760 quite a bit over the last few months. Josh, what's 0:07:54.760 --> 0:07:55.240 the latest. 0:07:56.640 --> 0:07:59.320 Yeah, the US is proposing that the G seven sort 0:07:59.320 --> 0:08:02.960 of increased pressure on Russia, including by sanctioning China and 0:08:03.080 --> 0:08:06.200 India for their purchases of Russian oil. Of course, the 0:08:06.280 --> 0:08:09.000 US has taken steps towards India but not China itself, 0:08:09.440 --> 0:08:11.800 and talking about some other measures that measures in terms 0:08:11.840 --> 0:08:16.560 of trying to further monetize or even seize Russian assets 0:08:16.560 --> 0:08:18.480 that are frozen. Of course, most of them are frozen 0:08:18.520 --> 0:08:20.280 in Europe. In other words, the US can't get its 0:08:20.360 --> 0:08:22.560 hands on it quite yet, so they're sort of trying 0:08:22.600 --> 0:08:24.560 to tighten the screws on this at a time when 0:08:24.600 --> 0:08:28.440 Europe is already considering its biggest sanctions package or more 0:08:28.480 --> 0:08:30.760 recent as excuse me, sanctions package. I believe this would 0:08:30.760 --> 0:08:33.920 be the nineteenth one. And so they're all kind of 0:08:33.920 --> 0:08:36.200 deciding where to go from here. But of course the 0:08:36.240 --> 0:08:38.760 Europeans are also juggling what they you know, what they 0:08:38.760 --> 0:08:41.240 can count on from the US in terms of support 0:08:41.280 --> 0:08:44.679 for Ukraine, support for NATO troop levels and all that 0:08:44.800 --> 0:08:46.440 right now. So I think there are just so many 0:08:46.480 --> 0:08:48.679 moving parts on this, but the US is at least 0:08:48.720 --> 0:08:51.320 trying to get the G seven to to sort of 0:08:51.360 --> 0:08:54.480 try to turn the temperature up. President Trump indicating this 0:08:54.559 --> 0:08:56.880 morning in his interview with Fox News that he is 0:08:56.920 --> 0:09:00.480 losing sort of you know, patients with President Putin a 0:09:00.520 --> 0:09:02.920 little bit. But he had high hopes for that summit, remember, 0:09:02.960 --> 0:09:05.640 you know, so that there were a lot of people clutching, 0:09:06.240 --> 0:09:10.080 you know, the worried, I guess that it would backfire. 0:09:10.120 --> 0:09:12.360 And we just haven't seen any movement since that summit. 0:09:12.760 --> 0:09:14.760 And even behind me in this building, there's still photos 0:09:14.800 --> 0:09:17.040 of President Putin and President Trump from that summit on 0:09:17.040 --> 0:09:19.120 the walls of the White House. So he hasn't fully 0:09:19.160 --> 0:09:21.880 exhausted patients yet. We haven't seen President Trump fully commit 0:09:22.360 --> 0:09:25.120 to sort of you know, saying Oh, well, it doesn't 0:09:25.120 --> 0:09:28.720 seem like Russia's interested in getting some sort of into 0:09:28.760 --> 0:09:31.199 the fighting, so right now it remains in a murky area. 0:09:31.200 --> 0:09:33.360 And if you're the Europeans, and in the case of 0:09:33.800 --> 0:09:36.640 the G Seven also the Canadians and the Japanese, that 0:09:36.679 --> 0:09:38.240 has to be part of your calculus right now. So 0:09:38.240 --> 0:09:40.440 that's why there's so many movie pieces here as they 0:09:40.440 --> 0:09:42.600 consider what they can do, or can't do, or don't 0:09:42.600 --> 0:09:45.120 want to do to try to raise the pressure on Russia. 0:09:45.160 --> 0:09:47.800 One final note that President Trump continues to advocate for 0:09:47.880 --> 0:09:53.200 these secondary sanctions, in other words, sanctioning or tariffing, you know, 0:09:53.320 --> 0:09:55.640 countries that do business with the countries that they're trying 0:09:55.679 --> 0:10:00.000 to apply primary tariffs or restrictions to. That remains pretty 0:10:00.200 --> 0:10:03.240 uncharted ground, pretty untested authority. That could be a tricky 0:10:03.240 --> 0:10:05.880 one for the other countries to try to execute it, 0:10:05.880 --> 0:10:07.720 even if they chose to try to go down that path. 0:10:08.080 --> 0:10:11.160 Josh, appreciate you joining us on so much. Josh wingrove 0:10:11.360 --> 0:10:14.520 Is Bloomberg new senior White House correspondent. Also make sure 0:10:14.559 --> 0:10:16.720 to check out on the Bloomberg Terminal. A lot more 0:10:16.760 --> 0:10:19.000 stories from our team in Washington, DC, including the President 0:10:19.080 --> 0:10:21.760 sending the National Guard to Memphis in its next deployment. 0:10:22.120 --> 0:10:24.200 Also for more on Charlie Kirk, check out the latest 0:10:24.200 --> 0:10:27.120 episode of The Big Take podcast featuring josh Win Grove. 0:10:27.120 --> 0:10:29.600 It covers the legacy of Charlie Kirk and how his 0:10:29.640 --> 0:10:32.520 death is rippling through the political world. You're listening to 0:10:32.559 --> 0:10:34.280 and watching Bloomberg BusinessWeek Daily. 0:10:35.360 --> 0:10:36.120 Stay with us. 0:10:36.200 --> 0:10:39.199 More from Bloomberg Business Week Daily coming up after this. 0:10:43.360 --> 0:10:47.200 You're listening to the Bloomberg Business Week Daily Podcast. Catch 0:10:47.280 --> 0:10:49.960 us live weekday afternoons from two to five eas during 0:10:50.160 --> 0:10:54.120 Listen on Applecarplay and Android Auto with the Bloomberg Business app, 0:10:54.280 --> 0:10:56.880 or watch us Live on YouTube. 0:10:57.200 --> 0:10:59.120 Now, we want to get you some market news. There's 0:10:59.120 --> 0:11:01.200 a lot going on in It's not just Gemini, which 0:11:01.280 --> 0:11:03.200 is still up about thirty one percent in its first 0:11:03.240 --> 0:11:05.439 day of trading, and we're going to talk about that 0:11:05.440 --> 0:11:08.320 a little bit later on. We are also watching some 0:11:08.640 --> 0:11:11.840 of what's going on in some of the different asset classes. 0:11:11.880 --> 0:11:14.360 And I don't know if you've checked out gold recently, Tim, 0:11:14.400 --> 0:11:16.840 but it has rallied by nearly forty percent this year. 0:11:16.840 --> 0:11:18.960 It is making it one of the best performing commodities, 0:11:19.280 --> 0:11:22.320 outpacing other market gauges, and that includes the S and 0:11:22.360 --> 0:11:22.840 P five. 0:11:22.760 --> 0:11:26.920 Hundred Central Bank buying geopolitical uncertainties inflows into ETFs, all 0:11:26.960 --> 0:11:29.480 supporting the commodity. Our next guest is someone we've turned 0:11:29.480 --> 0:11:32.240 to for years to talk gold and much more back 0:11:32.240 --> 0:11:35.880 with us as Axel Merk, President and CIO of Merk Investments, 0:11:35.920 --> 0:11:38.040 joining us from Menlo Park on the West Coast. He 0:11:38.120 --> 0:11:42.160 manages the ASA Gold and Precious Medals Fund more than 0:11:42.160 --> 0:11:43.760 one hundred percent so far this se here. The van 0:11:43.920 --> 0:11:47.120 K mer GOLDIETF, with about two billion dollars in AUM meantime, 0:11:47.160 --> 0:11:49.520 is up thirty eight percent year to date and invests 0:11:49.559 --> 0:11:53.640 in the precious medal. Axel Carol mentioned how well the 0:11:53.679 --> 0:11:55.800 fund has done and how well the commodity has done 0:11:55.880 --> 0:11:58.679 in recent years. But let's look forward. What is the 0:11:58.720 --> 0:12:00.720 outlook for the remainder of this? You're in your view 0:12:00.720 --> 0:12:01.400 for gold. 0:12:01.760 --> 0:12:04.000 Great to be with you, and the fact that you're 0:12:04.040 --> 0:12:07.480 covering gold, I suppose means it's got the attention of that. 0:12:08.480 --> 0:12:09.800 So is that the top is the top? 0:12:10.320 --> 0:12:11.480 What this means, if. 0:12:11.360 --> 0:12:14.120 Anything, is the most pessimistic thing I've heard about gold 0:12:14.320 --> 0:12:17.559 in a long time. It took you so long to 0:12:17.640 --> 0:12:23.080 get me on the air, right. But I mean, obviously 0:12:23.120 --> 0:12:28.240 we've had a stunning run, right, and obviously we have 0:12:28.280 --> 0:12:30.400 to keep in mind if something is this volatile on 0:12:30.440 --> 0:12:32.840 the way up, there's always a risk on the downside correction. 0:12:33.640 --> 0:12:37.200 That said, if that they are two key drivers. I 0:12:37.200 --> 0:12:40.880 think one is in the US we have an easing 0:12:40.920 --> 0:12:43.280 path at the FED, and if you take the European 0:12:43.320 --> 0:12:45.800 Central Bank for example, as far as the eye can see, 0:12:46.360 --> 0:12:48.360 rates are going to be steady, so we have a 0:12:48.400 --> 0:12:52.680 more dabbish monitor policy. The other one is the broader 0:12:52.800 --> 0:12:57.240 debasement trade. And of course is that correlation or causations 0:12:57.240 --> 0:13:01.960 anybody's guess. If that is the case, that may have 0:13:02.120 --> 0:13:05.480 legs that might last year, so to speak, right, the 0:13:05.520 --> 0:13:08.520 dollar was always the cleanest shirt. One thing I'd like 0:13:08.559 --> 0:13:10.920 to mention that maybe not the other guests are not mentioning, 0:13:11.040 --> 0:13:15.480 is when when we talk about tariffs, it doesn't just 0:13:15.760 --> 0:13:19.160 impact the trade and the flow of goods. It impacts 0:13:19.200 --> 0:13:21.880 financial flows because that's the other side or of the 0:13:21.880 --> 0:13:26.040 goods trade. And so I happen to believe that a 0:13:26.120 --> 0:13:29.199 wrench has been thrown into the engine that we call 0:13:29.280 --> 0:13:33.320 the exorbitant privilege, that it's more difficult to use the 0:13:33.520 --> 0:13:38.000 US to finance things for higher returns abroad. Obviously this 0:13:38.040 --> 0:13:40.360 is not a light switch or anything like that, but 0:13:40.640 --> 0:13:43.720 a side effect. There's higher boring costs in the US, 0:13:43.760 --> 0:13:46.800 and in the absence of physical discipline, it means more 0:13:46.840 --> 0:13:49.120 pressure on the FED to low rates, and we've obviously 0:13:49.200 --> 0:13:52.400 seen plenty of that, and so that's the dynamic that 0:13:52.520 --> 0:13:55.120 has a lot of way to play out. And of 0:13:55.160 --> 0:13:58.000 course the other context is that valuations are somewhat high, 0:13:58.320 --> 0:14:00.880 and what do you in the equity marckets more broadly, 0:14:00.920 --> 0:14:03.320 and what do you do to diversify. Now, I'm not 0:14:03.360 --> 0:14:07.000 suggesting that the gold is very cheapyer, but gold historically 0:14:07.120 --> 0:14:09.319 is one of the things that does well in an 0:14:09.320 --> 0:14:12.400 easy environment, especially also that do as well if we 0:14:12.400 --> 0:14:14.640 were to have a more severe correction the stock market, 0:14:14.880 --> 0:14:17.160 and so an increasing number of people have been looking 0:14:17.160 --> 0:14:18.520 for this sort of diversification. 0:14:18.679 --> 0:14:21.040 Well, what's interesting too, as we've seen gold take off 0:14:21.040 --> 0:14:24.800 and you talk about throwing a rench into the US's 0:14:24.920 --> 0:14:27.520 exorbitant privilege. I mean, I'm looking at the dollar, which 0:14:27.800 --> 0:14:30.040 is the Dollar Index AXLE, which is down about ten 0:14:30.040 --> 0:14:33.479 percent year date. Tim and I constantly are asking guests, 0:14:33.760 --> 0:14:37.080 is the US and investible. You know, are the days 0:14:37.160 --> 0:14:41.440 of the US dollar running supreme over? Although so much 0:14:41.480 --> 0:14:44.560 is still done in dollars. Like I guess, we're just 0:14:44.600 --> 0:14:46.520 trying to get an idea if this is a tipping 0:14:46.520 --> 0:14:49.280 point where for the US dollar, especially too with the 0:14:49.440 --> 0:14:52.440 kind of rise of digital and stable coins. 0:14:52.480 --> 0:14:56.800 Perhaps I don't think digital is stable. I mean the 0:14:56.840 --> 0:14:59.480 stable coins are US dollar base. I actually think that's 0:14:59.480 --> 0:15:02.320 supportive of the dollar of anything. If you look at 0:15:02.320 --> 0:15:05.200 the breakdown in the G ten, the best performing currency 0:15:05.280 --> 0:15:08.520 is the Swedish corona versus the dollar. And guess what 0:15:08.560 --> 0:15:11.920 the Swedish economy is most as part of its GDP 0:15:12.200 --> 0:15:16.240 exposed to to to defense spending and as you may be, 0:15:16.320 --> 0:15:18.680 away of Europe is ramping up its defense spending. So 0:15:18.800 --> 0:15:22.760 there are specific things right and and of course, as 0:15:22.760 --> 0:15:26.880 a as a as a gold person, the debasement trait 0:15:27.000 --> 0:15:29.960 kind of fits into our narrative. Whether that's really the 0:15:30.040 --> 0:15:33.400 case is it remains to be seen. There is of 0:15:33.440 --> 0:15:37.240 course more competition, and some people say that there is 0:15:37.280 --> 0:15:41.400 no alternative, and while that may be true, my argument 0:15:41.560 --> 0:15:44.640 is there does not need to be an alternative. What 0:15:44.800 --> 0:15:48.920 I foresee is a greater fragmentation because if if you 0:15:48.960 --> 0:15:51.880 think I go back to the exorbit of privilege. Part 0:15:51.920 --> 0:15:54.560 of that is it's it's kind of a machinery. That's 0:15:54.640 --> 0:15:58.120 that that provides liquidity for the for the world. And 0:15:58.520 --> 0:16:02.520 if that begins to spiral somehow or is less effective 0:16:02.520 --> 0:16:05.480 than it has been us efficient, it doesn't mean the 0:16:05.520 --> 0:16:08.360 world's coming to an end, but it means that less 0:16:08.400 --> 0:16:11.920 trade might be happening, more things might be happening locally. Ultimately, 0:16:11.960 --> 0:16:14.760 that's of course healthy for emerging markets in particular if 0:16:14.800 --> 0:16:18.520 they finance more things domestically. But we have some structural 0:16:18.680 --> 0:16:21.840 transformations and the dollar might be weakening in that problem. 0:16:21.960 --> 0:16:24.680 He just got about twenty five seconds, Axel. So buy 0:16:24.760 --> 0:16:28.320 gold by the commodity, by the bullion by minors, or 0:16:28.440 --> 0:16:31.240 don't buy any of it at this point, Well, I 0:16:31.320 --> 0:16:31.800 do both. 0:16:31.880 --> 0:16:34.560 I haven't sold any of them. Make the gold and 0:16:34.640 --> 0:16:37.160 gold minor buyers are very different. The gold minus tend 0:16:37.160 --> 0:16:39.760 to respeculative, especially go to the more genius and the 0:16:39.800 --> 0:16:42.760 physical gold. It's the retf otherwise tends to be more 0:16:42.760 --> 0:16:46.240 of a diversification play. There's a lot that hasn't happened 0:16:46.240 --> 0:16:49.280 in the junior mining space. Very speculative, but some very 0:16:49.280 --> 0:16:50.360 interesting opportunities. 0:16:50.400 --> 0:16:53.080 Yeah, all right, we promise we will catch up more often. 0:16:53.960 --> 0:16:55.840 Hey, hey, he was on in May. If you were 0:16:55.840 --> 0:16:58.520 watching us in May, it's a little six Okay, so 0:16:58.600 --> 0:16:59.960 it was a little while ago, but you. 0:16:59.880 --> 0:17:02.440 Know, we always appreciate Axel. Have a great weekend, Axel 0:17:02.520 --> 0:17:05.800 Mark Present, Chief Investment Officer of American Investments. 0:17:06.359 --> 0:17:07.120 Stay with us. 0:17:07.160 --> 0:17:14.920 More from Bloomberg Business Week Daily coming up after this. 0:17:14.920 --> 0:17:19.040 This is the Bloomberg Business Week Daily Podcast. Listen live 0:17:19.119 --> 0:17:22.359 each weekday starting at two pm Eastern on Applecarflay, and 0:17:22.359 --> 0:17:25.399 Android Auto with the Bloomberg Business App. You can also 0:17:25.520 --> 0:17:29.160 listen live on Amazon Alexa from our flagship New York station. 0:17:29.720 --> 0:17:35.199 Just say Alexa, play Bloomberg eleven thirty. Only only he 0:17:35.480 --> 0:17:38.640 can lead the company's next phase and his political engagement. 0:17:38.920 --> 0:17:39.680 It's up to him. 0:17:39.920 --> 0:17:41.960 As just two of the many, many headlines out of 0:17:41.960 --> 0:17:45.719 the Bloomberg Technology Team interview at Tesla board chair Robin 0:17:45.760 --> 0:17:49.239 Denholm bottom line, Tesla's chair saying Elon Musk is the 0:17:49.280 --> 0:17:51.840 man to continue to take Tesla to its next phase. 0:17:53.040 --> 0:17:56.240 The board's responsibility is to look at who the CEO 0:17:56.520 --> 0:17:59.320 is for the next period of time, and we believe 0:17:59.359 --> 0:18:03.560 that is the right CEO for Tesla over this transformative 0:18:03.600 --> 0:18:08.200 period of time, and our view is he's a generational leader. 0:18:08.320 --> 0:18:11.720 There aren't any other people out there like Elon who 0:18:11.720 --> 0:18:15.680 can actually lead the company over this next decade or so, 0:18:16.200 --> 0:18:19.680 and so once you decide who the leader should be, 0:18:20.200 --> 0:18:23.359 you need to put in place the compensation package to 0:18:23.480 --> 0:18:28.080 incent and motivate him to actually deliver natually. 0:18:28.200 --> 0:18:30.480 Knowledge would motivate me as well. That, of course, was 0:18:30.520 --> 0:18:32.880 Tesla board chair Robin Denholm talking to B Tech. 0:18:33.720 --> 0:18:34.560 The b Tech. 0:18:34.400 --> 0:18:38.960 Dynamo dynamic duo of Ed Ludlow and Caroline hyde A 0:18:39.160 --> 0:18:41.639 is co host of Bloomberg Technology every Monday through Friday 0:18:41.640 --> 0:18:44.280 eleven am Wall Street Time on Bloomberg TV. He joins 0:18:44.320 --> 0:18:46.960 us now from the Bloomberg News Bureau in San Francisco. 0:18:47.000 --> 0:18:49.360 Tesla shares, by the way, folks, ralling up about six 0:18:49.400 --> 0:18:51.520 and a half percent. The number two gainer in both 0:18:51.520 --> 0:18:53.000 the S and P five hundred and now is TAK 0:18:53.040 --> 0:18:57.159 one hundred today and well done, well done, well done. 0:18:57.200 --> 0:19:00.920 You guys covered so much it was and it always 0:19:01.000 --> 0:19:04.040 is so much to cover when it's involving Elon and Tesla. 0:19:04.359 --> 0:19:07.560 What was a priority for you and Caroline and really 0:19:07.600 --> 0:19:10.360 your team as you thought about your interview with Robin Denhol. 0:19:10.880 --> 0:19:14.240 Yeah, when the news broke a week ago that there 0:19:14.320 --> 0:19:17.639 was a proposed pay package for Elon Musk, the headline 0:19:17.720 --> 0:19:20.640 was the trillion dollar value of the total award, right, 0:19:21.200 --> 0:19:23.760 But because of how the board had to communicate it 0:19:24.040 --> 0:19:26.879 in the proxy, it's like a very dense, three hundred 0:19:27.240 --> 0:19:31.000 plus page document that it's incumbent on shareholders to read 0:19:32.280 --> 0:19:35.280 the specifics. Get lost a little bit, and for me, 0:19:36.040 --> 0:19:40.480 you guys mentioned the politics angle. One of the few 0:19:40.520 --> 0:19:44.640 things that was like very explicitly codified in the proxy 0:19:44.760 --> 0:19:47.679 was that the board had got reassurances from Elon Musk 0:19:48.960 --> 0:19:52.399 that he would wind down political activity. Now, actually, the 0:19:52.440 --> 0:19:55.760 big takeaway from the interview was that they are actually 0:19:55.760 --> 0:19:59.320 pretty relaxed about the idea that Musk might continue to 0:19:59.359 --> 0:20:03.480 have in the political domain. You know, we pushed so 0:20:03.720 --> 0:20:07.080 hard when you guys say political activity, and when I said, sorry, 0:20:07.119 --> 0:20:10.240 that was too casual. When the board says political activity, 0:20:10.280 --> 0:20:12.600 what do you even mean? We asked that, do you 0:20:12.680 --> 0:20:15.480 mean Musk has told you he won't participate in a 0:20:15.520 --> 0:20:19.800 political party, or he'll stop making donations behind specific candidates 0:20:19.880 --> 0:20:23.360 or initiatives, and Denholm's response was really simple, is it's 0:20:23.440 --> 0:20:26.639 up to Elon Musk what his political activity is. But 0:20:26.680 --> 0:20:30.240 they are reassured enough that this package they will get 0:20:30.280 --> 0:20:33.960 in return somebody that will be focused on Tesla. 0:20:34.400 --> 0:20:37.639 You know, it's an I appreciated how you pushed her 0:20:37.800 --> 0:20:40.800 ed because if you think about Elon Musk's own political evolution, 0:20:40.920 --> 0:20:42.640 I mean, he said in the spring of last year 0:20:42.640 --> 0:20:45.480 that he wasn't going to donate to either political candidate. 0:20:45.520 --> 0:20:47.800 This was when Joe Biden and Donald Trump were running 0:20:47.800 --> 0:20:51.080