Do not be these two things simultaneously; cyclical inflationist and fundamental gold mining bull
Whereby I turn my word salad loose upon the world. After an opening with too many ‘ah’ and ‘you know’ moments, the salad seems to kick in well over the second half of the interview and the points made sounded clear enough.
Thanks to Jordan (Daily Gold), who does not try to package me as anything other than me. That’s not usually the case with some of these YouTube/Podcast interviews.* Especially in the gold “community”. By the way, that’s an old picture of me. I shave my head now due to a faulty head of hair.
* Although he adds this as part of the intro summary: “Although Gary is worried there could be a final liquidation in gold stocks, not unlike 2008 or 2020, he says the macro situation is turning in favor of gold stocks.”
I assure you, I am not at all worried. I’d actually prefer the massive opportunity that such a crash and slingshot might represent, with a side benefit of STFU’ing the inflationist gold bugs once again.
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Gary might not say what goldbugs want to hear, but it is something we better take into consideration. Because technically we are in a very different situation than in 2016 or 2019… He also briefly mentioned China. Chinese stocks are one of the few sectors that made a higher low when the SPY made a lower low. FXI has a 5 month beta of 0.59 and KWEB of 0.66.
Could you define exactly what you mean by “macro”, which is probably the most frequent word in your posts. Thanks.
Wider, top-down global markets including all sectors, asset classes and even economies. Where stock analysts do their work top up with little regard for the environment, top-down macro covers the big picture and then looks to markets and assets within it that would benefit or be impaired by the wider picture backdrop.