Gold Price to Go Parabolic? And Silver Might Even Beat It Says This Expert
Summary
TLDRThe transcript of the Danela Cambon Show on ITM Trading discusses the current state of gold, the dollar, and global economic conditions with Peter Boockvar, Chief Investment Officer of Bleckley Financial Group. Boockvar highlights the resilience of gold despite aggressive monetary tightening and inflation, attributing its strength to geopolitical events like the EU freezing Russia's reserves, which has led to a shift in central bank buying behavior. The conversation also touches on the potential for higher long-term rates, the mixed bag of global growth, and the impact of US debts and deficits. Boockvar advises investors to be patient, liquid, and price-sensitive, suggesting that the current environment presents opportunities for those with cash to take advantage of various investment situations in the coming years.
Takeaways
- 📉 Concerns about spiraling debts and deficits are leading some to consider gold as a store of value to hedge against inflation and economic instability.
- 🌟 Gold has shown resilience and performed well despite aggressive monetary tightening and high inflation, indicating its continued relevance as a safe-haven asset.
- 🔄 The freezing of half of Russia's central bank reserves by the EU has triggered concerns among other countries about holding US treasuries, leading to a shift towards gold.
- 💰 The diversification away from the petrodollar into other currencies and gold is increasing as countries look for alternative stores of value.
- ⬆️ Central banks have increased their buying of gold, signaling a shift in reserve management and a potential long-term trend.
- 💸 Retail investors in North America have shown less appetite for gold at current levels, possibly due to high real interest rates and a lack of understanding of gold's value.
- 🚧 A lack of investment in commodity production over the past decade has led to a supply-demand imbalance, which is now correcting with implications for commodity prices, including gold.
- 🌐 The global economic landscape is mixed, with some regions growing rapidly while others are slowing down, affecting investment strategies and opportunities.
- 📈 Peter Schiff, a long-time gold advocate, suggests that a price target of $5,000 for gold is becoming more realistic, reflecting fundamental economic shifts.
- 🔑 Silver is highlighted as an undervalued asset with multiple industrial uses, and its price could rise significantly if it follows gold's upward trend.
- 📚 Emphasizing patience in investing, especially in a high-interest-rate environment, allows investors to be selective and take advantage of opportunities as they arise.
Q & A
What are the concerns regarding US debts and deficits?
-There are worries that US debts and deficits are getting out of control and only getting worse each day, which could potentially lead to economic instability.
Why is gold considered a store of value?
-Gold is seen as a store of value because it retains its worth over time and can act as a hedge against inflation and currency devaluation.
What event has influenced central banks to buy more gold?
-The decision by the EU to freeze half of Russia's central bank reserves after the invasion of Ukraine has led to concerns about holding US treasuries and prompted central banks to diversify their reserves, including buying more gold.
How has the petrodollar system changed recently?
-The petrodollar system is not as dominant as it once was. Countries are increasingly transacting in their own currencies rather than the US dollar, which affects the demand for dollars and can influence the value of gold.
What is the current situation with short-term interest rates?
-There is a belief that short-term interest rates have peaked, with some central banks like the ECB and the Swiss National Bank considering rate cuts. However, there is still a risk of higher long-term rates.
Why might an investor consider owning gold despite concerns about US debts and deficits?
-Owning gold can act as a hedge against the potential negative effects of out-of-control debts and deficits, as gold tends to maintain its value during times of economic uncertainty.
What is the current sentiment towards gold among retail investors in North America?
-The appetite for gold among retail investors in North America is not as strong as in Asia, with many believing that gold prices are too high to invest in at the current levels.
How does the high interest rate environment affect gold investment?
-High interest rates, such as the 5% fed funds rate, can reduce demand for gold because gold does not provide a yield. When interest rates are high, the opportunity cost of holding gold increases.
What are the challenges facing the mining industry?
-The mining industry faces challenges such as a lack of investment, longer development timelines for projects, ESG concerns, and political pressures. These factors can deter new investments and exploration.
What is the potential outlook for gold prices?
-The outlook for gold prices is bullish, with some analysts suggesting that a price of $5,000 per ounce is becoming more realistic. However, this would depend on various factors including inflation, interest rates, and global economic conditions.
Why is silver considered a unique investment compared to other commodities?
-Silver is unique because it serves multiple roles, including in solar panels, electronics, EV batteries, tableware, jewelry, and as a monetary metal. Its diverse applications and the fact that it has lagged behind the rise in gold prices suggest potential for growth.
What factors are currently influencing US Treasury yields and the dollar?
-Factors influencing US Treasury yields and the dollar include the Bank of Japan's yield curve control decisions, geopolitical tensions, inflation rates, and the interplay between different global economies and their central banks.
Outlines
🏛️ Economic Concerns and Gold as a Safe Haven
The first paragraph discusses concerns over rising debts and deficits, suggesting gold as a store of value. It highlights the conversation with Peter Bvar, Chief Investment Officer for Bleckley Financial Group, about gold's performance despite aggressive monetary tightening and inflation. The EU's decision to freeze Russian reserves impacted global trust in treasuries, leading to central banks buying more gold. There's also a mention of the petrodollar system evolving and gold benefiting from a diversification away from the US dollar.
📉 Retail Investor Hesitance and Central Banks' Gold Buying
This section contrasts central bank gold purchases with retail investors' apprehension in North America. It talks about the impact of high fed funds rates on gold demand and ETF holdings. The narrative also touches on the lack of investment in commodity production over the past decade, leading to a supply-demand imbalance. There's a critique of ESG policies and the challenges faced by mining businesses, including long development timelines and political pressures.
🌟 Gold Exploration Decline and Future Market Predictions
The third paragraph emphasizes the reduced gold exploration and its implications for the market. It suggests that less exploration leads to less gold discovery, which is a bullish signal for gold prices. The discussion also covers the potential for gold to reach new highs, comparing past market performances to current fundamental conditions. There's a mention of gold's comparison to Bitcoin and the possibility of significant price increases for gold.
📈 Silver's Diverse Uses and Market Potential
This part focuses on silver's versatility and its role in various industries, from solar panels to electronics and EV batteries. Despite silver's historical performance and its multiple uses, it has lagged behind gold and other industrial metals. The speaker sees potential for silver to rise significantly, given its current undervaluation and the historical average silver-to-gold ratio.
📊 Treasury Yields and the Dollar's Global Impact
The fifth paragraph delves into the dynamics of treasury yields and the dollar's strength. It discusses how geopolitical tensions and economic indicators influence interest rates and currency values. The conversation also explores the relationship between the Japanese Yen, US treasuries, and the broader impact on global markets. The importance of the Yen's strength and its effect on energy imports and treasury sales is highlighted.
🌐 Global Economic Disparities and Strategic Patience
The final paragraph addresses the mixed global economic landscape, with some regions experiencing growth while others face slowdowns. It emphasizes the need for investors to remain patient and liquid, capitalizing on investment opportunities as they arise. The advice given is to be price-sensitive and not to chase markets blindly. The speaker is optimistic about commodity stocks and identifies potential areas for investment.
Mindmap
Keywords
💡Gold
💡Debt and Deficits
💡Inflation
💡Central Bank Reserves
💡Petrodollar
💡
💡Interest Rates
💡ETFs (Exchange-Traded Funds)
💡Commodity Production
💡ESG (Environmental, Social, and Governance)
💡Yield Curve Control
💡Global Growth
Highlights
Concerns are growing over uncontrollable US debts and deficits, which worsen daily, prompting some to consider gold as a store of value.
Despite historical headwinds like high real rates and a strong dollar, gold has performed well, possibly due to the EU's decision to freeze half of Russia's central bank reserves.
The shift away from the petrodollar, with countries transacting more in their own currencies, has influenced the value of gold.
Central banks, particularly in China and Saudi Arabia, have increased their gold buying, indicating a shift in reserve storage.
The end of Fed rate increases could provide a tailwind for gold, with other central banks like the ECB and Swiss National Bank potentially cutting rates.
US debts and deficits are a growing worry, and some investors are turning to gold as a hedge.
Retail investor appetite for gold in North America has not matched that of Asia, possibly due to fears of high gold prices.
The Fed's aggressive interest rate hikes have led to a decrease in demand for physical gold and a draw down in gold ETF holdings.
There has been a lack of investment in commodity production, leading to a supply-demand imbalance and a potential payback period for commodities.
Environmental, social, and governance (ESG) factors and political pressures have dissuaded investment in the mining sector.
The timeline for developing mining projects has lengthened, deterring some investors due to the long wait for returns.
Silver is seen as a highly leveraged play on gold, with potential for significant upside due to its multiple industrial and monetary uses.
The silver-to-gold ratio suggests silver may be undervalued, with historical averages indicating a higher price potential for silver.
Treasury yields and the dollar's strength are influenced by a complex interplay of factors, including geopolitical tensions and energy prices.
The Bank of Japan's policy decisions have had a ripple effect on global bond markets, impacting yields from Germany to the US.
Japan's role as the largest foreign holder of US treasuries means movements in the yen directly affect its appetite for US debt.
Global economic growth is mixed, with some regions like India growing rapidly while others like China slow down, creating diverse investment opportunities.
Investors are advised to be patient, liquid, and price-sensitive, holding cash for potential opportunities in public securities, commercial real estate, and other areas.
Transcripts
of course there's worries about us debts
and deficits getting out of control
those debts and deficits only get worse
every single day why not own some gold
people are afraid of gold at these
levels thinking it's too high do I want
to own this many treasuries and are
there other places where I can store my
reserves and gold is a store of value
for that money we have this mixed bag of
global growth right now that was the
biggest bubble in the history of all
bubbles we're now seeing the unwind of
that this year next year there are going
to be a lot of presentable investment
situations that those that
have hi this is deela Comon and welcome
back to the danela cambon show here on
itm trading today we are talking about
gold yields the dollar and what the
incredible moves are telling us joining
us now is Peter bvar he is the chief
investment officer uh for Bleckley
Financial Group he's also the Ed editor
of the book report play on his name
there I love it uh you do fantastic work
also over at CNBC Peter always good to
see you welcome back great to see you as
well my friend uh thank you for having
me back on yes yeah I know offline I was
saying sorry for your Islanders but hey
better times ahead yes hopefully next
year better times ahead like gold Peter
I mean we've been covering gold for so
long you you've got to be smiling here a
little bit uh you've been bullish uh the
metal and silver for a very long time
let's start with that and uh what you
think lies ahead I I I think the two of
us have redefined the word patience
being uh a bull and gold and silver uh I
well I also have twin toddler so yes
patience is oh yeah that is that is a
big time virtue for you as well uh what
what what I think is the the interesting
setup for for gold was the amazing
performance that we saw in the face of
the most aggressive monetary tightening
in 40 years in response to the highest
rate of inflation in 40 years now on one
hand you can say well if inflation's if
it if Gold's this great inflation hedge
well yeah that's why it should have
traded well which is in part true but if
the major headwinds historically for
gold has been High real rates and a
strong Curren
particularly the dollar then gold should
not trade so well and it did and I think
a a big gamechanging event was the
decision by the EU mostly the EU to
freeze half of Russia's central bank
reserve after they invaded Ukraine so if
you're in China and you own more than a
trillion dollars at the time of us
treasuries and you see just by but
government Fiat what was done your
you're saying oh do I want to own
this many treasuries and are there other
places where I can store my my reserves
and it wasn't just the decision that
that um was triggered in China it was in
Saudi Arabia it's anywhere that deals
with a lot of dollars that is parked in
the US whether that's at a bank or
that's within us treasuries so that's
when we saw a real acceleration of of
Central Bank buying then you also throw
in that the Petro dollar is not as Petro
dollar as it once was it's maybe SL
Petro SL Petro dollar gold in a way
because we've seen of course that
countries are transacting more in their
own currencies and less with the dollar
and as we know after the early 70s any
transaction that took place in oil
particularly with anybody wanting to do
with the Saudis had to do it in dollars
and that is no longer the case so
there's extra money that gets produced
in that that doesn't have to be parked
in dollars and gold is a store of value
for that money and we've seen that big
time over the last couple years and then
all of a sudden gold just needed a
little tailwind and that was possibly um
uh the end of the Fed rate increases
even though we'll wait to see when they
cut uh but we're also seeing while maybe
the FED doesn't cut the ecb's ready to
cut uh Swiss National Bank already cut
Bank in Canada is looking to cut so uh
we've seen Peak short-term rates and I
emphasize short-term rates because we
there's still a lot of risk that we see
higher long-term rates and one last
thing and I'll throw it back to you is
of course there's worries about us debts
and deficits getting out of control and
why not own some gold
yeah yeah yeah and all very good points
before we move away from gold though I
just want to dig a Little Deeper here um
because you bring up a good point
obviously the Central Bank buying
driving gold
prices and and China you know buying
gold at at record amounts here Peter but
what I find interesting is that at a
retail investor level the appetite for
gold definitely present in
Asia but when you speak to bullion
dealers here in North America it's not
quite there yet people are afraid of
gold at these levels thinking it's too
high to get in here do you find it
interesting that the retail investor in
North America at least has not shown up
yeah I I think the 5% um five and a half
percent fed funds rate is a main reason
why not only have they lessened their
demand for
physical uh in actual coin or bar um
form but we've also seen that within all
the ETFs where there's just been a
constant draw down in ETF Holdings of
gold since early 2022 when the FED
started aggressively raising interest
rates I think the average person doesn't
necessarily make also the distinction
between nominal rates and real rates and
also understanding that gold can still
trade well even though it doesn't pay
you a yield and that the performance of
Gold without paying you that yield I
think really says a lot about the demand
unfortunately for retail is we're
beginning to see a I mean you look at
Costco that's selling since September of
last year selling gold bar right in a
way that
introduced the average person who wasn't
necessarily thinking about owning
physical gold they were more focused on
you know buying uh paper towels and
tissues and a lot of boxes of cereal and
ketchup when they went to Costco that
wow hey uh I I guess a gold bar is real
and I can actually see it and actually
feel it and actually can take it home
with me other than uh you know as
opposed to uh other things that uh
people only see on their
computer yeah really good point that
definitely was a a game Cher um but I
also like one another point you bring up
about gold you say money was an invest
in commodity production uh it went into
Tech you know for the over the past
decade this is payback of lack of
investment with Supply demand and
balance is happening now in
Commodities I and and you look back just
to even 2021 when money was falling from
the sky and all you need was right a
PowerPoint presentation and a pulse and
if you said something sexy uh in Tech
you were going to get an investment uh
if you came with a PowerPoint
presentation on this new gold mine in
early 2021 uh people were going to laugh
at you and even well before that I mean
you you talk about going back to when
gold peaked out in 2011 and then really
sold off in
2013 all the investor
Focus all the investment dollars didn't
go into the mining business uh and also
that was around the time in 2014 when
when oil sold off hard and investors
started to say hey we're not just going
to invest in in companies that are just
drilling for drilling sake we want cash
flow we want discipline and so on a huge
amount of investment dollars went
elsewhere and we know where they went we
saw where it went but it didn't go into
the mining business so we've had years
of and then you throw in ESG and then
you throw in you know every politician
that beats you up for being an executive
and a mining business putting aside that
they desperately need your product
particularly the same politicians that
are trying to create this new energy
World while they need you even more so
now it's sort of payback it's catchup
time where we need the investment
dollars but it's very difficult uh not
only to put that to work in a friendly
jurisdiction but the timeline of
developing a project has just gotten so
long that it dissuades a lot of people
from even wanting to do that and they
say do I really want to go through all
these headaches of going down the road
of a developing a mine and dealing with
the jurisdiction uncertain about what
and especially if it's in a foreign one
outside of the US Canada Australia for
example of what what is the tax rate
change going to be I mean just look at
the experience in Panama with first
Quantum and what they went through uh
and and literally just losing mind
having it confiscated now maybe it works
out maybe there's some reversal of that
that that that policy but uh you got to
have you know a set of guts if if you
want to oh yeah develop a mind right now
that you may not see the fruits of for
10 to 15 years all right exactly and
that just plays into the bullish case
for gold right Peter because if there's
obviously less exploration less Juniors
well we're finding less gold right now
we can be sure just by we know how
Cycles work when gold is above 3,000
4,000 whatever investment money Mone is
going to come in no doubt and it's going
to help to finance those higher cost
projects but even then it's still going
to take a long time to bring the needed
Supply on that would quell prices at
some
point well let me ask you this before we
talk um silver um if I had to ask you to
fill in the blind like you wouldn't be
surprised if gold were to hit what's
that number for
you well I I think five is is becoming
more realistic and you know on a on a
parabolic Mania overshoot
10 I don't know if i' be I don't know if
I'm still gonna be long then I don't
even know if I can stomach being long
past five but it can go to
10 yeah you know when I started covering
gold I remember Rob mchan of mchan
mining coming out you know talking
$5,000 gold one day and everyone was
just like thought that number was
absolutely absurd and you know yet here
we are today and the other point I want
to bring up Peter is well it's
interesting that you know Golds are are
you know compared to bitcoin all the
time and we have crazy valuations when
it comes to to bitcoin um you know so
why can't there be those targets for
gold well I I got that same uh I had
that same conversation with him probably
more than 10 years ago and his simple
math was well the 1970 bull market in
gold was up more than 20 times 35 even
though 35 at the time was sort of
artificially set gold still went from 35
to 850 if gold bought him at 250 in 1999
2000 well a 20x move similar to the 70s
gets you to 5,000 so um he's right and
you could also argue
that the fundamental backdrop today for
gold uh is even more intriguing than it
was then then it was okay we had a
classic inflation scare uh we had the
suppression of gold since the 1930s and
it sort of busted out to the upside and
now you have we've had this world of
zero and negative interest rates massive
central bank balance sheet expansion out
of control debts and
deficits uh and and and real destruction
of of purchasing power since the early
70s that just continued on even with uh
Paul vulker and the deceleration that we
saw in inflation in the 80s and 90s so
there there's a a pretty compelling
fundamental uh basis for gold that just
sort of needed this this this push this
Catalyst to to break out of of itself
and uh and I think we we we might have
reached
that talk to me about silver because I
know you really really really like
silver more than gold here so on on a
leverage basis yes you know silver
silver um outside of natural gas there
aren't too many more volatile
Commodities than the two of them uh and
when it goes It goes and when it's dead
meat it's dead meat we know Silver's
just been um in a in a trading range for
for for a decade plus but silver is just
so unique and it's so unique because it
wears so many different hats so many
different roles it plays a role if
you're building at a solar farm where
you need the the producer of those
panels need silver uh it plays a role in
in in building an iPhone and other
electronic products it plays a role in
an EV battery uh it plays a role if you
sit down to eat dinner and you happen to
have silver table wear it plays a role
if you're interested in jewelry and it
plays a role uh as a monetary medal
similar to gold
so that's why I believe it's so unique
and it is so badly lagged this riseing
gold and it's badly lagged a lot of
other Industrial Metals as well
particularly copper and I see a lot of
upside here I mean silver is almost 50%
below just looking at the the future
front month future of 28 uh it it
reached 50ish both in 1980 and
2011 and here you have gold well above
those previous Peaks and silver that is
still substantially below and I know
sometimes silver one day trades like an
industrial metal similar to Copper
another day it'll trade like a monetary
metal similar to Gold but uh I think
it's one of the cheap assets out there
and one of the you know the the sort of
basic amateurish way of valuing silver
is just the silver or gold ratio even
though it's just a a back of the
envelope more than anything else but you
do the the average of 60 times going
back the past 50 years and you get a
silver price well into the 30 so it's
pretty intriguing to me uh as well as
gold Peter I'm I'm curious to get your
thoughts on uh treasury yields uh you
know jumping just this week as investors
reacted to a hotter than expected real
retail sales report and Rising
geopolitical tensions and we have the
dollar ripping uh hitting its highest
level against the Japanese Yen since
1990 talk to me about the the incredible
moves we're seeing in 10e yield and the
dollar what do we need to know about it
well it stretching back when you look at
the the first spurt to that 5% level in
the 10year uh it really started at
around uh July 27 28th when the bank of
Japan decided because I'm going to tie
this to the n and ggbs also when the
when the bank of Japan decided to again
widen yield curve control
from 50 basis points to 100 and ggb
yields Rose and to me that was the
trigger for the 10e yield to go from
about 3 80ish up to five and then after
it got to five the boj actually backed
off from uh getting out of negative
interest rate policy uh the FED started
talking about possibly cutting interest
rates in 2024 and then we've we started
to pric in as many as six rate cuts into
the FED funds Futures market and that's
why you saw the back uh down in the in
the tenear yield back to around forish
again but now we're right back up again
because maybe the fed's not going to be
cutting at all this year with sticky
inflation uh that um is very is
complicating their uh their plan and
plus you have the crb index at the
highest level since August 2022 that
further complicates what the FED wants
to do H and also the conversation that
was alive and well in the fall of last
year about Rising debts and deficits
that sort of went away when yields fell
well those debts and deficits only get
worse every single day and for the first
time in our life lifetimes I do believe
they matter and you know getting back to
the
Japanese and sorry to sound hyperbolic
here
but when we had1 18 trillion dollar
dollars of negative yielding bonds
around the world
that was the biggest bubble in the
history of all bubbles in terms of
dollars and we're now seeing the unwind
of that and the higher rates that we've
seen in Japan where the 40-year jgb
yield and the reason why I bring up the
40 year is because it's furthest out
from uh boj manipulation and and
basically zero short-term interest rates
so it's the most U Market driven area of
that yield curve that yields the highest
level since
2011 and where what where jgb yields go
helps to determine where German Boon
yields go helps to determine where US
Treasury yields go and we're all in this
together and with respect to the Yen
Japan is the largest foreign holder of
us treasuries uh they own less than they
did at the peak but they're still the
largest holder so where the Yen goes
directly influences their appetite for
us treasuries Japan Imports about 95% of
their energy needs maybe it's a little
less based on the last um uh data
because uh they're beginning to turn on
nuclear plants but they basically import
a majority and when the Yen gets weaker
that gets more expensive for them well
that what helps to finance those energy
needs is they sell us treasuries and
they bring that money back uh so I think
that that interrelationship between the
rise in oil prices the weakness in the
end the rise and long-term interest
rates are very intertwined it's not the
only reason why we're seeing these moves
because we also have interest rate
differentials between the Yen and the
dollar course and the do and oil prices
are still moving with geopolitical
reasons and so but it is it is a factor
that flows through so when people wonder
like who cares about the yen well you
should care very much about the Yen
because it flows into US markets us
interest rates very
directly exactly and you know along the
the same uh thought pattern here um
Bloomberg had a good article uh Peter um
basically uh you know the headline pows
us rates uh warning means headaches for
the rest of the
world um Federal Reserve chair Geral
Powell is making life tougher the
article says for his peers around the
world is the prospect of higher for
longer us interest rates reduces room
for easier policy
elsewhere so that's actually a a an
interesting question uh is whether
called the ECB the Boe and some others
are they goingon to sort of wait for the
FED to to lead them in terms of
Direction rates or will they go their
own way because interestingly enough
Powell spoke
this week and purposely said higher for
longer we're not looking to cut rates
anytime soon the same day that Christine
lagard was interviewed on CNBC saying uh
you know we're going to go our own way
and we're g to be cutting rates in June
she basically told you that and other
colleagues of hers have told us that too
so now whether that that's the right
thing to do and whether that works out
for her uh remains to be seen because
the commodity price inflation we're
seeing in the US she's seeing it there
so it's not like she's seeing that much
different of an inflationary Dynamic but
what she's dealing with is no growth in
the Euro zone so she's in a more
difficult stagflationary position right
than than J Powell has here J Powell at
least has some growth that's going along
with the inflation which gives him more
flexibility to stay tight lard is really
being pulled in a few different
directions of the real slow growth both
European economies that want her to cut
like Italy and at the same time having
to acknowledge well their mandate is
solely inflation not
growth yeah it's it will be very
interesting to see how this will play
out and how these chest pieces moves and
we'll wrap I guess you know offline we
were talking with your your bigger
concern here of how uh you know looking
at the environment global environment
how you know we have some places growing
drastically like India and others
slowing down like China like I guess to
your point we have this mixed bag of
global growth right now and and even
just within the US you have the high
income consumer that's traveling going
out for dinner going to concert sporting
events living life and then the lower
end consumer that it can only afford
what they need there is no excess money
for what they want and we've heard that
time and again from a lot of different
retailers you have the housing market
where the pace of existing home sales is
near 30-year lows but home builds are
doing better because we need more Supply
you have manufacturing that's in a
recession but service soci side of the
economy that's doing better uh you have
government spending that's goosing one
part of the economy but causing
inflation and hurting other parts of the
economy so um there people can't talk in
homogeneous terms like oh the economy
strong or it's not there there are a lot
of moving Parts here it's a very very
much a mixed bag as is as as you stated
as is the global economy as
well I think that's really really well
said uh Peter I guess just you know
final thoughts for the the folks at home
I always like to empower people and give
them some tools to walk away with I mean
uh like you said it's a mixed bag even
just here in the US Alone um what should
one be be doing here
so I know it's a loaded question no well
we we started out talking about our
patience you having the extra patience
because we longer
kids but I I think that can apply to
investors generally that the risk-free
starting rate is
5% that gives you a lot of optionality
in terms of being patient where for the
first time in more than 15 years you get
actually generously to be patient and
that be price sensitive don't just chase
the market because it's going up
thinking you're missing something
because I think this year next year
there are going to be a lot of
presentable investment situations that
those that have cash uh will be able to
take advantage of whether it's in public
Securities in stocks and bonds or it's
in commercial real estate because
somebody's distressed because their 3%
loan is repricing at 8 and they need
some Equity uh there are going to be a
lot of interesting situations here uh
for those that are
patient so be liquid be nimble yes
that's not to say don't invest we're
we're very bullish on commodity stocks
as we talked about in a variety of
different uh Commodities areas uh and
their pockets of cheap stuff out there
so there's always something to buy but
don't be afraid to have a little bit of
extra cash don't feel like it's burning
a hole in your pocket
well said uh Peter I always love getting
your thoughts uh the folks um can get
more of you from your book report I love
the name play on words on your last name
they they can check me out on
substack and uh if they're interested in
Wealth Management Services they can
check out our website ble.com and reach
out there you go uh Peter thank you so
much we will see you soon it's great to
see you absolutely
and thank you all for watching we'll
have more great content coming your way
so be sure to keep watching the Danel
koni show here on itm Trading
[Music]
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