Soar Financial's Kai Hoffmann interviewed me at the recently-held Deutsche Goldmesse, so of course we talked about gold. But most of his questions were about the macro outlook and the investment implications of the changes Trump is bringing to global finance. These are, of course, not unrelated subjects. (Kai didn't ask about "the other yellow metal," but I made a point of highlighting its relatively solid investment case in a world awash in uncertainty in my speech.)

 

 

Timestamps:

00:00 — Intro from Deutsche Goldmesse
01:11 — What’s changed since March
03:00 — “Judgment Day” market shocks
05:00 — Wall Street’s irrational exuberance
08:00 — Inflation, tariffs & Walmart margins
12:00 — Trump Shock vs. the Fed on Markets
18:00 — China
24:00 — Rumors of US debt default on foreigners
28:00 — Helicopter money and fake recovery
33:00 — Oil, sanctions & Russia
37:00 — Mining stocks: higher margins ahoy
40:00 — Gold is a bright spot
45:00 — Final thoughts