Tim Seymour is a snarky smart-ass. He looks like a guy i ran over and fractured his leg in a High School football scrimmage. I would pay good money to see Fleck in a cage match against Seymour.
I have always paid close attention to everything Fleck (and you) say on this topic. Great stuff and exactly right. Thanks for sharing the interview. Those holding gold are getting PAID today but like Brad Pitt said in the Big Short that has been quoted lately, we shouldn't dance.
The other 3 guys were much more reasonable. They agreed with Fleck, but we're agnostic as to the timing of the inevitable deluge from the Fed's papering over our problems.
But, yeah, Tim is a douche. Saw a 1000 guys like him on Wall Street and in life. He's the 5th wheel or guy riding the pine who thinks he's a great athlete when his team wins a game.
It’s obvious that the deficit path we’re on is unsustainable and it will come to a bad ending but it’s always about timing cause bubbles, quoting Keynes, last longer than you can remain solvent.
Inflation benefits the rich. Is there any surprise that inflation has picked up speed? The "rich" are in control of the mechanism of our system. If inflation benefits them, then they are going to push the pedal to the floor......every time......until something throws a rod.
Also consider that the assets of the wealthy are priced in dollars; their wealth exist in a dollar valuation. It is paramount to them that the dollar be protected.....at all cost. But also remember that their perspective of "dollar protection" is not yours and mine.
I am not against being rich, but I am against anyone who will sell out their country, friends, family, morals, integrity, principles for the sake of getting more dollars. I am against anyone who will crap on millions of people to boost their profit margins. Know this, the wealthy, that worship at the altar of the dollar, will have no problem sacrificing your first born to their war of dollar supremacy. They have done it many times.......and told you it was for your own good.
There is comfort in knowing gold/silver just are. They don't need some complex supply chain to be maintained for them to retain value. Companies like NVDA have thousands of vendors they depend on to be able to produce. When they lose a vendor; when they are short one component, they are out of business. My buddy has a 2024 Ford Ranger sitting in a shop waiting for a wiring harness. It is on "national back order," and he has been waiting 5 weeks.
We live in a society where people talk about going to the moon.....or even Mars, LMAO.....building a fleet of robots, and self driving cars, but Ford Motor Company cannot keep a 2024 Ford Ranger running because they don't have any wiring harnesses, nor can they tell you when it will arrive, if ever? Those are the kinds of problems even "more dollars" cannot fix.
Im not as knowledgeable, but can a market crash up? Can markets become so unbelievable and untenable that it can only move up indicating a perverse narrative?
Were I a better writer, it sounds like a good sci-fi story.
That is exactly what is happening. As the dollar goes DOWN in flames, the value of everything IN DOLLARS will "crash up."
People talk about $300 silver and $10,000 gold. I have some, but it is hard for me to be excited about those numbers because I can imagine what the price AND availability of everything else will be when gold and silver are priced accordingly.
After my IRAs and 401Ks crashed in 2008, I made a decision. Against all "expert" advice, I emptied what was left of my accounts and bought physical gold & silver. Granted, it wasn't that large of a nest egg, so storage wasn't a major hurdle. I kept my father's mantra in mind, "precious metals will never be worth zero", and continued to incrementally buy right up until I retired. As I always lean toward the pessimistic side, at this moment (Jan 26th), I'm smiling. The smile is then, of course, tempered by the thoughts about how the prices are being driven as much by idiot traders as they are by reality, but then at least I'm still comforted by the "it'll never be worth zero".
I am sure the major banks inside of Japan hold enormous amounts of BOJ Bonds, and those are losing a tremendous amount of value today. The issue for those outside of Japan is what happens to the banks who hold derivatives issued by many of the banks in Japan? If any of the major banks in Japan fail, the contagion will spread around the globe, including to banks in America.
I started buying when gold was $500/ounce. I paused after 2011 after having accumulated 400+ ounces. For the next four years i cried into my beer as i watched Apple (et all) go far higher while my gold dropped from $1750 to to $1050.
Never sold an ounce.
No doubt if i had put 1/2 of that in Apple i would have done even better but i am happy to continue holding as everything around me now seems vastly over valued.
You've been patient and done quite well for yourself. Would you have done better if in 2009 you took the money you spent on gold and instead purchased bitcoin, and never sold?
I don't disagree that bitcoin has been amazing. I considered it but ruled it out because i could not get comfortable with it. I have missed other great investments due to not being comfortable with the thesis.
I have observed the importance of a solid thesis, having been punished by skipping careful thesis development. Fortunately i learned early to scale my investments, starting small, watching for verification, and growing the position only when solid confirmation continues.
When you have a solid confirmed thesis you have the mental fortitude to survive the inevitable tests.
I avoided bitcoin because i did not have that solid thesis. When gold was hammered down 2011-2014 I held on and as hard as it was while watching everything else (tech, bitcoin, etc.) all going higher because i still believed my thesis was correct. I took comfort by rewatching Michael Burry (The Big Short) blasting music, rolling on the floor screaming at the top of his lungs. I could definitely relate.
Very sensible. I am sensible in my 401K retirement investments, less so in my IRA investments, and even less so where I tend to swing for extra base hits and homeruns. Glad yuou have done so well with your smart approach to investing.
Keep calling out the ducks you see buddy. Guys like you and Bill are brilliant at being the voices of reason and reality
Tim Seymour is a snarky smart-ass. He looks like a guy i ran over and fractured his leg in a High School football scrimmage. I would pay good money to see Fleck in a cage match against Seymour.
I have always paid close attention to everything Fleck (and you) say on this topic. Great stuff and exactly right. Thanks for sharing the interview. Those holding gold are getting PAID today but like Brad Pitt said in the Big Short that has been quoted lately, we shouldn't dance.
The other 3 guys were much more reasonable. They agreed with Fleck, but we're agnostic as to the timing of the inevitable deluge from the Fed's papering over our problems.
But, yeah, Tim is a douche. Saw a 1000 guys like him on Wall Street and in life. He's the 5th wheel or guy riding the pine who thinks he's a great athlete when his team wins a game.
The ultimate "I told you so"
It’s obvious that the deficit path we’re on is unsustainable and it will come to a bad ending but it’s always about timing cause bubbles, quoting Keynes, last longer than you can remain solvent.
Inflation benefits the rich. Is there any surprise that inflation has picked up speed? The "rich" are in control of the mechanism of our system. If inflation benefits them, then they are going to push the pedal to the floor......every time......until something throws a rod.
Also consider that the assets of the wealthy are priced in dollars; their wealth exist in a dollar valuation. It is paramount to them that the dollar be protected.....at all cost. But also remember that their perspective of "dollar protection" is not yours and mine.
I am not against being rich, but I am against anyone who will sell out their country, friends, family, morals, integrity, principles for the sake of getting more dollars. I am against anyone who will crap on millions of people to boost their profit margins. Know this, the wealthy, that worship at the altar of the dollar, will have no problem sacrificing your first born to their war of dollar supremacy. They have done it many times.......and told you it was for your own good.
There is comfort in knowing gold/silver just are. They don't need some complex supply chain to be maintained for them to retain value. Companies like NVDA have thousands of vendors they depend on to be able to produce. When they lose a vendor; when they are short one component, they are out of business. My buddy has a 2024 Ford Ranger sitting in a shop waiting for a wiring harness. It is on "national back order," and he has been waiting 5 weeks.
We live in a society where people talk about going to the moon.....or even Mars, LMAO.....building a fleet of robots, and self driving cars, but Ford Motor Company cannot keep a 2024 Ford Ranger running because they don't have any wiring harnesses, nor can they tell you when it will arrive, if ever? Those are the kinds of problems even "more dollars" cannot fix.
Very well stated, Chris.
https://www.facebook.com/reel/1757438804971579/?
Seymour has always been a 🤡… he’s made some of the worst calls on that entertainment show
It's been a total waste of time to listen to the Presstitutes at CNBC since the GFC.
Im not as knowledgeable, but can a market crash up? Can markets become so unbelievable and untenable that it can only move up indicating a perverse narrative?
Were I a better writer, it sounds like a good sci-fi story.
Market "crashing up." Brilliant!
That is exactly what is happening. As the dollar goes DOWN in flames, the value of everything IN DOLLARS will "crash up."
People talk about $300 silver and $10,000 gold. I have some, but it is hard for me to be excited about those numbers because I can imagine what the price AND availability of everything else will be when gold and silver are priced accordingly.
After my IRAs and 401Ks crashed in 2008, I made a decision. Against all "expert" advice, I emptied what was left of my accounts and bought physical gold & silver. Granted, it wasn't that large of a nest egg, so storage wasn't a major hurdle. I kept my father's mantra in mind, "precious metals will never be worth zero", and continued to incrementally buy right up until I retired. As I always lean toward the pessimistic side, at this moment (Jan 26th), I'm smiling. The smile is then, of course, tempered by the thoughts about how the prices are being driven as much by idiot traders as they are by reality, but then at least I'm still comforted by the "it'll never be worth zero".
As it says at the top of Bill's site with a fiat based currency all roads lead to inflation. I'm afraid we ain't seen nothing yet.
I am sure the major banks inside of Japan hold enormous amounts of BOJ Bonds, and those are losing a tremendous amount of value today. The issue for those outside of Japan is what happens to the banks who hold derivatives issued by many of the banks in Japan? If any of the major banks in Japan fail, the contagion will spread around the globe, including to banks in America.
Will there be a retraction form CNBC, an apology, an admission? I'll hold my breath......
I suppose. Its just when I look back at the price when I originally bought it looks so high now. Can it go further, who knows?
If CNBC dries up and blows away and takes all these grifting morons with it, would it ease some of the economic pain to come? I’m hoping so.
Is it too late to buy gold. I have some in my portfolio but wonder if it worth buying more at the current price.
It is never too late to buy gold if you plan on holding.
I started buying when gold was $500/ounce. I paused after 2011 after having accumulated 400+ ounces. For the next four years i cried into my beer as i watched Apple (et all) go far higher while my gold dropped from $1750 to to $1050.
Never sold an ounce.
No doubt if i had put 1/2 of that in Apple i would have done even better but i am happy to continue holding as everything around me now seems vastly over valued.
You've been patient and done quite well for yourself. Would you have done better if in 2009 you took the money you spent on gold and instead purchased bitcoin, and never sold?
I don't disagree that bitcoin has been amazing. I considered it but ruled it out because i could not get comfortable with it. I have missed other great investments due to not being comfortable with the thesis.
I have observed the importance of a solid thesis, having been punished by skipping careful thesis development. Fortunately i learned early to scale my investments, starting small, watching for verification, and growing the position only when solid confirmation continues.
When you have a solid confirmed thesis you have the mental fortitude to survive the inevitable tests.
I avoided bitcoin because i did not have that solid thesis. When gold was hammered down 2011-2014 I held on and as hard as it was while watching everything else (tech, bitcoin, etc.) all going higher because i still believed my thesis was correct. I took comfort by rewatching Michael Burry (The Big Short) blasting music, rolling on the floor screaming at the top of his lungs. I could definitely relate.
Very sensible. I am sensible in my 401K retirement investments, less so in my IRA investments, and even less so where I tend to swing for extra base hits and homeruns. Glad yuou have done so well with your smart approach to investing.