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Jonathan Wellum Makes the Case for Gold as a Debasement Hedge
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ticker lesson
Breakdown
0:00lesson
Macro framework under stress
- Inflation at 3.4%
- Oil near $100
- 10-year touching 5%
- 30-year above 5.3%
- Equities holding despite stress
1:45lesson
Interest rates and market valuation
- PE contractions expected with rate hikes
- Market continues to truck along
- Demand for debt on all sides
- Inflation and war in Iran driving energy prices
- Repression of rates for 20 years
3:21lesson
5% interest rate threshold
- 5% is a big number with large debt
- Personal, corporate, and sovereign debt challenges
- 40 trillion US debt at 4% = 1.6 trillion interest
- 26% of budget going to interest unsustainable
- Need for productivity to combat inflation
5:05lesson
Besson's bond-buying attempt and gold
- Besson tried to cap long end of the curve
- Market reacted with yields cracking
- Bessent's challenge to market unsustainable
- Gold as a hedge against debasement
- Inflation not easy to crack
6:38lesson
Treasury Secretary's challenge and market response
- Bessent's numbers don't work
- Market will challenge him
- Treasury Secretary's signals
- Need for austerity and population readiness
- Market as a test of sustainability
8:04lesson
Gold as a hedge for financial reset
- Gold at $4,400 an ounce
- Precious metals as largest exposure
- Gold as collateral in a distrustful system
- Dutch and other countries pulling gold back
- Reset inevitable due to unsustainable numbers
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