Diagnosing Monetary Disorder

Published on
October 29th, 2018
62 minutes

Diagnosing Monetary Disorder

The Interview ·
Featuring Bill Fleckenstein & James Grant

Published on: October 29th, 2018 • Duration: 62 minutes

Bill Fleckenstein, president of Fleckenstein Capital, joins legendary financial writer Jim Grant to discuss their perspectives on Fleckenstein's career, the precious metals markets, and the last decade of central bank misbehavior. The esteemed pair break down some of the biggest challenges facing investors today. Filmed October 10, 2018 in New York.


  • JK
    Jonathan K.
    5 February 2019 @ 14:46
    Absolutely loved this interview. Keep them coming. Been following Fleck on CNBC.com for years, his column was one of my favorites to read.
  • DH
    Dale H.
    24 November 2018 @ 01:03
    Thank you Real Vision, Fleck and Jim. What a great interview! You can learn so much from Fleck - also from his daily Rap and Ask Fleck. Yes, there are many difficulties in buying/owning mining stocks. Agree owning a basket - good - does not have to be very large.. In addition, understanding all of the variables Fleck mentioned, eg, the management, grade, jurisdiction and so on - very important and takes work and time. Was good to have the historical walk through. These two experienced men are a great combination. Wow..... to Fleck on the exercise front. Good example to many :)
  • AD
    Adrian D.
    23 November 2018 @ 04:21
    Absolutely first rate. Bill Fleckenstein is great, but together they work magic.
  • JT
    Jimmy T.
    15 November 2018 @ 02:16
    Top 5 all time!
  • TF
    Terry F.
    11 November 2018 @ 10:45
    Bill, great interview and and insight into the mining world of precious metals. You mentioned two names you follow: MARK_IKN and Luis Garcia. I didn't find Luis among the names you followed on Twitter. Are you talking about Luis Garcia who is a reporter at @WSJ Pro Private Equity and former oilfield services engineer? Thanks.
  • DH
    Daniel H.
    8 November 2018 @ 06:51
    Great interview.
  • GG
    Glenn G.
    30 October 2018 @ 03:47
    Contrarian opinion......SPX 2,580 is the floor....BTFD..... FANG stocks setting up for a good rip here.
    • CB
      C B.
      30 October 2018 @ 05:07
      A new fire hose of money could turn on at any minute
    • CL
      Chris L.
      30 October 2018 @ 19:43
    • VP
      Vincent P.
      4 November 2018 @ 23:02
      See you at 2580!
    • GG
      Glenn G.
      8 November 2018 @ 01:56
      Still in the easy money environment folks.... one week later SPX 2,810 or roughly 150 handles higher. I do not doubt that one day there will be a day of reckoning but not quite yet. I predict we will get a re-test of lows early in the New Year like this year's post Superbowl flush.
  • JO
    JOHN O.
    6 November 2018 @ 18:29
    Very interesting discussion covering current topics and ancient history (I'm your age, so I mean it with kind intentions). Does anyone have any insights on the class actions involving PVG? Buying opportunity or run-as-fast-as-you-can?
  • AG
    Alexander G.
    5 November 2018 @ 19:21
    Great to listen to the Fleck. Just one minor detail: on the night of the 2016 election, S&P futures lost around 130 points as it became clearer Trump would win.
  • OC
    Otto C.
    4 November 2018 @ 23:08
    Awesome transparent interview!!! Real Vision continues to bring great content.
  • PC
    Peter C.
    30 October 2018 @ 00:23
    I enjoy all Grants interview but this one is truly exceptional. No interruption s.
    • HS
      Hubert S.
      4 November 2018 @ 14:58
      well, except the one at the beginning. But agreed, this was finally a good interview from JG.
  • WM
    Will M.
    4 November 2018 @ 14:48
    Very good interview and great to listen to someone who admits mistakes. Great interview by Jim, he really let Bill speak and avoided interruptions. Some great tips to consider as well for those who want to take a flutter on a few stocks. Especially interested in Pan American as one of the best silver plays out there. Wonderful work. My takeaway quote from Jim "The inevitable is certain, but not necessarily punctual".
  • my
    moy y.
    2 November 2018 @ 10:44
  • SG
    Sherman G.
    1 November 2018 @ 14:21
    Loved this walk through history. Thank you RV for bring this to us.
  • VM
    Vinnie M.
    1 November 2018 @ 11:09
    The best !
  • NI
    Noah I.
    1 November 2018 @ 01:37
    Wonderful interview. Perfect balance between asking questions, listening, and discussing. Thank you.
  • dm
    dude m.
    1 November 2018 @ 01:09
    Yes! Home Run by RealVision. Great candour, honesty and realism. Thank you so much to all producers and creators of this interview.
  • AE
    Andy E.
    31 October 2018 @ 21:19
    Loved this interview- one of the best - well worth the $$$
  • CL
    Chris L.
    30 October 2018 @ 02:37
    Respect to these two guys, but it is remarkable how little gold bulls understand what drives gold prices. Nominal yields don't mean anything. Neither does staring at M1 charts. It's real yields plain and simple. Real yields inflected from -162 bps in 2012 and moved up, gold collapsed. Currently, they are at post-crisis highs of 100 bps. In 2008, VIX gained a few hundred percent but gold collapsed 30% real yields went from under 100 bps to 400 bps. "But...but...But..." real rates, say in Turkey, collapsed to negative 600 bps and gold shot through the roof...priced in lira.
    • CB
      C B.
      30 October 2018 @ 05:11
      You have to skate to where the puck is going
    • YB
      Yuriy B.
      30 October 2018 @ 14:40
      Chris, I agree with you one billion percent.
    • SM
      Sarit M.
      30 October 2018 @ 15:14
      I'm a newbie... So can you help me understand where to see real yields..?
    • AM
      Alonso M.
      30 October 2018 @ 16:23
      Yes, it's real yields for sure. But if one is using CPI to measure the inflation component of a real yield, then the real yield measurement isn't necessarily going to reflect reality. It's a basic GIGO problem.
    • CL
      Chris L.
      30 October 2018 @ 19:47
      Sarit, it is inflation minus the nominal yield. Gold tracks 5-year real yields particularly close at about a correlation of .85 or higher. If inflation is more than 5 year, real yield is negative (good for gold). If real yield is positive, it's not good for gold because gold yields nothing. Always have some, but learn how it trades otherwise you'll get tossed around.
    • SM
      Sarit M.
      31 October 2018 @ 00:02
      Thanks for the explanation, Chris
  • AF
    Aidan F.
    30 October 2018 @ 21:54
    bottled water :) very good
  • NI
    Nate I.
    30 October 2018 @ 19:07
    Excellent interview.
  • MC
    Matthew C.
    30 October 2018 @ 15:15
    Total respect for Bill, he says it like he see's it, which you can do with 30+ years under your belt.
  • DR
    Debra R.
    30 October 2018 @ 03:22
    Great interview guys, thoroughly enjoyed your conversation
  • PB
    Pieter B.
    30 October 2018 @ 03:12
    This was fantastic! Thanks a lot Jim & Bill!
  • GP
    Greg P.
    29 October 2018 @ 21:55
    " Inevitability is certain, but not necessarily punctual", Jim Grant. I am an aging baby boomer who knows how true that is. I am a subscriber to Bill Fleckenstein's Fleckenstein Capital: Daily Market Summary. A reader once asked Bill how long would he stay with his investments in precious metals and the miners, and his answer was, " as long as it takes". I concur. Patience doesn't mean you are an expert in hindsight. It means being patient. Period. And trying to stay healthy enough long enough to benefit from your patience. Nobody said this was going to be easy.
    • BM
      Bryan M.
      30 October 2018 @ 01:42
      Damn! I thought it was..."going to be easy"! In an interview with Maria B. on CNBC in what? 2010? Eric Sprott promised us that the next decade would belong to silver. He's got 2 years left.
  • DF
    David F.
    29 October 2018 @ 09:36
    No transcript?
    • DS
      David S.
      30 October 2018 @ 01:12
      It is there now. It is not always there at the beginning. DLS
  • DC
    Dave C.
    30 October 2018 @ 00:48
    "got ME through"
  • SL
    Steve L.
    30 October 2018 @ 00:46
    "I'm so bearish, I'm a selling at zero".
  • DC
    Dave C.
    30 October 2018 @ 00:42
    My goodness, the first fellow Algol programmer I have ever encountered - Algol 60 or W? BTW I have subscribed to Mark @ IKN since issue 1 - spiky guy but honest, principled and he got be through 2013 - 2015 intact.
  • RA
    Robert A.
    30 October 2018 @ 00:23
    Even though I have been a Fleckenstein subscriber for many years and read Bill’s posts and the “Ask Flecks” daily I learned a few things about Bill that I hadn’t known before. I knew about the Tennis and the Running, but the Math major and early Tech experience were new to me. What a delight it has been to have someone as talented and yet humble share his insights daily with me over the years. Great job on this Bill and another extraordinary effort by Jim Grant. Top notch stuff here Milton!
  • VS
    Victor S. | Contributor
    29 October 2018 @ 22:12
    Why no inflation in doing QE -simple gents the “people” did not get the money ,the huge insiders/investors did. On a 10 rolling basis from 1961 the end of 2017 was the lowest rate. Ended in 2017...On a 5 year basis the lowest rolling period from 1962 ended in 2016. It only higher by 10 bps today . Good interview -always good when you have pro’s at the table.
    • BF
      Bill F.
      29 October 2018 @ 22:17
      u do know the calculation for the cpi was changed in 1996 correct? you can't compare post 96 with prior periods,the changes by the boskin commission made it such that the cpi will never show inflation.
    • JM
      Jim M.
      29 October 2018 @ 23:49
      Without the courage and political will to confront the Social Security problem, our Federal government found a cynical way to cut entitlements through the Boskin Commission.
  • tw
    thomas w.
    29 October 2018 @ 21:21
    Dear Bill, Roosevelt baned ownership of gold. Are you worried that a regime like that could return? regards, Thomas
  • DD
    Daniel D.
    29 October 2018 @ 18:54
    Very enjoyable and quality interview. Thank you RV, Jim and Bill!
  • rr
    rlw r.
    29 October 2018 @ 17:13
    It is great to see Jim back interviewing on RV (please, keep em coming). Bill has excellent insights and the experience(s) to back em. Thanks muchly guys.
  • GG
    Guillermo G.
    29 October 2018 @ 16:14
    Another magnum opus from these guys. A great exposure into human fragility, finance and investments sprinkled with a bit of humility.
  • JS
    John S.
    29 October 2018 @ 10:47
    Another enjoyable interview. A Few Australian miners worth checking in addition.
  • RM
    Russell M.
    29 October 2018 @ 10:32
    Thoroughly enjoyable. Thanks for sharing the messy performance issues rather than a sanitized version. It helps us youngers to tarry on through.
  • MR
    Milton R. | Founder
    29 October 2018 @ 09:35
    One after the other. This month keeps on giving big names.