Gold, Bitcoin, and the Death of Risk Parity

Published on
March 31st, 2020
Duration
69 minutes


Gold, Bitcoin, and the Death of Risk Parity

The Interview ·
Featuring Dan Tapiero and Raoul Pal

Published on: March 31st, 2020 • Duration: 69 minutes

If central banks continue to prop up asset markets, will they inevitably debase their currency? And if so – how can investors protect their portfolios? Dan Tapiero, founder of DTAP Capital and co-founder of Gold Bullion International, joins Raoul Pal, CEO and co-founder of Real Vision, to explore these questions and more. Tapiero argues that the Federal Reserve will likely do whatever it takes to re-inflate asset prices by printing trillions more dollars – which he and Raoul agree can only be good for gold. Raoul and Dan discuss bitcoin as an unprecedented call option on the future, full of asymmetric upside, and discuss the proper allocation of gold and bitcoin at this unprecedented phase of central bank dovishness. In addition, Tapiero shares why he believes physical gold and mining stocks are superior to gold ETFs, which he calls "paper gold."

Comments

Transcript

  • JB
    Jonathan B.
    1 April 2020 @ 01:40
    Unfortunately, when a seemingly intelligent person states with all seriousness that: 1) Trump is probably the only president in his lifetime that "understands interest rates and monetary policy"; 2) "there's no president or leader that I've ever seen who's had such an intuitive feel" about monetary fiscal policy; and 3) "Trump has been doing a phenomenal job on the policy front"; that person loses all credibility and everything he says previously gets washed out. Dan acted as though his opinion of Trump was removed from partisanship, however, it's so incredible to anyone who has ever heard Trump speak or who knows anything about Trump's history in business that it in can only be shrouded in partisanship. Although I would pay to hear Trump explain what "monetary fiscal policy" means or simply explain supply and demand for that matter.
    • BM
      Beth M.
      1 April 2020 @ 02:25
      And you're voting for who? lol
    • CG
      Christine G.
      1 April 2020 @ 03:09
      Thank you. I would pay to hear Trump explain anything coherently - and that does not even touch his utter lack of morality.
    • BG
      Bruno G.
      1 April 2020 @ 12:48
      The best pitchers in the world can’t explain how to throw the pitches they do but their command of the game is hall of fame level. Some players just have natural instinct of how to win, I believe its short sighted to not believe it possible in this scenario.
    • WM
      Will M.
      1 April 2020 @ 14:57
      Oh please....... can't we all just get along......
    • KT
      Kai T.
      3 April 2020 @ 02:19
      Your reply attacking Dan's credibility proves Dan's point. He didn't get nasty in expressing his view, the way you did.
    • LF
      Liam F.
      28 May 2020 @ 23:19
      I don't believe that DT destroyed any credibility by lauding Trump. I thought the interview was highly informative and relevant. What blows my mind is how anyone can hold a clearly criminal, negligent operator like Trump in high regard. Such is politics I suppose. Or perhaps it's money-making above all else? What-evs. I wonder if DT still regards old Trumpie in such regard now that we've been advised to snort bleach, drop Hydroxy, and slap our sweaty breathing bodies back together again. Oh and that UI rate? But market is up, up, and away, right?
  • CT
    Crispim T.
    2 April 2020 @ 19:56
    Still some doubters. When most people are "sold" on BTC it will be too late. Bitcoin will obliterate nearly any other investment by 2024-2025, after that halving finally puts it ahead of Gold in stock/flow as the most scarce store of value mankind ever had. The implications are so extreme a surreal that few people seem able to grasp that vision of a totally new paradigm. But it will cause a lot more disruption than the Internet did after 1990. If you're not paying attention, you probably should.
    • PL
      Patrick L.
      5 April 2020 @ 07:35
      Amen
    • AT
      Aubrey T.
      12 May 2020 @ 19:57
      The world is turning digital, BTC going mainstream is inevitable.
  • dm
    david m.
    14 April 2020 @ 00:28
    "Watches the S&P daily". Respectfully disagree that this is a staple of a good president.
  • OC
    Otto C.
    5 April 2020 @ 20:22
    Claiming that Trump understand anything is an oxymoron
    • jt
      john t.
      8 April 2020 @ 17:55
      crazy statement, to me it shows a bias towards (short term) economic gains over society but also perhaps a subliminal belief and support of the implicit MAGA narrative (not allowing the existing power dynamics of the US change)
  • VS
    Victor S. | Contributor
    6 April 2020 @ 17:01
    Gents try buying a home -no valuation adjuster no title insurance no walking thru the homes ... you don’t have any idea of what US stay in place means .... far worse than you imagine ...
  • HD
    Hedwige D.
    2 April 2020 @ 02:53
    brilliant, brilliant, Tapiero is amazing and Raul is insightful as always
    • CT
      Chris T.
      6 April 2020 @ 13:51
      A good mix as dan is more optimistic as Raoul is more end-of-the-world
  • BH
    Benson H.
    2 April 2020 @ 03:32
    What should i do if I am holding the SPDR gold etf in Singapore ?
    • CT
      Chris T.
      6 April 2020 @ 13:49
      Continue to hold it?
  • CT
    Chris T.
    6 April 2020 @ 11:49
    Well balanced: nothing like equity is dead. If it is - we all are anyway
  • AA
    Aymman A.
    1 April 2020 @ 17:54
    I have an open mind. I really wish Raul would have done a follow up question What specific macro policies of Trump are brilliant and why? I want to know why. I can’t agree or disagree with someone unless I get inside their heads and know why they think what they think.
    • MT
      Mark T.
      1 April 2020 @ 18:53
      I like to think I can give credit where credit is due, and honestly, the only thing I can give Trump credit for since January 2017 is his tough economic stance on China. That's it.
    • hr
      horacio r.
      5 April 2020 @ 21:55
      I agree, I would like to know what specifics he is talking about related to Trump. I also agree with Mark, the only thing I agree with Trump is his going after China, granted the approach he took I dont if it was the best one, but at least he did something about it.
  • OC
    Otto C.
    5 April 2020 @ 20:00
    I am bearish on Bitcoin in the short-medium term and extremely bullish on it on the long-term. I will buy Bitcoin after the crash. I don't remember a bear market that spared any asset class including gold. This bear market will not be the exception, it will even destroy the bond market.
  • OC
    Otto C.
    5 April 2020 @ 19:40
    By looking at gold's long term chart, gold's rally is near its end or is already over. I don't remember a bear market which caused gold to rally. Gold will bottom before the market so that will be a great time to buy gold.
  • FC
    Fractal C.
    1 April 2020 @ 14:59
    Dan's view on USD at a 19-20 minute mark is spot on and the only way out of this quagmire. That is the next big trade.
    • DR
      Derrick R.
      1 April 2020 @ 16:11
      I didn't understand clearly what he thinks will specifically happen, can you share what you think the trade is?
    • JV
      Jan V.
      5 April 2020 @ 08:39
      The Fed / government will need to create a dollar bear market to reflate the asset side of the balance sheets. Coupled with Raoul's slow growth, solvency crisis, strong dollar view. The amount of liquidity required to create a bear market in the dollar will be phenomenal. Long gold / BTC.
  • JC
    Jack C.
    2 April 2020 @ 08:09
    Hi Raoul, can you elaborate on who you were referencing to when you said the following: I met this incredible guy. He was on Real Vision. He's like a 22-year-old, smartest guy I've ever met, he's already been working in his part time hedge fund that you've worked for in the past???
    • RP
      Raoul P. | Founder
      2 April 2020 @ 11:07
      John Turek
    • JC
      Jack C.
      2 April 2020 @ 11:40
      Did a search for his name and nothing came up. Can you post the link to his RV interview.
    • JA
      Jörg A.
      4 April 2020 @ 07:50
      potentially this here: https://www.realvision.com/the-imperial-circle-a-second-coming-live-with-brent-johnson-and-jon-turek
  • js
    john s.
    31 March 2020 @ 06:10
    Dan is on Fire - awesome interview!!
    • tr
      tom r.
      3 April 2020 @ 23:15
      The best interview ever in my strong opinion. He even realizes how great a president Trump really is. He is a guy who will get us through this "Fourth Turning" in hopefully better shape than ever in history. Thankyou Raoul for this! I stopped listening to Hedgeye because they cannot understand how great a president we are now blessed with having. I also enjoy Neil Howe interviews as well as Zeihan who is cocky but brilliant. I don't know what Grant Williams is busy at these days but really enjoy his interviews as well. Another favorite is Katusa, a young brilliant man who really cares about his subscribers. Keep up the great interviews like this and thank you again.
  • RP
    Richard P.
    31 March 2020 @ 10:21
    Great! Would love to see you interview Charles Hoskinson at some point. By far the smartest guy in the crypto industry imo. The guy blows me away
    • RP
      Raoul P. | Founder
      31 March 2020 @ 11:16
      He has been on in the past. Was a great interview
    • CT
      Crispim T.
      2 April 2020 @ 20:01
      Charles is a serial scammer. He might go nicely after Roubini and Krugman tho, but he's a sad representative of "the crypto industry" and indeed - a serial scammer. If you want someone relevant and smart in that industry, perhaps Adam Back, Peter Wuille, Vijay Bopathi, etc.
  • KS
    Kenneth S.
    1 April 2020 @ 15:43
    Anybody else had trouble withdrawing from Goldmoney.com? We are consolidating everything with our much larger holding in a Swiss vault.
    • ZS
      Zoltán S.
      1 April 2020 @ 17:51
      I closed my account in late December because of this. Goldmoney has the right vision for the product but they literately lack the delivery of it. The platform is technologically backwards and the funding and withdrawal process is excruciatingly slow.
    • AK
      Ado K.
      1 April 2020 @ 18:41
      Not to be brash or rude but Bitcoin does fix this
    • JO
      Johnny O.
      1 April 2020 @ 21:35
      I'd read of complaints; so cashed out some; and the money arrived smoothly with no delays or stupid questions. Have therefore left the rest with them. This was before WuFlu when my concern was additionally their stock price and the lack of momentum in gold. They should be doing fine and busy now.
    • PG
      P G.
      2 April 2020 @ 12:49
      Closed my account with Goldmoney in January 2020 and withdrew my modest holding there. It took 21 days to get finally . I was enthusiastic with the original vision BitGold had (debit card etc) but everything went south when they bought out Goldmoney, cancelled the debit card and had ridiculously invasive and lengthy KYC forms to fill out. Now am buying either physical to hodl or gold-backed cypto stable coins.
  • TT
    Terry T.
    1 April 2020 @ 17:17
    Question for RealVision viewers; for people who have most of their money tied up in 401ks and/or IRAs, what is the best way to invest in Gold if you don't have the cash to buy physical gold? If not GLD are gold miners the next best option? Also, I understand there are some gold brokers that do IRAs for physical gold purchases. Does anyone have experience with this and a recommendation of and brokers that do this?
    • MT
      Mark T.
      1 April 2020 @ 17:52
      Hi. Honestly, the point of physical gold and silver, and holding it yourself, is to have something outside the banking system and avoid counter party risk. Gold is wealth insurance. Gold mining stocks are speculative and have counter party risk. If you don't have a lot of cash, you can buy fractional gold, like 1/2oz, 1/4oz, 1/10oz or the equivalent in grams. There are a couple places, like GoldMoney and The Bullion Reserve that you can buy fractional amounts, and I think you could take possession, but again, the idea is to avoid counter party risk. Hope this brief response helps. Good luck.
    • AM
      Alonso M.
      2 April 2020 @ 00:51
      PHYS trades on NYSE. It is closed-end which I think is what you want in an exchange traded instrument that invests in physical gold. I believe this is a better option than GLD though not appropriate for heavy hitters who want in and out of big positions quickly at net asset value. Custodian of PHYS is the Royal Canadian Mint (a Government of Canada crown corporation). Custodian of GLD is HSBC (too big to fail?).
    • DT
      Dan T.
      2 April 2020 @ 05:55
      I hesitate to use this forum as a plug for my own company, Gold Bullion International (GBI), because the spirit in which I do these talks with Raoul is not for the purpose of driving direct business but more for explaining thoughts that drive investments in the DTAP Capital portfolio. However, there are quite a few people in this thread searching for a way to execute physical. For the sake of transparency, I should say that I am not an employee of the company and am not involved in day to day operations but I do sit on our board. I co-founded GBI in 2009 in order to make it easy for people to own physical and for them to be able to own it in exactly the same way that I wanted to own it for myself. There are many reasons why I believe the product GBI offers is the highest quality and best in the marketplace but I urge you to do your own research. It is also very easy to sign up for an account and to execute a purchase/sale. We offer storage in seven places around the world and are now the third largest vaulter of gold in the world outside the banking system. For further details, please google the company name. Also to be clear, Raoul/Rvtv has no relationship with GBI other than as a long time friend of this co-founder. Dan T
  • DI
    Daniel I.
    2 April 2020 @ 03:16
    An alternate view is sometimes offered for the sake of contrarianism but with no real thesis behind it. If you are unable to have a strong thesis behind your view I don’t see any real value in positing an alternate view. THIS is how I like to hear an alternate view with a strong thought provoking thesis behind it. Amazing interview that brought a new perspective to a trade ($).
  • TH
    Trina H.
    1 April 2020 @ 23:22
    I’m so confused. Raoul says he’s adding to his gold position in this video, but he said to close out GLD for Macro Insiders. Can you clarify please? I’m feeling sad about selling my GLD a few weeks ago and worry the price is getting away from me.
    • DR
      Derrick R.
      2 April 2020 @ 02:00
      He’s said recently that he has not quite started getting back into gold again, yet.
  • ML
    Mike L.
    1 April 2020 @ 03:30
    Emerging market sovereign debt crisis is coming. Their biggest customers (developed markets) are in recession, and their currencies are decreasing vs the US dollar which means their USD debt increases. I can't see how this doesn't happen.
    • LS
      Lemony S.
      1 April 2020 @ 14:39
      Brent, are you posting under another pseudonym again ... (-:
    • SK
      Shiu K.
      1 April 2020 @ 23:57
      "I can't see how this doesn't happen"... the Fed, the Fed, the Fed
  • bp
    bart p.
    1 April 2020 @ 22:31
    close up the diddies Raoul
  • JE
    J E.
    31 March 2020 @ 17:05
    Great interview. Can anyone recommend the best technical ways to buy/hold bitcoin for a beginner? Even from a tech background, I have trouble with all the wallets and techs behind and struggle to put it all together. Trying to make a small allocation at some point. Obviously coinbase is easiest, but would really appreciate a deep dive on how to buy/hold - safest methods, which I assume is a cold wallet. Thanks!
    • MO
      Max O.
      31 March 2020 @ 17:43
      Look up the podcast ”What Bitcoin did” by Peter McCormack, very beginner friendly. Think he have some episodes covering the subjects you are interested in.
    • AW
      Adam W.
      31 March 2020 @ 18:28
      Coinbase is relatively safe to store for the short term. I would suggest: Step 1: buy from Coinbase Step 2: download a wallet - I would recommend Exodus as the user interface is very friendly Step 3: practice sending a small amount to your chosen wallet until you are comfortable Step 4: (after a while perhaps) buy a Ledger or a Trezor. These are hardware wallets that store your Bitcoin offline. The podcast series suggested in this thread is a good one.
    • WG
      Wade G.
      31 March 2020 @ 19:06
      Thx for the Q Jon, and many thanks for the replies Max & Adam... gotta start somewhere, and this helps.
    • ST
      Shane T.
      31 March 2020 @ 19:46
      https://nuggetsnews.com.au/ is a fantastic resource. Do a thorough lookaround on their website, they cover everything you could hope to know about crypto. Good luck.
    • JW
      J W.
      31 March 2020 @ 19:48
      Or you can start with eToro - very easy way to buy coins and you have the option of custody by them or you can download their wallet and transfer the coins into that wallet and manage our own private keys should you prefer that over time.
    • BM
      Brett M.
      31 March 2020 @ 19:50
      Hey Jon. Coinbase is a good fiat on-ramp. The fees are high, but it's probably the most trustworthy and safe exchange to go with. In terms of storage, you want to hold it yourself and not trust any 3rd party. You do this with "cold storage" - I'd recommend buying a Ledger Nano S (make sure it's from the official website) and watching a youtube tutorial for how to send your BTC from Coinbase directly to your Ledger. You'll be given a list of words when activating your Ledger called your "seed" that can be used to restore your funds on any other Ledger device in case something happens to yours. Make sure NOBODY has access to those but you and your wife (if you like her hah). The Ledger will store your private keys in the device itself and you'll need access to it to move your BTC around in the future. This makes it extremely secure and unconfiscatable. Hope this helps - best of luck sir!
    • CW
      CC W.
      31 March 2020 @ 20:03
      You can download bitcoin daemon running a full-node on your machine. Make sure you have large enough of free space dedicated to the blockchain data. Run the bitcoind. I think WIndows also comes w/ a user interface. You can send or receive coins from your default wallet locally. What I would suggest is get an account w/ Coinbase or like type of platform. Buy a coin. Send the coin to your local wallet. Don't forget your passphrase for the wallet. Wait until BTC hit a million. Send it back to Coinbase and sell it. If you are technical. You should know these steps w/o reading much into manuals.
    • RE
      Renato E.
      31 March 2020 @ 20:26
      I use Kraken. Never had any issues. I highly recommend that you start small (buying for only a few dollars). Learn the user interface of your crypto exchange. Select your wallet, for small amounts you can use a simple software wallet (depending what OS or Mobile phone you are using). Learn how to transfer your coins from the exchange to your wallet and vice versa. Get familiar with two factor authentication settings to protect your account. If you make mistakes and transfer the coins to the wrong address or forget the passphrase, you only loose a few bugs. After a while, you get the hang of it. I cannot emphasize enough: start small. There are many step-by-step videos on YT on how to setup a wallet, transfer your coins etc. It is not that complicated.
    • PD
      Peter D.
      31 March 2020 @ 23:07
      Buy GBTC. You'll pay a 20% premium and 3% carry. But at least you'll get liquidity and audited financials. Everything else in the BTC space is a crapshoot. Everything.
    • SL
      Sean L.
      31 March 2020 @ 23:28
      1) Find a trustworthy exchange in your country 2) get wire info and wire money 3) Buy ledger Nano S (it may sound intimidating but I promise you can setup on your own now problem. 4) Log on to your exchange acct and sent 1% to your wallet's address as a test 5) Once your comfortable, send the balance from the exchange 6) Use your Nano S for quick access to funds. You'll also receive 3 paper copies of your keys and you can store them securely however you like depending on the size of your holdings (safety deposit box, fireproof safe in a secure location, etc...) Always good to keep secure backups in case you lose your nano or other copies of your keys for any reason. While the responsibility feels daunting at first, it's way more simple than it seems before you go through it and there is an incredible feeling of freedom and security that comes with following through. It took me two years to take the plunge and once I did it, I couldn't believe how simple it was. Good luck!
    • PT
      Patrick T.
      1 April 2020 @ 02:37
      Maybe speculate on BTC via Robinhood. Very easy.
    • JE
      J E.
      1 April 2020 @ 12:02
      Thanks so much everyone, super helpful!
    • JO
      Johnny O.
      1 April 2020 @ 21:49
      It's true that it's still difficult in many countries to buy BTC (with fiat). I'd prefer to stay away from the US exchanges, due to the greater risk of financial repression there, but banks in Hong Kong, Singapore and Japan are hostile to the crypto exchanges having a receiving bank account. If you are going to transfer USD to the USA, I'd recommend Gemini over Coinbase dues to Coinbase's history of sins. Buy BTC and then send some across to better non-fiat exchanges like Binance if you want to buy other coins, and the rest to an offline hard wallet. Trezor is so superior to Ledger, it ain't funny.
  • NS
    Nick S.
    1 April 2020 @ 20:30
    Phenomenal.. Two great thinkers. Thanks Dan & Raoul.
  • AR
    Amber R.
    1 April 2020 @ 20:12
    Thanks for bringing up silver. It has long been the red headed step child to gold and overlooked by most at historical cheap prices in comparison to both gold and equities.
  • AK
    Ado K.
    1 April 2020 @ 19:52
    Looking forward to Bitcoin becoming a bigger part of our lives. I think money that can be moved completely freely at will to anyone or anywhere on this panet is the only form of money that is suited for free individuals. Slave money has been limiting millions if not billions of people for way to long. After rain comes sunshine, keep you heads up!
  • Dv
    Daniel v.
    31 March 2020 @ 08:43
    I've been following Dan for quite some time. When I watch his Twitter stream he's only about more stimulus and more intervention by governments and CB's. Of course, that might be good for his gold holdings but I get the feeling he is so deep into it, and wants it to go up so badly, he doesn't care about any (societal) implications of his begging for extreme stimulus.
    • Dv
      Daniel v.
      31 March 2020 @ 09:13
      Next to that, at 52:40 Dan is saying that to be buying dollars last week was a pretty dumb move. As Raoul was saying "buy dollar!" last week in RV Pro, you would expect some reaction...
    • DK
      Damien K.
      31 March 2020 @ 10:50
      is Roul backing away from his 'buy dollars now' tweet?!?
    • RP
      Raoul P. | Founder
      31 March 2020 @ 11:17
      Im not backing away from a view, I am interviewing Dan so its not about my own views except to flesh out his views.
    • AP
      ANTHONY P.
      31 March 2020 @ 14:17
      @Raoul I appreciate that an interview is not the place for you to be asserting your views. However, quite a few of us PRO members have relied on your FX trade recommendation and have been requesting that you provide us with fresh and specific guidance. It has been a week in a time when a day feels like a month. In that time we have had to resort to inferring your thoughts from your twitter posts to non-members. Please consider providing an update soon. Thanks.
    • CL
      Cyril L.
      31 March 2020 @ 18:24
      Anthony P. this is about investing, not day trading. You have to be willing to wait for weeks/months for trades to play out. I assume no update means there is nothing to update - the view remains the same.
    • DT
      Dan T.
      1 April 2020 @ 03:52
      Interesting comment. For the past few weeks I have been urging govt/Fed intervention/stimulus because i see how dire the economy will look and feel in the weeks to come. If it were possible, in a perfect world, we would not need any stimulus nor would we have any deficits or macro imbalances. But we live in a human world and so error is all around us. What I try to suggest and position for are the best most reasonable macro adjustments that will help buffer us from problems becoming so severe that they lead to societal meltdown, of which I am not in favor. I do not suggest macro policy direction because it will help my gold position. I believe, after 30 years of being involved in the macro world, that I have a good sense as to what is the best course of action required to offset economic problems...and then, believing that policy makers will see the same course, I adjust my portfolio accordingly. The hoped for result is that the greatest number of people in our society should benefit (directly or indirectly). All that being said, it does sort of feel like we are at a crossroads in terms of exhausting the validity of the existing macro policy framework. IE. QE and 0 rates again (and maybe throw in a big usd weakening to boot) not really that creative an answer to our current problems. Regardless, given how dire the economic situation will be in coming weeks, I do not think we should focus on the elegance of the solution but rather on the speed at which we can prevent people from a total and full panic which does long lasting structural damage to the economy and in this case to the culture more generally.
    • AP
      ANTHONY P.
      1 April 2020 @ 19:33
      @Cyril L. I appreciate the thought but on Twitter Raoul has said that he thinks the Fed's recent move changes the time frame and that he has pared back his position. That would make your assumption incorrect and, as such, specific updated guidance appropriate.
  • JB
    Jonathan B.
    31 March 2020 @ 20:12
    I'd prefer them not to peg the 30 year mortgage to 2%. Just another bailout for overlevered home owners, mortgage reits etc... at some point we can't just bail everyone out.
    • WM
      Will M.
      1 April 2020 @ 14:40
      We apparently can if the Fed is permitted to continue to buy Gov Treasuries trillion upon trillion. The race to the bottom has started in earnest.
    • JB
      Jonathan B.
      1 April 2020 @ 15:15
      Absolutely Will. As Hugh Hendry once wrote, "I am taking the blue pill now."
  • ND
    Noel D.
    1 April 2020 @ 02:52
    Please have a representative or supporter of GLD or IAU on Real Vision to explain exactly how their ETFs work. I think they both say they have essentially 100% physical gold backed. They are not set up to deliver it to you if you ask but the have it. Dan T., Simon M. and the young guys from Goldmoney hint that the big gold ETFs are "paper gold" and put investors at risk in situations where gold spikes up. I need to hear clear and specific pros and cons about those two securities.
    • ND
      Noel D.
      1 April 2020 @ 03:15
      and if any RV viewer can make a specific case pro or con GLD / IAU, please...
    • AW
      Aaron W.
      1 April 2020 @ 04:17
      Real Vision already recorded this for you last week. Watch the George Milling-Stanley interview.
    • WA
      Wissam A.
      1 April 2020 @ 08:28
      @Noel D this article https://www.voimagold.com/insight/gld-a-crash-course explains how GLD works. It is very well written.
    • ND
      Noel D.
      1 April 2020 @ 14:55
      Thank you R S. Of course, I feel silly. I had that video on backlog and hadn't gotten back to it. Thanks Real Vision for doing that interview. Also thanks Wissam A. I will go read that essay now. This is a great and supportive community. Cheers, Noel
  • EC
    Earl C.
    31 March 2020 @ 22:28
    Only @ the 54:16 mark &Dan makes a comment I take issue. The gov't/fed backstopping pension funds to keep them in stocks is not called socialism! That is called state controlled capitalism. Perhaps a requisite for it to continue to exist not my call but lets stay with in lanes that are accurate.
    • WM
      Will M.
      1 April 2020 @ 14:53
      Its called market manipulation......
  • LS
    Lemony S.
    31 March 2020 @ 20:13
    Anyone can answer, please, I'd like the interested and informed RV viewers and investors to answer: If you had $100,000 to invest on April 1, 2020, what would you do with it? The answer that says "Wait" is fine as long as it includes an eventual action and time frame. Thanks guys
    • JW
      J W.
      31 March 2020 @ 21:15
      If it is the only 100K you have I would do nothing. Cash is king.
    • RM
      Robert M.
      31 March 2020 @ 22:13
      Would see how markets trade and consider doing something mid-April. News will come out at some point on the declining curve. To Dan's point, Trump will do everything in his power to push the market before the election, but his hands could be tied by the House. Longer term, economy will come back slowly so agree with both these gentlemen that we should have another downtrend in prices as more bad news comes out.
    • MO
      Mary O.
      31 March 2020 @ 22:30
      10% GLD -- deal with the paper deficiency, gap will close over time. 15% GDX per the interview, or get your broker to do a structured note at >10% apr, down 35% barrier, or ping me privately. 15% select BDC's, Dodd Frank is the best friend to this industry, banks are nowhere to be found to partner with private equity, let all that equity go to zero before you don't get paid. Favor the lenders that can do BIG deals, which narrows universe way down, say ORCC ($11.54, already committed to paying $1.53 in total divs this year) 25% Vanguard Treasury Money Market, you need powder 10% select group of BA suppliers, pref mkt share takers (eg Berkshire bought Precision Cast parts and made no investment in 4 years. ATI ($8.25) taking biz from them left and right, $2.50+ eps power (all from specialty) coming out of this that would get 15- 20 p/e if not for the 40% of sales tied to more commodity end , won't be tied to concessions BA makes to get gov $$). 10% basket of microcap value (eg CARS ($4.30) equity trading at 2.5x pre COVID19 FCF guidance minimum < 2 mos ago. Major investment behind them, market share taker va Edmunds et al) 10% crude/product tanker shipping-- prob zero chance Saudi/Russian collusion to end USA fracking once and for all reverses. (eg STNG $19.12 probably trading at 2x what it will earn in the next 2 yrs from the huge contango effect) 5% SLV (13.05) is gold really going to double while this sits at 52 week low (not counting the last couple weeks)
    • lm
      luke m.
      31 March 2020 @ 22:58
      I'm in a similar position as you and I'm currently 20% gold and silver, 20% bitcoin and cryptos, 60% cash( split in the bank and physical). However I'm only 22 years old so my risk appetite is very high, as you could probably grasp with my 20% allocation in crypto hahaha. I'm waiting to deploy some capital into the stock market once it bottoms out as I believe Trump and MMT will drive very high inflation until the bubble inevitably pops.
    • PD
      Peter D.
      31 March 2020 @ 23:04
      After the initial 1929 crash, markets took 4 years to bottom out. So go out and buy a few books.
    • MS
      Michael S.
      1 April 2020 @ 03:40
      The good old 60/40 portfolio: 60% emerging markets value; 40% precious metals and mining stocks.
    • WM
      Will M.
      1 April 2020 @ 14:50
      I know there is a wide range above but I am personally impressed with ALL the comments made here as it show what RV subscribers are each doing in good faith. With funds I can control, I am currently about 15% gold/silver, 10% gold silver mining stocks, 25% cash notes, 20% MMkt funds, 10% UUP, 5% TLT 5% other.
  • TS
    Tim S.
    1 April 2020 @ 14:49
    Love this timely approach and discussions when the market is volatile, setting aside content this value can't be beaten.
  • LS
    Lemony S.
    1 April 2020 @ 14:41
    I've been critical on several topics as of late, but this was one of my favorite watches of the month, maybe the year. I look forward to their revisiting the same topics during Summer (or late Summer, even better), which will be fascinating. Good stuff, gentlemen.
  • SS
    S S.
    31 March 2020 @ 14:51
    Great, Great Interview. I am now beginning to get extremely worried with the Dollar Trade. I think Dan is right. Trump will not let the Dollar rally in an election year. He is the master manipulator and will make sure markets are up by December by hook or by crook.
    • DR
      Derrick R.
      31 March 2020 @ 15:48
      Haha, awesome comment. Man I went in big on this dollar bull wager after how strongly Raoul pushed it here and on Twitter. Now it seems even if the thesis is correct the timing is unknown, my calls expire 9/18, I'm just really unsure what to do with it now as it seems the risk on this trade is all of a sudden beginning to show itself while we are down 70%
    • SS
      S S.
      31 March 2020 @ 19:39
      Hi Derrick. You got some time. I bought UUP June calls and am down 70% I've also lost a fortune on GBP/USD. It rallied hard from 1.14 level to around 1.24 now.
    • FK
      Firoze K.
      31 March 2020 @ 21:49
      I'm in the same boat as you two guys! Got a bit carried away after having success with the HYG puts, then rushed into the dollar trade in a very cavalier way - my own fault!
    • lm
      luke m.
      31 March 2020 @ 23:20
      I also don't see the dollar rallying again with Trump in charge, do you guys think he'll manage to re inflate the stock market and push it to all time highs ?
    • DR
      Derrick R.
      1 April 2020 @ 01:01
      @luke I don’t see how that is possible.. check out todays daily update.
    • WM
      Will M.
      1 April 2020 @ 14:33
      Folks, I too make out well on Raoul's HYG / S&P short trades, couldn't bring myself to go the derivatives route on $ or Bonds so just bought TLT and UUP, currently flat.
  • CB
    Clifford B.
    31 March 2020 @ 13:21
    Good interview but its hard to listen to Dan say ignore BTC volatility on the one hand but Silver volatility is too high on the other. Also as someone who has owned paper gold/silver contracts and also gold miners such as NG and PLZL, i cannot see the justification in owning solid/physical gold. The difference in cost right now between physical/paper is due to shipping line issues associated with COVID and should the global financial system melt down to the point that paper contracts aren't worth anything and people are transacting in physical gold, the only real currency would then be bullets and canned food. As far as BTC goes, that ship has sailed, the last few weeks have shown that BTC could not stand up as a store of value in adverse economic conditions. It tanked harder than pretty much everything else.
    • AW
      Adam W.
      31 March 2020 @ 18:33
      Volatility is not a problem, see here: https://unchained-capital.com/blog/bitcoin-is-not-too-volatile/
    • WM
      Will M.
      1 April 2020 @ 14:29
      If it goes down again similarly in the next down leg you may well be right. It it holds or rises it may be worth a punt.
  • RM
    Richard M.
    31 March 2020 @ 12:27
    *** Milton/RV, please go back to posting the "filmed date" in the video description! Your customers have been requesting this repeatedly since you stopped doing it. It can't be that big of a deal and yet you continue to hide this crucial information - it does not make any sense???
    • Md
      Martijn d.
      31 March 2020 @ 12:59
      Totally agree, have been looking for filmed date myself in the last few days.
    • YO
      Yoshitaka O.
      31 March 2020 @ 13:28
      Totally agree! Please
    • LO
      Luke O.
      31 March 2020 @ 14:12
      More agreement!
    • ml
      m l.
      31 March 2020 @ 14:35
      Easier to ween content out from a long time ago If you don’t do that
    • SP
      Stephane P.
      31 March 2020 @ 15:26
      Totally agree!
    • SM
      S M.
      31 March 2020 @ 15:41
      Yes please!
    • DP
      Duane P.
      31 March 2020 @ 17:54
      This
    • BM
      Beth M.
      31 March 2020 @ 21:22
      Unfortunately the only remote chance to tell is to see what he's wearing from video to video. This was filmed on the 27th because he's wearing the same shirt he wore when he did his interview with Ed this past Friday. Makes no sense for the subscriber not to have this valuable info.
    • MK
      Mike K.
      1 April 2020 @ 00:56
      In agreement - please bring it back!!!
    • AW
      Aaron W.
      1 April 2020 @ 02:35
      Agree
    • WM
      Will M.
      1 April 2020 @ 14:27
      Yes I agree that overall its better.
  • SG
    Sven G.
    31 March 2020 @ 11:03
    does Raol's home look like an early 90's night club to anyone else, or is it just me? Content excellent!!
    • KR
      Kelly R.
      31 March 2020 @ 14:51
      Stunning home actually. Raoul won some L.C. design awards !! #RockStar
    • WM
      Will M.
      1 April 2020 @ 14:26
      I personally like Restoration Hardware stuff, I think he has some nice chairs from there in the background. I just love that he can be on a safe little island far from the maddening crowds (who are sharpening their pitchforks, and oiling up their torches.
  • BC
    Brente C.
    1 April 2020 @ 12:49
    Articulate discussion but I don't buy into the inflate and devalue miracle cure logic infesting the financial community. Too few are discussing the true downside risks of error on that front.
  • MM
    Martyn M.
    1 April 2020 @ 12:20
    Agree with Dan on Gold and but the Dollar still has a lot of potential to break the back of the monetary system as we currently know it. Very interesting interview. Thanks!
  • PB
    Paul B.
    31 March 2020 @ 20:18
    Can't tell me the Central Banks haven't got their own Block Chain Technology. The stored value of Bitcoin and others sits where?....It what assets classes....If it's value is only based on the money going into it, then its just a pyramid scheme
    • PD
      Peter D.
      31 March 2020 @ 23:02
      Bitcoin blockchain = Verifiable. Limited supply. Organic adoption. Central bank blockchain = Secret-glorified-database. Unlimited supply. Forced use at gunpoint.
    • BS
      Bart S.
      1 April 2020 @ 10:33
      Please do some ground work before fuming, so we all can take you as serious as you want to be taken.
    • SM
      Shivani M.
      1 April 2020 @ 11:04
      4 thumbs up tells me BTC is still way underpriced ;) Bitcoin's value is not that it is "digital money". Dollars are digital money too.
  • CK
    Cristina K.
    31 March 2020 @ 21:12
    It is not hard to buy Bitcoin. Google it and figure it out. It is not that complicated. LEARN.
    • NZ
      Nikola Z.
      1 April 2020 @ 01:43
      It's hard to buy meaningful amounts of Bitcoin. I think that's the point. How would you buy $10M worth for instance? Where is the liquidity?
    • BS
      Bart S.
      1 April 2020 @ 10:31
      @Nikola Z. $10M can be done quite using multiple exchanges, or more easily through OTC. Obviously, you'll have some slippage. Now, if you want ten times that much, that is where the fun starts.
    • SM
      Shivani M.
      1 April 2020 @ 11:02
      Nikola, Coinbase volume on BTC yesterday was $84M. It's not hard to buy $10M BTC.
  • KS
    Kathleen S.
    31 March 2020 @ 22:50
    Before I say anything I must say Dan has great shoulders - as a woman I really like them. Now on to more important things: the FED created the situation so the fact that it is quick to respond to what it created is ridiculous, it is an event that they were waiting for and knew was coming. Look out your window, everything that was there is still there - only thing that has changed is price. The WORLD needs to deleverage and let markets clear --- 1% have made money by the rise of FAKE asset prices through cheap debt & have stolen the WEALTH from those that actually are the MAKERS- who is keeping this economy going while everyone is locked up? Not traders but the mail man, the guy at the grocery store, the nurse - these are the real productive people in our economy - they provide the goods and services. TIME FOR A NEW NARRATIVE. I study ancient history (nothing new here) if you bail out creditors you can NEVER get a real economy, you get debt slaves and lower and lower levels of growth because debt always grows faster than real economy. Rome and Greece had oligarchs that forced govt to bail out creditors to the demise of the real economy and ultimately their civilizations collapsed. Today it is the oligarchy that owns the stock market and bond market - they need to be gotten rid of - they are the danger that has destroyed our democracy and has created this entire nightmare. I love gold and bitcoin as investments, but not as currencies --- a country's wealth is the underlying natural resources it has -- not how much of a shiny metal is has ---- CHANGE YOUR PERSPECTIVE and YOU GET A COMPLETELY NEW NARRATIVE.
    • SM
      Shivani M.
      1 April 2020 @ 10:53
      #metoo
    • SM
      Shivani M.
      1 April 2020 @ 10:57
      What you have said begs the question... why must bailouts start at the top? If we're going to print, why not print $16T and pay off all mortgages? Or $4T and pay off 1/4 of it. I'm sure there are good reasons not to do this, but let's at least hear them.
  • JC
    Jack C.
    1 April 2020 @ 02:36
    I get that the current monetary system has serious flaws with no easy fixes. However the former macro crowd that have become cheerleaders for bitcoin and other cryptocurrencies, many of whom I have high respect for (Mark Hart, John Burbank and Steve Bregman etc), their argument is simply along the lines of if we get 1% of global savings shifted into bitcoin, then that makes current mkt cap severely undervalued... There isn't enough discussion on robustness of bitcoins. We know that gold has stood the test of time, however for bitcoin, whether it has the characteristics to be enduring is a debate from pros that's worth hearing...
    • BS
      Bart S.
      1 April 2020 @ 10:26
      What kind of discussion would you like to see? That gold stood the test of time for millennia and Bitcoin just for over 11 years. There you have it, discussion closed. I have reasons to believe Bitcoin is robust but that is just conjecture and will fail to convince anybody who doesn't want to be convinced. Feel free to do your own digging in Bitcoin and come to your own conclusions.
  • PH
    Petter H.
    1 April 2020 @ 10:08
    I would love to hear your thoughts Raoul (and hopefully Dan when he comes back. Love every interview he does) about what it would look like for portfolios to take on 1% Bitcoin. In my mind that is still far off. You commented in the recent 50% drop that Hedgefunds are now liquidating, and it makes sense because their time horizon and need for short term stability makes it really hard for them to hold something like Bitcoin. HODLers can invest with the mindset that "this is money I will not need for the next 5-10 years, and can take volatility because the opportunity is so large", but I get the feeling that many institutional investors cannot. Maybe you could have an interview focused on what it could look like for some of these larger players to get exposure to Bitcoin and maybe the crypto space even though these spaces are volatile and will be for the foreseeable future. Thank you!
  • tc
    thomas c.
    1 April 2020 @ 09:14
    Dan can't convince me of the efficacy of many of his positions, Raoul can. But this was a GREAT conversation. The amt. of EM $ debt coming due is unreal. Don't think the Fed can keep the $ dollar down enough.
  • BM
    Beth M.
    31 March 2020 @ 21:27
    Raoul, you said you weren't a buyer of gold yet. At what price would you buy? And are you talking physical or some other vehicle?
    • WA
      Wissam A.
      1 April 2020 @ 08:35
      Forget about what Raoul is saying. Just buy it and buy the physical. The current price is really irrelevant if it moves up or down by 20% for the time being because the upside is huuuuuge even at current prices.
  • AA
    Anthony A.
    1 April 2020 @ 08:06
    I personally would rather have Roul talk to us for an hour! also why talk about a trade that has already happened VIX the gold and bitcoin conversation was confusing and all over the place. What tis did reveal is there is very little clearity going forward.
  • HJ
    Hollis J.
    1 April 2020 @ 08:03
    Truly an amazing hour of deep and relevant thought! Thank you Dan and Raul!
  • SZ
    SALEH Z.
    31 March 2020 @ 18:31
    This was a great interview - right up to the point where he said Trump was the greatest macro philosopher of our time... But then again if you are bullish Gold,XBT and bearish the USD, you probably couldn’t ask for anyone better than Trump.
    • DS
      David S.
      31 March 2020 @ 19:56
      There is one more card In President Trump's history to be played - Bankruptcy. DLS
    • RM
      Robert M.
      31 March 2020 @ 20:23
      Not sure I understand Trump's intuitive macro vision. Feel like you can sum it up as interest rates lower (got that back to Obama/Yellen levels which is not a healthy sign for US economy), stock market higher (at break-even since taking office), tax cut to drive corporate profits (got the cut though profits are not higher for past couple of years) and oil prices lower (got that but now arguing for higher prices). He has been pushing to move jobs back to USA but job growth in manufacturing and construction is about the same at Obama's last term. What am I missing?
    • DS
      David S.
      31 March 2020 @ 22:36
      Chris M. - It would be great IF Mr. Tapiero would actually explain his position in addition to talking his book on gold and Bitcoin. DLS
    • DT
      Dan T.
      1 April 2020 @ 03:21
      I didn't say he was the greatest macro philosopher of our time. He has a better feel for macro policy and the equilibrium interest rate than any of the past Presidents that I can recall-Obama, W, Clinton, Sr, Reagan, Carter.
    • DS
      David S.
      1 April 2020 @ 07:56
      dan t. - President Trump is a classic debtor who pulls the bankruptcy card whenever he is in trouble. He always and only wants lower interest rates. You are certainly welcome to your opinion, but in my opinion you are wrong. DLS
  • mk
    michael k.
    1 April 2020 @ 04:10
    Great job guys! Hit most of the key relevant macro points. Two great minds, not arrogant
  • MC
    Michael C.
    1 April 2020 @ 03:57
    30 minutes tops would have been better for this video. Dan, with respect, saying you are not long VIX at 90 adds no value. If you don't know what to do with VIX at 90 then please don't waffle on for an hour, the noise to signal ratio in this market is way too high already. Respect to Raoul for trying to steer the conversation towards behavioural economics but sadly he was cut off by Dan's don't fight the fed response. We can all tune into CNBC for free to hear the that FOMO message.
  • BG
    Bruno G.
    1 April 2020 @ 03:44
    The best video I ever watched. Love Dan now. I agree on gold. Not sold on BTC but I will add, too much respect for both to not think I am wiser. And totally agree that Trumps financial instincts are not only Mensa worthy but Prometheus level, 1 in 10:000. Most are not capable of seeing it or are blinded by hate to see it. Thanks
  • RS
    Rajat S.
    1 April 2020 @ 02:51
    Raoul's shirt open buttons keep increasing by every appearance. Great interview
  • PL
    Patrick L.
    1 April 2020 @ 02:43
    You guys need to do this at least once a month
  • RP
    Raoul P. | Founder
    1 April 2020 @ 02:36
    I do find it extraordinary that if a person in a video expresses a political view - left, right or centre (literally any view), anyone who doesn't agree with that view needs to raise it in the comments section. Just let it go. There is room for everyone where. Let's not be tribal. The world is too polarised as it is. We are all entitled to our own views and that should be cool with all of us
  • JC
    Jack C.
    1 April 2020 @ 02:05
    So if central banks have all been buying gold lately, then who is on the other side of trade?
  • CT
    Crispim T.
    31 March 2020 @ 22:36
    It's amazing how BTC will totally dominate his decade. Pure inevitability. The Internet effect from 1990 but now affecting money... Something eveyone needs regardless of understanding it or not. Very exciting times ahead. Haven't been this interested since the first days when I understood TCP/IP (vs OSI) and thought it was going to be huge. It took 30 years, but finally something else matches that "gut feeling". I missed it!
    • DR
      Derrick R.
      1 April 2020 @ 01:03
      Lol, I appreciate your enthusiasm Crispim. With all this awful news it’s great to have something to give us hope!
  • EC
    Earl C.
    1 April 2020 @ 00:44
    Not a fan of Trump but will agree with you he is very skilled & experienced in navigating Ponzi schemes & such skills are helpful in these times. No I am not a bitter alumni of Trump University btw:)
  • AB
    Avik B.
    1 April 2020 @ 00:31
    Fantastic discussion.
  • BN
    Barrett N.
    1 April 2020 @ 00:17
    Always a great interview w you two! Thanks for the informative, entertaining and analytical interview. Best wishes and Stay safe. B
  • JE
    James E.
    1 April 2020 @ 00:04
    Another great discussion. Very informative.
  • PS
    Pavel S.
    31 March 2020 @ 22:56
    Can we hear more about stock markets and stimulus. Why does think it could double SNP? Compare that what happened in Japan from 1990s. What are the factors pulling in one way and the other? Examples: 1) Past framework: Underfunded pensions + QE = corporate bonds funded = buybacks = stocks up. What´s the playbook expected going forward? How many corps will still buy back? 2) Real economy down + Earnings + Demography + panick = stocks down. Dollar potentially up. Can we get more data and views about the above? It was interesting to hear Dan thinks SNP can double and gold can tripple. With dollar being the only loser. And it makes sense... Yet, Raoul has a point about the EM and dollar drain. Mhmmm... It really seems that nobody knows at this point? What are some guiding data to watch? It also really seems that goldminers and bitcoin are the safest bet because the unlimited QE and MMT is not going away.
  • LO
    Luke O.
    31 March 2020 @ 14:14
    Raoul, you needn't bother wearing a shirt at this point!
    • MF
      Michael F.
      31 March 2020 @ 22:50
      Digging the Johnny Depp wrist beads myself lol
  • JP
    Jack P.
    31 March 2020 @ 22:25
    Things are moving so fast. Can we PLEASE make sure to put the 'recorded on' date in each write-up/summary. Thanks.
  • DK
    Daniel K.
    31 March 2020 @ 18:03
    When does the Federal Reserve destroy itself? They're bailing out multiple markets so their balance sheet is going to expand by trillions(already has). When does this challenge their credibility?
    • JL
      Jack L.
      31 March 2020 @ 22:22
      As soon as a nation & central bank with MORE credibility comes along... which would be?... (.... crickets..... )
  • NL
    Nikola L.
    31 March 2020 @ 22:00
    Great stuff. My view is to add Gold and Copper on longer time line. From that point of view I accumulate Au/Cu miners - porphyry miners like NCM (ASX). Time will tell.
    • RM
      Robert M.
      31 March 2020 @ 22:09
      Looking at SCCO. Infrastructure could help copper prices depending on projects.
  • FK
    Firoze K.
    31 March 2020 @ 15:40
    Raoul you mentioned that you're adding to both Gold and Bitcoin at the moment. I thought the steer from you on Gold was to wait for now?
    • DR
      Derrick R.
      31 March 2020 @ 15:51
      I heard this too! What happened?
    • RP
      Raoul P. | Founder
      31 March 2020 @ 16:06
      Im waiting for prices to come my way but I am in buy mode. Have pulled trigger on BTC but not gold..yet.
    • FK
      Firoze K.
      31 March 2020 @ 21:40
      Thanks Raoul.
  • CK
    Cristina K.
    31 March 2020 @ 21:15
    Transfer money to an exchange, buy it there. Google how to use a hard wallet like Trezor, buy it, and transfer it there. Done. it is yours. do not leave it on an exchange.
  • GS
    Giuseppe S.
    31 March 2020 @ 16:16
    Hi Raoul - what do you make of the fact that the top 500 holders/whales of BTC hold 20% of all BTC? Does this concern you at all? At what price will these hodlers become net sellers is my concern?
    • DR
      Derrick R.
      31 March 2020 @ 16:40
      It depends on what you think their principle beliefs are.. if all fiat money is getting devalued and this is the only thing left that’s verifiably scarce, I would think you’d hold it and only cash a small amount to fiat when and where bitcoin isn’t accepted.
    • RP
      Raoul P. | Founder
      31 March 2020 @ 17:09
      Analysis of these wallets has shown that they do not sell so i don't think that is an issue for a long time.
    • RP
      Raoul P. | Founder
      31 March 2020 @ 17:09
      Its the same with equities , real estate and allotter assets 80/20 rule applies
    • JP
      John P.
      31 March 2020 @ 21:00
      A lot of the very big wallets belong to the cold storage of exchanges. They aren't owned by 1 individual.
  • AD
    Anthony D.
    31 March 2020 @ 20:41
    This interview shows RV at its best. Thank you both for opening your discussion up for all to hear. One question for Dan. There are Unit Trusts which trade daily for precious metals. The Sprott products come to mind. These are fully allocated and unencumbered. Of course, you may only withdraw bullion of a minimum size if you wish to cash out in gold or silver. Do you feel the storage facility, the Royal Canadian Mint, is a major liability? Is this vehicle a significant step down from private storage?
  • AE
    Addie E.
    31 March 2020 @ 10:06
    mr tapiero - your view on the euro is such a jock euro at 1.35 hahaha just wait italy to leave the euro than you see him at 0.8 cent
    • DW
      Daniel W.
      31 March 2020 @ 20:30
      I would bet that germany leaves before Italy does. May take years until it happend tough. In monetary unions it is usually the strong members that leave, not the weak ones.
  • JE
    John E.
    31 March 2020 @ 20:18
    Excellent Interview! Thx RV and DT. This is why I subscribe
  • JW
    J W.
    31 March 2020 @ 19:53
    Great interview - it followed most if not all of the macro themes over the past few months and also provided some context and calibration to the various views displayed on RV recently. Really enjoyed it.
  • DS
    David S.
    31 March 2020 @ 15:36
    Mr. Tapiero is certainly correct that President Trump has done everything in his power to promote the value of gold and Bitcoin. DLS
    • DS
      David S.
      31 March 2020 @ 19:44
      To clarify, I mean by debasing the US dollar. DLS
  • SV
    Suji V.
    31 March 2020 @ 19:05
    LOVE IT
  • CP
    Christopher P.
    31 March 2020 @ 17:32
    When they start paying dividends in gold I'll be a buyer.
    • TM
      The-First-James M.
      31 March 2020 @ 17:41
      You could always buy Gold with your dividends. 😉
    • WG
      Wade G.
      31 March 2020 @ 19:02
      Sell covered calls...?
  • MW
    Moritz W.
    31 March 2020 @ 18:26
    The macro world is not dead! It just escaped to the digital scarcity of Bitcoin & the cyberspace! Short central bankers! Long cypherpunks & sovereign individuals!
  • BJ
    Buck J.
    31 March 2020 @ 17:41
    Another great interview by Dan, bravo!
  • AA
    Alberto A.
    31 March 2020 @ 15:59
    Great interview. Always fresh to listen a contrarian view in different shapes or form. It definitely helps to shape each trader or investor view in gold, bitcoin, and specially the most controversial view today which is the dollar. Btw, I'm long dollars. I strongly believe there will be a huge shortage and therefore a huge quick spike and then drop sharply. Watch out!
    • LS
      Lemony S.
      31 March 2020 @ 16:01
      So how does one play the dollar since futures markets are far too risky day by day for the average investor?
  • Md
    Martijn d.
    31 March 2020 @ 12:58
    It is true, the longer the quarantine the more buttons are loosened on Raoul's shirt :) I enjoyed seeing a contrary view to your Dollar theory, especially from respected people like Dan Tapiero.
    • YO
      Yoshitaka O.
      31 March 2020 @ 15:41
      The shirt was getting too distracting but in a good way i guess because it's Raoul, lol
  • ml
    m l.
    31 March 2020 @ 14:37
    Another day another video without any micro content “sigh”
  • JW
    Jim W.
    31 March 2020 @ 14:19
    1-This is definitely a "re-listen required", or more likely a transcript read. I'm still struggling with Raoul's long dollar to the end position, but Dan T's "buying the VIX at 90" comment is something I'm considering, especially since I'm not as comfortable in currencies as I am in other things. 2-Raoul, you're an excellent interviewer--highly interactive, comments that help the guest expand and so forth. The transition, though, from your conversation to the "we ask everyone this" was a bit bumpy, and we can tell you're reading off the screen. Perhaps either internalize these questions or have a pop-up timer on your guests screen.
  • BK
    Boris K.
    31 March 2020 @ 11:46
    Happy to see some pushback on the 1930's scenario that Raoul so strongly believes in. Need some more optimists please
  • GH
    Galen H.
    31 March 2020 @ 09:42
    Very good. Great to hear a discussion questioning the long USD position, which I don't fully understand. I am trying though. Is the theory, the world will be short of USD to fund transactions and settlements if the US and with that global growth slows later this year? Is this cause the velocity of the USD in the global economy falls with US growth slowing? Or am I completely missing it? On gold thesis - store of value and you can, sort of, transact with it. But if "everything/all value" is "guaranteed" by central banks, does the store of value concept not become obsolete? (I'm not mad enough to test this theory though).
  • AG
    Adam G.
    31 March 2020 @ 07:28
    Thank Dan, nice to hear your thoughts again.
  • KS
    Katie S.
    31 March 2020 @ 06:47
    Brilliant! 👍
  • CW
    CC W.
    31 March 2020 @ 06:13
    This is the best conversation in 2020.