Jason Trennert

Gold is rallying versus all fiat currencies.

So it's not just a US problem, it's a widespread issue.

Well, I think, again, first of all, I think they're seeing a realignment in the world order, right?

The international rules-based order, I think, is toast, and for good reason, because we want to help out the regular person on the ground as opposed to feeding these elites at these very fancy conferences at Davos or Bill of Dests or wherever it is.

I do think, though, so they're seeing a realignment there.

And I think they also want something hard against what they perceive to be weakening fiat currencies around the world.

So they control them, but they also understand that the G7 is not particularly a good steward of their currencies.

uh, of their money.

And so they're trying to diversify their, their assets there.

I think the other thing, Steve, is that, um, there are a lot of institutional investors are underweight, um, hedges against inflation.

Um, they're very, they're loaded with private equity, uh, loaded with financial, uh, public equity loaded with private credit.

And, uh, I think they're, they're, they're looking at alternatives just in case this thing goes bad.

And, uh,

if they, if they do it, it's, it's going to be meaningful.

Yeah, listen, Steve, I think you're absolutely right.

There's, you know, traditionally, there's a few ways you get out of a big debt crisis.

One is just to inflate the currency away.

The other is to very, you know, in the old days, you would just take over another country and take their resources.

President Trump is doing a version of that.

I mean, I think that a