Philip Patrick

it's starting to not make sense.

Look at the S&P itself, right?

I was looking at inflation-adjusted price-to-earning ratios today.

They were above 41.

For some context, historical average is 17.

The only times in history Shiller PE went above 27 was 1929, year 2000, 2008, and today.

So like I said, there are bubbles all over the place.

I think you mentioned to me a few weeks ago

They're more private equity firms than the McDonald's branches in the United States today.

How insane is that?

So, like I said, I think we've been building bubbles, honestly, since the turn of the century through policy.

I think the Fed's ability to keep those bubbles going is running out.

And ultimately, we know what happens.

Things pop.

And when Trump came in, they were talking about a soft landing, other people saying a hard landing.

The reality is a landing is a landing.

It's not making sense anymore.

And we need to bring things down to reality.

And I think globally there is recognition of that.

And I think gold is going to pick up a lot of that safe haven demand.