Robert Armstrong

assets in particular and paper assets in general, that's bad for them.

There's another theory that gold always goes up on political instability.

It's not so much the inflation stuff.

It's the politics.

Third theory is that it's a mean stock now and people are just piling in.

All three of these can be true to different degrees.

I don't like the debasement theory because –

We just don't see it in the bond market.

People love to huff and puff about how the dollar is so weak now, but if you look at a 10-year chart, sort of average, inflation expectations, however you measure them, any market-based measure of inflation expectations, 100% fine.

So how could you have massive debasement that gold is picking up on and the bond market just doesn't see it at all?

That strikes me as crazy.

That leaves us with, then we go to the politics.

Yeah, the world does seem a bit insecure right now.

But again, why wouldn't that express itself in sovereign bond yields somewhere?

Same argument.

That leaves us with meme stock, which has been my favorite theory.

You know, it's like people are chasing the momentum.

But the longer you're wrong, the more you start to doubt yourself.

So you've caught me at a moment of self-doubt.

And I'm actually writing today trying to look again at the politics theory, the debasement theory, and see what can be salvaged there.