Highs against just about every other currency in the world except the dollar now its made a new u. S. Dollar high and as you point out its an indictment a family for you have money is really crashing against against galled now Going Forward you know does that mean in inflation or deflation right this is weird topic because people have different definitions for these 2 words and it usually only goes in june interesting conversation and but what it what year take on it mark my on the accent already takes it away and im austrian and im also austrian in the economic sense of terms and the Austrian School of economics defines inflation this this. Is an increase of the money supply of im pick money supply if you talk about Price Inflation len we again have to specify what a Price Inflation are we talking about are we talking about asset Price Inflation are we talking. The consumer Price Inflation and so on but i mean this year it is inflation i agree to do that different issue and apparently we have seen price deflation which is its usually what people refer to when they call the buy the talk about inflation or Consumer Price deflation we have seen a panic but if you ask me i really do not see it im sorry so at least at this side of the plant take with a few weeks perhaps you have a few prices went lower a little bit but if you go into the supermarket groceries in my view are just going to under each and thats is up so inflation is already creeping up even in the end the Consumer Price level and i think theres really no other way out if you want to try to read it develop these that bucks then you just have to reflate reflate them that sooner or later this Price Inflation will get much more severe so the Goldman Sachs even just came out and this summer this in july and they mentioned that the u. S. Dollars role as a reserve currency could be you know addicts and do you agree with us and what exactly happens when it ends as the u. S. Dollar reserve currency weve been writing about this topic for years now in gold we trust report i think this is a gradual hope process which has been ongoing this what we are calling the doris ational of the a lot of other people call it the dolorous ation and then this is a process and it could could have been gradually gradually and then suddenly basically but i dont think that that things will change so soon i mean we have this historic precedents of the of the british pound which was the reserve currency for for quite a while and and this status really also didnt. Didnt change overnight i mean the whole infrastructure is you to do International Trade with with the list but still i mean the Central Banks over the around the world are increasing their gold supplies and stocks and thats happening for a reason so they are preparing for a change and it could have been more more reputably and excel rate also but i wouldnt i wouldnt go overboard with this topic for full knowledge but thats a topic for this decade that i would say so yes mark sounded dollars ation definitely a theme oh the next decade and the currency great around the world and central bankers around the world are all kind of scrambling to adjust to a new world order i guess you could say oh over there in russia the Russian Central Bank alvira not believe shes the head of the russian Central Banks you converted u. S. Dollar reserves into 25. 00 heres a 520 tons of gold in the last 3 years alone will history see her as the Charles De Gaulle of central bankers justice france managed to get. 300000000 worth of gold before the u. S. Shut the gold window in 1971 so too will russia be the last central bank to have stacked goal before it became unavailable at any price mark well i think thats a quite an interesting in the elegy you bring up. I dont think its quite comparable though because. You really have this cold war situation when when the cold was there so you had the west and within the west france which was challenging the u. S. A little bit. And right now you really have a different situation my view you have the u. S. As a skillful economic power and it has been a challenge but more than one state and also within within the perhaps western alliance this is happening if you look at the cold reception germany recreate the recreate the. Results. Some years ago but also china obviously is doing this in the in the large scale so so it is really looking as if we would be going into mum multipolar world but yes russia is obviously very elementary in this development and the russian policy on gold has been very consistent and they are stacking gold and theyre probably no why that definitely have the strategy and theyre in my view theyre theyre doing a very smart move preparing for for the small to cola global order somebody did point out to us i believe it was josh crumb who used to be at Goldman Sachs as one and they are Commodities Task so he did mention that what russia you could clearly see was doing was looking at the Oil Gold Ratio the gold oil may shout and stockpiling gold when you know it only took 17 barrels of oil to buy. Actually one ounce of gold. But 700 barrels of oil and now its Something Like 40 or 50 south theyve stopped so you can see them playing that energy versus real money arbitrage trading some commodity for commodity money right thats also a group point i mean there are quite a few analysts who are watching this story or it ratio we also featured in all report well i think i think oh i still obviously on the key is the number one commodity when it comes to consumption its the biggest commodity by far in terms of markets bail us and all that so its hugely important from a cheap political point a few so so this go Gold Oil Ratio is something i think which one should look at and i think josh could have a point there. As you correctly mentioned russia stop their purchases of called halston perhaps so that may really be the reason i agree with judge mark to cover the gold market extensively here report is widely read as kind of the Industry Standard i would say so you guys are here to the ground let me ask you what about peak gold aside there really that weve had a narrow a time now in gold mining where were kind of running out of all the now down to south africa theyve actually getting so far deep into the earths crust theyre hitting a lava right there so a spike that cant going deeper is can you give me an update on that well people are always comes up when the price goes up and i think its a new and interesting story and i mean yes obviously the splendid is finite so so there are a finite numbers of gold at times on this planet but but still. I really dont subscribe to to peak gold at any time soon because this is also i think proven by the constant stock to flow ratio which has been constant for so many many years so the amount of gold would just go out of the ground every year is very. Recons said and did see regret regardless of the Prize Development so people really get more and more efficient in looking for gold and searching for gold but they also conned over supply the market because because its just this magical thing a poke gold it has the most constant stock to flow ratio and the high the stock the freight through its low ratio in the material well at least. And thats why its such an interesting story about whether you and the 2nd half will talk about hype or big queen as a shannon the stock inflow ratio in an bitcoin and how bitcoin might position itself in a post dollar world but you know follow up on this last few minutes here in this 1st segment here i want to ask you about that asteroids everybody keeps on talking about the Asteroid Belt and how theres all this gold in there and you know every single multibillionaire in america where theres jeff bezos or eli mosque is trying to get into outer space do you think that is actually ever a genuine risk that we could have this huge supply of a gold made asteroid well i mean ever this is obviously a strong case of know about very far into the future but but for the time being i really think this is always way overblown this as being a potential risk for for the price of gold that we suddenly start to get gold from out of space. Really do not subscribe to the theory this is actually really reminds me a little bit of the story that one actually can also extract some pots of gold from the senior from the oceans and this also comes up from time to time so it was already 100 years ago off the gemini of last will where one people said now we can we can perhaps find the gold in the oceans and 100 years later were still able to do this in a feasible mannah so i think asteroid mining is is nothing which will come in the next. Well next time marvelling were going to take our start break and come back and talk to us some more mark malloch of incremental im. Going to zation all kinds of good stuff coming your way go away. As the u. S. Economy was booming growing numbers of people made homeless. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still is the land of opportunity the reality of it is that were not financially equality and the lack of Affordable Housing for a living minimum wage gave many people new choice. Theres been a problem with the city knows turn the temperature on a cold to stay way oh miss colton its worth it if there is no answer because the records resource the most vulnerable are abandoned on the streets to become the invisible canucks. So what weve got to do is identify the threats that we have its crazy confrontation let it be an arms race off and spearing dramatic to follow through the only really im going to resist i dont see how that strategy will be successful very. Time to sit down and talk. Thinking of getting a new puppy once weve gotten here she. Didnt know its still trapped in this tiny little wire we dont need to create with the wall. Reaching out into the wall when its pretty much anywhere near. Breeding dogs or caged in the in human conditions on puppy farm i mean 67 years you know theyve been locked up in a cage outside you see no protection from the weather the heat you know the courtier the rain the snow the funder nothing they have no protection. Could get you. Its true chaos across the u. S. Crude puppy mills are supported by dog shows and stores most of the puppies are coming from this large Scale Factory farming kind of operations are being sold and at stores even joined a good businesses are involved like agoa mom center there has been a shocking amount of organized opposition to adverts to increase the sands of care for dogs bred in commercial breeding facilities most of that opposition is coming from huge agricultural groups and industries that have nothing to do with jobs dont buy dog. Welcome back to kaiser apart summer. And back to stacy and our gas mark valley over there from incremental they put out an incredible report we should check it out if you can now mark you are a gold guy who also likes bitcoin and thats unusual because a lot of the gold folks dont like to climb but you do so 1st can you explain why you seem to go against some of the gold bugs and you like bad coin can you just describe your your journey into becoming a big coin fan yeah thats absolutely correct so as you mentioned weve been looking at gold very intensively fought for many use. We are writing a report on gold and food for this report we do extensive preparations Extensive Research we basically cover all the news which was happening during one year and and and therefore we always are looking at what is happening on the monetary in the Monetary System and we therefore also discovered bitcoin pretty early on we i think got it conceptually pretty early because we knew the stock to flow rate show i mean back then they actually nobody was talking about the stock to flow ratio we featured it you know report i think the 1st time in 2011 also. So thats why we knew what bitcoin was trying to achieve and is probably going to achieve at the end of the day it is attempt of creating deflationary Monetary System in my view and thats something very interesting and also from the point of view of investments let something very interesting if you find such thing and it actually. Manifests then and then its a huge. Hugely huge. Investment which which can make a lot of money and therefore weve been following youve been investing and weve been also know. Offering Investment Solutions for professional investors and thats a very interesting time for us as well therefore some marked yeah youve been contrarian sense 2011 and you take a commonsense approach you look at in terms of stock to flow which is a great way to look at it and you have migrated easily from gold to bed point and theres another dimension to this which is that also fits sent to an Austrian School of economics once again the gold bugs that that are critical of bitcoin identify themselves as Austrian School economists and yet they dont identify bitcoin it seems like an oxymoron are some kind of separation there but you see the connection so what is the connection between and the austrians call well i think its very austrian i mean even the supreme you wrote in a paper i think 2012 was that that bitcoin has its roots in the Austrian School of economics high you wrote the part in national aid sation of currencies in the seventys i think that probably didnt spiral create the creators of the question to to to start this whole thing. And also there were a way of wealth gold away a way off the stock to flow ratio of the code or code all this knowledge together and combine that with with a very interesting take you can all the great incentive structure but anyway i think its crucial to to think bitcoin as a complement to gold i really i really want to bring out the message its on the one hand it is a competitor but on the other hand its very complimentary and again from an investment point of view combining these 2 is so attractive one can really make very in. Misting risk adjusted returns with with a combination of both and i think also gold has a play a role to play if for bitcoin us why i think the problem of quinn still is the volatility and the volatility could actually be dampened if one basically if many investors basically arbitrage to gold big question re sure so if the big question rises too fast they perhaps a little of the big question and go back into gold and vice versa so that could actually be something which also perhaps one day Even Central Bank just to put at least investors could start doing that it makes a great investment and it also helps them the whole the till the so i really would like to put out this kind of world do you. Like to hear what what you guys think about that for instance but i think thats pretty genius but i do want to talk further about volatility and lets go to the poor mans gold silver do you see self are falling gold and decline higher in this post dollar world war and this whole process of the post dollar world starting to happen well super super is a very interesting one. As kind of a gold bug i mean to say yes the silver is straight and its a great investment it is but i really to some extent see. Bitcoin as a little bit of a competitor to civil books i dont think that super will regain a real monetary role in a mall in in the world so so for for that point a few i think the upside is is not so great for instance as in bitcoin still as you said so but is the poor mans gold and during potentially inflationary environment the upside still is very interesting but just the case for super as a monetary metal i think has weakened during the during the last. Kate since the rise of lets be quite frank great points there sort of medicate the risk or the volatility of bad coin you can do some arbitrage between bitcoin and gold and the stock to flow ratio for sober is probably not as attractive as it once was and maybe would be deescalating in terms of a monetary battle particularly with a competitor like big plane now. Kind of nipping at its heels and. Kind of looking at these from the big picture mark you know weve been following gold youve been following gold for quite a number of years now weve seen 2 major legs of a bull market weve been waiting for the 3rd leg which is typically the most explosive leg up are we now entering the 3rd leg of this bull on the gold market well it certainly does look like it because i mean all fundamentals focal just look really brilliant i mean its got this huge debt load youve got this increasing the insane amount of money printing so and then you have a chart which technically really looks good i think i mean. We saw all time highs recently and now gold a speck in the media so i think you put it exactly right this part of the bull market is to keep the strongest and thats what we are expecting in this day kate so do you knowing what we trust report we talk a lot of up to the potential developments within this decade and the think this ticket will be very good well for for Gold Investors indeed the other big story of 2020 so far has been the rapid escalation in tension with china how much do you think that sort of tension is a result of like its hard to determine cause and effect which came 1st the tension or the dollar crisis like was that built into that relationship. It has a part in there a theme so. I think thats most. Mostly used as a new spike to perhaps talk about very short Term Development of gold i really think the long term that the fundamental problem is that unsustainability of this Monetary System of this debt based Monetary System which needs to go. Deep into debt and needs to print more money and so its built in to the system that it actually has. Limited lifespan and were ending the life