Single Best Idea with Tom Keene: James Steel & Dan Tannebaum

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with James Steel & Dan Tannebaum.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF

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Episode Transcript

Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio, news.

Speaker 2 (00:14):
Single best idea, a single best idea.

Speaker 3 (00:16):
It was.

Speaker 2 (00:16):
It was a textbook summer Friday, but it wasn't. The
newsflow is actually pretty heavy, to be honest, It wasn't
over out of the tape. We have a thing called
Bloomberg Launchpad, which is blinky blinky equities, bonds, currencies, commodities,
and it really felt like a summer you know, a
summer Friday. It was sort of sluggish, even with stocks up,

(00:37):
but at the same time there was a need for
great conversation. We treasure our guests who come on on
a moment's notice when news breaks on gold from HSBC
on Switzerland and shock tariffs James Steele.

Speaker 3 (00:53):
I think if you're if you're looking at the rais
on debtor for tariffs, it's to it's to redress ills
and balance is if the US, the US is not
a major producer of platinum or palladium, hardly produces any
most countries do not, so it's a required metal, it's
a needed metal. Then therefore, you know, in my humble opinion,

(01:16):
it would not be it should not be subject to tariffs.
But but I stress that's not an HSBC view. That's
just me looking at it, and I think there's an
argument that that gold should not be on tariffs as well,
and I'm not saying and you know, these tariff situations
can be reassessed. Yeah, we could get we could get

(01:39):
a change in the in the ruling.

Speaker 2 (01:42):
James Steele, HSBC A shout out to Dennis Gartman as
we see gold above and pushing higher at three five
zero zero thirty five hundred. The call of a decade
is Dennis Gartman by gold in Japanese Yen. It has
been absolutely extraordinary, extraordinary as well, and this was the

(02:07):
potential meeting of the President and mister Prutin. Here is
Daniel Tannenbaum of Oliver Wyman.

Speaker 4 (02:13):
We absolutely do. I mean, it is ironic that the
President has done more to hurt the Swiss economy than
the Russian economy the last six months. There absolutely is leverage.
The focus on India, for instance, in trying to get
them to stop purchasing Russian oil by using tariffs which
really will enrich the US and the cost of Ukraine.
There's primary and secondary sanctions that could be used on

(02:36):
Indian entities to essentially threaten to cut them off from
access to the US economy, a far greater threat if
the objective is to get them to stop buying Russian oil.
So the leverage is there. The President hasn't done anything yet.

Speaker 2 (02:49):
Dan Tanobaum is just brilliant on the different optionality around
sanctions in the whole geopolitics of President Trump and the
different geographies including Moscow. We'll keep this short. It's a
podcast on Apple podcasts, on Spotify, on YouTube podcasts. It's
single best idea