Single Best Idea with Tom Keene: Sebastien Page and James Steel

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

In this episode, we feature conversations with Sebastien Page & James Steel.

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

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news, A single best idea.

Speaker 2 (00:14):
What an interesting day, James Steele on Gold. We'll get
to that in a moment. For Sebastian Page of t
ro Price looking at the oddity of markets higher given sentiment.

Speaker 3 (00:25):
That is such an interesting point about sentiment when I
was thinking about this in my way here this morning.
What everybody thinks we might be in a bubble counterentatively,
that's kind of a good thing. It means there's some conservatives.
Late nineties, it was really you have to travel back
in time and put yourself there. Just remove the hindsight

(00:46):
bias that all this went berserk and it blew up.
In the late nineties, people believed it. People believed it,
and so now it's so different in a way, similar
in certain ways, but different in the sense that those
are cash flow generating businesses, not finance.

Speaker 2 (01:03):
With that Sebastian Paget Heiro Price. Shout out also to
Kim Dawson of NUAG who was absolutely brilliant today on
the differences the nuances of the MAG seven, the Mag ten,
maybe it's the Mag one hundred, I'll let you decide
as well. Hugely anticipated today James Steele joined us from
HSBC to set this up. After the conversation, I got

(01:27):
a wonderful note from Dennis Gartman. Gartman has one of
the trades of a lifetime, which is years ago said
by gold and even better by gold in yen or
based in euros. It has been a spectacular success for
Dennis Gartman. He sent me a note today. He's still

(01:49):
in golden euros, gold and yen. He is not short,
but he has moved to the sidelines on gold measured
in US. Here's James Steele of HSBC on the factors
of this gold frenzy.

Speaker 4 (02:06):
It might be well, it is, it is Germane, but
it might be somewhat exaggerated at the moment.

Speaker 3 (02:15):
Now.

Speaker 4 (02:15):
In all the years and the years that I've been
covering gold, the same twelve or fifteen factors covered it
from the day I started looking at it until now.
The trick to analyzing it, or the trick to having
some idea about where the crisis might go is the
ranking and geopolitics has arisen.

Speaker 2 (02:34):
James Steele there in a long, long conversation, he really
circled around and emphasized a number of times how everything's
centered on America and ETFs and all that, and maybe
London as well at HSBC, the Hong Kong and Shanghai
Banking Corporation. He is centered on a study of Asia

(02:55):
and the Middle East. We're out on podcasts in Asia
in the Middle East, based on Spotify, on Apple and
on YouTube podcasts. It's single best idea.

Speaker 1 (03:08):
H