Bloomberg Audio Studios, Podcasts, radio News single best idea on the most interesting day of shutdown day. Thank you Nathan Hagar and all in Washington. Thank you Nathan Dean of Bloomberg Intelligence. For perspective. Joe Matthew in the nine o'clock hour, just it's amazing the sources he has to pull into his balance of power. David Gurra wonderful and the eight o'clock hour giving us perspective looked a big take for
their treatment of this shutdown. In the seven o'clock hour, Henrietta Treys was with us as well, wired into Capitol here from Veda Partners. Henrietta Trace, I think that the shutdown was inevitable. It didn't happen in March, it happened this time around, and if it didn't happen now, it was going to happen in November. We are at a very real impact in the United States.
It is as tense as I've ever seen it.
You're seeing a lot of good members leave and retire and resign because of the achromony. So this shutdown maybe could let the mayor out of the room. If there's going to be a positive benefit, maybe they give you that Henryta trees there and I have no idea. Folks, in the compendium of voices that we spoke to or we researched, I can't give you a timeline. It could
be tomorrow, it could be two months from now. The single statistic I saw that stop me in my tracks, thank you the Washington Post is social Security will not be shut down, but eighty eight percent of Social Security employees will work without a paycheck. That is this famous TV show said, this does not compute. I don't understand
how that happens. We spoke to Akash Doshia State Street about gold, really really informed about the supply dynamics, the demand dynamics, the general equal librium, the oddities of global gold. Here from State Street, A Kastoci.
I think the price level can sustain, and that we're knocking on four thousand an ounce and we're going to clear that level in the fourth quarter. I just don't think the volatility or the violence of this move higher is likely sustainable. So I do think there's a bit of fomo that we often see in tech stocks emanating in gold right now, and I think eventually will calm. Gold performs differently than other commodities. Typically when you have a supply shock in oil or corn, supply is going
down and that's why prices are going up. In gold, the price discovery function is usually a shift out of the aggregate demand curve, so supply can be at a record level just as demand is growing at a faster pace. However, there are two components of gold supply. There's mind production, but there's also gold recycling or gold scrap. So you've seen a lot of metals. So within that context, actually gold scrap has been lagging on supply growth this year,
despite record high prices across currencies. So what I would say in that regard is that a lot of consumers globally, including in India and China, are just holding onto gold and also hoarding gold, and that's buttressing this rally even as mind production is.
Growing at costoshit was State Street really really interesting conversation. Is he mentioned there the acceleration of gold. How do I translate that? Technically? I go back to the chart of Dennis Gartman gold and yen, and I'll take it on the y access to a logarithm, which shows a percentage change. It's a very different set of information than a normal Moonshot chart, and the answer is even going
to logs. Gold has accelerated our podcasts. We're out there on Spotify, on Apple, and of course on YouTube podcasts. It's single best idea.