Gold is ripping, but it’s not about inflation. It’s about trust - or the slow erosion of it. Mark Rzepczynski returns to map out the shifting terrain as central banks quietly step away from sovereign debt and build reserves in metal, not paper. Niels presses on what this says about safe assets, liquidity, and the narratives we’ve long taken for granted. They unpack the rise of short-term options, the distortive power of retail flow, and the fragility buried inside modern plumbing. And as trend followers chase edge in crowded markets, Mark offers a glimpse into what comes next: networks, feedback loops, and systems that learn - until they break.
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Episode TimeStamps:
01:34 - What has been on our radar recently?
05:43 - Is this time different for gold?
14:13 - Just a gold story?
16:38 - Should we redefine the definition of safe assets?
19:45 - The Fed has to change
26:08 - An overbearing uncertainty
30:25 - Our thoughts on meme stocks
35:30 - Not every innovations are good
39:02 - How narratives impact how products are sold
46:21 - Industry performance update
49:39 - Alternative vs traditional assets
01:00:43 - Every CTA is a short term trader
01:05:59 - The power of seeing the connection between markets
01:14:32 - What is up for next week?
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