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#234 Bill Fleckenstein: 'Doing Less Rather Than More' as Markets Enter Honeymoon Period | Gold's Strange Strength, Government Waste, and the Passive Bid Risk
Bill Fleckenstein, founder and president of Fleckenstein Capital, returns to The Julia La Roche Show for episode 234 to discuss markets in 2025. He explains why he's waiting to see how new government initiatives play out before taking strong market positions, while maintaining significant precious metals exposure. Fleckenstein emphasizes that the passive bid remains "the elephant in the room" in markets, warns about government waste revelations, and explains why gold continues to show unexpected strength.
Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia
Links:
Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583
Twitter/X: https://twitter.com/fleckcap
Website: https://www.fleckensteincapital.com/
0:00 Introduction and welcome
0:47 Big picture macro view and bond market analysis
7:17 Discussion of Social Security numbers and potential fraud
8:10 Market assessment and passive investing dynamics
9:40 Gold market analysis and central bank buying
15:01 Analysis of gold revaluation proposals
16:40 Debt discussion and DOGE initiatives
21:44 Bond market dynamics and 30-40 year cycles
24:16 Fed policy outlook and potential rate cuts
26:07 Economic impact of government workforce changes
28:26 Silver market outlook
31:00 Passive bid impact on markets
34:03 Dollar outlook and Japanese yen analysis
36:02 Concerns about government agency revelations
39:05 Warning to younger investors about passive investing
41:00 Discussion of market structure vs traditional bubbles
44:42 Closing remarks and contact information
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By Julia La Roche
4.5
5656 ratings
Bill Fleckenstein, founder and president of Fleckenstein Capital, returns to The Julia La Roche Show for episode 234 to discuss markets in 2025. He explains why he's waiting to see how new government initiatives play out before taking strong market positions, while maintaining significant precious metals exposure. Fleckenstein emphasizes that the passive bid remains "the elephant in the room" in markets, warns about government waste revelations, and explains why gold continues to show unexpected strength.
Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia
Links:
Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583
Twitter/X: https://twitter.com/fleckcap
Website: https://www.fleckensteincapital.com/
0:00 Introduction and welcome
0:47 Big picture macro view and bond market analysis
7:17 Discussion of Social Security numbers and potential fraud
8:10 Market assessment and passive investing dynamics
9:40 Gold market analysis and central bank buying
15:01 Analysis of gold revaluation proposals
16:40 Debt discussion and DOGE initiatives
21:44 Bond market dynamics and 30-40 year cycles
24:16 Fed policy outlook and potential rate cuts
26:07 Economic impact of government workforce changes
28:26 Silver market outlook
31:00 Passive bid impact on markets
34:03 Dollar outlook and Japanese yen analysis
36:02 Concerns about government agency revelations
39:05 Warning to younger investors about passive investing
41:00 Discussion of market structure vs traditional bubbles
44:42 Closing remarks and contact information
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