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This is another older talk I gave that is worth listening to now. It may be more timely than it was 16 years ago when I gave it. I also got a lot of laughs. It's funny because it's true and the audience knew it. youtube.com/watch?v=EgMclX… youtube.com/watch?v=EgMclX…

Gold is up over $50, hitting a record high of $3,380. The euro is above $1.15. The dollar has also fallen below 141 Japanese yen and .81 Swiss francs (a new 14-year low, just 3% above a record low.) The dollar Index is below 98.5, a new three-year low. This is getting serious.

The U.S. Dollar Index has a 97 handle, down 11% since Trump took office (6% since Liberation Day.) Trump's economic team assured us that foreigners would pay our tariffs, in part because their currencies would fall against the dollar. Instead a collapsing dollar adds to our cost.

Gold is up another $72 trading at a new record high $3,402. Dow futures are down over 450, and the yield on the 10-year is back above 4.40% as the dollar laid an egg on Easter.

Since Trump and his economic team assured us that tariffs would strengthen the dollar, forcing our trading partners to pay our tariffs through currency depreciation, and it's the dollar that's collapsing instead, why should we believe anything they tell us about tariffs?

Austan Goolsbee is wrong to dismiss the impact of tariffs because imports are only 11% of our economy. What he doesn't understand is how much the other 89% relies on those imports. Also, he overlooks the degree to which our trade deficits are recycled into our financial markets.

Gold jumping above $3,400 is a clear market signal that the Fed needs to raise interest rates. Yet everyone, including Trump, is calling for the Fed to cut them. The Fed will likely ignore gold's warning and cave to the pressure to cut. That policy mistake will send gold soaring.

Even though gold stocks are up 3% today, making new multi-year highs, it's amazing how cheap they still are and the incredible opportunity investors have to buy them now. With gold also up 3% today, gold stocks should be rising 10% per day for several weeks just to catch up.

Every day that both gold and gold mining stocks go up, the gold mining stocks actually get cheaper. That's because the rise in the price of gold results in a much larger percentage rise in the profits of gold mining companies. Investors haven't figured this out yet. Buy $EPGIX.

If you want to get out of stock markets in general and sit on the sidelines, consider my foreign bond fund. The yield is 5.2%, the average maturity is just over three years, and the average credit rating is A. It's far better than holding rapidly depreciating U.S. dollars. $EPBIX

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Bitcoin pumpers think global investors will soon turn to Bitcoin as a non-dollar asset. But I think Bitcoin is now intertwined with the U.S. economy and government more so than with any other nation. We have more Bitcoin owners and Bitcoin related companies than any other nation.

Harvard's lawsuit claims Trump's freeze on their federal funding is unconstitutional. But there is nothing in the U.S. constitution that authorizes the Federal Government to fund education in the first place. The framers left education to the state governments or to the people.

When Trump posted "he who has the gold makes the rules" he was not speaking literally about gold. Trump actually believes that the gold of global trade is the U.S. consumer, and that he can leverage that "gold" to negotiate winning trade deals for the U.S. Trump has fool's gold.