Central Bank

“The rest is it goes into capital and retained earnings with us, which we leverage up through the bond market, which is mostly, I would say about 60%, Private money, as in insurance companies and pension funds and asset managers. But 40% could be central bank's…”

“Gold is not a precious metal that's speculated on, like most people have come to think of it as. It is the most established money that, it's the second largest reserve currency that central banks hold.”

“Central banks are not going to want to buy Bitcoin and being able to hold it.”

“The structural failing is that it is not, so if you think about like, what is the value maximizing function right now for a crypto asset to be broadly adopted? It needs to have the features that allow, ah, a central bank to adopt it. And there are two things t…”

“Where the gains have been extracted by the most well-to-do, by the most sophisticated, who see that the central banks are, to one degree or another, trying to get asset prices up to drag up the real economy. They get the joke, they have been willing to play th…”

“I think the central banks will realize that there are limitations to gold and limitations to Bitcoin and will, as a result, seek out a completely new cryptographic paradigm That they can control on their balance sheet, that is fungible, that is tradable, and t…”

“Bitcoin is limited in supply, and its perception of money, it is a form of money, it, it's perceived as money, as a storehold of wealth, that is unlikely to be significantly held by central banks, and many others, because of a number of Problems it has.”

“Then I think we are in a long-term bull market in gold. I think we're seeing reserve accumulation by central banks. I follow it closely. It's my biggest position.”

“The thing that causes that is always an economically inappropriate amount of central bank printing, and what started in the nineties was, this was really the first time any foreign banks had been materially involved in U.S. Debt purchases.”

“Macro has been a challenged environment for 10 years because volatility has been suppressed by the central banks. They smooth everything out. They've printed a bunch of money, created a lot of dislocations. So if they're not able to do that anymore because the…”

“I have previously said that I thought they were a bit slow to increase rates.”

“I think they probably will do it or are already doing it more. And perhaps that will improve the decision making.”

“I'm afraid what that has probably done is reset expectations of what fiscal policy can do and how it can be deployed in future downturns. So now it's out of the box. Fiscal policy is probably going to be more proactive and generally stimulative. And that makes…”

“But right now, a lot of central banks across the world from China to Russia to all of these guys are starting to hoard gold, which is a very interesting trend.”

“It's because central banks aren't these entirely benevolent, above-it-all policymakers. Cantillon wrote about this in, like, the 1700, that when you print money, basically the people who are closer to the money benefit more. Closer to the money meaning people …”

“So I think my general takeaway is that if the central banks stay on the sidelines, Individual stock picking reins and active management can win if they continue to be involved and do quantitative easing and all of this other stuff. Index funds that are long co…”

“Central banks talk a lot to each other. I never really understood how much they do speak to each other, especially now through the BIS, they meet quite frequently and they do share ideas and thoughts.”

“Now I think people who work at central banks want to avoid recessions really at all costs. And that means they throw everything at it to avoid it. And when we're in it, we just saw unprecedented act after unprecedented act. So cycles are short. So you're not g…”

“You look at central banks around the world and they're all pledging to do roughly the same thing. That will continue to buoy assets and assets in the form of gold, in the form of Bitcoin, in real estate, and in equities.”

“We no longer really have independent central banks. They're working together with treasury, and politicians are looking at that as a solution right now, and inflation hasn't taken off.”

“Central banks, in their zeal to destroy volatility, they've created so much correlation that it's really hard to find anti-correlation is kind of a way to think about it.”

“We are basically doing it by borrowing from future generations. And that's what we did during the Lehman crisis. We really struggled to bring it back to normal, and then we got the, another pandemic hitting the market, and we are repeating it again. So I'm jus…”

“We can't be creating the money and giving it to banks. We have to create the money and give it to people.”

“Keynesians generally don't have anything to do with the economics of Keynes. They think it's always an emergency, so they're always trying to stimulate, and then when you have a real emergency, they're out of ammunition and can't do much of anything.”

“There's an obvious feedback loop between post-crisis regulation and what central banks have been trying to do. In fact, you might argue they're at cross purposes.”

“Central banks, with the exception of the Bank of Japan, have been signaling for a year or more that they are trying to reactivate financial markets, and financial markets don't want to hear it.”

“At some point, we're going to have to smash back through the looking glass to some sense of normality. It'll be ugly when it happens, but no central bank or government has a stomach together set.”