Stephanie Pomboy: When The Next Shakeout Happens, Will You Be A Winner Or A Loser?

**Adam Taggart** (0:01)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart. Very pleased to be welcoming you back here for another Wednesday macro overview with the Macro Maven herself, Stephanie Pomboy. Stephanie, how are you?

**Stephanie Pomboy** (0:16)
I'm good. How are you, Adam?

**Adam Taggart** (0:18)
I'm good. All right. A couple of quick things for folks. One, you haven't been on the program for a little while, life has been throwing you curveball after curveball stuff.
You're in a temporary location at the moment, having moved and then removed and moving again. Your lighting is a bit dark, and maybe that's because one of the curveballs that have been thrown at you, you've been in the witness protection program. Yes, it feels that way. But anyways, folks, huge thanks to Stephanie for, with all that's going on in her life and in her home lighting, that she would come and make herself available for this hour for us. So anyway, Steph, it's wonderful to see you again.

**Stephanie Pomboy** (1:00)
Well, thank you. Actually, I like to say pitch black is my best lighting, so this is pretty close.

**Adam Taggart** (1:07)
Yeah, I think you got a lot of doubters on that one. But anyway, I cannot tell you how many people have been emailing me, DMing me, putting comments on YouTube, saying, when is Stephanie coming back? So hopefully, folks, this is delivering exactly what you've been waiting for. So Steph, lots to talk about. Certainly, a lot's gone on since you were on the program last. Probably the biggest one, which I know you and your co-conspirator in crime, Grant Williams, are going to talk about this in depth at the conference, which is Saturday. So folks, Thoughtful Money Conference is just a couple of days away, but is the action in gold. So in your appearances on this channel, Steph, one of the things that you've been pretty steadfast on is, hey, I'm keeping my position in gold.
This year, that has looked smarter and smarter, and in the past couple of weeks, it's looked almost darn fantastical. So what are your thoughts now that gold and silver have run so far off to the races as they have over the past couple of weeks?

**Stephanie Pomboy** (2:18)
Yeah, the move in silver is really impressive.
That supply demand imbalance is really being exposed there. But I'll tell you, as someone who, as you know, has been talking about gold for a long time, waiting to see it really move, the speed with which it's doing so does give me a little agitator. But I feel like in the long-term scheme of things, this is really still very much early innings. I referenced a chart that just looks at how high gold would have to go to fully back the monetary base, and that's $22,000. So, you know, it's a very, that's just an arbitrary yardstick, but it just gives you a sense as to, you know, if we are going to go back to some form of hard money standard, if that's really where this whole thing is going, gold could go much, much higher. That being said, I am fully prepared. I'm trying to prepare myself emotionally, but certainly intellectually for a pullback of some magnitude. But I do believe that we will see that occur alongside a general de-risking across all assets. So I think if there is a pullback, everything's probably going to get dragged down with it, and gold will be included. But then it will just set itself up for another, you know, maybe less sharp trajectory higher, but a steady and continued rise. I mean, I think we are in the early innings of a long-term gold market. And another thing I like to look at is, just to kind of be calm myself about how quickly it's run, if you look at the relationship between gold and paper assets, which is something you and I have talked about as well, like gold relative to the S&P. We're still really nowhere in the scheme of things. We're nowhere close to where we were when the global financial crisis happened or back, you know, when gold peak in the early 80s. So we have a long way to go. But again, I am prepared for a, you know, a spanking somewhere along the way. I just I'm not clever enough to figure out when that's going to come and how severe it's going to be. And again, I think that it will include a spanking across all asset categories. So there's not very much that I feel like I can do to avoid any pain there.

**Adam Taggart** (5:01)
All right. So a number of questions on this, Steph. So on the day we're talking, Jamie Dimon was just interviewed and said, hey, I could actually see gold go into $5,000 or $10,000 an ounce, right? So obviously, precious metals folks are cheering that to finally, finally have a major banker on their team. It's funny because Dimon, like most bankers said, like, I don't really like gold that much. But this is one of the rare times in my life that it makes a little bit of sense to own it, right? Which is about as much of an endorsement as you're going to get about gold from one of these guys. But the fact that he just even put $10,000 out into the ether there is significant, right?