Regular readers know I’m a big fan of discrimination.

As such, I choose my friends wisely.

I chat regularly with a select group of friends and colleagues whose particular areas of expertise and intellect I value deeply. Sometimes we agree… and sometimes we don’t but always the thought process is extremely valuable. It is where we disagree that often the most value can be found.

One of those fine gentlemen is Brent Johnson. Brent runs the Santiago Capital gold fund and he recently published a video presenting his ideas – topics I’ve discussed at length with him in the past.

I’ve been asked often why I’m not heavily invested in gold.

The answer is in part because I’m very focused on what moves any market – global liquidity flows and an intricate web of moving pieces. Brent does an excellent job of bringing many of these moving pieces together and how this affects the price of gold in this presentation.

He is one of the only gold fund managers I know of who manages to look at the world rationally – as it is, rather than as he would wish it to be. He’s one of the only ones who seems to understand that it’s liquidity flows that moves markets.

I think it’s really worth watching and ingesting:

Enjoy!

– Chris

“O Gold! I still prefer thee unto paper, which makes bank credit like a bark of vapour.” — Lord Byron, Don Juan