The Julia La Roche Show, Released on 2/18/25
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.
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
Bill Fleckenstein is the President of Fleckenstein Capital and writes a popular column ‘Contrarian Chronicles’ for MSN Money as well as the daily Market Rap column for his website: Fleckenstein Capital. Bill has appeared at one time or another in virtually all financial media including Bloomberg, CNBC, The New York Times, MSN, Marketwatch, Barron’s and more. Bill is a highly sought after speaker, successful author of Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve
Bill Fleckenstein: ‘Doing Less Rather Than More’ as Markets Enter Honeymoon, And The ‘Elephant In The Room’ For Markets added by Herman James on
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The democrats are against the theft occurring under USAID, and the republicans are against stating they put the USA first over Israel.
The problems are systemic.
Musk has benefited to the tune of $19.8 Billion in government aid for his private companies: a auto-crashing and spontaneously combusting vehicle company; a fake space exploratory company; a 5G Internet of Things satellite outfit; and a 1st amendment offending social media platform. Now I’d advise you don’t go believing these aren’t government-controlled companies for a single second.