#234 Bill Fleckenstein: 'Doing Less Rather Than More' as Markets Enter Honeymoon Period | Gold's Strange Strength, Government Waste, and the Passive Bid Risk

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. Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia Links: Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583 Twitter/X: https://twitter.com/fleckcap Website: https://www.fleckensteincapital.com/ 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