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The Winter of Discontent

Speaking as the founder of Global Macro Investor, Raoul Pal gives Real Vision members a timely update on how the increased spread of COVID-19 and the upcoming U.S. elections impact his outlook for the dollar, banks, bonds, gold, and bitcoin. Disagreeing with the dominant reflation narrative, Pal thinks that central banks will scramble to paper over the cracks left by governments. Pal therefore favors asymmetric bets on central bank balance sheet expansion, such as TLT, gold, and bitcoin, the most asymmetric bet of all. Filmed on Sunday, November 1, 2020. For more of Raoul's charts, click here: https://rvtv.io/380FJVD. Key learnings: Pal shows Real Vision members how to navigate the upcoming political and economic risks of both the U.S. elections and the renewed rise of COVID-19.