numerous other countries have repatriated at least some portion of their bretton woods gold france being the clear sort of champion of doing that they did it years ago but most other countries have maybe taken a little bit back germany's taken none why it does look a bit odd plus all the gold that they supposedly have on behalf of germany that's on mark there's a certain number of those up our numbers but let's talk about actually as a c. . chief investment officer ok you are obviously master of the cash flow and the balance sheet and the bond market this is your act your area of expertise more than anything else so talk about the thirty year bull market and treasury bonds how many more decades will that be going on well it's interesting that thirty year bull market in treasury bonds actually began during the gold mania of the late seventy's early eighty's. when many people including alan greenspan speculated that the united states would have to restore gold conferred ability to stabilize the dollar even alan greenspan had gone that far by that time so thirty years on well obviousl

you know once upon a time under bretton woods when countries were settling balance of payments literally people would walk bars of gold from one country's locker to another country's locker underneath the federal reserve so there was a convenience factor that you're playing to germany is saying that that convenience factor is why they don't want to move it back to germany which it doesn't make sense now because we no longer have a gold backed monetary system there is no convenience or human really to be made and i agree it sounds a bit odd it's simply the legacy of bretton woods numerous other countries have repatriated at least some portion of their bretton woods gold france being the clear sort of champion of doing that they did it years ago but most other countries have maybe taken a little bit back germany's taken none why it does look a bit odd plus all the gold that they supposedly have on behalf of germany that's on mark there's a certain number of those up our numbers but let's talk about actually as a c. . chief investment officer ok you are obviously master of the cas