Haymaker Daily
In conversation with Kevin "The MacroTourist" Muir
Hello, Subscribers:
Last week, a member of Team Haymaker, Mark Mongilutz, hosted Canada’s own MacroTourist, Kevin Muir, for a conversation on the state of the Western World’s collective economies and a half-dozen items orbiting that sizable (or macro, if you will) topic. In the interest of basic preparation, Mark had come to the table with a series of questions drawing on recent MacroTourist editions — available on Substack, we should add — but given the seismic shifts rippling across the financial sector late last week, the conversation took flight without need of the questionnaire. Enough had happened in the previous 72 12 hours to keep Kevin’s thoughts firing away essentially without interruption.
Below are key excerpts of the conversation. These have been paraphrased and consolidated as necessary. We’ve also included a couple of MacroTourist charts as concluding accompaniments to the piece; both of these were published in Kevin’s February 2nd Substack post.
On a somewhat related note, in yesterday's Daily we had suggested nimble traders might want to buy silver after Friday's epic meltdown. Depending on the exact execution price for anyone who followed our advice, you should have around a 15% gain. If you did pick up some Ag at a bargain price, taking advantage of today's big bonce might be prudent. The elder Haymaker has sold half of his position, and he didn't get as good a fill as anyone who stepped in yesterday would have received (he bought late on Friday as it was still crashing).
Okay, on to what you’re here for: an exciting (and abridged) interview transcript.
The Haymaker Team
[Following a few pleasantries and a clarification as to the format, Kevin took it away. Note that we’ve bold-emphasized key text for anyone who would like to skim through, as this one runs longer than our usual Dailies.]
Kevin Muir: There is a fundamental long-term bullish story and that started on February of 2022 … when Russia invaded Ukraine. At that point, the western countries confiscated the Russian assets of their treasuries and things like that. And now all of a sudden, the reserves that central banks held [were] no longer considered safe. And from that point on, that was the beginning of the bull market. And … central banks have been buying consistently gold.
