The David Lin Report $3,600 Gold Price Is 'Early Stages', What's Next For Markets? | Joe Ovsenek
Sep 22, 2025
Philippe Giselle, Chief Strategy Officer at BNP Paribas and co-author of influential economic texts, shares insights on global macroeconomic trends. He discusses why current inflation could be underestimated and the impact of China’s slowdown on commodities. Giselle introduces the 'fourth turning' concept, highlighting geopolitical risks, especially in Europe. He forecasts a future where gold prices soar amidst structural inflation and explains which critical metals will thrive, emphasizing strategic portfolio allocations.
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Central Banks Will Favor Growth
- Central banks will prioritize growth over inflation and likely cut rates, sowing seeds for higher inflation later.
- Philippe Giselle argues this shift supports commodities and precious metals as durable winners.
The Fourth Turning Framework
- We are in a 'fourth turning' where systemic cycles (~80 years) produce heightened geopolitical and social volatility.
- Giselle says this epoch increases fragmentation, extremism, and market turbulence.
Age Of Empires Metaphor For National Power
- Giselle recalls playing Age of Empires to illustrate resource needs for building power.
- He uses the metaphor to argue Europe needs stones, wood, meat, and gold (real resources) to build its 'army'.
