Tom welcomes back Luke Gromen of Forest for the Trees back to the show. Luke and Tom discuss the relationship between gold and real rates in the context of a capital crunch. Luke suggests that gold is being re-introduced as a reserve asset due to Russian sanctions and that energy prices need to rise to drive production growth. However, Western borrowers are too heavily indebted to pay their debts, leading to a potential capital crunch. If the US fails to meet its liquidity needs, it will lead to a significant spike in the dollar and a decline in risk assets. Alternatively, if the US Fed provides enough liquidity, it could cause inflation which is bad for bonds but good for gold and stocks.