Tom welcomes back Jeffrey Christian Managing Partner of the CPM Group to discuss the economy and the gold market. Jeffrey discusses his recent presentation at the Silver Symposium and how his opinions differ. He notes that all currencies are fiat and that gold's value is determined by fiat. Much in the same way that currencies are valued by national central banks. He doesn't believe that inflation is showing that strong of a signal. They are watching the bond and equity markets closely along with debt levels. There is a lot of bad things occurring politically and economically. Real estate prices are often unsupported especially when contrasted with incomes. Back in 2004-2005 they watched the housing market pump and expressed concerns. During that period they had investors selling real estate and buying gold and they are beginning to see that behavior now. He argues that gold doesn't correlate well with low inflation rates. He is expecting a deflationary period coming over the next year. Jeffrey discusses why central banks are more price sensitive to high gold prices. Bankers are more sensitive to overpriced assets whereas investors often pile in during price moves. Investors also have different time horizons while banks have longer-term expectations and are not necessarily looking to sell. He discusses Canada's thinking when it comes to not holding gold and why they instead prefer to back their currency with US Dollars. Jeffrey discusses lithium, nickel, and manganese and their importance in electrification. Capital availability is a problem in this sector. So how additional mines will be built is unknown especially considering the expectations for future production of electric vehicles. There just isn't enough of these metals around. Lastly, he discusses peak oil theory and questions its credibility. Time Stamp References:0:00 - Introduction0:54 - Symposium Presentation5:17 - Markets & Bubbles10:20 - Mortgage Crisis?13:23 - Gold Vs. Inflation18:06 - CPI Measurement19:36 - Paul Volcker & Rates23:26 - Central Banks & Gold28:55 - Countries without Gold33:22 - Turkey & Gold36:16 - El Salvador & Bitcoin37:06 - Commodity Supercycles43:35 - Copper & Futures45:00 - Battery Metals50:08 - Green Energy & Gas51:50 - Peak Oil Theory53:15 - Wrap Up Talking Points From This Episode Gold and determining its value against fiat.Real estate concerns and his thoughts on inflation.Central banks' time horizons and gold reserves.Energy/battery metals and lack of capital in mining. Guest LinksTwitter: https://twitter.com/CPMGroupLLCWebsite: https://www.cpmgroup.com/Questions Email: info@cpmgroup.comYouTube Link: https://www.youtube.com/c/CPMGroup/videos Jeffrey Christian is the Managing Partner of the CPM Group. He is considered one of the most knowledgeable experts on precious metals markets, commodities in general, and financial engineering, using options for hedging and investing purposes. He is the author of Commodities Rising 2006. Jeffrey Christian has been a prominent analyst and advisor on precious metals and commodities markets since the 1970s, with work spanning precious metals, energy markets, base metals, agricultural markets, and economic analysis. The company was founded in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co and its commodities trading arm, J. Aron & Company. He has advised many of the world's largest corporations and institutional investors on managing their commodities price and market exposures and providing advisory services to the World Bank, United Nations, International Monetary Fund, and numerous governments.

Palisade Radio

Jeffrey Christian: Gold and Inflation

Tom welcomes a new guest to the program Mark Moss. Mark is an investor, strategist, founder of the "Market Disruptors" and a nationally syndicated radio host. Mark begins by explaining the intent and background of those behind the "Great Reset" agenda. This agenda is being promoted by Klaus Schwab, Bill Gates, George Soros, and Mark Carney. He recommends people read the books by Mr. Schwab and Mark Carney and consider what they are saying carefully. Mark explains why these non-governmental organizations are dangerous because no one votes for them and they have no accountability. Much of the world is being overtaken by central banks and corporations. They are usurping the power of the nation-state through various "world" organizations like the WHO and IMF. Klaus and company have made several predictions including that by 2030 "You'll own nothing and you will be happy." They are also promoting ideas like there will be no more fossil fuels and that people shouldn't eat meat. The "Fourth Industrial Revolution" book describes a merger of man and machine. Essentially, the connecting of individuals directly to a global A.I. cloud. History and economic cycles tend to repeat since there is always a part of the population that wants to control everything. Power tends to become oppressive and then the public revolts. We go from periods of centralization back to decentralization. He believes we are now at peak centralization as there is increasing pushback. Other cycles are also converging. The reserve currency standard is one of these cycles along with technology. The policies of centralization always fail because they cause breakdowns in the free market. Green initiatives are an example of this and we are seeing the resulting energy crisis. We're seeing multi-hundred percent moves in natural gas prices. Supply chains are breaking down because of these policies globally and problems are spilling over food production. All of these issues combined could result in many people owning nothing by 2030. Bitcoin is the revolution and the government is trying to gimmick-ify their own solutions. Central bank digital currencies could enable behavior modification by controlling when, where, and how you may make purchases. They can modify behavior through rewards and penalties. He also notes that these coming currencies could result in a complete collapse of the existing banking structures down to a handful of global entities. He discusses ways to get out of the financial Titanic. Get your wealth out early and avoid anything that is losing value from inflation. Diversify out of assets that carry regulatory risks. Time Stamp References:0:00 - Introduction0:30 - The Great Reset4:13 - 8 Predictions7:00 - Peak Centralization10:19 - Converging Cycles16:55 - CBDC and ownership21:00 - CBDC and Behavior23:47 - Totalitarian Two-Step26:11 - Currency Roll-Outs29:20 - Protecting Yourself32:45 - Bitcoin & Control36:23 - Concluding Thoughts37:58 - Wrap Up Talking Points From This Episode The Great Reset and its consequences.A convergence of long-period cycles.Central bank digital currencies and control.Solutions to preserving wealth and exiting the system. Guest Links:Twitter: https://twitter.com/1markmossWebsite: https://www.1markmoss.com/Conference: https://www.marketdisruptorslive.com/sales-page-511174011633642178302YouTube: http://video.marketdisruptors.io/youtubePodcast: https://markmoss.iheart.com/ Mark is the founder of Market Disruptors, the host of one of the fastest growing finance channels on YouTube focused on Bitcoin, and the new host of the first nationally syndicated radio shows on the iHeart Radio network focused on Bitcoin topics. His use of history for perspective makes complex subject easy to understand and actionable.

Mark Moss: How to Prepare for the Great Reset

Tom welcomes Lawrence Lepard back to discuss the markets, gold, and the fragile state of the economy. Lawrence discusses the markets and how they are slowing. We may be near a market top. Last year we had explosive growth in GDP but that has waned in recent months. We printed trillions to get us through the Covid period and now benefits are running out. The economy is starting to choke and the key question is will they do further stimulus or will the markets be allowed to roll over. The debt-ceiling debate is just a pretense to show their 'responsible'. The big elephant is inflation which is breaking out everywhere. Housing markets are moving higher and very few assets are behaving normally. In the past couple of years, we've printed forty percent of the money in existence. Even the Democrats are reconsidering spending but if they don't spend markets will cool and pull back. In the end, they will likely have no choice but to print more and send out stimulus checks. The Fed is very good at playing the taper game and they're not stupid. They will try like hell to keep things going while pretending to be responsible. There is a good chance they will have to stop the taper to keep the markets happy. The reality is you can't taper a Ponzi scheme. No growth and higher prices is the definition of stagflation. Back in the 70s prices kept rising repeatedly. Gold and oil were the outperformers for ten years while bonds were killed and stocks went nowhere. Today's markets feel similar. He believes the producers are the place to be in mining stocks. They are not sexy but they have a good revenue stream and are currently overlooked. He discusses the benefits of bitcoin and why like gold it represents a great sound money bet. Inflation will drive the trade out of fiat assets and into alternatives. This is the end game for fiat. Time Stamp References0:00 - Introduction0:31 - Fragile Markets4:21 - Debt Ceiling Debate9:13 - Fed Taper Bluff?14:22 - Stimulus & Inflation15:54 - Kick for Gold?21:14 - Housing Prices25:45 - Watch for Signposts30:17 - Mining Company Buckets37:37 - Bitcoin as a hedge?46:43 - China & Bitcoin?52:19 - Gold, Bitcoin & Energy54:30 - Wrap Up Talking Points From This Episode Inflation and market fragility.Debt-ceiling debate and political will.Fed's taper plans and Powell to be replaced.The housing market, bubbles, and mitigating risks. Guest Links:Newsletter: http://eepurl.com/gOf1dTWebsite: http://www.ema2.comTwitter: https://twitter.com/LawrenceLepard Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities. Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II. Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.

Lawrence Lepard: The Everything Bubble is Fragile and Faltering

Tom welcomes back to the show, Christopher Aaron. Christopher explains why it's important to understand what is going on with precious metals and inflation over the past eight months. Any time there has been news supportive of the economy we have seen the opposite reaction by markets. Reports of high inflation have resulted in metal sell-offs and the dollar moving higher. This is backward from what one might expect. The market seems to be pricing in future responses from the Fed. We're coming to a turning point where the psychology of markets shifts. The problem today is not the CPI but the debasement of the currency. Most of the measures taken by central banks are magnifying inflation. Sentiment in the metals sector has been quite terrible for the last year. That may be shifting just in the last few days. He recommends looking for companies that have great exploration potential but be sure to not overpay. Look for companies that are just rounding off the bottom. He gives us an overview of the GDX and how it's influenced by investor psychology. GDX companies are heavily leveraged to the price of the metal and there are signs of capitulation. This appears to be a possible entry point for the market. Christopher examines the long-term gold to DOW ratio. Eventually, we will see a reversion to the one-to-one ratio. We are bumping up against a historical chart trend and it's possible that gold will begin to outperform the general equities. Investors will want to watch this carefully. The decade-long rising trend for the dollar has broken but has not started a declining phase so far. The dollar is failing multiple attempts to rally. Eventually, it will break to the downside. This is likely the driving force behind numerous commodities that are heating up. Lastly, Chris highlights the need for real education in understanding fiat systems because there is an enormous wealth transfer to the rich. The wealthy are directly benefitting from inflation. Now is the time to prepare your lifeboat because there is trouble coming for the dollar. Time Stamp References:0:00 - Introduction0:37 - Inflation & Metals5:18 - Analyzing Inflation8:56 - Metrics & Noise10:50 - Psychology & Sentiment16:00 - GDX Chart22:23 - Long-Term Charts23:40 - Dow Gold Ratio33:26 - US Dollar Chart41:42 - Elite Private Placements48:48 - Anti-Fiat Education56:49 - Wrap Up Talking Points From This Episode Metals market overview and inflation expectations.Outlook for the dollar and commodities.Investor psychology, sentiment, and capitulation.Need for additional education in fiat money systems. Guest LinksTwitter: https://twitter.com/iGlobalGoldWebsite: https://igoldadvisor.com/YouTube: https://www.youtube.com/channel/UCjG_4Kg7ZWWs8o7EnfnDc9Q Christopher Aaron is Senior Editor for the precious metals investment portal Gold Eagle. A former counter-terrorism officer for the CIA and Department of Defense, Christopher has always had an independent analytical outlook. He volunteered to serve two tours to Iraq and Afghanistan from 2006 – 2009, conducting pattern analysis and mapping for the US Intelligence Community in Washington, DC. Drawing upon his investigative background, he turned attention to the financial markets in the early 2000s. Mapping shares similarities with technical analysis of the financial markets because both involve the observation and interpretation of patterns found in human nature. Through his work, Christopher shares with clients how these patterns are cyclical and embedded. Recognizing these patterns can be used to profit. Christopher Aaron holds a degree in history and business, with advanced Department of Defense training in intelligence analysis.

Christopher Aaron: Important Turning Point in the Metals

Tom welcomes back private trader and newsletter publisher Kevin Muir of "The Macro Tourist" back to the show. Kevin discusses the Treasury General Account and how the Fed has mopped up some of the excess liquidity. They seem increasingly hawkish and are finally expressing concerns about inflation. The Fed and Central Banks are increasingly risky when one considers the heights of the stock markets. It seems they will choose to tighten until something breaks. Kevin explains how inflation is generated either by Central Banks lending money or government spending. The government has demonstrated over the last couple of years that they can spend almost without limits. The only limit being inflation. S.E.C. chair Gary Gensler was recently featured on mainstream news hinting that a crackdown is coming. With markets feeling a bit like the wild west and exuberant behavior by CEO's investors need to pay attention. He believes the next Fed chair may be more dovish and that Powell is likely to be replaced. China appears to be working hard to purge the excesses in its system. If your looking for the next big problem it likely won't be in China. He believes the energy sector is going to be one of the greatest trades. Oil is still cheap but what would happen should it reach $200. How would the Fed respond in that scenario? Time Stamp References:0:00 - Introduction0:50 - Fed & Risk Assets7:20 - QE & Balancing10:02 - Bond Markets & Yields16:20 - Tightening Risks19:02 - Inflation & Euro Markets23:27 - True Sources of Inflation31:30 - Other Market Risks40:08 - Fed Scandals45:25 - Evergrande Conclusions51:50 - The Biggest Risks57:43 - Energy, China, & Policy1:09:23 - Wrap Up Talking Points From This Episode Feds policy, liquidity issues, and scandals.Drivers for inflation and supply shocks.Possibility of market crackdown by the SEC.China and the potential for higher energy prices. Guest Links:Twitter: https://twitter.com/kevinmuirWebsite: https://themacrotourist.comEmail for sample letters: kevin@themacrotourist.com Kevin Muir started as an institutional equity derivative trader for a big Canadian bank in the 1990s. In 2000, Kevin decided that bank-life wasn't for him, so he traded his own account for the next two decades. Along the way, he started writing the MacroTourist newsletter – which he describes as an "almost daily" letter about the markets that still manages to have fun. The MacroTourist newsletter attempts to bring a unique take on a variety of different financial topics. Kevin's tagline is "All I Bring to the Party is 25 Years of Mistakes." Kevin Muir is a CFA and a graduate of the University of Toronto economics program.

Kevin Muir: Bearish Signals for Risk Assets Everywhere

Tom welcomes back Steve St. Angelo of the SRSrocco Report. Steve discusses how energy is the main driver of the economy and we are now entering an energy crisis. This crisis will affect everything in the economy. Steve explains how energy issues have historically impacted civilization. When a peak is reached the system becomes increasingly unstable. The system isn't designed to run at a high level and we are in a declining energy environment. It isn't easy to fix the energy problems because everything depends on fossil fuels which are becoming increasingly scarce. Many countries are considering returning to coal because of the lack of alternatives. Green energy is not providing sufficient energy than was expected when it was designed. If the wind stops blowing or the sun stops shining then there are issues, particularly in winter. At best we can only store a fraction of green energy in batteries. We simply don't have enough metals for massive batteries. It takes a lot of resources to create and maintain wind energy systems. Most of these renewables energy systems have finite lives. Steve argues that most of these green solutions are only exacerbating the problems. We're approaching the point of diminishing energy returns where every unit of energy costs a unit of energy to produce. Cheap and easy to obtain oil is becoming increasingly rare. We're seeing massive amounts of debt being created in an attempt to address these issues. It always comes down to energy and Steve argues that it was a key factor even in Rome's collapse. Talking Points From This Episode The Energy CrisisGreen Energy, Metals, and Fossil FuelsEROI and diminishing returns.Cause of Rome's Collapse Time Stamp References:0:00 - Introduction0:38 - Coming Energy Cliff2:58 - EROI, Gas, & Coal5:47 - Coal & China Brownouts7:47 - Green Energy Concerns14:38 - Impact on Markets17:22 - E.R.O.I19:36 - Shale Oil & Debt26:06 - Offlined Production27:06 - Energy Inventories31:18 - Gold, Bonds, & Input Costs33:39 - Crypto & Complexity39:08 - Energy & The Elite40:54 - LNG & Extreme Costs44:09 - Solutions?48:35 - U.S. Oil & WWII50:40 - The Fall of Rome52:36 - Technology Problems56:05 - Wrap Up Guest Links:Website: https://srsroccoreport.com/Twitter: https://twitter.com/SRSroccoReportYouTube: https://www.youtube.com/channel/UCED7G7CZfqdSV9zttlr1M_gEnergy Cliff Video: https://www.youtube.com/watch?v=wwDQ5iorYxc&t Independent researcher Steve St. Angelo (SRSrocco) started to invest in precious metals in 2002. Later on, in 2008, he began researching areas of the gold and silver market that, curiously, most of the precious metal analyst community have left unexplored. These areas include how energy and the falling EROI – Energy Returned On Invested – stand to impact the mining industry, precious metals, paper assets, and the overall economy. Steve considers studying the impacts of EROI one of the most important aspects of his energy research. For the past several years, he has written scholarly articles on some of the top precious metals and financial websites. You can find many of Steve's articles on noteworthy sites, such as GoldSeek-SilverSeek, Market Oracle, Financial Sense, GoldSilver.com, SilverDoctors, TFMetals Report, Outsiderclub, SGTreport, BrotherJohnF, Hartgeld, Der-Klare-Blick, PeakProsperity, SilverStrategies, DollarCollapse, FurtureMoneyTrends, Sharpspixley, FinancialSurvivalNetwork, PMBull, Deviantinvestor, PMBug, Wealthwire, and ZeroHedge.

Steve St. Angelo: The World is Heading for an Energy Cliff

Tom welcomes back Keith Weiner, to the show. Keith is the President & Founder of Gold Standard Institute USA and CEO of Monetary Metals. Keith discusses how economists and experts tend to say the strangest things and most of their statements don't pass basic scrutiny. Gold has been accumulated for the last 5000 years as a result physical scarcity is not possible. Gold is not consumed unlike other commodities like agriculture. Physical supply shortages are only possible at a particular price. Backwardation occurs in metals when people want to hold their gold more than dollars. Keith argues that because we don't see backwardation often means the price can't be massively suppressed. Canada and the United States have the least understanding of gold markets in the world today. Most of the world understands the value of gold and silver because of their countries unstable currencies. Keith explains that dollars are illusory credits and are merely claims on wealth, not wealth itself. Fiat systems have become increasingly corrupted and this is why gold is the better option. Currencies are unsound and worsening. Bad behavior at a state level is trickling down to other parts of society. Eventually, there will be defaults but these may still be years away. Calculating the probability, severity, and consequences of a collapse is very difficult to predict due to the complexities of global systems. Keith discusses the importance of measuring assets in reference to a good standard. A dollar is a great unit of exchange but a terrible unit of measure. Investors should be calculating their assets against gold ounces to determine and compare their net worth. Lastly, he explains the issues of unintended consequences due to government actions affecting everything from labor to logistics. The lobbyists are always encouraging the government and often the problems are magnified and exacerbated. Time Stamp References:0:00 - Introduction0:44 - The Sniff Test3:55 - Basis & Futures12:20 - Shortages & Price14:04 - Why Buy Gold?18:07 - Coinbase & Crypto23:22 - Gold Backed Bonds29:00 - Inflation & Green Energy36:35 - Global Currency Health42:51 - Valuing Gold48:32 - Unintended Consequences52:18 - Wrap Up Talking Points From This Episode Experts and economists evaluating their opinions.Physical gold availability and price suppression.The reasons for holding gold and using it as a basis of measurement. Guest Links:Twitter: https://twitter.com/kweiner01Website: https://monetary-metals.comWebsite: https://goldstandardinstitute.netFacebook: https://www.facebook.com/keith.weiner.5 Keith Weiner earned his Ph.D. from the (non-accredited) New Austrian School of Economics. He speaks worldwide about the failing dollar system and the need to rediscover the gold standard. To this end, He founded the Gold Standard Institute USA and Monetary Metals. The former is a nonprofit focused on education and outreach. The latter makes it profitable to invest in the gold standard by paying gold interest on gold. Previously, Keith founded DiamondWare, a voice technology company that he sold to Nortel Networks in 2008.

Keith Weiner: Gold 1, Bitcoin 0

Tom welcomes Luke Gromen of Forest for the Trees back to the show. Luke is concerned about the United States debt to GDP ratio. Once a certain threshold of debt is reached countries normally enter a period of stagnancy. Today, there is a binary aspect to Fed policies as they are expected to do either too much or not enough. The U.S. Bond markets today have around seventy trillion in assets and there is a slow move from bonds to other assets including crypto. Investors are looking for anything that protects purchasing power. Luke outlines the future obligations of the United States and why these are enormous issues. The debt ceiling is just a political football and it would be shocking if they didn't raise it. The government today is two wings of the same bird. Both parties spend ridiculous amounts and they both believe that deficits don't matter. This is certainly a bad sign and an indication of problems to come. He expects the Fed to taper but it will be in appearance only. Like a drug user hiding an addiction, the Fed will begin injecting liquidity into other areas while 'tapering'. This will improve the Fed's credibility however the reality will be that nothing much will have changed. It will all be sleight of hand. Luke discusses different scenarios for how the United States could get out of the debt crisis. All of which would require massive growth on the order of 15-20% GDP annually for an extended period. China appears to be dealing with debt problems by restructuring, firing management, and allowing shareholders to be wiped out. Ironically, this is what we should have done back in 2008 but instead, we have been centrally planning everything. He feels the world is passing peak cheap oil and that prices will shift higher from here. Fracking and shale oil may become more feasible as prices rise. However, the cheap capital that used to be available for that industry is far less today. Physical gold is an asset that is no one else's liability. No one else should have a claim to it. Today, the value of everything is tied in some way to energy. Gold doesn't carry that risk because the energy has already been expended. Time Stamp References:0:00 - Introduction0:47 - Inflation4:30 - Bond Market Size8:00 - Interest & Obligations13:37 - Debt Ceiling15:40 - Heroin Addiction18:35 - QE & Bank Reserves21:43 - Finding a Way Out?26:04 - Transition Mechanisms28:00 - China Defaults?30:20 - Energy & Peak Oil34:23 - Shale & EROI36:40 - Bitcoin & China43:17 - Gold & Energy46:50 - Bitcoin & Energy50:03 - Signposts52:16 - Wrap Up Talking Points From This Episode Inflation and sovereign debt risks.Future obligations and the debt ceiling.Why the next taper will be sleight of hand.China's policies, the outlook for bitcoin, and energy. Guest Links:Twitter: https://twitter.com/lukegromenWebsite: https://fftt-llc.com/ Luke Gromen began his career in the mid-1990s in Research at Midwest Research before moving over to institutional equity sales and becoming a partner. While in sales, Luke was a founding editor of Midwest's widely-read weekly summary ("Heard in the Midwest") for the firm's clients. He aggregated and combined proprietary research from Midwest with inputs from other sources. In 2006, Luke left FTN Midwest to become a founding partner of Cleveland Research Company. At CRC, Luke continued to work in sales and edit CRC's flagship weekly research summary piece ("Straight from the Source") for the firm's customers. In 2014, Luke left Cleveland Research to found FFTT, LLC ("Forest for the Trees"), a macro/thematic research firm catering to institutions and individuals that aggregates a wide variety of macroeconomic, thematic, and sector trends in an unconventional manner to identify investable developing economic bottlenecks. Luke also provides strategic consulting services for corporate executives. He is a graduate of the University of Cincinnati and received his MBA from Case Western Reserv...

Luke Gromen: The Growing Recognition of Negative Bond Yields

Tom welcomes Rafi Farber back to the show. Rafi is an investor, author, and proponent of the Austrian Business Cycle. Rafi discusses how to keep sane with short-term price movement in gold. There are times when investments fail to behave how you would expect. This is why it's important to keep cash on hand since you need to be able to buy the dip. You need emotional stability. Eventually, there will be another liquidity crisis and the Fed will likely intervene once again. There has been some exhaustion seen in miners, particularly Newmont and Barrick. Most commodities are seeing shortages and higher prices. So far higher prices haven't corrected these supply issues. When people understand that their wealth is being taken from them through inflation they will change their behavior. This is when the currency begins dying and shortages begin to occur. Everyone's inflation rates are different because they use a different basket of goods. All the experts have different definitions and levels for hyperinflation. Rafi argues that hyperinflation should be defined as when people become reluctant to hold a currency. During these times prices can't compensate fast enough. Growth in the money supply has become quite high over the last year. Recently, that rate has come way down although it's still seasonally high. Some of that supply appears to have entered the equity markets and it's difficult to track where these flows into equities. The recent resignation of two Fed presidents demonstrates these people aren't clean. There almost all involved in equities and he questions why these two individuals were singled out. Rafi outlines Milton Friedman's pencil analogy which demonstrates the complexities of free markets. We are seeing a contraction in the industry for various reasons like emission standards. Lastly, Rafi discusses his ongoing experiment to take delivery of a silver bar via a futures contract. Time Stamp References:0:00 - Introduction0:35 - Gold Price Action4:12 - Selling Exhaustion6:10 - Gold to Commodities10:36 - Dollar Sickness13:15 - Defining Hyperinflation17:00 - Backwardation20:18 - Expectations & Spending21:13 - Money Supply Growth24:10 - Fed Resignations26:48 - Pencil Analogy30:53 - Taking Silver Delivery33:43 - Concluding Thoughts35:12 - Wrap Up Talking Points From This Episode Keeping sane in an insane economic world.Commodities and supply shortages.Defining hyperinflation as a loss of confidence.Fed resignations and the complexities of markets. Guest LinksTwitter: https://twitter.com/RafiFarberArticles: https://seekingalpha.com/author/austrolib#regular_articlesNewsletter: https://seekingalpha.com/checkout?service_id=mp_1347 Rafi Farber invests based on the Austrian Business Cycle Theory and covers economic trends for timing the credit cycle. His marketplace service, The Libertarian Investor, helps subscribers manage the risks and profit from the ongoing fiscal and monetary crisis precipitated by the COVID-19 pandemic. His approach uses gold, silver, and associated stocks and investment vehicles as a low-risk, high-return methodology.

Rafi Farber: The Dollar is being Poisoned

Tom welcomes an extremely thought provoking guest Jeff Snider to the show. Jeff flips the lid on the global shadow money system and shows us all the mechanisms and leavers that lie in the shadows. Inflation is understandably an emotional topic and often a difficult conversation to have. Inflation is always and everywhere a monetary phenomenon. It's usually a significant increase in prices across a broad swath of the economy. In order to see sustained price increases, you need to have too much money chasing too few goods. Bank reserves are not money they are a unit of account used in the banking system. Therefore the Fed isn't flooding the world with money. The balance sheet of the Fed is a reaction to something else happening behind the scenes. Reserves are not the same as printing dollars. What we have seen in the CPI and PPI figures recently seems exclusive to the United States. We see these humps in these flawed measures which clearly line up with the reopening of the economy. We also see a response from the large drops of helicopter money but these conditions tend to be temporary. Part of the Fed's objective is to promote expectation policy. Some of their plans are intentionally designed to register an emotional response. Something is not right with what we are being told. They don't actually print money, that's why the dollar and inflation don't get out of control. Bank reserves are not a trivial distinction. It's all smoke and mirrors. If you believe the Fed is printing money then you will act on that information. That is the point. This is called expectation policy. Jeff points out that the Eurodollar system plays a key role in the global reserve currency system. The Euro is a virtual reserve-less currency standard that is global. As the Bretton Woods system failed the Euro stepped in as its replacement. This happened before the ending of the U.S. gold standard under Nixon. The 2007 crisis was due to a global Eurodollar system shortage. There was a collapse of this shadow money system that affected the entire global economy. The global reserve currency system has been steadily malfunctioning for the last 15+ years. Money is always 100% about confidence. Since the 1950s we've had vast changes to how money was defined. Today, the Fed barely comprehends what money actually is anymore. Central banks are pretending to understand what is going on. The Eurodollar system appeared to work so long as it was expanding. As we saw in 2008 the inherent flaws finally caused a crisis in confidence. Jeff explains why Evergrande is not a Lehman moment because it's an intentional event created by China. China is attempting to transition to a more socialist state via a system of managed economic contraction. Crypto prices today are way out of whack with the rest of the economy and the idea of ledger money is not a new phenomenon. Since a tidal wave of inflation is not coming the shift in the narrative will cause problems for crypto. Central bankers no longer understand money or what is going on with the system. They only look at various metrics to judge if their policies are working. Time Stamp References:0:00 - Introduction0:40 - Inflation Causes3:17 - Sustaining Inflation6:54 - Camel Humps10:52 - Fed Policy Approach13:50 - Bank Reserves16:14 - Reverse Repo17:40 - Euro Policies23:53 - What broke in 2007?27:40 - U.S. TIC Data32:26 - An Evergrande Moment?36:55 - China's Debt & Risk39:11 - Gold and/or Crypto43:12 - Where is the risk?45:30 - Fed & U.S. Gov't48:20 - Lies & Statistics54:52 - Course Corrections?56:42 - Digital C.B. Currencies58:46 - Money Vs. Currency1:01:52 - Concluding Thoughts1:07:35 - Wrap Up Talking Points From This Episode How bank reserves and how the shadow banking system works.Why the Fed's main job is 'managing expectations'.The 2007/2008 crisis and the real causes.The importance and role of the Eurodollar system. Guest LinksTwitter: https://twitter.

Jeff Snider: The Global Currency System that Really Matters

Tom welcomes new guest Arnold Villeneuve to the show. Arnold discusses his early career choices and how he leveraged his interest in computers. This interest has brought him to become an IT Consultant, teacher, and author. Teaching others has improved his skills and taught him the best ways of conveying information. Storytelling is a very useful way of educating others. His book on 'Private Placement Profits' uses these methods to teach others about this overlooked investment instrument. Arnold explains the various types of private placements and how warrants function. Warrants can provide additional upside profit potential than regular investments. Finding private placements can be difficult since you have to actively look for these opportunities. You may have to call companies and ask. If you like a company it certainly doesn't hurt to inquire about private placements. Some placements are only available to accredited investments but this is usually at the discretion of companies. Some companies don't want to deal with small investors. There are some risks not unlike buying stocks and not every placement will do well. However successful placements can outperform the regular market. He notes that most placements are only available for a brief period. Arnold details the concept of "Point of No Concern" which is the point at which you have recouped your initial investment. He describes a few strategies for protecting your investments. Company management is key when evaluating opportunities. Have they had prior success and what assets does the company hold. It's also important to invest when the market cycle is providing wind at your back. Currently, we appear to be entering a new commodity cycle that should improve over the coming years. He makes the case that the current market cycle in broader equities could have a long ways to go. Comparisons can be made to the 1920s and it appears that markets could remain bullish for some time. Time Stamp References:0:00 - Introduction1:08 - Arnold's Background3:59 - Educating and Writing11:40 - Private Placements21:05 - Barriers to Entry24:39 - Accredited Investors31:25 - Point of No Concern45:04 - Company Considerations52:10 - Dow Market Cycle Chart58:24 - Wrap Up Talking Points From This Episode His background in I.T. and teaching.Understanding Private Placements and Warrants.Market cycles, strategies, and protecting your investments.Researching companies and assessing management. Guest LinksLinkedIn: https://www.linkedin.com/in/arnold-villeneuve-024571/Website: https://www.privateplacementprofits.com/ Arnold Villeneuve is an author, consultant, and instructor. At 25, Arnold had his Mutual Fund Sales Person certification and ran the Portfolio Transfer Agency IT Department for Worldwide Equities in Toronto, Ontario. His love of mining companies came from growing up in Northern Ontario. Today, Arnold is a 30 year veteran of the IT/IM industry, published McGraw-Hill author, Instructor, and conference speaker. As a Certified Professional Cloud Architect with the major cloud providers, he provides cloud consulting and training services. One of his areas of specialization is data analytics and visualization which was leveraged in the development of this book. In his spare time, he uses his technology skills to research private placement investment opportunities, and play with more computers. He is a proud owner of two “temi” robots which he is currently integrating with the cloud to reboot Skynet. He is owned by two rescue Dachshunds, Mickey and Mac, which he has not yet been able to integrate with the cloud without their knowledge to have better control over them (they’re clever!), an issue which he hopes the new Skynet will solve. Hope springs eternal in the heart for technology to solve everything!

Arnold Villeneuve: The Power of Private Placements

Tom welcomes Ed Steer back to the show, Ed writes a weekly subscriber column on the precious metals markets. Ed begins by discussing manipulation in metals and why the dollar index is also 'heavily managed'. When considering the amount of money being created the dollar should be much weaker. During the past few months, the flows of physical gold into ETFs have declined. However, silver continues to flow into the ETFs and big players are likely involved. The four largest traders are trying to exit their short positions. We're down to four large banks and successfully managed to run palladium down. These banks use short positions to manipulate commodities. Palladium is very easy to manipulate because of its small size. He explains how small traders are hoodwinked into joining short trades. We see this now with some managed money traders. When the market finally shifts these players will be forced to cover at a loss. This will drive the price higher. The current silver short position represents 184 days of world production. If a similar position existed on crude someone would be in jail. Sooner or later prices will blow up and the WallStreetSilver crowd has them cornered. "Metals prices are going to heights that we can't even imagine right now." Physical silver remains tight and available supplies remain quite low. When large players get involved we could see an explosion to the upside. Increased demand for large 1000 oz bars occurs could quickly cause futures prices to rise. It's only a matter of time before this occurs. Ed outlines the increasing demand situation for gold from India and China. What happens from here will be crucial although silver continues to lag. Massive inflation is coming as central banks have now entered a period of "print or die". There is no way they can avoid inflation and this problem is now here to stay. Talking Points From This Episode Dollar and metals manipulation.Palladium and short positions in metals.Physical silver supply and demand for gold in Asia. Time Stamp References:0:00 - Introduction0:38 - Dollar Headwind2:13 - Depository Metals4:13 - Engineered Prices9:45 - Very Bullish Setup11:07 - Sizes of Shorts16:36 - Retail Silver Market20:47 - Large Bar Market23:00 - India & Gold Demand26:33 - Inflation or Deflation27:31 - PVC Pipe Pricing29:01 - Wrap Up Guest Links:Website: https://edsteergoldsilver.com/ Ed's interest in precious metals began about 35 years ago during the final upside blow-off in silver and gold when the Hunt brothers tried to corner the silver market back in the very late 1970s, culminating in the high price spikes in both those metals in early January of 1980. He made a lot of money during that period and lost a lot when the whole thing came crashing down. Almost 20 years passed before his interest in precious metals was revived. Even with the Internet in its infancy in 1999, it didn't take long to discover that all was not as it should be with gold and silver prices. In early 2000 Ed ran into GATA and silver analyst Ted Butler on the Internet, and the rest, as they say, is history. He wrote commentaries for Bill Murphy over at lemetropolecafe.com for several years, and eight years ago, David Galland over at Casey Research was kind enough to ask Ed to write for their company, which he has done ever since. After 15 years of watching, analyzing, and writing about the precious metal market, Ed says, "I know a thing or two about it and, as I've already stated, the first thing I found out was that gold and silver prices were and are being actively managed." A state of affairs that has now become obvious to all except for the willfully blind. This price management scheme has now extended into platinum, palladium, and copper during the last few years and this, amongst many other things, is what I write about daily.

Ed Steer: New Shorts Will Be Rocket Fuel for Silver Price

Tom welcomes Brandon Munro, CEO of Bannerman Energy to discuss the increasing activity in the uranium space. He explains how his background as a lawyer gave him a peek inside of mergers during the last uranium boom. He's a regular speaker at the World Nuclear Association and co-chairs a panel called the Nuclear Fuel Demand Working Group. They put together an annual report that includes forecasting future global fuel demand. This gives him keen insight into the sector. In late April Sprott Asset Management decided to acquire Uranium Participation Corp. This sector has functioned without effective price discovery for many years. Sprott is rapidly changing how the market operates. Sprott's SPUT has been buying uranium and they are acheiving price discovery. They are pulling in additional inventory and price is now appreciating due to the limited supply. He explains the advantages that Sprotts Fund brings to the uranium market creating a virtuous cycle. SPUT was able to raise a lot of funds very quickly and this has attracted other players to the markets including the utilities. Other investors are starting to take notice. SPUT will likely have a needed disruptive effect on the sector. He outlines some possible scenarios for the sector as a result. Should the broader investment market become attracted to the space it could do very well. Brandon discusses the prices that will be necessary to bring on additional mines and production. Most projects will need significantly higher pricing than where we are at now. Today, that's likely to be the eighty dollar range. He explains Small Modular Reactor technology and the benefits this tech could bring to the market. Timestamp References:0:00 - Introduction0:46 - Brandons Background3:18 - Sprott SPUT Fund9:19 - Bear Market Case11:40 - A New Uranium Cycle18:24 - Projecting Impact22:07 - SPUT U.S. Listing?27:25 - Synthetic Instrument29:18 - Demand Working Group29:59 - Supply & Consumption34:17 - Carry Trades40:28 - Contract Pricing48:41 - Alt. Reactors57:08 - Opinions Shifting59:40 - Reactor Shutdowns?1:01:47 - Profit Taking?1:03:40 - Wrap Up Talking Points From This Week’s Episode Brandon's backgound and insights into the uranium industry.Sprotts acquistion of Uranium Particpation and the impact of the SPUT ETF.What price will bring development and new mines online.SMR Reactor tech and the ESG benefits of nuclear energy. Guest Links:Twitter: https://twitter.com/BannermanEnergyTwitter: https://twitter.com/Brandon_MunroWebsite: https://bannermanenergy.comYouTube: https://www.youtube.com/c/BannermanEnergyLinkedIn: https://www.linkedin.com/company/bannerman-energy-limitedUNECE Report: https://tinyurl.com/29nrkchs Brandon Munro is CEO of Bannerman Energy, an ASX listed uranium development company that is focused on the large-scale and advanced Etango-8 uranium project in Namibia. Brandon is an expert on uranium mining and the nuclear fuel cycle. Brandon has over 20 years’ experience as a resources executive and lawyer, with qualifications in law, quantitative economics, finance and governance. His various industry roles include Chair of the World Nuclear Association’s Nuclear Fuel Demand working group, which is responsible for forecasting global uranium demand scenarios to 2040. He is former Governance Advisor to the Namibian Uranium Association and Strategic Advisor to the Namibian Chamber of Mines. Brandon has held various voluntary board and committee roles in conservation, education and the arts. As a uranium sector thought leader and author, Brandon is a respected voice in the nuclear energy sector and is a contributing expert to the United Nations Economic Commission for Europe.

Brandon Munro: The Spark Uranium Needed to Set It Alight

Tom welcomes Michael Piepenburg from Matterhorn Asset Management to the show. Michael discusses how everything is backward and nothing is real anymore. During Alan Greenspan's time at the Fed everything changed and Wall Street has become a circus. Today's policies would have been unthinkable back in the 90s. Fundamentals barely matter and the new solutions are toxic. Matthew explains how value investing today has become distorted because everything is momentum-driven. The Fed has other magic tricks in reserve like SRF which is QE under a new name. Tapering is no longer possible and they will only give it lip service. We passed 100% of Debt to the GDP level back in 2019 and it's only worsened since. The U.S. will print whatever it wants and thus the value of the currency will be destroyed. At a grass root level, inflation is starting to hurt people. This inflation is exported and we're making a mockery of the reserve currency. This will end badly. Basel III was created to curtail some of the leverage in the banking system but the Fed continues to backstop many banks. Wall Street and the Fed have a toxic relationship. Markets are artificial and this will continue until inflation becomes too painful. A new Bretton Woods restructuring is coming and they are using the pandemic to justify spending. The financial problems today are blamed on Covid and the fifty years of money printing are overlooked. Central Bank Digital Currencies will simply be a temporary band-aid on a broken system. Ultimately this will be a tailwind for gold. Inflation today is over twelve percent when calculated as done in the 70s. They want high inflation since this is the only politically viable way of addressing some of the debt issues. The market believes in the narrative of transitory inflation. Once faith is lost gold will take off. Gold is currency insurance. Price matters but very soon preserving purchasing power will matter more. Time Stamp References:0:00 - Introduction0:34 - Nothing is Real5:09 - Valuation Metrics6:37 - Fed Tricks10:29 - MMT Debts Matter?12:56 - Debt to GDP16:49 - Gold & Repos27:24 - Foreign Repos31:53 - IMF, SDR's, and Gold39:38 - Eye of the storm?45:22 - Silver48:28 - Wrap Up Talking Points From This Episode Market distortions, valuations, and why everything is momentum-based.Fed's magic tricks and unsustainable debt levels.CBDCs, inflation, the end of the dollar, and gold. Guest LinksTwitter: https://twitter.com/GoldSwitzerlandWebsite: https://goldswitzerland.com/Articles: https://signalsmatter.com/Book (Amazon): https://tinyurl.com/pvpfmy8c Matthew Piepenburg is the Commercial Director of Matterhorn Asset Management AG and the author of the popular book, "Rigged to Fail". Matt is fluent in French, German, and English. He is a graduate of Brown (BA), Harvard (MA), and the University of Michigan (JD). His widely-respected reports on macro conditions and the changing behavior of risk assets are published regularly at SignalsMatter.com.

Matthew Piepenburg: A New Currency System is Emerging

Tom welcomes back Chris Irons, host of the Quoth The Raven podcast, to the show. Chris discusses his new blog and article that he wrote on why the Fed's game is rigged. The Fed's main function today seems to be preventing market corrections. This is causing numerous issues along with making most people complacent. Recently, Fed governors have been caught trading millions along with politician's families including Pelosi's husband. The whole game is rigged and it's obvious that those in charge have a conflict of interest. Chris expresses caution about crypto even though he understands the argument for and against it. If crypto is a bubble and government regulation intervenes we could see two trillion in problems and systemic risk to some companies. Evergrande has 300 billion in liabilities which in a world of psychotic MMT isn't that much. Banks in the U.S. are now able to borrow whatever amount of capital they need to stay afloat. MMT policy is unhealthy, creates moral hazards, and is terrible for the country along with the middle class. The next Lehman moment might be the collapse of everything since it's all now too big to fail. We're witnessing the results of excess liquidity in items like NFTs and other speculative assets. These things are overflow valves for excess liquidity. These are nothing but fraud and are distorting value. It's all euphoric nonsense and it won't be different this time. There is no doubt that China wants a position a the superpower table. They have been quite meticulous with how they manage their money supply and are more cautious than the United States. It seems likely that they will return to a gold standard to give their currency strength. Lastly, Chris and Tom give us some suggestions for focusing on what you can control in life. Talking Points From This Week's Episode Chris's article on the Fed and market distortions.Crypto, two trillion in risk and MMT policies.Speculative manias and finding real value.China's digital currency and the possibility of having a gold backing. Time Stamp References:0:00 - Introduction1:04 - Conflict of Interests10:10 - Solutions?12:30 - Crypto Concerns18:15 - Systemic Questions24:10 - Bubbles & Value30:30 - Evaluating Gold36:02 - China, Gold, & Currency44:20 - News & Positivity47:34 - Wrap Up Guest Links:Youtube: https://www.youtube.com/channel/UCxUo55-0ScpOQNdug8FCzzA/videosPodcast: https://quoththeraven.podbean.comTwitter: https://twitter.com/QTRResearchChris's Offer: https://quoththeraven.substack.com/palisadesArticles:https://quoththeraven.substack.com/p/china-will-back-their-countrys-digitalhttps://quoththeraven.substack.com/p/the-us-is-becoming-a-third-world Chris Irons is the host of The Quoth The Raven Podcast.

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