Palisades Gold Radio

Tom welcomes back Steve St. Angelo of the SRSrocco Report for a discussion on the economics of Bitcoin mining, focusing on the lifespan and economic viability of Bitcoin mining hardware. According to St. Angelo, major US Bitcoin miners Marathon and Riot account for significant portions of global hash rate production, with Bitcoin mining consuming approximately 1-2% of US electricity. However, Bitcoin miners' hardware depreciates rapidly; while they last five years, they become almost obsolete in two years, producing only around 90% of their total Bitcoin output by that time. St. Angelo discusses the implications of this rapid depreciation on sustainability and profitability, raising concerns about underreported depreciation costs, which can mislead investors. To fund the capital expenditure required to replace these miners, companies issue large amounts of shares, leading to significant dilution for existing shareholders. The conversation also touches on the potential use of stranded energy for Bitcoin mining but expresses concerns about its scarcity as energy demand grows. St. Angelo compares this to the gold mining industry, where inflation caused by government actions impacts production costs. He argues that the high depreciation rate and underreporting of these costs in the Bitcoin mining industry could lead to significant financial challenges. Marathon and Riot's claims about not needing to issue further shares for growth remain uncertain. Steve expresses concerns regarding Bitcoin's energy consumption compared to gold mining and its unsustainability due to the need for continuous miner replacement. Despite his criticism of Bitcoin, he acknowledges that some investors are avid supporters. He emphasizes physical metals like gold as a higher quality collateral due to their durability and lack of ongoing energy consumption. Additionally, Steve discusses trends in Gold Exchange-Traded Funds (ETFs) inflows and outflows between Western countries and Asia, particularly China. While there have been significant net outflows from Western Gold ETFs for several years, Eastern countries like China have experienced substantial increases in their Gold ETFs due to central banks' large-scale gold purchases. The West's potential shift towards real assets like gold is suggested, given the risks associated with US Treasuries and money market accounts. However, acquiring gold with potentially devalued dollars presents a challenge for Western investors. Talking Points From This Episode - Steve discusses Bitcoin mining's rapid hardware depreciation, its impact on profitability, and sustainability concerns. - Marathon and Riot's Bitcoin mining operations face significant underreported depreciation costs. - Gold ETF trends: Eastern countries' surge in gold purchases versus Western net outflows. Time Stamp References: 0:00 - Introduction 0:44 - Economics of BTC Mining? 4:10 - Mining Economics & Charts 13:30 - Hash Rates & New Hardware 17:07 - Share Dilution Solutions 19:34 - Underperformance & CAP-Ex 25:30 - All-In Costs & Mining 27:56 - Electricity Consumption 30:40 - End to End Depreciation 37:17 - Bitcoin Value & Time 38:35 - Comparing Mining Industries 41:37 - Gold Mining Total Costs 44:08 - Bitcoin Vs. Gold 48:30 - Chinese Gold ETF Flows 53:10 - Wrap Up Guest Links: Website: https://srsroccoreport.com/ Twitter: https://twitter.com/SRSroccoReport YouTube: https://www.youtube.com/channel/UCED7G7CZfqdSV9zttlr1M_g 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.

In a not-to-be-missed episode, Tom Bodrovics welcomes a new guest, Robert Bryce. Robert is an author, journalist, film producer, and public speaker. Together, they delve into energy issues as Bryce voices his concerns over the fragility of the electric grid and the potential consequences of underestimating the value of a reliable energy supply. He recounts personal experiences with power disruptions and highlights significant contrasts between developed countries' energy abundance and challenges faced in places like South Africa and Beirut. The discussion centers on the 2021 Texas blackout, which shed light on renewable energy's role during the crisis and its limitations when needed most. Bryce underscores the danger of making the electric grid overly reliant on non-base load power. He advocates for recognizing natural gas's crucial role in securing energy stability during inclement weather. He also criticizes initiatives like Michael Bloomberg's Beyond Carbon Campaign, as they could potentially worsen the grid's vulnerability and threaten national energy security. Robert raises concerns about inaccurate information and analysis regarding the energy landscape, specifically concerning hydrogen being misrepresented as a renewable resource by certain media outlets. He laments the negative impact of these misleading narratives on public understanding and decision-making processes. They also discuss challenges of the hydrogen fuel cycle and why it's more of a transportation carrier system than an energy source. Robert discusses how modern energy policy is regressive in nature and its outsized impact on poverty and the wealth gap. He argues that these policies, including those related to climate change and electric vehicles, increase electricity costs disproportionately for low-income and middle-class households despite Democrats' advocacy for the public's welfare. Robert believes that energy affordability should be a bipartisan concern due to its critical role in the overall economy. He also criticizes the media's portrayal of the global energy transition, pointing out that developing countries like China and India are not adhering to the same goals as the West, focusing instead on building coal power plants to meet their immediate energy needs. Robert advocates for pragmatism and a clear-eyed approach to energy production and consumption. He shares his skepticism towards renewable energy's low power density sources, such as wind and solar, and champions high power density sources like natural gas and nuclear. Robert also criticizes the corporatism surrounding renewable energy development and emphasizes the importance of understanding the realities of energy needs in light of increasing demand from developing countries. Lastly, they explore the challenges of rapidly transitioning to electric vehicles (EVs) from a fossil fuel-based system. Despite promises, EVs are not yet capable of replacing oil as a critical commodity for commerce due to the enormous energy consumption in the U.S. transportation sector. The limitations and challenges of batteries, including their energy density, material intensity, and dependence on Chinese supply chains, are discussed. The Biden administration's energy policies are criticized for making the auto sector dependent on components from overseas while stifling the development of oil and coal-based power sources. Financial losses incurred by EV manufacturers like Ford and Rivian are highlighted, questioning the rationality and pragmatism of current industrial and energy policies. Robert encourages people to become informed on these topics and to explain the situation to friends and family. It's important for people to understand the world's reliance on energy and why it's crucial to humanity. Time Stamp References: 0:00 - Introduction 0:50 - Taking Energy for Granted 3:15 - Texas Blackouts - Causes 5:13 - GRID Stability & NatGas 7:03 - Media Accuracy & Bias 11:33 - EROI & Alternatives 14:50 - Fuel Cell Technology 16:03 - Energy Policy & Poverty 19:18 - Energy "Transitions" Charts 22:33 - Germany Coal Use 25:09 - Climate is a Concern 27:18 - Subsidies & Tax Credits 33:44 - EVs and Real Impacts 41:00 - Electric Motorcycles 41:52 - The 10000$ Question 44:47 - Commodities & Debasement 51:45 - Peak Oil Thoughts 55:05 - Efficiencies & Plastic 58:48 - Incentives & Nuclear 1:04:15 - Educate Yourself 1:07:02 - JuiceTheSeries & Wrap Up Guest Links: Twitter: https://twitter.com/pwrhungry Website https://juicetheseries.com Website: http://powerhungrypodcast.com/ Website: https://robertbryce.substack.com Link Tree: https://linktr.ee/robertbryce Robert Bryce is a Texas-based author, journalist, film producer, and podcaster. The host of the Power Hungry Podcast, Bryce has been writing about energy, power, innovation, and politics for more than 30 years. His articles have appeared in a myriad of publications including the Wall Street Journal, New York Times, Forbes, Time, Austin Chronicle, and Sydney Morning Herald. His sixth book, A Question of Power: Electricity and the Wealth of Nations, was published in 2020 by PublicAffairs. He is also the producer of a feature-length documentary film: Juice: How Electricity Explains the World, which is available on iTunes, Amazon Prime, and numerous other streaming platforms. He lives in Austin with his wife, Lorin, who is an art teacher, photographer, and master potter.

Tom welcomes back Adrian Day, CEO of Adrian Day Asset Management to discuss the business aspects of the mining industry. Adrian stresses the importance of understanding a company's financial situation beyond initial disappointments, using Barrick Gold as an example of a company with a history of optimistic production estimates leading to missed targets but effectively managing these issues. He emphasizes the significance of cost metrics like per ounce operating costs and all-in sustaining costs (AISC) for evaluating mining companies' profitability and efficiency. The conversation touches upon the challenges faced by mining operations, such as equipment failure, geopolitical risks, maturing mines, and hurdles common to every operation. Fortuna is used as an example of a company whose significant zinc production should be considered in evaluating its revenue distribution among different metals. Adrian discusses the disconnect between gold prices and mining stocks, attributing it to gold's strong performance amidst central banks and Chinese investors seeking safe havens and the broad stock market's strength. Despite potential risks, such as a pause or reduction in buying by central banks and a negative macroeconomic environment, Adrian highlights the opportunity presented by undervalued gold stocks. The speaker also touches upon exploration expenditures and their importance in discovering new deposits despite the increasing difficulty of finding them. In his investment strategy, Adrian emphasizes investing in senior miners and major royalty companies during the current market cycle due to their undervalued status and likelihood to move first when the gold sector takes off. The conversation concludes with a discussion on economic stress in financial systems caused by excessive debt accumulated during periods of ultra-low interest rates, with maturing low-interest loans causing strain for households and corporations between 2024 and 2026. Adrian emphasizes the undervaluation of gold mining companies considering gold prices and their margins. Time Stamp References: 0:00 - Introduction 1:16 - Miners & Missed Targets 6:43 - All-In-Costs Metrics 9:47 - Production Misses 14:39 - Risks & Juridiction 18:50 - Valuing Poly Deposits 20:55 - Gold Price & Miners 26:17 - Closing The Gap? 30:19 - Mergers & Timing Cycles 33:16 - Companies & Exploration 36:12 - Portfolio Strategies 39:37 - Royalty & Streaming 42:16 - Low Premiums on Metals 46:20 - Silver & Sentiment 47:47 - OTC Purchases & Reports 50:28 - Consumers & Metrics 53:00 - Biggest Stress Points 57:30 - Long-Err-Term Bonds? 1:02:48 - Wrap Up Talking Points From This Episode - The financial situation of mining companies, even those with initial disappointments, should be thoroughly understood for long-term investment opportunities. - Barrick Gold serves as an example of managing production misses effectively. - Cost metrics like per ounce operating costs and all-in sustaining costs are crucial for evaluating mining companies' profitability and efficiency. - Various factors that have led to a disconnect between gold prices and mining stocks, presenting opportunity for undervalued gold stocks. Guest Links: Website: https://adrianday.com/ Adrian Day is considered a pioneer in promoting the benefits of global investing in the United Kingdom. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders. His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010). Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad. He is a popular speaker and is frequently invited to lecture at financial conferences and seminars around the world. His pleasures include fine dining, reading (especially history), and the opera.

Tom welcomes a new guest to the show, Robert Sinn to share his background in precious metals, junior mining, and biotech investing. Robert discusses his introduction to gold during the 1990s debt crisis through his father's experiences at coin shows and investments. The conversation later focuses on the Federal Reserve's recent announcement of tapering quantitative tightening and its potential impact on market positioning, emphasizing fiscal dominance and potential softer data suggesting a possible negative non-farm payroll print. Sinn further explores the Fed's shift in inflation targeting, proposing that it might adopt a new, unannounced inflation target above 2%, around 3%. He explains that markets have accepted the Fed's decision not to cut rates as frequently as anticipated, but anticipate at least one more rate cut this year. Parallels are drawn between the late 1970s and the current situation regarding government spending policies and inflation trends. The discussion then shifts towards energy investments, with Sinn emphasizing uranium and natural gas as crucial areas due to their baseload power generation capabilities and affordability. He acknowledges the transition towards cleaner energy but argues that it will take considerable time for this shift to fully materialize. Sinn holds stocks in both oil companies and renewable energy sectors, adopting a long-term perspective. Theys explore differences in debt structures between China and the U.S., their implications on markets, and strategies for investing in gold. The conversation shifts to Japan's debt ownership versus the world owning U.S. debt. This leads to a discussion about China's debt structure, which sees the government act as the backstop for all debt within their economy. Robert then delves into the Fed's influence on markets and its ability to impact financial conditions without changing interest rates. This interview concludes with an emphasis on gold investing, stressing the significance of global data, especially from China, when analyzing gold market trends. Various strategies are suggested for investors looking to stay in the gold market during volatile periods. Robert discusses the importance of maintaining a long-term perspective and focusing on the structural bull market trends. Time Stamp References: 0:00 - Introduction 0:53 - Background & Metals 3:25 - Juniors & Biotech 5:29 - Fed Reactions 10:02 - Fed Inflation Targets 11:36 - Market Reactions 13:25 - 1970s Parallels 16:55 - Energy Investments 20:00 - Seasonality in Biotech 21:22 - War Headlines & Gold 23:12 - Gold A New Era? 26:49 - A Tectonic Shift 28:34 - China Vs. U.S. Debt 30:43 - Fed Rate Clown Show 34:18 - Trader Positioning 37:39 - Bull & Staying Invested 40:43 - Portfolio Structuring 46:00 - Rules For Juniors 49:50 - New Discoveries 53:30 - Lessons & Danger Signs 59:40 - Go Long Yoga Pants 1:00:41 - Wrap Up Talking Points From This Episode - Roberts background in precious metals and his introduction to gold during the 1990s debt crisis. - The Fed's potential shift in inflation targeting: new unannounced target above 2%, around 3%. - Energy investments: uranium, natural gas, baseload power, affordability, and long-term perspective. - Strategies for holding on during volatile bull markets. Guest Links: Twitter: https://twitter.com/CEOTechnician Substack: https://robertsinn.substack.com CEO.CA: https://ceo.ca/@goldfinger YouTube: https://www.youtube.com/channel/UCV_3gUkg2hbl-Fni4XxNb_Q Robert Sinn is a 20+ year market veteran whose research and insights are followed by hedge fund managers, investment professionals and thousands of readers/viewers across the globe. His introduction to the stock market came in 2003 when his Father shared a research note on a company called Northern Dynasty Minerals (NDM). Shares proceeded to rise more than 1000% over the next nine months. Robert was hooked, and the Junior mining sector became an obsession. Across his extensive career Robert has acted as a market participant, commentator and trader performing dozens of site visits, CEO interviews and generating a wealth of research spanning multiple market cycles.

Tom Bodrovics, welcomes back Don Durrett, an experienced author, investor, and founder of Goldstockdata.com, to discuss gold prices and the economic implications. Durrett believes an imminent hard economic landing will boost his bullish stance on gold. In March 2023, gold reached new highs above $2050, while silver showed significant gains. However, miners have not followed suit. Durrett considers the present economic climate different from previous periods due to the Federal Reserve's reduced ability to revive the economy. He highlights that while the US economy grew and used debt in the 1990s, it eventually balanced its budget. However, since then, the US economy has reportedly been declining for approximately 25 years, leading to significant global shifts like countries abandoning US bonds and equities and increasing interest in gold as a reserve currency. Japan's bond and currency struggles could potentially trigger a crisis due to their substantial US treasury holdings. Durrett discusses the potential impact of Asian countries purchasing gold and the importance of oil purchases in gold-importing countries like Japan and China. Don expresses bearish views on the stock market and bullish predictions for silver prices due to inventory shortages, increasing demand, and potential manipulation attempts like those seen with the Hunt Brothers in the past. Don shares his perspective on gold miners using the HUI index to identify buying and selling opportunities. He considers anything below $250 on the HUI cheap, with levels between $200 and $225 being the buy zone. Opportunities for cheaper stocks extend from $225 to $250. However, as the HUI approaches $300, fewer cheap stocks become available. He anticipates the gold miners' bull market hasn't started yet but expects it to resume in the next couple of months and predicts a potential dip in gold and silver prices before the significant uptrend begins. The summer may not be as uneventful this year due to potential rapid market movements once risk-on sentiment shifts to risk-off. Don has been successful with mid-tier producers some of which have seen substantial growth through acquisitions. He also discusses his investment strategy, holding stocks amidst potential economic downturns, diversification through various investments such as silver, crypto, and physical preparation by selling to the top. He also mentions the unsustainability of constant wars due to increasing budget deficits, implying that peace may prevail as America retreats from its aggressive role on the global stage. Time Stamp References: 0:00 - Introduction 0:42 - Article & Gold ATH 4:25 - Rates, Risks & Spending 18:37 - Japanese Bond Markets 23:40 - C.B. Gold Buying 27:27 - Gold Price Predictions 31:34 - Silver Expectations 37:50 - Hunt Brothers 2.0? 43:23 - ETF Metal Flows 48:07 - Miners Bull Market? 51:22 - Summer Doldrums? 54:30 - Wall Street Interest? 1:01:22 - Miners Risk Vs. Return 1:10:00 - Stocks & Great Taking? 1:15:10 - Rapid Changes Coming 1:21:22 - Optimism & Wrap Up Talking Points From This Episode - Don Durrett believes an economic downturn will boost gold prices; gold & silver reached new highs in March 2023, but miners lagged behind. - Bearish on stocks, bullish on silver due to inventory shortages, increasing demand, and potential manipulation attempts. - America's aggressive role on the global stage unsustainable due to budget deficits, peace may prevail. Guest Links: Twitter: https://twitter.com/DonDurrett Website: https://www.goldstockdata.com/ Free Trial: https://www.goldstockdata.com/freetrial Substack: https://dondurrett.substack.com/ Amazon: https://www.amazon.com.mx/How-Invest-Gold-Silver-Complete/dp/1427650241 Blog Posts: https://seekingalpha.com/author/don-durrett#regular_articles YouTube: https://www.youtube.com/user/Newager23 Don Durrett received an MBA from California State University Bakersfield in 1990. He has worked in IT-related positions for 20+ years. He has been a gold investor since 1991, with a focus on Junior Mining stocks since 2004. Realizing the value of investing in gold and silver and noticing the lack of available material for first-time investors, Don set out to provide information. First, he wrote a book, How to Invest in Gold & Silver: A Complete Guide with a Focus on Mining Stocks. He followed up the book with a website (www.goldstockdata.com) to provide data, tools, and analysis for gold and silver stock investors. His gold and silver mining stock newsletter is widely regarded as one of the best. He is a frequent guest on financial podcasts and a contributor to SeekingAlpha.com.

In this episode of Palisades Gold Radio, economist and wealth advisor Jonathan Davis once again joins host Tom Bodrovics to discuss the theme of inflation and its implications for the current economic era. Davis argues that we have transitioned from a disinflationary era lasting over 40 years into one characterized by financial repression, which he defines as higher inflation. Tracing this shift back to the post-World War II era when debt levels were unsustainable, Davis contends that recent financial crises were not caused by COVID but rather by 'shenanigans' in financial markets. With interest rates reaching historic lows by 2020, Davis predicts that inflation for the next generation will be between 5% and 10%, and interest rates will significantly increase from past decade levels. This transition to financial repression is a response to politicians, central bankers, and bankers' desire to maintain inflation rather than risk deflation. The conversation also touches upon China's economic shift from manufacturing to consumer industries and property development, expressing concern over the large number of unsold homes in China despite continued commodity demand. Mr. Davis discusses the historical perspective of asset classes, emphasizing substantial returns from stocks, bonds, and property over recent decades but anticipates declining value as interest rates rise. He advocates investing in commodities as a long-term strategy. Jonathan then discusses the current state of the housing market, despite higher interest rates and the end of fixed-rate mortgages, there hasn't been a significant impact on the housing market yet due to continued employment and low mortgage rates. He also touches upon commercial real estate, suggesting businesses have been able to mitigate costs by subletting unused space and private equity firms delaying effects of the market downturn. Jonathan shares insights on oil prices' correlation with inflation, anticipating a rebound and potentially reaching $200 within the next few years due to insufficient production relative to economic growth, causing significant drops in energy stocks. He encourages staying informed, adapting investment strategies, remaining cautious, and avoiding excessive greed. Time Stamp References: 0:00 - Introduction 0:38 - The End of an Era 13:05 - Real Rates & Growth 20:10 - De-China-Fication 23:15 - Lending & Global Growth 27:32 - Real Vs. Nominal Returns 29:00 - Dow Long-Term Chart 30:49 - 10-Year Treasury Chart 36:24 - Housing Markets & Rates 41:34 - Commercial Real Estate 45:10 - Uranium Thoughts 51:20 - Miners & Juniors 55:34 - Crude Oil & Energy 1:00:53 - Commodities & HODL Gold 1:05:57 - Eastern Metal Buying 1:08:30 - Maintaining Objectivity 1:10:44 - Uranium & Wrap Up Talking Points from This Episode - Davis argues for a new era of financial repression, characterized by higher inflation, due to unsustainable debt levels since the post-World War II era. - Significant price increases for uranium, gold, and silver miners, and global energy in the next one to three years due to low supply and increasing demand. - Politicians and central bankers will maintain inflation rather than risk deflation, which would benefit consumers but negatively impact the wealthy. Guest Links: Website: https://jonathandaviswm.com Twitter: https://twitter.com/j0nathandavis Twitter: https://twitter.com/boomsbusts Jonathan Davis BA MBA FCII FPFS, Chartered Financial Planner, is the Wealth Adviser. He is a former Chairman of the London Region of The Institute of Financial Planning (now Chartered Wealth Management Institute). Jonathan has been delivering wealth advice since 1987. Johnathan established the Jonathan Davis Wealth Management in January 2007, where they provide a niche Wealth Management advising a small number of clients. He established this firm in January 2007. He has over 1000 appearances in the press, radio, and TV. He is often asked to comment on financial issues.

Tom welcomes back Lyn Alden, Founder of Lyn Alden Investment Strategy, to the show. Lyn discusses abundant and scarce things in investing, focusing on the era of fiscal dominance that has led to bonds becoming abundant. This is due to large budget deficits and private debt being transferred to the public sector. The implications include higher average fiscal-driven inflation and potential impact on asset prices and tax receipts. The Federal Reserve's ability to perfectly tune the economy to avoid recession for the next decade is questioned. In emerging markets, stocks may rise in local currency but decrease in hard money terms during recessions. The U.S., however, is experiencing fiscal dominance where public debt exceeds GDP, making it harder to fight inflation and slow down borrowing. While interest rates can help make a country's currency attractive or reduce borrowing demand, raising interest rates results in ballooning expenses, offsetting disinflationary forces. The commercial real estate sector is heavily impacted, but travel companies, seniors, and wealthy individuals may benefit from higher interest rates. Lyn discusses the SVB bank crisis in 2023, suggesting that the Fed might prioritize saving banks or the Treasury market over controlling inflation, limiting monetary policy flexibility. The potential outcomes of interest rate cuts include growth and demand for commodities but less effectiveness due to fiscal dominance. She emphasizes energy exposure as a hedge against inflationary pressures. Investment strategies include owning assets related to dense forms of energy in the energy sector, focusing on demographics, aging workforces, and understanding China's labor supply and demand. Alternative investment portfolios like the permanent portfolio and IV portfolio deviate from the traditional 60-40 stock-bond split by including gold and commodities for diversification. The development of Bitcoin ETFs is seen as inevitable due to its size and liquidity, but risks include hacks and confiscations. Developed countries generally accept Bitcoin as a store of value while regulating its use as a medium of exchange. The importance of building tools to make Bitcoin more efficient for users is emphasized. Lyn's book, "Broken Money," discusses global financial system issues, with countries relying on the US dollar facing negative consequences if it devalues or if the US manipulates currencies. Running large structural trade deficits is necessary but comes with negative effects such as decreased export competitiveness and de-industrialization. The shift towards more neutral assets like gold and Bitcoin in response to unreliable US dollars is emphasized, along with considering multiple variables and being data-dependent. Time Stamp References: 0:00 - Introduction 0:33 - Bonds, Rates, & Inflation 8:42 - Fed and Recessions 13:30 - Fiscal Dominance & Stability 19:28 - Contrasting the 1940s 23:06 - Feds Blinks at Bank Crisis 25:54 - Deficits & Debt Rollover 29:54 - Rate Cuts & Outcomes 31:52 - Easing and Hard Assets 33:14 - Energy Exposure? 37:40 - Demographics & Demand 41:26 - China & Manufacturing 44:42 - Labor & Underinvestment 47:20 - Skills & Semiconductors 50:00 - Portfolio & Reallocating 53:20 - Bitcoin ETFs & Impacts? 56:06 - Capital Controls & Walls 59:23 - Dollar & Broken Money 1:03:57 - Wrap Up Talking Points From This Episode - Fiscal dominance, inflation, and why the Fed is cornered. - Understanding multiple forces in macroeconomics and the Fed being data-dependent. - A Shift to Neutral Assets in a World of Fiscal Dominance and Unreliable Currencies Guest Links: Twitter: https://twitter.com/LynAldenContact Website: https://www.lynalden.com/ Lyn Alden is editor and publisher of LynAlden.com, where she has both a subscription and a free financial newsletter. She says, "Her background lies at the intersection of engineering and finance." Her site provides investment research and strategy, covering stocks, precious metals, international equities, and alternative investments, with a specialization in asset allocation. Whether you're new to investing or experienced, there's a lot there for you. Lyn has a bachelor's degree in electrical engineering and a master's degree in engineering management, focusing on engineering economics and financial modeling. She oversees the finances and day-to-day operations of an engineering facility. She has been performing investment research for over fifteen years in various public and private capacities. Her work has been editorially featured or cited on Business Insider, Marketwatch, Time's Money Magazine, The Daily Telegraph, The Philadelphia Inquirer, The Street, CNBC, US News and World Report, Kiplinger, and The Huffington Post. She has also appeared on Real Vision, The Investor's Podcast Network, The Rebel Capitalist Show, The Market Huddle, and many other podcasts. She is also a regular contributor to Seeking Alpha, FEDweek, and Elliot Wave Trader.

Tom Bodrovics welcomes back Axel Merk, CEO of Merk Investments, who manages investments worth $1.2 billion in gold and related assets. They discuss the ASA closed-end fund, which invests in precious metals mining, processing, or exploration companies, and is unique due to its longer-term focus compared to ETFs. Merk took over management in 2019 and transformed it into an investment vehicle for junior mining companies. This fund helps small development and exploration firms by providing capital during funding rounds and increasing their share prices, making them more attractive to larger investors. Merk also talks about the potential impact of the Federal Reserve's monetary policies on gold mining and equities during economic downturns or periods of easing financial conditions. He shares his past predictions for a possible recession in 2023 but acknowledges recessions are unpredictable. Merk believes that gold miners provide value over the long term, despite risks, and stresses the importance of risk assessment. Axel discusses Saba Capital Management's ongoing attempts to gain control over ASA Gold and Precious Metals Limited. If successful, this could negatively impact the mining industry due to potential cost-cutting measures or changes to the fund's mandate. Despite expressing support for ASA as a fund manager, Axel encourages constructive dialogue between all parties. Axel highlights ASA's unique features that make it difficult for activists like Saba to achieve their goals easily. The future implications include continued engagement with Saba or potential liquidation if they gain control, and the importance of shareholder votes in the outcome. Investors are encouraged to stay informed and vote in proxy contests. Time Stamp References: 0:00 - Introduction 0:38 - ASA Closed End Fund 3:42 - Funding for Juniors 10:43 - The Monetary Environment 15:26 - Fed & Distorted Data 17:57 - Recent Moves in Gold 20:50 - Closed Vs. Open Funds 25:08 - Strategic Investments 26:42 - ASA Board Concerns 32:16 - SABA Contested Proxy 35:10 - A Call to Shareholders 37:30 - Friday Apr 26 Vote 41:06 - Future for the Fund? 44:33 - Wrap Up Guest Links: Twitter: https://twitter.com/AxelMerk Website: https://www.merkinvestments.com/ Blog Post: https://www.merkinvestments.com/insights-and-reports/2024-03-18 Website: https://asaltd.com LinkedIn: https://www.linkedin.com/in/axelmerk/detail/recent-activity/ Amazon Book: https://tinyurl.com/4ebpcaew Axel Merk is the President and Chief Investment Officer of Merk Investments, manager of the Merk Funds. Founder of the firm bearing his name, Merk is an expert on macro trends. He is a sought-after speaker, contributor, and author; Axel Merk's book, Sustainable Wealth, describes how the greater economic universe works, how it might affect your finances, and how to manage those finances to seek financial stability. Axel Merk holds a B.A. in Economics (magna cum laude) and an M.Sc. in Computer Science from Brown University. Axel Merk founded Merk Investments in Switzerland in 1994; in 2001, he relocated the business to California. He has grown Merk Investments into an investment advisory firm offering investment funds and advisory services on liquid global markets, including domestic and international equities, fixed income, commodities, and currencies. Axel lives in the San Francisco Bay Area with his wife and their four children. Furthermore, he is a marathon runner and a private pilot.

Tom welcomes back to the show, Christopher Aaron to discuss the markets and current geopolitical instability. Although gold prices saw a spike due to recent events between Iran and Israel, they gave back most of the gains shortly after. Christopher emphasizes the importance of considering historical data and long-term trends when analyzing gold price movements. Chris discusses how the Dow Jones and gold have been trading in lockstep due to the preoccupation with Fed policy. They note that during past bull markets, average investors shifted funds from stock indexes into gold or silver when they underperformed. However, the current cycle shows a flat Dow to gold ratio for the last eight years, suggesting mainstream investors are yet to enter the precious metals sector. The potential implications of this situation and its impact on future market performance are emphasized. Despite gold ETFs losing gold holdings as mainstream investors sell their shares even during price surges, they predict gold should come back to retest its recent highs before experiencing a multi-year trend of significant new highs. Christopher shares his insights from the 2008 financial crisis and how he now prioritizes price data over fundamental analysis. They also touch upon historical gold price trends, including how gold always retests breakout points after significant price increases. Christopher discusses the potential catalyst for the Federal Reserve to shift from its hawkish stance being a global or regional war. He suggests that higher interest rates may lead to higher commodity prices and emphasizes the need for markets to reconsider their current beliefs. The conversation then shifts to silver, which has broken its downward trend but faces significant resistance at $30 per ounce. Christopher is skeptical about silver's potential return as a full-time monetary metal in perpetuity but acknowledges the possibility during periods of financial instability. Chris emphasizes the importance of being aware and prepared amidst current turbulent times while also encouraging listeners not to stop living their lives. Time Stamp References: 0:00 - Introduction 1:00 - Geopolitical Tensions 4:37 - Sentiment & ATH Gold 9:15 - Dow Vs. Gold 12:00 - Dow Gold Ratio 15:52 - Opportunity? 18:20 - Breakouts & Retests 23:14 - Fundamentals & China 27:00 - Catalysts & Israel 32:50 - Inflation Narratives 38:30 - Fed Shift? 40:33 - Silver & Resistance 44:45 - Monetary Silver? 45:54 - Miners & Resources 51:16 - Jurisdictional Risks 55:57 - Wrap Up Talking Points From This Episode - Importance of historical data for analyzing gold price movements amid current geopolitical instability; Gold ETFs losing holdings despite recent surges - Markets ignoring fundamental supply and demand in favor of Fed policy and the potential return of mainstream investors to precious metals sector. - Predicting gold retesting highs before significant new price trends. Guest Links Twitter: https://twitter.com/iGlobalGold Website: 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.

Tom welcomes back Ravi Sood to the show to discuss the many changes in the economy and mining industry. Ravi touches upon various topics related to the global financial system, gold prices, and the impact of the 2007-2008 financial crisis. He discusses the lack of significant changes in the financial system since the 1970s and the potential role of Bitcoin in challenging traditional monetary systems. He also highlights the uncertainty and potential risks in the current economic situation due to the pandemic and other factors. The conversation also delves into the importance of investing in physical commodities like gold and other minerals, as well as the role of technology in driving demand for these resources. Furthermore, they explore the effects of a strong US dollar on the economy and suggests alternative policies to improve trade balance. The discussion also covers the challenges in regulating cryptocurrencies and the potential impact of CBDCs. The gold market is analyzed, with the author noting signs of optimism amidst a perceived bubble, and the mining industry's financial issues are also discussed, along with the interest in renewable energy transition and the cyclical nature of commodities business. Throughout the interview, Ravi emphasizes the need for a better understanding of the financial system and the importance of making informed decisions based on current economic conditions and potential future changes. Time Stamp References: 0:00 - Introduction 3:30 - Gold, Bias & Sound Money 10:17 - Global Can Kicking 17:42 - A No Win Scenario? 20:00 - US Commodity Demand 22:28 - Feds Levers & Control Risk 26:44 - Bitcoin, Banks, & ETFs 33:50 - Commercial Banks & Economy 36:05 - Unhedged Mining 44:52 - Gold Highs & Reality 49:05 - Mining Industry Health 56:17 - Energy & GDP Correlation 59:00 - 3 Phases of New Energy 1:02:20 - Green Energy Storage 1:05:04 - Commodities & Capital 1:07:18 - Wrap Up Talking Points From This Episode - The financial system has not seen a major shift since the 1970s, with concerns about sustainability of the existing monetary systems. - Physical commodities like gold and other minerals could help the United States address economic challenges by creating jobs and reducing reliance on foreign currency. - The gold market exhibits signs of optimism for an eventual end to its current bubble, with factors such as increased production and lower interest rates affecting its future. Guest Links: Website: https://golcondagold.com Website: https://evrec.energy Ravi Sood is Chairman of Golconda Gold and an experienced financier focused on emerging markets. Mr. Sood was the founder and former CEO of Navina Asset Management, a Toronto-based investment firm that was acquired by a major financial institution. Mr. Sood also serves as a director of several companies including Blockchain Power Trust, Feronia Inc., and Eve & Co. Previously Mr. Sood was a director of ICC Labs (acquired) and Elgin Mining (acquired). Ravi Sood has a bachelor's degree in Mathematics from the University of Waterloo.

Tom welcomes back Tony Greer from the Morning Navigator to delve into the various market trends and investment strategies. Greer, who is bullish on gold, S&P, industrial miners, and uranium, while bearish on bonds, shares his perspective on the current economic climate. He references the volatile year of 1994, when the Federal Reserve raised interest rates to combat inflation, and believes that if similar circumstances arise again, the Fed will respond with rate cuts, leading to a bullish stock market environment. The commodity sector, particularly natural resources and housing, has seen a significant shift from tech markets, which remain mixed or flat. Greer attributes this trend to potential geopolitical tensions and increasing ISM manufacturing figures, possibly pointing towards the early stages of a World War III scenario. Greer discusses his bullish stance on gold due to central bank buying and physical demand. While some may view the recent gold rally as a head fake, he remains committed to the precious metal. He believes that declining total gold ETF holdings could indicate less speculation and increased interest in physical gold ownership. The speakers also touch upon the potential implications of increasing national debt on the US dollar and the possibility that fiat currencies, including the US dollar, will decline against gold. They ponder if the current trends in oil, copper, and other commodities represent a cyclical shift from underinvestment to materials necessary for economic growth. Throughout their discussion, they emphasize the importance of staying informed about market changes and adjusting investment strategies accordingly. Greer suggests repositioning portfolios towards natural resources and industrial sectors, despite slower growth compared to tech stocks, as these markets may have more significant impacts with smaller amounts of capital. The conversation highlights potential long-term consequences of current economic trends, including national debt levels and the role of gold as a safe-haven asset. Timestamp References: 0:00 - Introduction 0:40 - Bullish Stocks & Gold 9:23 - Fed Games & Inflation 15:12 - Gold Rally & Disorder 17:15 - Gold Vs. Silver 18:12 - Metals & Frustration 20:30 - Capital Rotation 23:17 - Gold ETF Declines 24:42 - Metal Investing 26:20 - The WHO Quagmire 28:44 - Confidence in Media 30:18 - Exponential Debt 31:49 - Oil & Copper Cycles 33:52 - Peak Frustration 36:40 - Uranium Fundamentals 39:13 - Time to Pay Attention 42:30 - Wrap Up Talking Points From This Episode - Tony is bullish on both gold, miners and the S&P 500. - Declining Gold ETF Holdings could signal a shift from paper to physical. - Tony discusses the importance of paying careful attention to your portfolio this year. Guest Links: Substack: https://tgmacro.substack.com/ Twitter: https://twitter.com/tgmacro Website: https://tgmacro.com/ E-Mail: tony@tgmacro.com After graduating from Cornell University in 1990 Tony followed in his father’s footsteps to a Wall Street trading operation. He quickly learned his career path would be vastly different. He says, "I would not be sitting in the same seat on the same trading desk managing the same risk for the same firm for over 30 years." We have clearly entered a new era in financial markets. He began in the treasury department of Sumitomo Bank on the 107th floor of the World Trade Center downtown Manhattan. Tony was an FX trading assistant while the Quantum Fund was breaking the Bank of England in 1992. In 1993 he joined Union Bank of Switzerland as an FX and commodities trader, spending half a year as a Vice President in their Zurich treasury department. Then returned to New York City early in 1995 to join J. Aron & Company, the privately held commodity trading arm of Goldman Sachs. He managed risk for the Goldman Sachs Commodities Index, in precious and base metals trading, and futures and options trading on the New York Mercantile Exchange. He started his first venture in 2000 – Machine Trading which happened right before the tech bubble burst. That decision was his first excruciating life lesson in market timing. It turned out to be an extremely valuable learning experience. He believes there is a massive opportunity with both the unprecedented situation in global markets and in the way financial news is consumed. In 2016, he started TG Macro, LLC.

Tom welcomes back David Brady to discuss future market movements based on Fed decisions and current geopolitics. David suggests that investors should invest in physical silver and gold as a hedge against inflation, stock market crashes, and cyber attacks. He believes that the pullback from recent highs will be shallow but may require a big event to drive it. David mentions that some people are suggesting $100 silver is a slam dunk and that high beta miners are going to go through the stratosphere. David emphasizes that investing in these assets can be expensive, so people should pick an amount they feel comfortable with and buy as much as possible. This episode also highlights the current equity market trends and how gold and silver are performing. David explains that the recent increase in the price of gold and silver is not due to a specific event but rather a collective reaction to the loss of confidence in the economy. He suggests that the price of gold and silver may continue to rise, as more people seek safety in these assets during times of uncertainty. The interview also touches on the potential impact of the 2020 US presidential election on the value of gold and silver. David believes that the current economic and political environment may lead to a stock market crash and a subsequent decline in the value of assets like gold and silver, which would benefit their investors. However, he also mentions other potential risks facing the economy, such as the banking system, wars, and the loss of confidence in government institutions. David believes that investors have good reason to be bullish on the current precious metal market conditions and expects continued growth in the coming years. However, he also acknowledges the potential risks facing the economy and the political landscape, which could lead to a significant decline in the broader equity markets. Time Stamp References: 0:00 - Introduction 0:53 - Gold Train All Aboard? 5:06 - Rate Cuts & Dollar 10:19 - Demand & Confidence 12:40 - COT Data & Metrics 19:22 - Stock Market Thoughts 24:12 - Silver Vs. Gold? 29:12 - Portfolio Positioning 34:48 - Valuations & Silver 39:42 - Confiscation & The East 43:00 - Housing & Employment 45:10 - Gloom, Doom, & Popcorn 50:28 - Wrap Up Talking Points From This Episode - The recent increase in gold and silver prices is likely driven by a collective reaction to economic uncertainty, not a specific event. - Investing in physical silver and gold can provide a hedge against inflation, stock market crashes, and other black swan events. - A pullback from recent highs may be shallow but requires a big event to drive it. Substack: https://fipestreport.substack.com/ Fund Website: https://4779Capital.com Twitter: https://twitter.com/globalprotrader Sprott Money: https://www.sprottmoney.com/writers David Brady has managed money for banks and businesses for 25 years. Mr. Brady is a CFA charter holder and holds a bachelor's degree in Business Studies and Financial Markets from Dublin City University. He started as a foreign currency trader in USD/DEM and managed multi-billion dollar bond and foreign exchange portfolios for multinationals such as eBay and Salesforce. He has always been interested in financial markets, winning investment competitions at the age of 15. Scoring the highest grade for his graduate thesis, "Is the ERM (Exchange Rate Mechanism) Fatally Flawed," in 1993, and won foreign currency spot, forward, and bond trading competitions at 23. Suffice to say that financial markets have been his passion for much of his life. David is a native of Dublin, Ireland. He moved to the United States in 1998 and now lives in Ontario, Canada, since 2015, with his wife and four kids.

Tom welcomes back Adam Hamilton, founder of Zeal LLC. a newsletter service and is a market speculator. According to Hamilton, the recent rally in gold prices is primarily driven by fundamentals, technicals, and sentiment, with seasonality playing a small role. He noted that gold stocks are undervalued compared to gold prices, presenting a significant opportunity for investors. Hamilton pointed out that physical demand, such as Indian weddings and Chinese New Year, contributes to the underlying strength of the gold market. However, he emphasized that sentiment and herd mentality are crucial factors in the current rally, particularly during the spring season when optimism and exuberance tend to increase. Adam also discussed the Commitments of Traders Report (COT) and how it can be used to gauge market sentiment and identify potential trends in gold futures markets. He tracks changes in speculators' long and short positions over time to identify periods of buying or selling that may indicate a change in market sentiment or trend. Hamilton also highlighted the importance of tracking gold ETF holdings as an indicator of investment demand for gold. However, he noted that it is essential to distinguish between physical demand and ETF demand when analyzing the gold market. He suggested breaking down western physical demand into categories such as bars and coins and foreign demand from regions such as Europe and Asia. Hamilton believes that there is still significant potential for investment demand to drive up the price of gold, with speculators having only completed 55% of their total potential buying since the uptrend began in early October. He also pointed out that retail investors will drive the surge in demand for physical gold, leading to reports of shortages and pushing up the physical price. Adam is interested in the potential of physically-backed digital gold currencies, especially among younger generations who are attracted to digital assets. He believes there will be high demand for a Bitcoin-like tradable vehicle backed by physical gold, making it easier for people to own and transact with gold. Time Stamp References: 0:00 - Introduction 0:40 - Recent Gold Moves 2:36 - Seasonality & Asia 4:30 - Miner Performance 5:45 - Seasons & Sentiment 7:46 - Investor Shift? 9:48 - Supply & Demand 11:53 - 2020 Vs. 2024 13:33 - Driving Factors 15:43 - Gold Indicators 18:20 - Types of Gold Demand 21:00 - West Retail Buying? 23:38 - Mining Sectors 24:58 - Fundamentals & FOMO 28:26 - Money Supply/Inflation 32:06 - Hedonic Adjustments 32:47 - Compelling Thoughts? 35:32 - ETFs & Physical Gold 37:38 - Wrap Up Talking Points From This Episode - Gold prices rally due to fundamentals, technicals, sentiment, and seasonality. - Undervalued gold stocks present a significant opportunity for investors. - Physically-backed digital gold currencies could attract younger generations. Guest Links: Website: https://www.zealllc.com/ Articles: http://zealllc.com/essays.htm Adam Hamilton founded Zeal LLC in early 2000. He started investing in stocks when he was 12 years old, using money from summer jobs. He grew up fascinated by stock markets, dreaming of making a living in this unique realm where compensation is not limited by time on task like most other professions. After growing up in a small-town banking family in rural North Dakota, Adam left for school at the University of Colorado at Boulder. While watching the markets and trading, he studied finance, accounting, and entrepreneurship. Adam went on to be a Big Six CPA and consultant after graduation, never stopping learning. By early 2000, Adam finally had enough experience and capital to found Zeal at 25 years old. Rather than hide his research and trading work in a hedge fund, Adam wanted to help others thrive in the markets. So he started sharing his now-world-famous market research work through very-affordable newsletters. Customers raved, and many millions of dollars of newsletter sales later Adam was blessed to become a self-made millionaire. He is very thankful to be living his dream, and plans to research, trade, and share wisdom through newsletters for the rest of his life. Adam is a Christian saved by Jesus Christ. He and his wife are greatly blessed with 2 children, and they live in Colorado.

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 his 2024 gold outlook report which focuses on cause and effect in markets and economy, analyzing the impact of rising interest rates on GDP components like consumption and wages. Higher interest rates reduce the burden of paying wages but also decrease credit availability, affecting businesses' ability to operate. Consumers may sell assets as wages and other expenses tighten up. Keith discusses the use of lagging indicators like employment and yield curve inversion to predict economic trends. Employment is said to be a lagging indicator because it reacts to changes in the economy with a delay, and its predictive value is reduced due to the Feds influence on employers. Yield curve inversion, where long-term interest rates are lower than short-term ones, has historically signaled an upcoming recession. However, Keith argues that this indicator should be interpreted carefully because the Fed only controls short-term rates, and a yield curve un-inversion may actually signal the Fed's reaction to a credit crisis rather than its cause. The low interest rate environment of the past 40 years has driven businesses to take on more risk and leverage to achieve returns. This has resulted in the creation of "zombie companies" that have profits less than their interest expense and cannot survive without artificially low interest rates. A recent study found that 20% of corporate debt was zombie debt before interest rates started to rise. The impact of hiking interest rates on these companies is uncertain, but it has not yet resulted in widespread issues. It seems that the current economic situation, with high inflation and rising interest rates, is leading to a process of supply destruction in many industries. This means that in order for companies to maintain or increase their return on capital, they will need to destroy a significant amount of supply, which will likely result in job losses, bankruptcies, and a lot of pain for entrepreneurs and investors. The market will only reward the best and luckiest actors in this situation, as those who got loans earlier or have lower cost structures may be better positioned to survive. This process is not necessarily merit-based, but rather determined by timing and luck. Keith, who predicted a $2300 gold price for this year, notes we are close to reaching it. This rise is due to physical demand in the East and not speculation as seen before. Gold may drop less during a crisis compared to other assets and could make new highs soon after. There's less leverage in the gold market now, leading to less price drop during liquidation and potentially higher prices post-crisis. The LIBOR rate, previously an indicator of unsecured credit rates between banks, is no longer quoted and has been replaced by the SOFR rate, which reflects policy as it is a secured overnight funding rate using Treasury bonds as collateral. Gold's future price should be higher than spot due to carry costs, primarily interest rates. The calculated fundamental price attempts to determine the price of gold if speculators did not influence the market. Dubai sees high demand for physical gold, with an estimated 500-700 tons a year being unofficially exported through retail purchases by tourists. Time Stamp References: 0:00 - Introduction 0:36 - Spending & Wages 5:07 - Consumer Squeeze 7:36 - Lagging Indicators 10:48 - Yield Curve Inversion 14:40 - Returns, Risks, & Zombies 22:02 - GDP & Gov't Spending 23:23 - Credit Tightness 24:37 - Supply/Demand Issues 29:12 - Fed & Capital Costs 37:07 - 2024 Gold Performance 41:28 - Next Crisis & Fed Cuts 43:54 - SOFOR & LIBOR 48:12 - Jewelry Trade & Dubai 50:47 - Wrap Up & Gold Report Talking Points From This Episode - The impact of rising interest rates on GDP components and their role in creating "zombie companies." - Employment acts as a lagging indicator influenced by the FED and cautioned against overinterpreting yield curve inversion as a sign of an upcoming recession. - Current high inflation and rising interest rates, could result in supply destruction, bankruptcies, and job losses in various industries. Guest Links: Twitter: https://twitter.com/kweiner01 Website: https://monetary-metals.com Website: https://goldstandardinstitute.net Facebook: https://www.facebook.com/keith.weiner.5 Keith Weiner is the founder and CEO of Monetary Metals, an investment firm that is unlocking the productivity of gold. Most people regard gold as a dry asset, to lock away in a vault, incurring storage fees. Many are waiting for it to rise in price. Keith and Monetary Metals are on a mission to change this. Gold should once again serve to finance productive enterprises and extinguish debts. The dollar performs one of these functions, but not the other. Bitcoin cannot finance anything, as no business can borrow a currency that’s expected to go up a hundred times. Gold is the one thing that fills both roles, par excellence. Keith writes and speaks extensively, based on his unique views of gold, the dollar, credit, the bond market, and interest rates. When he is not working on the business, he is developing his theory of monetary science, and an arbitrage theory of economics. Keith also serves as founder and President of the Gold Standard Institute USA. His work was instrumental in the passing of gold legal tender laws in the state of Arizona in 2017. He has met with central bankers, legislators, and government officials around the world.

In this episode of Palisades Gold Radio, host Tom Bodrovics speaks with Jeff Christian, Managing Partner of CPM Group. Jeff discusses his background and what brought about the creation of the CPM Group. CPM Group's research department was established in the late 1960s to gather data and estimate supply and demand for gold and silver as the gold standard was ending and silver was being removed from coinage and currency systems. The company has a strong track record of accurately projecting prices due to their continuous gathering of data and maintaining a global network of contacts. Jeff discusses the recent demand for gold from investors has been high, with net investment demand for physical gold totaling 25, 26, and 24 million ounces in the last three years. This level of demand tends to cause an increase in gold prices, as seen by record annual average gold prices every year for the past four years. The price of gold has increased significantly since 2000 and is expected to continue to rise in 2024 and 2025 due to several macroeconomic drivers. Despite inflation coming down and interest rates rising, investment demand for gold remains strong. Governments and central banks are buying gold to diversify their reserves and reduce reliance on the US dollar. China, in particular, has a growing appetite for gold due to centuries of political disunion and civil wars, making the yellow metal a safe haven for them. Jeff discusses the impact of The Shanghai Gold Exchange in taking some market share from London, with Chinese investors paying higher premiums for gold compared to the West. The Chinese currency's lack of free trade also affects gold prices in the country. While some gold has moved to China, there are still multiples of the amount of gold built up in Switzerland over the last 10-20 years. The amount of gold being mined is down somewhat from its peak due to reduced exploration and development spending during a period of lower gold prices. However, higher gold prices in recent years have led to an increase in investment in exploration and development. The capital markets tend to be short-term and cyclical, which can create challenges for long-term financing needs in the industry. Lastly, Jeff discusses the lack of interest from investors and speculators in gold miners is due to a range of issues, including changes in the equity markets and institutional investment practices. The gap between the performance of smaller companies and large companies has never been wider, making it more challenging for smaller mining companies to access capital. CPM Group's 2024 Gold Yearbook provides in-depth information on the gold market and its trends, including charts and valuable historical data not found elsewhere. Time Stamp References: 0:00 - Introduction 0:30 - CME Research History 7:18 - Recent Gold Demand 10:10 - Main Macro Drivers 12:48 - CME Gold Outlook 17:44 - Fed Rates Normalizing? 20:12 - U.S. Debt Servicing 29:16 - Dollar & Euro Demand 31:38 - Dot Plots & Projections 33:10 - Gold & Election Uncertainty 36:48 - Media Narrative Divide 38:40 - Impact of Bitcoin 40:30 - Demand During Crisis? 44:42 - Lower Rates & Gold? 47:34 - China & Gold 50:55 - Shanghai & Pricing 54:14 - Production & Demand 55:20 - Miners CapEx & Supply 59:58 - Silver's Role 1:01:02 - Strategic Role? 1:04:15 - CBDCs & Hyperinflation 1:10:32 - Wrap Up Talking Points From This Episode - CPM Group's gold research spans 30+ years, providing unbiased data & analysis. - Outlook for gold through 2024/2025 and why demand remains high. - Thoughts on the Dollar, Treasuries and the long-term debt of the United States. Guest Links Twitter: https://twitter.com/CPMGroupLLC Website: https://www.cpmgroup.com/ Questions Email: info@cpmgroup.com YouTube 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.

Bob Miner, a seasoned trader with over 40 years of experience, joined Tom Bodrovics on Palisades to discuss his insights on the current market trends. Bob emphasized that trends and countertrends are based on group psychology and cycles of optimism and pessimism. He shared a story about a "nephew indicator" that is more reliable than economic indicators for understanding market extremes. Bob discussed his approach to trading in the foreign exchange (FOREX) market, highlighting the importance of understanding the underlying fundamentals and technicals of a currency pair. He also discussed the current state of the gold market, noting that it is currently in a bullish uptrend but may be approaching a potential sign of completion. In addition, Bob discussed commodity and inflation indices, specifically focusing on uranium. He believes that uranium may be about to complete a correction before continuing its upward trend. Bob also emphasized the importance of having a plan in place for exiting positions if signs of a breakout failure appear. Bob has been studying the U.S. election cycle and its impact on stock market trends for over 25 years, and he has developed a book that is considered the definitive guide to this topic. He provided a table showing the percentage gain for each month from the spring low to the summer high since 1952, indicating that there has only been one year when there was a loss from the spring low to the summer high. Time Stamp References: 0:00 - Introduction 0:45 - Robert's Background 3:27 - Key Market Catalyst 6:23 - Trading Vs. Forecasts 10:19 - Exiting Trades 12:35 - Fed, Trends & Dollar 20:10 - Gold Charts & Trends 33:23 - Dollar & Treasuries 40:57 - Crude Oil/Inflation 44:08 - Analysis & Factors 48:00 - Crude Weekly Chart 52:10 - URA ETF Monthly 56:59 - Elections/Markets Book 1:07:42 - Bitcoin Report 1:13:00 - Wrap Up Guest Links: Website: https://dynamictraders.com Twitter: https://twitter.com/BobAtDT YouTube: https://www.youtube.com/channel/UCrtHpWM3GlFmCdqCkOL3xAg Robert Miner began his career in the mid-80’s with his first company, Gann-Elliott Educators, where he produced analysis reports for the major financial markets and presented live workshops in the U.S. and overseas. In the mid-90’s he founded Dynamic Traders Group to provide market analysis and trade strategy reports, practical trade education and developed his Dynamic Trader Software. Robert wrote the first self-study trading course in 1989 where he expanded on and integrated the work of W.D. Gann, R.N. Elliott and his own unique approach to Fib time and price target strategies into his own comprehensive and original approach to multiple time frame time, price, pattern and momentum trade strategies. Robert’s first book, Dynamic Trading, was named the “Trading Book of the Year” by the SuperTradersAlmanac and he was named the 1997 “Guru of the Year”. His book, High Probability Trading Strategies, has been one of the consistently top selling trading books since its release in 2008. It has become a must-read classic trading book of practical trade strategies. Robert is recognized as one of the few trading educators with an actual multi-year record of trading success. In 1993, he won first place in an annual real-time, real-money trading contest for futures. In more recent years, he has demonstrated the effectiveness of his practical trade strategies with audited returns and awards five consecutive years for real time trading contests with double and triple digit annual returns for the futures and forex markets. Traders from over 30 countries subscribe to his DT Report and have studied his Dynamic Trading Master Course, a complete course of practical trading instruction for all actively traded markets. The Definitive Guide to the Election Cycle and Stock Market Trends is Robert’s most recent and includes real world, practical application for stock market traders.

Tom welcomes back Gareth Soloway, President, CEO & Chief Market Strategist for Verfied Investing to discuss the state of Chinese and US markets. Soloway finds the significant divergence between the S&P 500 and the Hang Seng market noteworthy. The S&P 500 is ascending, while the Hang Seng market is grappling with multi-year lows. He cites crackdowns on businesses, trade tariffs, and the global investment shift away from China as some of the challenges China is facing. Soloway also refers to the problematic economic stimulation in China via construction of vacant cities. Soloway warms of several trends that may affect the broader economy, such as layoffs from major corporations, the increase in artificial intelligence (AI), and possible recessions. AI, while it could lead to cost reductions, might result in significant job losses and impact the economy negatively. He also comments on the maturation of the Bitcoin market and the stagnant activity in the gold market, suggesting economic impacts surrounding these markets. Soloway predicts a drop in oil prices by the end of the year and points to increased US production as a factor in making the US energy independent. He identifies natural gas as a riskier investment, despite potential short-term upsides. He sees a gloomy outlook for copper, hinting at numerous recessions, including those in Europe, the UK, and China. Market psychology greatly affects the overall market conditions and investment decisions. The market's reaction to significant company announcements, such as Netflix's recent positive news, demonstrates this. Even if these companies are not top-tier, their impact on the market and investors is significant. Soloway notes that considering variables like job reports and inflation is crucial for anticipating market trends and warns that competition may erode big tech companies' margins in the future. Time Stamp References: 0:00 - Introduction 0:44 - U.S. & China Markets 3:55 - U.S. Stimulus & Assets 5:00 - Trillions & Rates 6:24 - China & Hang Seng Index 9:23 - Rate Cut Expectations 11:03 - Earnings & Layoffs 14:40 - Bitcoin Sector & ETFs 17:00 - Gold Markets & Trends 20:03 - Silver & Industry 21:55 - Oil & Natural Gas 24:34 - Copper Run & Recession 27:14 - Global Recession Risk? 28:18 - Earnings & Psychology 31:00 - Ratings & Stock Chasing 33:53 - A.I. Narratives 36:15 - Wrap Up Talking Points From This Episode - The divergence between the S&P 500 and the Hang Seng market may indicate future downturns in the US markets. - Large-scale layoffs and the rise of AI might heavily impact the job market and economy leading to a possible recession. - Despite the potential for short-term gains, natural gas represents a risky investment given the vast production volume. Guest Links: Twitter: https://twitter.com/GarethSoloway Website: https://inthemoneystocks.com/ Website: https://verifiedinvestingcrypto.com Website: https://verifiedinvestingeducation.com LinkedIn: https://www.linkedin.com/in/gareth-soloway-60827953/ Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University, where he studied Economics. After college, Gareth quickly excelled as a financial adviser, but his heart was always in swing and day trading. He had this long-standing belief that he could help investors make more money by advising them on shorter-term investments (holding a stock for days to weeks) than the buy and hold crowd who lost 50% of their money during every market collapse. "Why not profit during the bear markets just like the bull markets," he said. So while helping others gain financial independence during the day, he spent his nights studying charts and price action, developing a unique market trading system that put his profits on a rocket ship. Some nights he would barely sleep when he found a new technique that was proven, once back-tested. After building his wealth through trading in 2004, he left the financial industry to trade his own money and study charts and technical signals. This was when he met Nicholas Santiago. The two top traders spent days trading stocks/futures together, and nights putting their collective brainpower into the pure genius that would become the PPT Methodology. Verified Investing was launched in 2007 once the PPT Methodology was perfected. Gareth's goal was to help average investors beat the best hedge funds and traders on Wall Street by teaching them the methodology and giving them his trades as he took them LIVE! Since 2007, Chief Market Strategist Gareth Soloway has maintained an over 80% success rate on swing trade alerts (verified 300+ trades per year) given to members in Verified Investing Alerts (formally named the Research Center) and a confirmed 94% success rate on day trades in the Live Day Trading Chat Room. He has given lectures at colleges around the United States, been asked to train hedge fund traders in other countries, and taught thousands of investors how to invest and trade profitably, achieving their dreams of financial independence. He lives life to the fullest and puts his heart and soul into teaching his members who come willing to learn the PPT Methodology.

Tom welcomes back the ever eloquent Tim Price from Price Value Partners for a incredibly jaw-dropping interview. Tim critically examines global institutions such as the Davos Club and a certain UN Health Organization. He expresses unease about global policies that may potentially marginalize farming and fishing in order to mitigate ecological damage. Price urges comprehensive analysis on such policies' impacts on global food resources. He disapproves of unelected individuals influencing significant global health and economic strategies and encourages skepticism towards the mainstream media for perpetuating unchecked influence over these areas. Price also identifies a growing trend toward skepticism of global forums, notably through an editorial in the Financial Times questioning the relevance of Davos. He ends by cautioning against "philanthropists" who amass wealth under the guise of charity and urges for increased understanding of their motivations. Tim highlights the value of debate and continuous dialogue in resolving polarized arguments. Individuals should aim to arouse introspection in their interlocutors rather than impose personal beliefs. Understanding can create gradual changes in viewpoints over time. The author advises government not to meddle in the education system and encourages flexible interpretations of reality. Price draws parallels between the current credit and debt system and historical failures of such systems. He views Davos as the emblem of big state command economy systems — a form of crony capitalism, not genuine free market capitalism. He suggests teaching classic economics as a buffer against economic downfalls. He casts doubts over the sustainability of the debt-based monetary system in light of the escalating global debt burden and highlights discussions about replacing the dollar with a hard commodity-backed currency in resource-rich economies such as Russia, India, China, and South Africa. Price points to economic uncertainties and volatility in various countries, taking Japan as an instance of a resilient economy that weathered two depressions on a par with America's Great Depression, maintained lower unemployment levels and a sustained GDP. He raises the question of whether Western economies could cope with similar situations. He also underlines ongoing unrest in currencies, the bond market, and the intensifying inflation. Tim criticizes the problematic Keynesian economic model and government interventions in economic systems, proving them incapable of controlling intricate economic operations. Tim discusses his book "The War on Cash and notest that he could have underestimated technological advancements in crypto currencies. Nevertheless, He appreciates the enduring value of his book and emphasizes the preservation of mutual trust in society, arguing that such trust in corporations and states often poses challenges. He advises strengthening ties with local businesses and limiting dependency on credit cards and any form of central bank digital currencies, promoting the use of cash transactions. As an example of an uprising against the current system, he notices the increasing number of protesting farmers, reaffirming the relevancy of his book's fundamental message today. Time Stamp References: 0:00 - Introduction 0:37 - Argentina & Ecocide 4:36 - Vandals & Philanthropaths 7:12 - Western Suicidal Ideation 11:49 - Conversations & Questions 13:50 - Gov't Out of Education 18:12 - Truth & Perspective 22:29 - Davos & Javier Milei 27:10 - Broken Window Fallacy 30:09 - Debt Creation Math 34:07 - Inflation is a Policy 35:30 - Order of Collapse? 39:48 - Inflation Comparisons 42:27 - Keynesian Economics 46:28 - Tim's Book - War On Cash 50:22 - U.K. Postal Scandal 53:08 - Clarkson's Small Farm 55:21 - Worse Worsening 57:05 - Wrap Up Talking Points From This Episode - Tim Price criticizes global institutions and policies that affect farming and fishing, urging a deeper analysis of their impacts. - Tim believes the idea that government should be involved in any way with education. - Price calls for skepticism of the debt-based monetary system and questions its sustainability against the rising global debt burden. Guest Links: Twitter: https://twitter.com/TimPrice1969 Website: https://www.pricevaluepartners.com/ War On Cash: https://www.pricevaluepartners.com/war-on-cash/ Articles: https://www.pricevaluepartners.com/commentary Tim's Podcast: https://www.podbean.com/podcast-detail/r42pj-5ec16/State-of-the-Markets-Podcast Tim's Podcast: https://open.spotify.com/show/1T69Xe0EJ4n0gOO4RD9qv0 Tim's Book: War on Cash (Amazon): http://tinyurl.com/kkmh6cx6 War on Cash (Free PDF): https://www.pricevaluepartners.com/war-on-cash/ Book Recommendations: 180 Degrees (Amazon): http://tinyurl.com/3vjvpnud Mises Link - 40 Centuries of Wage and Price Control: http://tinyurl.com/4e5cewc7 The Origin of Wealth - Eric Beinhocker: http://tinyurl.com/5n7652a4 Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios. Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.

In this episode of Palisades Gold Radio, host Tom Bodrovics welcomes David Collum, Tom Luongo, and Rudy Havenstein to discuss various topics, including the upcoming US election and the state of the economy. The panel discusses the possibilities surrounding Donald Trump likely securing the Republican Party's nomination and the opinions of Wall Street on Nikki Haley and her support from Jamie Dimon. They express fears that the 2024 election could be a disaster, with tensions within the Democratic party and the potential for an outsider like Bobby Kennedy or Michelle Obama to enter the race. The conversation also touches on the parallel interests of liberal and conservative politicians when it comes to war and money. The discussion then moves to concerns about the concentration of power in the US executive branch, the potential for extreme actions by Trump post-election, and the hypocrisy of the Democrats in their response to election challenges compared to their outrage over Russian interference claims in 2016. The panel expresses hope that Trump, if re-elected, will follow the rules. They also predict that if the election were free and fair, Trump would win convincingly, potentially leading to a Republican majority in the Senate and House. The conversation then shifts to the Federal Reserve and its policies. Speculations arise about rate cuts and the pivot of the Fed towards a more dovish stance. Concerns are raised about the impact of rate cuts on the economy and the need for changes in government spending and reducing deficits. The panel discusses the increasing government spending and the potential consequences, such as inflation as a form of stealth default. They suggest that the markets should be asked for their opinion on the best course of action. They highlight the need for change and action to address the economic challenges facing the US. They discuss the importance of local communities and supporting local banks and businesses as a way to regain power from Washington, DC. The conversation also touches on the ongoing COVID-19 crisis and its impact on the economy. In conclusion, the discussion revolves around topics such as the upcoming US election, the role of Wall Street, concerns about power concentration, the Federal Reserve's policies, government spending, and the need for change and action to address economic challenges. The panelists express their hopes and concerns for the future of the US, highlighting the importance of grassroots movements and local support. Time Stamp References: 0:00 - Introductions 0:50 - 2024 Election Disaster? 17:29 - Trump, Fed & Pivoting 28:50 - Something Blew Up? 37:09 - Reverse REPO Concerns 40:12 - Trust & Defaults 48:15 - Vandals & Explosions 53:42 - Unrest & Non-Compliance 1:00:28- Covid & Downstream Effects 1:05:37 - Fixing Student Debt 1:10:57 - Civil Liberties 1:15:39 - Trump & Consequence 1:23:42 - Market Outlook 1:24:30 - Commies, Debt, & Capital 1:29:13 - The Great Taking 1:35:30 - U.S. Advantages 1:40:46 - Depressing Books 1:46:50 - Generational Debate 1:54:54 - Various Pills 1:56:29 - University & Kids Today 2:07:04 - Lack of Critical Thinking 2:09:20 - Upbringings & Inflation 2:18:07 - Trans-Generation-alism 2:23:26 - Gold Interest Today 2:27:14 - 2023 Review & Wrap Up Talking Points From This Episode - Expectations and possible outcomes for the 2024 elections. - The Fed and why Powell may not pivot for several months. - The impacts of debt and why the entire global system needs delveraging. David Collum Guest Links: Twitter: https://twitter.com/davidbcollum Website: https://collum.chem.cornell.edu/ David B. Collum is an American Chemist and professor at Cornell University. He currently teaches a graduate Chemistry and Chemical biology course. He also runs the Collum group, which focuses on how aggregation and solvation dictate the reactivity and selectivity of organolithium compounds commonly used by synthetic chemists in academia and the pharmaceutical industry. Ph.D., Columbia University, MA Columbia University, BS Cornell University. Rudy Havenstein Links: Twitter: https://twitter.com/rudyhavenstein Substack: https://rudy.substack.com Introducing Rudolf "Rudy" Havenstein, a Senior Market Commentator and former Reichsbank President. As Bank President during the tumultuous Weimar Hyperinflation, Rudy was instrumental in furthuring the disastrous effects of unchecked monetary policies. Today, at the ripe old age of 166 Rudy continues his passion for monetary theory and disdain for kleptocracy. His experiences has fueled his desire to educate people about the dangers of fiat money. Inspired by the similarities between his past and the issues of today, he created a Twitter account and Substack, where he documents the absurdities of the financial world and shares his insightful commentary on the state of the economy. With a cheeky serious sense of humor, Rudy often pokes fun at the prevailing narratives and calls out the misinformation disseminated by mainstream media. Tom Luongo Links: Website: https://tomluongo.me Twitter: https://twitter.com/TFL1728 Patreon: https://www.patreon.com/GoldGoatsNGuns Luongo is an ex-Research Chemist and Anarcho-Libertarian, whose work can be seen on sites like Zerohedge and Newsmax Media. He has been married for 30 years and has a teenage daughter. Professionally, he has seen an industry be created and destroyed by government fiat. He ran for Florida House and later spent 5+ years working on an electroless Nickel-Boron coating. Additionally, he is the publisher of the Gold Goats 'N Guns Newsletter. He does not believe in the man-made global warming narrative, and his political views lean toward libertarianism. In his free time, he builds, raises goats, plays hockey, drums, and plays board games. Lastly, he owns a few guns.

Tom welcomes back Greg Weldon, a forty+ year financial market veteran, commodity trading advisor, and the publisher of WeldonLIVE. Greg restarted The Gold Guru due to a flatlining market with low open interest, believing that the market is ready to take off. He provides conservative and aggressive portfolios for investors and has developed algorithms that rank mining shares. He aims to provide economic data and information to help people navigate the changing market landscape. *Palisade Radio Links:* ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 ► Odysee: https://odysee.com/@PalisadesGoldRadio:c He discusses topics such as the likelihood of the Fed increasing interest rates and inflation target in economic downturns, the impact of COVID on the economy, the rise in commodity prices, the macroeconomic implications of inflation, the difference in central bank policies between the US and other countries, and the potential risks associated with a strong dollar. Greg suggests that investors can take advantage of the current downturn by looking for opportunities in the homebuilding market and index ETFs. He believes that gold could be a long-term buy and hold opportunity driven by inflation and central bank policies. He recommends investing in a small group or a broad-based portfolio of gold stocks. Greg emphasizes the use of charts to identify patterns and trends for investment decisions. He encourages becoming proactive and agile in investing to avoid falling behind. He also mentions the potential for junior mining shares to increase in value and the underutilization of the commodities market, particularly in food. Lastly, He encourages readers to do their homework, read extensively, and engage in discussions about investing. Time Stamp References: 0:00 - Introduction 1:00 - Greg's Background 6:38 - Trend Changes & Gold 9:37 - Fed Policy & 2019/2020 12:28 - Panama Canal & Inflation 15:40 - Inflation & Fed Response 18:06 - Central Banks & Europe 22:09 - Fed Metrics & Stability 24:20 - Lag Impacts & Policy 26:45 - Gold's Recent Moves 30:44 - Volatility & Gold Markets 31:30 - EDIT? 32:28 - Gold Dollar Adjusted 34:42 - GDX & SIL ETF Levels 37:45 - Ranking the Miners 40:19 - Commodities & ETF Trades 41:10 - Wrap Up Talking Points From This Episode - US dollar is losing purchasing power and is providing economic data and information to help people. - The commodities market, especially food, is under appreciated, ETFs are a good way to gain exposure.. Guest Links: Money_Podcast Website: http://www.weldononline.com/ Twitter: https://twitter.com/WeldonLIVE Money Podcast: https://twitter.com/money_podcast YouTube: https://www.youtube.com/@GregoryWeldon E-Mail: sales@weldononline.com Greg Weldon is a veteran in the global financial markets industry with over 40 years of experience. He started his career as a floor trader on the COMEX and later worked as a broker for Lehman Brothers and Prudential Securities. He then became a proprietary money manager for hedge funds Moore Capital Management and Commodities Corporation. In 1998, he founded Weldon Financial and has been producing independent research ever since. His clients include top hedge funds, banks, government agencies, and individual investors. WeldonLIVE, his flagship service, provides a comprehensive market research report, including live commentary. The service covers global economic reports, supply-demand fundamentals, monetary trends, and their impact on stock, bond, currency, and commodity markets. Weldon combines a top-down macro approach with technical analysis to offer a broad view of market trends. He provides market recommendations in sectors such as stock indexes, metals, currencies, fixed-income, energy, and commodities. @GregoryWeldon #Gold #Fed #Markets #Commodities #WeldonLive #GoldTradingBootcamp #GoldGuru #PreciousMetals #Inflation #ElNino #Debt #Commodities #StrongDollar #WeatherEvent #COVIDPandemic #Economy #Housing #Construction #Homes #ETFs #JuniorMiningShares #PGMs

Tom welcomes back Steve Hanke Professor of Applied Economics - Johns Hopkins University. In this discussion, Professor Steve Hanke emphasizes the potential benefits of dollarization for Argentina's economy. He references the country's history of economic instability, multiple currency and banking crises, and high inflation rates. Hanke suggests that dollarization, similar to the strategies implemented in Ecuador and El Salvador, could lead to a significant reduction in inflation and increase access to long-term credit. He also highlights the success of dollarization in countries like Panama and Hong Kong. *Palisade Radio Links:* ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 ► Odysee: https://odysee.com/@PalisadesGoldRadio:c Hanke argues that dollarization would align Argentina more closely with the United States, making its currency more secure and convertible. He points out that the stability brought by dollarization would create greater opportunities for the demand of Argentinian goods, particularly in the agricultural sector. He also states that dollarization simplifies borrowing and stabilizes foreign exchange, which benefits the circulation of the US dollar. He dismisses the idea of using gold or Bitcoin as unnecessary especially with a population already highly reliant on U.S. Dollar Notes. Hanke also addresses the political challenges of dollarization, mentioning that the concept may face opposition from the political class who would lose the ability to borrow money from a central bank. Additionally, he highlights the disproportionate impact of the inflation tax on lower-income individuals, underscoring the importance of maintaining a strong budget. Time Stamp References: 0:00 - Introduction 0:55 - Argentine Monetary History 6:52 - How To Dollarize 12:37 - Argentina Reserves 14:00 - Gold Backed Peso? 16:07 - Gold Reserves 17:05 - El Salvador & Bitcoin 18:11 - Coinage Provisions? 19:02 - Stability Benefits 24:00 - Exports & Invoicing 25:35 - US Dollar Demand 27:00 - Bond Issuances? 28:10 - BRICS Question? 28:42 - Responsible Politics? 29:12 - Citizenry & Budgets 30:50 - Wrap Up Talking Points From This Episode - Argentina attempted to dollarize the economy numerous times but failed due to lack of votes and unsustainable monetary policies. - Steve Hankey suggested dollarization as a viable solution which would likely cause inflation to plummet and long-term credit to become accessible. - A dollarized system would create a 'confidence shock' and benefit those on lower incomes by reducing the impact of the inflation tax. Guest Links: Twitter: https://twitter.com/steve_hanke Website: https://thegoldsentimentreport.com Website: https://www.cato.org/people/hanke.html Website: https://sites.krieger.jhu.edu/iae/about/co-directors/ Email: hanke@jhu.edu Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal’s Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk’s Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor’s Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan’s Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. #AustrianEconomics #Argentina #Menem #SteveHanke #Inflation #Hyperinflation #CentralBanking #Dollarize #TequilaCrisis #LatinAmerica #Ecuador #Peso #Dollar #CurrencyBoard #USDollar #GoldBackedCurrency #Bitcoin #BRICS

Tom Bodrovics welcomes back Tavi Costa of Crescat Capital to discuss the potential for a bull market in precious metals, particularly gold and silver. They believe that the current undervaluation of the metals and mining industry, coupled with various macroeconomic trends, presents an attractive investment opportunity. Tavi highlights the potential for increased M&A activity in the gold mining sector and the importance of finding major discoveries in the juniors. They also discuss the potential impact of ESG policies and green agendas on gold production. *Palisade Radio Links:* ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 ► Odysee: https://odysee.com/@PalisadesGoldRadio:c Tavi Costa suggests that silver is worth paying attention to, citing factors such as increased imports from India and declining production from Peru and Mexico. He sees silver as a monetary and inflationary hedge. They discuss the macroeconomic indicators pointing towards a potential recession, as well as potential opportunities in the commodity space. Tavi Costa offers insights into the Argentine and Brazilian economies and suggests potential solutions to currency and investment issues in Brazil. Time Stamp References: 0:00 - Introductions 0:33 - Bullish Technicals 2:45 - Confirmation Levels 6:00 - Majors & Mine Reserves 9:23 - Miners Diversifying? 11:32 - Mining Seasonality 13:26 - Capital Rotation 16:24 - Setup For Silver Miners 18:00 - India Silver Imports 19:38 - Fundamentals Vs. Technicals 23:00 - Commodities to Equity Ratio 28:23 - Commodities & Inflation 33:20 - U.S. Bond Issuances 38:10 - Inverted Yield Curve 41:30 - Recession & Soft Landings 43:45 - Politics in Argentina 49:08 - Inflationary Eras 51:38 - Wrap Up Talking Points From This Episode - Tavi discusses the opportunity for investors in the metals and mining industry. - Macroeconomic developments and market changes indicate a potential recession in the near future, and further inflation appears to remain an issue. - The cost of capital will be an important question if inflation remains high, and that in five to ten years, the changes in the market will be more obvious. Otavio ("Tavi") Costa is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. He built Crescat's macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors. His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

Rudy Havenstein is a senior market commentator and former Reichsbank President who currently runs a Twitter parody account where he documents what's going on in the world of finance and educates people on related topics. He is inspired by the similarity between the issues of his time and the issues of today, such as inflation, and hopes to warn people about the dangers of fiat money. *Palisade Radio Links:* ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 ► Odysee: https://odysee.com/@PalisadesGoldRadio:c Havenstein believes that this generation is like a group of grandparents taking the whole family out to dinner and skipping out on the bill. He quotes Thomas Paine, who said, "If there must be trouble, let it be in my day, that my children may have peace," to emphasize the need to address and resolve issues now for the sake of future generations. Havenstein discusses the difficulty of having civil discussions about polarizing topics, as people tend to become overly emotional and divided over even small issues. He calls for logical and calm discussions and warns against the influence of cable news and clickbait in pushing people to extreme viewpoints. He criticizes the current administration for picking the wrong people for positions, regardless of party affiliation, and emphasizes the importance of being aware of tribal emotions and discussing issues in a meaningful way. He discusses how quantitative easing (QE) and low interest rates benefit asset owners and the wealthy while leaving the average person vulnerable to price volatility. He expresses concern about the decline of the middle class into poverty and the reckless spending of the government. Havenstein believes that the Federal Reserve has an abysmal track record as a big bank regulator and blames Congress for not thinking about the long-term consequences of their actions. He also expresses concern about the potential for deflation and the unchecked money printing power of the Federal Reserve. He touches on the issue of wealth inequality and how quantitative easing has exacerbated this problem. He mentions various experts who have commented on this topic and believes that the government's priority has been to bail out the stock market and benefit the rich. Havenstein concludes by discussing gold as a potential hedge against instability and the trend of Indians, Russians, and Chinese buying gold to protect against local currency instability. He also discusses his own experiences with investing and offers advice on taking risks and not investing essential funds. Talking Points From This Episode - Internet discourse has become very divisive, and it's important to permit disagreement while remaining civil. - The Federal Reserve should be a target of criticism, but the public is often kept from getting an accurate picture of their activity. - The American people must acknowledge the problems of the Federal Reserve and hold them accountable in order to reclaim their power and financial freedoms. Time Stamp References: 0:00 - Introduction 0:31 - Rudy's Staid Pedigree 4:14 - History & Polarization 7:45 - Nuance & Verbal Skirmishes 8:25 - Online Discourse & Wars 12:34 - Janet Yellen's Bubble 16:31 - Inflation & Real Costs 19:46 - Manipulating the Verbage 21:20 - Absurd Financial Angles 25:30 - Central Bank 'Purpose' 30:50 - Deflation & The Fed 34:32 - Leverage & Bond Auctions 36:39 - No Fiscal Restraints 38:41 - Gold as Insurance 40:28 - Gold & Argentina 41:50 - Gold Equities & Volatility 45:19 - Picking Tops/Bottoms 47:38 - Infinite Money & Defaults 49:22 - CPI Vs. Cost of Living 53:00 - Elections & Vapid Politicans 57:24 - WEF & Global Malignancy 1:00:43 - Other Secret Clubs 1:01:13 - Reasons for Hope 1:06:05 - Wrap Up Guest Links: Twitter: https://twitter.com/rudyhavenstein Substack: https://rudy.substack.com Introducing Rudolf "Rudy" Havenstein, a Senior Market Commentator and former Reichsbank President. As Bank President during the tumultuous Weimar Hyperinflation, Rudy was instrumental in furthering the disastrous effects of unchecked monetary policies. Today, at the ripe old age of 166 Rudy continues his passion for monetary theory and disdain for kleptocracy. His experiences has fueled his desire to educate people about the dangers of fiat money. Inspired by the similarities between his past and the issues of today, he created a Twitter account and Substack, where he documents the absurdities of the financial world and shares his insightful commentary on the state of the economy. With a cheeky serious sense of humor, Rudy often pokes fun at the prevailing narratives and calls out the misinformation disseminated by mainstream media. #RudyHavenstein #CentralBanking #Politics #Hyperinflation #FiatMoney #Emotions #Polarization #MiddleClass #BailOuts #Equities #TooBigToFail #WealthInequality #Gold #Investing #Risks #Sentiment #GoldEquities

Tom welcomes back, Jim Welsh, founder and publisher of Macro Tides. Jim shares his perspectives and charts on the current state of the market. He discusses potential coming economic challenges and is concerned about the markets focus solely on CPI metrics. Note: For those interested in Jim's offerings he provides a special offer for his subscription in the guest links section below. *Palisade Radio Links:* ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 ► Odysee: https://odysee.com/@PalisadesGoldRadio:c One of the major concerns discussed was a significant increase in inflation recently. This prompted the Federal Reserve to respond by increasing the funds rate. However, Welsh cautioned that people should not disregard Fed policy of the 1970s, as they could influence future actions by the Fed. Welsh believes that the cause of the recent inflation surge is related to consumers entering the post-pandemic period with substantial savings, leading to rising wages over the past few years, which are now manifesting in higher consumer prices. Banks have tightened lending standards, making borrowing costlier for small businesses, while credit lines decline, indicating signs of strain. Although the GDP grew significantly in the third quarter, there are cautionary indications not dis-similar to those preceding the 2008 crisis. Jim stresses the importance of analyzing multiple factors to evaluate economic activity accurately. He notes that corporate bankruptcies have reached record highs, hinting at hidden issues despite seemingly positive growth. Moreover, it takes time for macro-level changes to impact behavior, leading to questions about the true significance of GDP as an indicator of real economic growth. Welsh's outlook is that the economy will likely slow down over the next six to nine months. The Federal Reserve aims to handle the situation cautiously, learning from the mistakes of the 1970s. He highlights the potential for financial markets to misjudge or discount the future, creating investment opportunities. Lastly, Jim discusses why the current U.S. political system is not up to the task and will remain polarized for some time. Talking Points From This Week's Episode - Economy may enter a new 'lost decade' as economic growth wanes and market risk a further downturn. - The Fed's approach may resemble that of the 1970s. - Increasing political polarization may lead to economic downturn, making it difficult to pass fiscal and monetary policy that is beneficial. Time Stamp References: 0:00 - Introduction 0:51 - CPI Numbers & Markets 3:43 - Lag Times & Fed Policy 9:05 - Rates & Mechanisms 13:15 - Growth Vs. Prices 14:48 - Past Monetary Policy 19:53 - Fed Targets & Rate Cut 24:43 - Secular Bull & Bear Mkts 29:26 - Bonds/Yield Curve Charts 32:10 - Economic Indicator Chart 33:12 - Faster Hikes & Lending 35:35 - TLT ETF Trend Chart 38:32 - 2024 Dollar Decline 42:12 - Gold A New Bull Market 45:13 - S&P & US Bond Chart 47:23 - Tech Stock Outlook 49:56 - Secular Bear Market 51:05 - Stock Mkt. Valuations 53:56 - Fiscal Spending Power 56:40 - Fed's Balance Sheet 57:57 - Political Polarization 1:01:57 - Wrap Up Jim's Links and Special Offer Website: https://macrotides.com/ Twitter: https://twitter.com/JimWelshMacro E-Mail - Offer: jimwelshmacro@gmail.com Jim says, "I want to offer your viewers a 50% discount off their first month", so those interested can check his work out. This discount applies to monthly subscriptions to the "Weekly Technical Review". This is normally $35.00 so it would be $17.50. The promotion code is: GOLD Jim Welsh is a student of the financial markets and a seasoned veteran of investing with forty years of portfolio management experience, including security research & analysis, model building, portfolio construction, asset allocation, and is a specialist in technical analysis and macroeconomics. Did we mention he is also an all-around good guy? As a nationally recognized financial expert, Jim has been quoted in Barrons, the San Diego Union-Tribune, Consensus, the Big Picture, Econintersect, and Market Views. Mr. Welsh has been interviewed on Fox Business News and CNBC, CBS radio and given more than 3,000 interviews on TV, radio, and internet business shows since 1988. An example of Welsh's impressive market calls includes the major sell-off in world markets in 2007. That year, Jim correctly anticipated the housing & credit crisis and predicted the bear market in stocks in 2008. In February 2009, just before the market bottomed, and economic statistics improved, Welsh identified the signs of a turnaround in the stock market and economy. #JimWelsh #MacroTides #Fed #YieldCurve #LagTimes #CPI #Rates #Credit #Loans #Risk #Economy #Recession #GDP #Growth #Prices #Inflation #Dollar #Euro #Europe #YieldCurve #Gold #Trends #BearMarket #FiscalSpending #Politics #GDP

Tom welcomes a new guest to the show Robert R. Prechter, the founder of Elliott Wave International. Robert believes that social mood shapes events, not the other way around. He argues that human beings go through cycles of positive and negative moods that have an impact on the stock market and other areas of society. He has observed that conflicts tend to break out when social mood is declining after reaching a peak. This correlation has been seen in the recent events in the Middle East. Bob explains how the human brain is conditioned to think linearly, which makes it difficult to understand the fractal nature of the stock market. *Palisade Radio Links:* ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 ► Odysee: https://odysee.com/@PalisadesGoldRadio:c He gives examples of how regular explanations for market changes often fail, while predictions using the Elliott wave model have been more successful. He also discusses how the recent mania for tech stocks and cryptocurrencies is a reflection of the positive social mood that has been prevalent since the end of the COVID-19 lockdowns. However, he believes that this is coming to an end, and the world is entering a negative mood phase. Bob also talks about the potential for a deflationary crash and how investors can protect themselves by investing in safe assets like gold, silver, and floating rate notes. He recommends having an offshore bank account and a second passport as a backup. He also offers a special landing page for listeners of Palisades Gold, which provides free resources and discounted options for his book "Conquer the Crash" and various subscription services. Talking Points From This Episode - Social mood drives market trends, not news events. - Debt and speculation have caused a bubble in real estate and other investments. - Take precautionary measures such as investing in gold and securing an offshore account to protect against potential market crashes. Time Stamp References: 0:00 - Introduction 0:30 - Socionomics & Moods 4:45 - Movement & Fractal Thinking 6:00 - Commodities & Covid 9:00 - Current Outlook & Optimism 15:00 - Lockdown Effects 18:30 - Supercycles & Trends 20:00 - Bitcoin & Currencies 24:30 - CBDC Concerns 27:00 - Bond Rate Bomb 29:20 - Feds Control Illusion 32:40 - Politics & Sentiment 34:30 - Real Estate Debt 38:35 - Dollar Outlook & Gold 41:00 - Deflationary Impulse 43:45 - Zero-Day Derivatives 45:50 - Banks & Bail-Ins? 48:45 - Safety & Gold/Silver 50:45 - Metal Storage & Passports 52:30 - Africa & Passports 54:30 - Concluding Thoughts Guest Links: Website: https://www.elliottwave.com/PGR Twitter: https://twitter.com/elliottwaveintl Robert R. Prechter has authored 20 books on finance, including a New York Times bestseller. Since founding Elliott Wave International in 1979, Bob has focused on analyzing financial markets from a technical perspective. Prechter writes the monthly Elliott Wave Theorist, one of the longest-running financial publications in existence today. Prechter has developed a theory of social causality called socionomics, whose main hypothesis is that waves of social mood prompt social actions, including trends in fashion, entertainment and the overall pricing of stocks. Prechter has co-authored several academic papers, including one demonstrating that the stock market can predict the outcome of U.S. presidential elections when an incumbent is running. Bob has been a lifelong advocate of real money as opposed to fiat money. #RobertPrechter #Socionomics #ElliottWave #Finance #Conflict #Cycles #Technicals #Fundamentals #MiddleEast #Deflation #VIX #Trends #SocialMood #ElliottWave #Bitcoin #Debt #RealEstate #USDollar #Gold #Silver #BailIns #Bitcoin #Crypto #CBDC #NFTs #Gold