PalisadesGoldRadio

Tom welcomes back Lawrence Lepard from EMA2 Equity Management Associates for a discussion on economic trends and the Federal Reserve's monetary policy. Lepard expresses concerns about the Fed's potential acceptance of a higher inflation rate due to rising U.S. interest expenses and a large budget deficit. Jerome Powell, the Fed chairman, is also contemplating rate cuts to support employment levels and government finances amidst ongoing inflation and uncertainty in unemployment data and Gross Domestic Product growth figures. Larry and Tom contemplate potential rate cut timelines, the possibility of a shift in Fed tactics, concerns over financial crises, and the potential impact of political events on the Fed's decisions before the upcoming election. The conversation shifts overseas to Japan's economic situation, with Lepard predicting that gold will reach new all-time highs due to Japan's reliance on imported oil and its shift towards purchasing oil in yen instead of dollars, potentially leading to a surge in gold demand and higher prices. Larry anticipates a decade-long bull market for gold and silver stocks as they are expected to double or even triple in value within the next 12 to 18 months due to higher metal prices, increased earnings, and potential dividends or stock buybacks. Larry expresses his investment preferences, focusing on companies that pay dividends or hold precious metals as treasury assets. He also emphasizes the importance of responsible capital management following lessons learned from previous cycles. Despite concerns about mergers and acquisitions for large companies during this period, Larry suggests they might pay higher prices later in the bull market instead of seizing opportunities at low prices now. Larry discusses his current projects, which include completing a quarterly report and writing a white paper on why sound money is crucial to solving the world's problems. He proposes making gold, silver, and Bitcoin legal tender, abolishing the Federal Reserve, letting banks fail if they engage in risky practices, and eliminating the Federal Deposit Insurance Corporation as steps towards progressing towards sounder money. Time Stamp Reference 0:00 - Introduction 0:53 - Rate Expectations 3:05 - Employment Factors 5:06 - Something Will Break 11:00 - Recent Political Events 16:35 - Mathematical Certanties 20:14 - Bonds & Long-Term Demand 23:32 - Stock Concentration 26:00 - Crack-Up Boom Bust? 27:35 - Global Problems 30:55 - Wealth Destruction 33:03 - Silver or Gold First? 37:22 - Miners & Valuations 41:05 - Dividends in Gold? 42:53 - Finding Opportunity 46:23 - Mexico & Mining? 49:53 - Germany & Bitcoin Sales 53:15 - Report & Whitepaper 56:52 - Spreading Awareness 1:00:16 - Wrap Up Talking Points From This Episode - Larry discusses Fed's potential acceptance of higher inflation due to US interest expenses, budget deficit & Jerome Powell's rate cuts. - Lepard predicts a decade-long gold bull market due to Japan's yen oil purchases, higher prices, increased earnings. - Larry suggests focusing on dividend companies or precious metals; proposed steps towards sounder money, including making gold legal tender. Guest Links: Germany Bitcoin Sale: https://finance.yahoo.com/news/germany-sells-off-final-bitcoin-064941448.html Newsletter: http://eepurl.com/gOf1dT Website: http://www.ema2.com Twitter: https://twitter.com/LawrenceLepard Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities. Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II. Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.

Tom welcomes back, Keith Weiner, the president of the Gold Standard Institute USA, CEO of Monetary Metals, and a PhD economist. In their discussion, they examined the fundamental price of gold and silver which, according to Monetary Metals model, is currently above market rate. This dynamic price reflects the tension between physical markets and futures markets, with speculators in the latter holding significant leverage that can impact short-term prices. While the accuracy of this model is debated, its indication of prices being significantly above market price suggests a potential upward trend for both gold and silver. Keith also touched on the philosophical concept of anti-concepts, drawing from Ayn Rand's ideas about proper concept formation. He used the term 'money' as an example of an anti-concept, arguing that defining money as anything other than gold or a promise to pay has led to misunderstandings and mismanagement of monetary systems. Keith further explored the consequences of long-term trends in debt and falling interest rates. He explained how these trends lead to capital consumption through various means, including negative interest rates in countries like Germany, Netherlands, UK, and Japan, where enterprises that destroy investor capital are incentivized. In the United States, falling interest rates have led to an illusion of returns on investment as one party's wealth is converted into another's income. This 'prodigal economy' fuels consumption of capital, with Bitcoin and real estate being prime examples. Additionally, Keith discussed differences between capital consumption, inflation, deflation, and stagflation. He argued that monetary increases can have different causes, leading to varying effects, and defined inflation as the counterfeiting or fraudulent issuance of debt or credit, resulting in inevitable deflation through losses or cram-downs. Lastly Keith explains Monetary Metals approach to making metals useful again to provide returns for companies. Time Stamp References: 0:00 - Introduction 0:39 - Price Fundamentals 4:55 - Model Inputs & Analysis 11:23 - Profiting Vs. Stealing 16:18 - Anti-Concepts of Money 24:48 - Capital Consumption 32:28 - Inflation & Economists 36:32 - Defining Stagflation 40:01 - Drunk Monetary Policy 45:55 - Incentives & Solutions 49:56 - Incentivising Capital 54:34 - Providing Capital & Yields 57:27 - Counterparty Risk? 1:00:18 - Making Metals Useful 1:03:27 - Wrap Up Talking Points From This Episode - Gold and silver prices may be undervalued according to Monetary Metals model, indicating an upward trend. - Money defined as gold or promise to pay is crucial to avoid misunderstandings in monetary systems. - Long-term debt and falling interest rates lead to capital consumption with unintended consequences. 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.

Tom welcomes back Julian Brigden, co-founder of Macro Intelligence 2 Partners, about the current economic condition referred to as 'macro purgatory.' Brigden warns of an impending recession following a tightening cycle, with only an 8-10% chance of a soft landing. He underlines the significance of employment data, specifically unemployment rates, which can precede a recession and could result in significant rises, potentially causing bond markets to rally while equities weaken. The Fed's failure to meet its stated goals complicates matters as Treasury and Janet Yellen have counteracted their efforts. Brigden discusses his perspective on inflation trajectory over the last few years and identifies significant factors such as the breakdown of globalization, a resurgence of the cold war, demographic changes, and the impact of COVID-19. He explains that goods inflation is at its second lowest level in 65 years, while core services remain high. If core service inflation does not decrease significantly, it could indicate weakening wages and lead to recessionary signals despite falling inflation rates. The challenges faced by the Fed in making monetary policy decisions due to lagging and imperfect metrics like employment data, GDP, and CPI are also discussed. Julian expresses optimism about precious metals as a potential investment during this economic period. Brigden shares his perspective on investment strategy shifts towards precious metals, emphasizing the significance of recognizing market weakness and the Fed's response. Julian also mentions the historical trend of investors being fully invested during strong markets, leading to a lack of liquidity during downturns, and discusses potential impacts on bond yields when the Fed inevitably intervenes. Additionally, he touches upon geopolitical risks such as uncertainty surrounding the next U.S. presidency. Timestamp References: 0:00 - Introduction 0:40 - Macro Purgatory 5:10 - The Fed Vs. Treasury 7:46 - Goldilock Periods 13:08 - Inflation Calls & Factors 21:30 - Fed & Curbing Labor 25:53 - Lagging Metrics & Politics 34:26 - Markets & Pricing Concerns 41:00 - Metals & Low Liquidity 43:47 - Metals Potential & ETFs 49:13 - Miners & Capital Rotation 53:45 - Risk Vs. Returns & PMs 58:24 - This Time is Different 59:58 - AI Usefulness? 1:01:07 - Fed Cuts & Bonds/Dollar 1:07:00 - Wrap Up Talking Points From This Episode - Brigden predicts an impending recession with low chances of soft landing; employment data is crucial. - His thoughts on what may spark further interest in miners and metals. - The Fed's failure to meet goals complicates matters as Treasury and Janet Yellen counteract efforts. - Core services inflation could indicate weakening wages, leading to a potential recession despite falling rates. Guest Links: Twitter: https://twitter.com/JulianMI2 Website: https://mi2partners.com/ Substack: https://mi2partners.substack.com/ Julian Brigden is the Head of Research at Macro Intelligence 2 Partners, a firm he co-founded in 2011. He leads a six-person team of research and market professionals to publish independent macroeconomic research that is both ahead of market consensus and timely. Julian has over 30 years of experience in financial markets including positions in market and policy focused consulting to institutional investors as well as FICC sales. Julian is a trusted advisor to many top money managers who use MI2 Partners’ research to guide their investment process. He has extensive experience with macro data analysis, broad fixed income, equity market (not individual stocks) and currencies. He is particularly skilled at exploring correlations in the economy and financial markets vital to a vast array of investment decision-makers. As a global macro strategist, Julian’s primary focus is understanding and explaining macroeconomic and policy-related developments to tell clients what is important in markets and what to fade. When asked about his market outlook for 2022, Julian stated that the US policy response was massive. As a result, the economy has closed the output gap and is in danger of overheating. Together with inflation, Julian believes that this means the Fed needs to rapidly tighten policy while slowing growth. As rates rise and the balance sheet shrinks, the risks to very overvalued asset prices, especially stocks, will rise. He then stated that in Europe, as the impact of Omicron fades and the inventory cycle surges, the ECB will need to raise rates, which will add to the pressure in global bond markets. With regards to market shifts and the issues he feels are not addressed in the media, Julian mentioned that there is a significant risk that we are entering a period of extended volatility. The most analogous period was in the late 1960s, when we saw greater economic and market cyclicality. As foreign interest in Treasuries has waned, he believes that the current US account deficit has been funded via purchases of equities. Thus, if US equities do correct, it could put considerable pressure on the dollar. With this in mind, Julian says that the MI2 Research team will continue to advise clients to be short fixed income in the US and Europe, together with high yield credit. Finally, they have suggested being long volatility in a few places. Julian spent five years at Medley Global Advisors from 1999 to 2004, a leading macro policy intelligence firm, as the Managing Director of the G7 Client Team, providing timely trading recommendations. From 2004 to 2011, he served as North American Head of Hedge Fund Sales at Crédit Agricole. He has worked in London, Zurich, New York and Vail at UBS, Lehman Brothers, HSBC, Drexel, Credit Suisse, and Salomon Brother in foreign exchange and precious metals. Throughout his career, he has been featured on many big media outlets such as Bloomberg, CNBC, Fox News Business, Real Vision, the New York Times, Wall Street Journal, and Barron’s. Discussing macro research topics that are driving prices in global bonds, equities, commodities, and currencies. Julian Brigden, Macro Intelligence 2 Partners' Head of Research, co-founded the firm in 2011 with a team of six research and market professionals. With over 30 years in financial markets, he guides clients with independent macroeconomic research. A trusted advisor to top money managers, Julian specializes in macro data analysis, fixed income, equities, and currencies. He focuses on understanding macroeconomic and policy developments for investment guidance. Prior to Macro Intelligence 2 Partners, Julian spent five years at Medley Global Advisors as Managing Director of the G7 Client Team. From 2004 to 2011, he served as North American Head of Hedge Fund Sales at Crédit Agricole. He has worked for various firms, including UBS, Lehman Brothers, and Salomon Brothers, in foreign exchange and precious metals. Julian's career includes appearances on Bloomberg, CNBC, Fox News Business, Real Vision, the New York Times, Wall Street Journal, and Barron’s, discussing macro research influencing global bonds, equities, commodities, and currencies.

Tom welcomes Dave Bradshaw, a CPA, MBA, author, and business owner, to discuss his recently published book, "No Second Chances: A Family Guide to the College Decision and the Lasting Impact of Debt." The conversation revolved around the escalating college costs, questionable value of certain degrees, and the burdensome student loan debts many students now face. Dave shared insights on how college has evolved from his childhood days, no longer promising a guaranteed path to financial success for numerous graduates. He stressed the significance of families considering the real costs of attending college, including the potential long-term impact of student loans on their children's future financial wellbeing. They addressed the skewed incentives in the system, such as government involvement in student loans and the absence of price discovery in the market for higher education. Dave was inspired to write the book after observing a friend's aspiration to become a veterinarian and the immense financial burden that choice would impose on her. Dave highlights the importance of understanding the split between education costs and interest paid on loans. He advocates for students to weigh their future earning potential against taking on large student loan debts and criticized the lack of transparency surrounding college costs and financial aid. They question the distortion in the education system due to government intervention in student loan industries, arguing that without price discovery, certain degrees and disciplines were either overvalued or undervalued. They pointed out examples such as nursing and veterinary medicine, where the value proposition was clear versus fields like sociology where the value was less evident. The book serves as a practical guide for students and parents in making informed decisions about post-secondary education, with a workbook design that encourages self-reflection and dialogue between students and parents. It focuses on helping young people determine their purpose in life, considering what they want to learn, the job they aim for, and why they wish to attend college. Dave suggests several strategies for alleviating the financial burden of higher education, such as living at home to cut costs in half, scholarships, tuition reimbursement programs from employers, having a job during college, and considering community colleges as an affordable alternative for the first two years. Time Stamp References: 0:00 - Introduction 0:40 - Debt & College 4:42 - Degrees, Loans, & 'Aid' 7:06 - Inexperience & Decisions 10:08 - Inspiration for the Book 13:47 - Value Vs Interest Costs 15:47 - Hidden Costs & Understanding 24:05 - Distortions & Regulation 30:32 - Guiding & Finding Purpose 40:12 - Graduating Vs. Defaults 43:14 - Consequences & Examples 48:33 - Hacks & Workarounds 56:40 - Wrap Up Talking Points From This Episode - College costs have escalated, questioning its value and burdening students with debt. Families need to consider real costs and long-term impact. - Government intervention in student loans distorts education market, leading to overvalued or undervalued degrees and policies preventing bankruptcy discharge. - Strategies for reducing financial burden include living at home, scholarships, employer tuition reimbursement, part-time jobs, and considering community colleges. Guest Links: No Second Chances: A Family Guide to the College Choice and Lasting Impact of Debt Amazon Book: https://a.co/d/0fczd0KB Website: https://www.keepyours.org David Bradshaw currently serves as the CEO and owner of Cylinder Testing Solutions (CTS), a material testing company with eight US locations, focusing on Non-Destructive Testing for the high-pressure gas industry. He also leads Tensoric, Inc.'s accounting and finance team since 2013. Since 2007, Bradshaw has consulted small business owners on various aspects including business structure, accounting systems, tax planning, finance, operations, and market opportunities. With a background as a CPA, he spent three years in public accounting before starting his first business. His experience with diverse small businesses led him to various consulting roles. Since 2004, Bradshaw has held multiple positions within companies as controller, operations manager, CFO, CEO, and investor. In 2014, he bought out partners from the testing service business. An outdoors enthusiast, he enjoys snowboarding and backpacking with his wife. His credentials include a CPA license (Colorado, inactive) and degrees in Master in Business Administration, BSBA Management, and BSBA Accounting from the University of Southern Colorado.

Tom once again welcomes back our other favorite Tom, the Tom Luongo. Together they explore the significance of recent political events such as Supreme Court decisions, European elections, US presidential debates, and the Federal Reserve's monetary policy. Luongo argues that these seemingly disparate events are interconnected parts of a larger strategic move by various forces within the United States and Europe. He expresses frustration with the media's attempts to shift focus from crucial issues and calls for accountability from those in power. Luongo discusses Trump's mercantilist economic approach, potential political unrest in Europe leading to a sovereign debt crisis, and the complexities of understanding politics through examples like Thomas Massie's appearance on Tucker Carlson and Julian Assange's release from prison. Luongo also delves into the historical context behind global powers manipulating gold prices and weakening Russia, with criticism towards figures like Churchill. Furthermore, there are discussions about the Chevron deference, its implications on power distribution between branches of government, and how Islamic eschatology might influence current political events involving Donald Trump. Luongo encourages listeners to maintain an open mind and seek diverse perspectives while acknowledging the complexities of understanding politics. Lastly he suggests several books like 'Atlas Shrugged' by Ayn Rand for gaining insight into these issues. A summary of recommended reading can be found below. Time Stamp References: 0:00 - Introduction 1:39 - The Great Debate 6:30 - Orchestrated History 16:40 - Control & Premeditation 27:20 - Pres. Harris & Alternatives 43:18 - Powell & Trump Season 2 47:42 - ECB Cuts Vs. Powell 57:49 - Trump & Inflation 1:01:45 - Chevron Deference 1:08:10 - Impacts & Effects 1:16:18 - Islamic Eschatology 1:28:29 - Assange & Timing 1:32:07 - Mercantilism & Gold 1:45:40 - Recommended Reading 1:53:03 - Wrap Up Talking Points From This Episode - The various forces manipulating politics through Supreme Court decisions, European elections, US debates, and Fed's monetary policy. - Trump's mercantilist economic approach causing potential crisis and complexity in understanding political events. - Historical context of power dynamics, gold prices, and Russia: lessons and criticisms. Articles Mentioned: https://naomiwolf.substack.com/p/investor-george-jarkesy-massive-scotus https://www.zerohedge.com/political/former-prime-minister-reveals-why-uks-blob-must-be-destroyed Faisal's Interviews: https://rumble.com/v54mx40-biden-trump-israel-and-the-end-of-times-with-tom-luongo-and-buna-capital.html https://rumble.com/v4z3623-how-it-will-all-end-its-the-end-of-the-world-as-we-know-it.html https://x.com/SNewmanPodcast/status/1805179022168744424 Recommended Reading: Bug Jack Barron - Norman Spinrad Now Wait For Last Year - Philip K. Dick Do Androids Dream of Electric Sheep - Philip K. Dick Guest Links: Website: https://tomluongo.me Twitter: https://twitter.com/TFL1728 Patreon: https://www.patreon.com/GoldGoatsNGuns Tom Luongo is a Former Research Chemist, Amateur Dairy Goat Farmer, Anarcho-Libertarian, and Obstreperous Austrian Economist whose work can be found on sites like ZeroHedge, Lewrockwell.com, Bitcoin Magazine, and Newsmax Media. Professionally, he has spent a lot of his waking hours inside various analytic laboratories testing your water and soil for contaminants. He watched an industry be created by government fiat and destroyed in the same manner. He ran for Florida House once and got 2.7% of the vote on Guy Fawkes Day and says, "I've since grown up a lot." Then he spent 5+ years solving the puzzle of an electroless Nickel-Boron coating that has intriguing wear-resistance properties. Too bad, the coating was better than the company's business model. Today, he is the publisher of the Gold Goats ‘n Guns Newsletter, in which he attempts to connect the false narratives of geopolitics to viable long-term investment theses. As for politics, his position is well-known through his past writings at Lewrockwell.com, Seeking Alpha, and the aforementioned erstwhile blogs. To sum up: "Individuals are the only people with enough knowledge about their own lives to have a hope of making the right decisions for themselves, and no amount of guidance or central planning can help that process along." He built the house he lives in and raises goats and milks them. In short, he says, "I'm a libertarian who distrusts all human organizations larger than a two-handed game of poker." Lastly, He states, "I own a few guns."

In this thought-provoking episode, Tom Bodrovics invites back the esteemed Martin Armstrong from Armstrong Economics for an engaging conversation that spans historical political trends, economic repercussions of poorly thought out policies, critiques of politicians, NATO's relevance, Neocon influence, gold as a hedge against uncertainty, and geopolitical tensions. Armstrong asserts the recurring cyclical pendulum swing towards the left throughout history is predictable. He raises alarm over the economically destructive consequences of COVID-19 policies and climate change regulations on European small businesses. Armstrong denounces politicians for their power retention efforts, citing instances such as Biden's lawsuits against Trump and perceived inconsistencies. The conversation delves into the perceived threat posed by Trump to those in power, speculation of a potential false flag or war with Russia prior to the elections, low approval ratings for Congress and President Biden, and the administration's emphasis on other issues. Armstrong maintains that those in power often deceive and judge others based on their own cultural norms and values, leading to misunderstandings and discrimination. The episode recalls NATO's inception during the Cold War when it was formed as a response to the Soviet Union's expansionist ambitions. Martin criticize Western leaders for instigating conflicts and disseminating misinformation. He argues that NATO now primarily functions to propagate war fears and Russian aggression apprehensions. The discussion also touches upon the possibility of Hillary Clinton's involvement in the 2024 Presidential election and her past role in Benghazi incidents. Martin reveals that the ambassador involved was an arms dealer providing weapons for Syrian regime change efforts. Gold is explored as a reliable refuge during geopolitical tensions and instability, with historical examples like the Iran hostage crisis and Russia's invasion of Afghanistan cited. Furthermore, they delve into the role of digital currencies in international transactions via organizations such as the IMF, potentially replacing the dollar as the dominant currency. Mr. Armstrong suggests America's fiscal irresponsibility and taxation methods contribute to the decline of physical cash and the shift towards a digital currency system. The upcoming presidential elections and potential civil unrest and political instability are also addressed. Time Stamp References: 0:00 - Introduction 0:39 - Politics Trending Right 6:14 - Establishment Threat 10:52 - US Gov. Approval Numbers 13:27 - Rights Vs. Discrimination 18:46 - Historic Conflicts & Lies 24:16 - Purpose of NATO 30:50 - Diplomacy & The West 32:50 - US Overcommitted Empire 35:07 - Conflict on Four Fronts? 37:50 - The Plan for Biden 41:57 - Collapsing Confidence 44:40 - Swiss Democratic System 50:19 - Manipulating Society 52:47 - Gold Buying & Geopolitics 54:52 - Digital Currencies 1:02:07 - Signposts of Collapse 1:06:15 - Gold During Uncertainty 1:09:38 - China & Global Demographics 1:12:45 - Wrap Up Talking Points From This Episode - Cyclical political pendulum swings towards the left are predictable throughout history, according to Armstrong, but power retention efforts by politicians cause misunderstandings and discrimination. - Armstrong criticizes Western leaders for instigating conflicts, disseminating misinformation, and promoting war fears through NATO. - The true role of gold as wealth preservation during periods of uncertainty. Guest Links: Website: http://armstrongeconomics.com Twitter: https://twitter.com/strongeconomics Facebook: https://facebook.com/martin.armstrong.167 Amazon Book: https://tinyurl.com/ybtrslr9 Martin Armstrong is the Owner and Researcher for the website Armstrong Economics. He is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed. At age 13, Armstrong began working at a coin and stamp dealership in Pennsauken, New Jersey. After buying a bag of rare Canadian pennies, he became a millionaire in 1965 at the age of 15. He continued to work on weekends through high school, finding the real-world exciting, for this was the beginning of the collapse of the gold standard. Martin became captivated by this shocking revelation that there were not just booms and busts, but also peaks and valleys that would last centuries. Armstrong progressed from gold coin investments to following commodity prices for precious metals. In 1973, he began publishing commodity market predictions as a hobby, and in 1983 Armstrong began accepting paid subscriptions for a forecast newsletter. "In Armstrong's view of the world where boom-bust cycles occur like clockwork every 8.6 years, what matters is his record as a forecaster. He called Russia's financial collapse in 1998, using a model that also pointed to a peak just before the Japanese stock market crashed in 1989. These days, as the European sovereign-debt crisis roils markets worldwide, he reminds readers of his October 1997 prediction that the creation of the euro "will merely transform currency speculation into bond speculation," leading to the system's eventual collapse." His Website Armstrong Economics offers a unique perspective intended to educate the public and organizations on the global economic and political environment's underlying trends. Their mission is to research historical cyclical trends.

Tom welcomes back David Kranzler from InvestmentResearchDynamics.com and Mining Stock Journal to explore the precious metals market's current state, particularly during the summer months. Kranzler anticipates heightened demand in India's largest buying season despite typical decreased volumes. He addresses gold price manipulation by western central banks and institutions, highlighting the influence of eastern hemisphere markets like Shanghai. Banks, such as JP Morgan and Citigroup, dominate Comex trading, making substantial profits through short contracts, technical indicators, and sell stops. Central banks reportedly authorize these actions, making price manipulation lucrative. Kranzler remains optimistic about precious metals, predicting higher prices by the end of Q4 or mid-Q3. Dave shares past experiences in analyzing gold and silver markets by monitoring open interest and positions held by banks and hedge funds. He observes a correlation between net short bank positions and net long hedge fund positions, leading to price rallies or smashes. Reflecting on 2008, he recounts how the financial system's instability did not result in gold and silver price increases due to manipulation. Current concerns include regional banks and commercial real estate debt, potentially leading to another crisis and further precious metals market suppression. Well-run mining producers are thriving amidst rising gold and silver spreads versus production costs, acting like monetary printing presses. Junior project development companies face feast or famine situations, with some easily raising funds while others struggle. Institutional investors like Paul Singer and Stanley Druckenmiller invest in larger mining stocks for leverage effects. The speaker predicts a major shift into the mining sector once the stock market experiences a downturn, leading to price increases for gold, silver, and mining stocks by year-end. The podcast also touches upon the significant impact of Apple, Microsoft, and NVIDIA (the 'magnificent seven') on the stock market. These companies have driven most gains in the S&P 400 and NASDAQ 100. A catalyst, possibly a financial crisis, could trigger capital to shift from these stocks into the mining sector when investors need to liquidate quickly. This occurred in 2008 with Fidelity's funds investing in junior microcap mining companies due to their size. The speaker encourages precious metals sector investors to remain persistent despite current trends and anticipates price increases by year-end. 0:00 - Introduction 0:44 - Summer Doldrums? 3:30 - Mr. Slammy at Mkt. Opens 7:10 - Eastern Pricing & Effects 10:00 - Eastern Buying Demand 11:20 - Bank Incentives & Metals 14:54 - Price Predictions 17:32 - Bank Status Now & 2008 24:39 - Low Grade Q.E. Chart 28:29 - Feds 'Control' & Markets 32:29 - Buy Now Don't Pay Later 33:43 - Middle Class Decline? 36:44 - Recession is Here? 39:29 - CPI & Health Insurance 43:52 - Miners & Capital Issues 53:52 - Wrap Up Talking Points From This Episode - Kranzler anticipates heightened demand during India's buying season despite decreased volumes and price manipulation by western central banks and institutions. - Well-run mining producers are thriving amidst rising gold and silver spreads versus production costs, while junior project development companies face challenges. - Institutional investors invest in larger mining stocks for leverage effects, predicting a major shift into the sector when the stock market experiences a downturn. Guest Links: Twitter: https://twitter.com/InvResDynamics Website: https://investmentresearchdynamics.com Newsletter: https://investmentresearchdynamics.com/mining-stock-journal Article: https://brownstone.org/articles/is-the-global-inflationary-depression-already-here/ David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

Tom Bodrovics welcomes back the always forthright Chris Irons host of Quoth the Raven podcast host and author of QTR's Fringe Finance Substack. Irons shares his concerns about the deeply flawed economy, predicting that something substantial must occur for change. The discussion revolves around the mounting debt, potential deflationary depression, and the Federal Reserve's role in preventing this outcome. Irons raises apprehensions regarding the US as a declining empire. He points to signs of decay, such as flawed policies, immigration issues, and societal decadence. Irons expresses skepticism towards ongoing conflicts like Russia-Ukraine, believing prolonging war through substantial financial aid is irrational. Chris vents about political discourse, particularly between politicians Pierre Polivere and Justin Trudeau, and discusses the potential dangers of weaponized justice systems and media demonization. He urges both sides to be mindful of these issues. Chris and Tom explore the significance of understanding inflation's impact on purchasing power and propose a visual representation to help people grasp this concept. They emphasize that gold, with its fixed supply, can serve as a safeguard against purchasing power loss. While acknowledging Bitcoin's potential benefits, they caution about its risks compared to gold. Finally, Chris shares his approach to maintaining peace of mind and happiness amidst global challenges: detach from negative news sources and focus on personal interests, accepting that one cannot fix all the world's problems. The conversation ends with a lighthearted taco shop recommendation leading to a heated albeit pointless debate on social media about meat in tacos. Time Stamp References: 0:00 - Introduction 1:32 - Trends & Sentiment 3:12 - Endgame & It's All Broken 9:08 - Black Swan or Grey Rhino 17:34 - War, Ukraine, & Democrats 23:13 - Optimism Vs. Reality 29:00 - Elections & Chaos 38:10 - Questions, No Answers 40:26 - Justice Weaponization 51:00 - Important Visualizations 57:00 - Finding Solutions 1:01:09 - Perspective & Advice 1:09:47 - Wrap Up Talking Points From This Episode - Chris discusses economic concerns, including a deeply flawed system and potential for significant change due to mounting debt and deflationary depression. - Irons raises warning signs of a declining US empire: flawed policies, societal decadence, and political instability. - Importance of detaching from negative news sources and focusing on personal interests for peace of mind amidst global challenges. Guest Links: YouTube: https://www.youtube.com/channel/UCxUo55-0ScpOQNdug8FCzzA/videos Podcast: https://quoththeraven.podbean.com Substack + Discount: https://quoththeraven.substack.com/subscribe?coupon=92245385 Twitter: https://twitter.com/QTRResearch Chris Irons is the host of The Quoth The Raven Podcast, a show dedicated to discussing Fringe Finance topics and exploring the boundaries of investment decisions. Irons has spent years reading the news and has developed a strong opinion on the mainstream media's ability to drive a narrative which serves the interests of a small minority. His focus is to provide content that is rarely found elsewhere and to curate content from people he respects. Irons is not afraid to challenge the mainstream narrative or succumb to it when it serves the collective best interests. Chris is not providing investment advice and the content on The Quoth The Raven podcast/substack is not meant to be taken as such. Anything mentioned should not be taken as a recommendation to buy or sell anything.

Tom welcomes back Matthew Pipenburg from Von Greyerz Gold Switzerland to discusses the economic climate. Matt emphasizes the importance of understanding historical context and separating facts from biases. He believes that common sense reveals issues in various markets, leading to a potential debt crisis causing inflation and currency destruction. Trust is also eroding, particularly in US Treasuries and the US dollar narrative. He advises preparing for these changes as they're already happening. Matt discuss the comparison of current debt levels with those after World War II, acknowledging significant differences: America moving from a creditor to a debtor role. Raising interest rates to combat inflation is less effective when public debt reaches unprecedented levels. Central banks cannot export inflation like they used to, making such actions impossible without causing unpayable interest expenses. Alarming trends in bankruptcies, unemployment, and overvalued markets are evidence of economic instability due to unsustainable debt levels. Matt also discusses the risks associated with junk bonds, including their inability to refinance at higher interest rates and potential defaults. High yield bonds offer little yield for significant risk. Private credit pools, which hold bad loans, are a major concern due to their lack of transparency and potential value distortion. Central banks' shift towards gold as a savings instrument is discussed, with physical gold replacing U.S. Treasuries as a reserve asset. Central banks in the East have been net buyers of gold since 2014. Matt advises individuals to save in gold instead of the US dollar for long-term value preservation. Gold significantly outperforms various assets in relation to U.S. Treasuries, making it an attractive hedge against inflation and debt. The conversation concludes with Matt emphasizing self-education, forming opinions on the current economic climate, and considering long-term investments in real assets and commodities, particularly physical gold as a hedge against inflation and debt. Time Stamp References: 0:00 - Introduction 0:50 - Reality, Facts, & Trust 6:10 - Hard Assets & Recency Bias 12:43 - Debt & GDP Risks 18:52 - Bonds & 'High' Yields 23:25 - Mark To Market & Risk 28:43 - Market Liquidity & Flow 32:50 - New Currencies & BRICS 42:14 - Dollar Trade & Metrics 48:25 - Perception of Gold 56:38 - Risky Assets & Yields 1:02:25 - Optionality & Speculation 1:06:58 - Miners & Other Plays? 1:12:38 - Equity Risk & Value 1:19:09 - Wrap Up Talking Points From This Episode - Historical debt levels reveal economic instability; prepare for potential crisis. - Junk bonds present risks of refinancing and defaults. - Gold emerges as an excellent savings instrument and hedge against inflation. Guest Links Twitter: https://twitter.com/GoldSwitzerland Website: https://goldswitzerland.com/ Articles: https://signalsmatter.com/ Book (Amazon): https://tinyurl.com/pvpfmy8c Matthew Piepenburg is a Partner of Von Greyerz and the author of the popular book, "Rigged to Fail". Matt is fluent in French, German, and English. He is a graduate of Brown (BA), Harvard (MA), and the University of Michigan (JD). His widely-respected reports on macro conditions and the changing behavior of risk assets are published regularly at SignalsMatter.com.

Tom welcomes back Danielle DiMartino Booth to the show to discuss de-dollarization and its implications for the US economy. Danielle argues that while concerns over countries moving away from the US dollar system have been ongoing for a long time, the US dollar remains dominant in global transactions due to its vast liquidity pool and lack of competition. She advises investors to diversify during financial crises instead of doubling down on dollars. The conversation touches upon the Federal Reserve's actions, with Danielle expressing concerns about potential policy errors regarding inflation and outdated data usage. Danielle discusses employment statistics, mentioning that hard data from the Quarterly Census of Employment and Wages (QCEW) plays a significant role in revisions to non-farm payrolls and Gross Domestic Product (GDP). She expresses concern over the Fed's reliance on outdated data and potential late action. The conversation also covers concerns about risks for regional banks, rising bankruptcy rates, and imminent student loan delinquencies. She also discusses signs of a potential recession, including slowdown in credit card spending, increasing charge offs, and decreasing employment levels. Despite some optimistic predictions, she express skepticism due to the weak economic foundation and the Fed's role in combatting inflation with varying opinions on its likelihood. Time Stamp References: 0:00 - Introduction 0:45 - Dedollarization Trends 2:47 - Global Dollar Trade 5:49 - Reserves and Data 8:57 - Fed & Global C.B. Cuts 10:49 - Fed & 2024 Elections 12:55 - Consumer 'Health' 13:58 - Fed Revisions & Data Lag 19:44 - Bankruptcies & Inflation 23:44 - Problems Not Priced-In 25:27 - Regional Banking Risk 28:47 - Bigger Banks & Losses 32:52 - Credit Card Spending 34:52 - Deep Long Recession? 37:40 - Fed - Hard Landing 38:55 - Inflation Targeting 41:09 - Wrap Up Talking Points From This Episode - The US dollar's dominance in global transactions is due to its vast liquidity pool and lack of competition. - Investors are advised to diversify during financial crises instead of relying on dollars. - Concerns over the Fed's policy errors, outdated data usage, and potential late action in addressing economic issues. Guest Links: Twitter: https://twitter.com/DiMartinoBooth Substack: https://dimartinobooth.substack.com/ Website: https://quillintelligence.com/ YouTube: https://www.youtube.com/c/DanielleDiMartinoBoothQI Danielle DiMartino Booth is CEO and Chief Strategist for Quill Intelligence LLC, a research and analytics firm. DiMartino Booth set out to launch a #ResearchRevolution, redefining how market intelligence is conceived and delivered, with the goal of not only guiding portfolio managers but promoting financial literacy. To build QI, she brought together a core team of investing veterans in analyzing the trends and providing critical analysis of what drives the markets. Since its inception, commentary and data from DiMartino Booth's The Daily Feather have appeared in other financial sources such as Bloomberg, CNBC, Fox Business, Institutional Investor, Yahoo Finance, The Wall Street Journal, MarketWatch, Seeking Alpha, TD Ameritrade, TheStreet.com, and more. A global thought leader on monetary policy, economics, and finance, DiMartino Booth founded Quill Intelligence in 2018. She is the author of FED UP: An Insider's Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a full-time columnist for Bloomberg View, a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets. Before Quill, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas, serving as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy. DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette, where she worked in the fixed income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.

Tom welcomes back Michael Kao, former hedge fund manager and commodities trader to discuss the policy dilemmas facing central bankers worldwide and the implications for gold. Central banking challenges, including the Federal Reserve's higher-for-longer policy and potential risks for reserve asset holders, particularly those of BRICS countries, are explored. Michael argues against the adoption of alternative reserve assets like gold or Bitcoin due to their supply inelasticity and potential for sharp price fluctuations. The conversation touches upon geopolitical implications of central banks' search for alternatives to the US dollar, the challenges posed by illiquid reserve assets, and the inflationary environment. Michael believes we might be experiencing a new inflation trajectory between low inflation and stagflation, with unemployment currently in the middle. Michael also discusses the dynamics of treasuries versus gold in relation to currency devaluation and central bank interventions. The effectiveness of interventions like those by the Bank of Japan is questioned, suggesting potential selling of reserve assets, including gold, to fund these interventions. He introduces the concept of the 'Goldilocks trade' and its opposite, the 'anti-Goldilocks trade.' The Goldilocks trade refers to an economy not too hot or cold, allowing the Fed to cut interest rates without causing inflation. In contrast, the anti-Goldilocks trade is characterized by stagflationary conditions. Michael expresses concern about the widening wealth divide and pockets of weakness in certain sectors while larger institutions remain unscathed. Lastly Mr. Kao shares his investment strategies, emphasizing the importance of information asymmetry and understanding underlying capital structures to find true alpha opportunities. He warns against commodity beta pitfalls and encourages listeners to explore different perspectives on investment topics. Time Stamp References: 0:00 - Introduction 0:56 - The Battle of the Bads 7:43 - Reserve Assets & Risks 16:24 - US Gold Reserves & Backing 20:10 - Fiscal Dominance & Debt 24:52 - Fed Response & Guidance 26:13 - Four Horseman of Inflation 36:06 - Fed Cuts & Yields 42:08 - Weak Currencies 45:28 - The Goldilocks Trade 50:27 - Alpha Vs Beta Returns 1:00:30 - Identifying Alpha Plays 1:05:47 - Wrap Up Talking Points From This Episode - Central bankers face challenges with inflation, reserve assets, and geopolitical implications. - Goldilocks and anti-Goldilocks trades represent contrasting economic conditions neither too hot or cold. - Why having information asymmetry is crucial for finding true alpha in investments. Guest Links: Website/Substack: https://www.urbankaoboy.com/about Twitter: https://twitter.com/@UrbanKaoboy Michael Kao is a seasoned investor and retired portfolio manager with 25 years of experience in commodities trading and hedge fund management. He has a lifelong passion for the markets and a keen interest in geopolitics, which has lead him to manage his own investments and publish his views on his SubStack Website – Kaoboy Musings. Known for his out of consensus calls that often wind up becoming consensus later on, Michael Kao strives to cut through the noise in his musings by introducing mental models from other disciplines and injecting ideas from eclectic topics. He aims to educate, encourage out-of-the-box thinking, elevate above the noise and entertain.

Tom Bodrovics welcomes back Greg Weldon, the publisher of Global Macro Strategy Report and the Gold Guru, for a discussion on the US markets, with a focus on the economy and consumer spending. With over four decades of experience in financial markets and commodity trading, Greg expresses concerns about economic stress despite celebratory employment reports, citing labor market conditions worsening with rising unemployment, underemployment, and declining savings rates. Consumers are also facing increasing credit card and auto loan delinquencies while disposable income decreases and government handouts account for an expanding share. Greg suggests the economy might already be rolling over, and the Fed would like to see asset prices decrease before declaring victory in inflation, despite the policy rate being higher than current inflation. Commercial real estate is another major concern, with the Fed seeming behind the curve. Greg shares his perspective that the Fed might be showing a willingness to accept higher general rates of inflation to protect consumers and the economy despite risks of inducing a credit crunch. The discussion touches upon Federal Reserve Chair Jerome Powell's challenges in maintaining an apolitical stance during the divisive US election year and potential social unrest leading to economic negatives. Greg also mentions commercial real estate debt due in the next 12 months, which could lead to bank failures for regional banks holding 80% of that debt. Greg discusses the implications of a consumer wake-up call in the stock market or another Plaza Accord-like agreement among major global powers as potential catalysts for the U.S. dollar's next round of debasement. He also mentions natural events, climate change, and geopolitical conflicts that could impact currencies and commodities, particularly gold. Greg encourages being aggressive defensively by shorting the S&P 500 when the time comes and suggests optimism about future performance for platinum and certain mining shares. He believes mining as a whole will benefit from increased enthusiasm towards gold. Lastly, Mr. Weldon emphasizes the importance of staying adaptive, not being bound by historical prices or market assumptions, researching a good Commodity Trading Advisor, importance of proper risk management, and understanding futures trading. Time Stamp References: 0:00 - Introduction 0:38 - Heavy Policies & Elections 4:50 - CPI Understated? 6:29 - Consumer Credit Stress 8:57 - Powell & Asset Prices 10:08 - Fed Watching Gold? 12:54 - Fed Inflation Targets 15:20 - Inflation Metrics? 19:26 - Powell & Elections 21:38 - Bank Failure Risks 25:47 - Dollar Risk & C.B Cuts 32:13 - Defensive Plays 34:15 - Dollar/Gold Correlation 37:27 - Stock Markets & Currencies 39:48 - Gold Market Considerations 45:23 - Platinum Thoughts 47:12 - Mining Sector Vs. Metals 50:00 - Concluding Thoughts 51:20 - Wrap Up Talking Points From This Episode - Why the economy may already be rolling over, with rising unemployment, underemployment, and declining savings rates, despite positive employment reports. - The Fed might accept higher inflation to protect consumers and the economy, potentially causing a credit crunch. - Natural events, climate change, geopolitical conflicts, and consumer behavior could significantly impact currencies and commodities, particularly gold. Guest Links: 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.

Tom Bodrovics welcomes Tony Anscombe, ESET Chief Security Evangelist, to discuss cybersecurity in the mining sector. With over three decades in IT and cybersecurity, Anscombe stresses that security fundamentals remain crucial despite technological advancements. He highlights vulnerabilities from remote locations, outdated technology, third parties, and activists/nation states. Mining companies face significant risks, including fatalities and financial losses. AI's growing role in mining brings cybersecurity concerns such as AI poisoning. A comprehensive cybersecurity framework is necessary, along with advanced technologies like EDR systems. The financial cost of cyber attacks can reach $14 trillion by 2027, affecting industries, including mining. Companies must prioritize cybersecurity and involve third parties to adhere to security policies. Anscombe also touches on the ethical implications and potential international collaboration in AI development. Time Stamp References: 0:00 - Introduction 0:30 - Tony's Background 2:03 - Industrial Security 6:47 - Potential Risks 10:37 - Attack Vectors 12:32 - 3rd Party Liability 14:30 - AI & Cyber Security 17:30 - Practical Solutions 19:50 - Capable People 20:58 - Global Impacts & Costs 24:16 - Reporting & Regulations 27:02 - Technical Glitches? 30:04 - AI Risks & Benefits 33:57 - Restricting AI? 36:19 - Wrap Up Talking Points From This Episode - Mining companies face significant cybersecurity risks due to remote locations, outdated technology, third parties, and activists/nation states. - A comprehensive cybersecurity framework and advanced technologies like EDR systems are necessary to mitigate mining sector risks. - The financial cost of cyber attacks can exceed $14 trillion by 2027, emphasizing the importance of prioritizing cybersecurity for all industries. Guest Links https://www.welivesecurity.com/en/ https://twitter.com/TonyAtESET Tony Anscombe is Chief Security Evangelist for ESET. With over 20 years of security industry experience, Anscombe is an established author, blogger and speaker on the current threat landscape, security technologies and products, data protection, privacy and trust, and Internet safety. His speaking portfolio includes industry conferences RSA, Black Hat, VB, CTIA, MEF, Gartner Risk and Security Summit and the Child Internet Safety Summit (CIS). He is regularly quoted in cybersecurity, technology and business media, including BBC, Dark Reading, the Guardian, the New York Times and USA Today, with broadcast appearances on Bloomberg, BBC, CTV, KRON and CBS. Anscombe is a current board member of the NCSA and FOSI. Tony is based in the USA and represents ESET globally.

Tom Bodrovics welcomes back mining executive and metals analyst David Jensen. Together they revisit concerns around the London gold market's dominance, estimated to account for 91-92% of the global gold trade. This is thanks to the Bank of England's 'regulatory oversight' since 1986, permitting unallocated gold contracts instead of physical bars. The market trades $500 billion of gold daily and 2.9 billion ounces of silver. However, only around 3.5% of London's vaulted gold is actual physical. They contrast the LBMA with the Shanghai gold market and point out the key differences. David argues that the London market functions as a price-setting mechanism rather than one of price discovery. They discuss Gibson's paradox, where interest rates follow price levels rather than inflation rate. Central banks benefit from this control scheme due to their control over monetary policy and debt levels using gold and silver as loose policy indicators. David delves deeper into the London Bullion Market Association (LBMA), which regulates through a voluntary code of conduct called NIPPS which is under Bank of England oversight. The metals market are dominated in London, with around 90% global cash trading occurring there. David raises concerns over the transparency and authenticity of silver holdings in Exchange-Traded Funds (ETFs), questioning claims against metal, sub-custodians, potential rehypothecation or selling. The actual amount of silver held and its implications for interest rates and the economy if pricing proves fictitious are discussed. Time Stamp References: 0:00 - Introduction 1:12 - Size of London Market 7:07 - Paper Claims on Metals 8:45 - Silver a Virtual Asset? 9:50 - Opaque Market & Claims 14:44 - Fractional Reserve Metals? 15:57 - LBMA 'Code of Conduct' 20:54 - Who Watches the Watchers 22:09 - Settlement Definition 24:29 - London Vs. New York 25:35 - Futures & Cash Markets 30:20 - ETFs & Bullion Banks 33:08 - Honesty & Transparency? 38:13 - Criticality Theory 41:10 - Scales & Incentives 42:18 - Wrap Up Talking Points From This Episode - London gold market dominates, allowing unallocated contracts. Central banks benefit from opacity, influencing monetary policy. - Questions about physical holdings vs. claims in London's vaults impacting interest rates and the economy. - Transparency concerns regarding ETF silver holdings, potential rehypothecation or selling of metal claims. Guest Links: Substack: https://JensenDavid.substack.com/ Gab: https://gab.com/DavidJensen Reddit: https://www.reddit.com/user/j_stars/ Jeff Currie Video: https://www.youtube.com/watch?v=ESxpDsUmQRE David Jensen, P.Eng., LL.B., MBA, is a Professional Engineer with a degree in Engineering from the University of Waterloo in Canada. He worked through 1993 on the F-5 Fighter Overhaul program and the Bombardier Regional Jet programs. Mr. Jensen then graduated with an LL.B. degree in corporate and commercial law from the University of Calgary and an MBA from Univ. of B.C., majoring in Logistics and Supply Chain Management. Returning first to aviation, then, after reading Austrian School Economics, Mr. Jensen transitioned to the mining industry in 2004. First through his mining industry consultancy, then as Vice President of Corporate Development for Western Copper Corp., and most recently as President and COO of Skyline Gold. Mr. Jensen currently serves as President and COO of a private mining company and provides strategic, operational, risk assessment, and precious metals consulting services through his consultancy, Jensen Strategic.

Tom Bodrovics welcomes back John Lee, a seasoned CFA with two decades in the mining industry, to discuss economic trends and his predictions since their last conversation in September 2022. Reflecting on past discussions, they touch upon various topics including the irrationality of silver markets, U.S. dollar's rise, and the surprising impact of geopolitics on commodities like oil. John shares his perspective on current economic issues such as persistent inflation, rising interest rates, and an inverted yield curve. He admits some errors in earlier predictions but maintains a thoughtful analysis of macroeconomic trends. John believes that large financial institutions and tech companies have significant influence on markets and are not swayed by interest rate hikes in the same way as ordinary investors. John discusses the role of the Federal Reserve and the potential motivations behind its actions, questioning whether its primary goal is to control inflation or facilitate asset accumulation for the powerful elite. He also delves into the impact of demographics on commodities and the economy. Despite less consumer demand due to underreported population numbers in some countries like China, John remains bullish on investment demand for metals like gold. John shares his concerns about the upcoming election and its potential market impact, believing that central banks and cartels have more control over market movements than politicians. He also advises preparing for an exit strategy with diversified assets in various currencies, metals, and geographic regions. John encourages listeners to explore his work on Twitter under the username 'John Lee Silver Elephant' for insights on gold, silver, and interest rates. Currently, he recommends waiting for further dollar weakness before making significant purchases of these metals. Time Stamp References: 0:00 - Introductions 0:40 - Changes & Surprises 6:02 - Rate Hikes & No Crash? 12:12 - Thoughts on the Fed 15:53 - Yield Curve Inversion 20:52 - The Dollar & Cent. Banks 23:45 - Demographics & Commodities 29:16 - China & Economic Reporting 33:26 - Silver/Gold Ratio & Uses 38:10 - Golds Role & Public 47:27 - Election Uncertainties 50:42 - Conflict Risks & Fragility 58:46 - Diversification & Plan B 1:05:38 - Wrap Up Talking Points From This Episode - Central banks and large entities manipulate markets, minimizing impact of interest rate hikes on ordinary investors. - How demographics and geopolitical factors can influence commodity demand and prices. - Why gold remains a valuable long-term investment due to increasing central bank concerns and potential digital currency adoption. Guest Links: Twitter: https://twitter.com/johnlee25893955 Website: https://www.silverelef.com/ LinkedIn: https://www.linkedin.com/in/john-lee-baa93422/ John Lee, CFA, is CEO and President of Silver Elephant Mining. Mr. Lee specializes in mining M&A and has raised over $150 million through the TSX and TSX Venture Exchange for junior companies since 2009. Lee identified, negotiated and financed Lynn Lake nickel acquisition in 2009, Ulaan Ovoo coal in 2010, Wellgreen nickel-pgm in 2011, Shakespeare nickel-pgm in 2012, Pulacayo silver in 2015, Gibellini vanadium in 2017, Bisoni vanadium in 2020, and Minago nickel-pgm in 2021. Mr. Lee is a CFA charterholder and graduated from Rice University with bachelor’s degrees in Economics and in Engineering (honor).

In this engaging interview, Tom Bodrovics once again engages in a thoughtful conversation with the legendary Rick Rule. Throughout their discussion, Rick underscores the significance of patience, persistence, and the power of people when it comes to thriving in equities. He also champions Warren Buffett's concept of compounding as a vital principle for long-term prosperity. Rick shares his belief that individuals should prioritize self-reliance over reliance on the political system. He cautions against jumping to hasty conclusions based on market narratives. In terms of economic forecasts, Rick expresses concerns about imminent recessions in both the US and globally, advocating that individuals maintain liquidity and top-tier portfolios to navigate market dips. Rick further discusses Warren Buffett's investment philosophies, emphasizing the importance of concentrating on industries in which one is knowledgeable. Rick believes that gold could outperform various other asset classes due to its present insignificant market presence, coupled with Europe potentially distancing itself from the US. He posits that while the US dollar will continue as a reserve currency, it may face challenges from the developing multi-polar world. Rick believes government will generally choose various covert methods of confiscating wealth from the population instead of direct overt action. Methods like inflating the money supply and taxation are far more likely than direct metals confiscation. Rick also voices concerns regarding the banking system's stability given unrealized losses totaling $517 billion and looming debt maturities. He raises issues of insolvency for lenders due to a disparity between long-term assets and overnight liabilities, as well as commercial real estate portfolios. Rick encourages having some bullion as non-correlated cash offering options during tumultuous markets. Lastly, Rick shares his insights on the Canadian and US banking systems, appreciating Canada's banks for higher profitability for shareholders but less favorable conditions for borrowers due to minimal competition. The US market, however, offers a broader selection of financial institutions catering to various clientele as both lenders and borrowers. Rick also highlights his efforts in establishing Battle Bank and the necessity of earning interest on savings. Time Stamp References: 0:00 - Introduction 0:37 - Lessons Learned 7:54 - Elections & Investors 10:18 - Education & Blaming Society 12:24 - Recession Probabilities 15:23 - New Paradigms & Understanding 22:16 - The World & Gold 23:50 - Multi-Polar Outlook 26:36 - Covert or Overt Confiscation 29:14 - State of the Uranium Cycle 32:45 - FDIC & Lender Insolvency 35:25 - Commercial Real Estate 37:49 - What You Want in a Bank? 39:25 - Savings, CPI, & Hedonics 41:46 - U.S. Vs. Canadian Banks 44:00 - Return Free Risk 47:24 - Living Standards & Needs 50:34 - Developed Demographics 52:26 - Wrap Up Talking Points From This Episode - Rick Rule emphasizes patience, persistence, self-reliance, and knowledge for success in equities, with a focus on Warren Buffett's compounding principle for long-term prosperity. He also expresses concerns about imminent recessions and advocates maintaining liquidity and top-tier portfolios. - Rule believes in the potential of gold as an asset class due to its insignificant market presence and Europe distancing from the US, while warning about government covert methods of wealth confiscation and instability in the banking system. He encourages having some bullion during market dips. - Rick values Canada's banks for higher profitability but less favorable conditions for borrowers due to minimal competition. In contrast, he highlights the US market's broader selection of financial institutions catering to various clientele as both lenders and borrowers. He also discusses his efforts in establishing Battle Bank. Guest Links: Twitter: https://twitter.com/realrickrule Twitter: https://twitter.com/realinvestmentmedia Website: https://ruleinvestmentmedia.com YouTube: https://www.youtube.com/@RuleInvestmentMedia Classroom: https://ruleclassroom.com Bootcamp 2024: https://hopin.com/events/rick-rule-s-winter-investors-bootcamp/registration Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors. Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water. Mr. Rule is particularly active in private placement markets, having originated in hundreds of debt and equity transactions with private, pre-public, and public companies.

Tom Bodrovics welcomes back Bob Elliott, Co-Founder, CEO, and CIO of Unlimited Funds, who shares his insights on how to evaluate skills from luck in investment outcomes. The discussion also touched upon the current state of inflation in developed countries like Europe, the UK, and the US. Despite recent supply shocks causing higher price growth, wages have matched or surpassed it, resulting in elevated rates exceeding central bank targets. Elliott also addressed the concerns of central bankers regarding debt and income dynamics, mentioning the risks of negative reinforcing cycles and comparing credit-driven economic expansions to sustainable income-driven ones. The speakers discussed the relationship between government deficits and economic growth, debating whether high levels lead to significant stimulus or a large debt burden. Regarding labor markets, Bob addressed the rising costs of inflation and the impact on reshoring production in the US. The speakers touched upon de-globalization, parallel supply chains, and shipping costs as causes for price increases and disruptions. The Fed's current monetary policy stance was discussed, with potential future actions debated due to low unemployment and while inflation is still above target. Bob questioned the significance of specific labor market numbersand he also touched upon why the US economy avoided a recession despite predictions. In this income-driven environment, Bob discussed the shift from growth to value stocks and the impact on investable assets in sectors with earnings and market consolidation. The supercycle in resource markets was also discussed highighting investment lags behind demand and potential higher commodity prices contributing to inflation. Timestamp References: 0:00 - Introduction 0:47 - Investing Luck Vs. Skill 4:18 - Understanding Biases 6:54 - Evaluating Advisors 10:05 - High Inflation & Rate Cuts 13:06 - Why a 2% CPI Target 16:56 - Time Preference & Demand 20:12 - Types of Economic Expansion 27:39 - Deficits & Growth 30:32 - Inflation Forces 33:52 - Goods Deflation & Supply 37:30 - Reshoring & Labor Costs 40:16 - Shipping & Disruptions 43:24 - Container Ship Costs 45:35 - Fed & Rate Cutting? 48:02 - Labor Data & Noise 50:05 - Global Bond Markets 53:23 - U.S. Resilience? 55:40 - Value Vs. Growth 59:00 - Sectors & Resource Cycles 1:03:52 - Wrap Up Talking Points from This Episode - Bob Elliott emphasizes the role of both skills and luck in investment outcomes, suggesting investors focus on evaluating individuals' ability to make informed decisions rather than solely relying on past successes. - Central banks are grappling with rising inflation rates exceeding targets due to wage growth matching or surpassing price increases in developed countries like Europe, the UK, and the US. - Elliott discusses the shift from growth to value stocks amid an income-driven economic environment, highlighting the importance of investing in sectors with earnings and market consolidation. Guest Links: Website: https://www.unlimitedfunds.com Twitter: https://twitter.com/BobEUnlimited Bob Elliott is the Co-Founder, CEO, and CIO of Unlimited, which uses machine learning to create index replication ETFs of 2&20 style alternative investments like hedge funds, venture capital and private equity. Prior to founding Unlimited, Bob was a Senior Investment Executive at Bridgewater Associates where he served on the Investment Committee (G7) and created investment strategies across equities, fixed income, credit, exchange rates, and commodities, including many used in the flagship Pure Alpha fund. He also built and led Ray Dalio's personal investment research team for nearly a decade. He's the author of hundreds of Bridgewater's widely read Daily Observations and directly counseled some of the world's foremost policymakers and institutional investors on economic and investing issues. Bob has also served as an advisor and executive at several startups including CircleUp, an investment company focused on early-stage consumer brands. There he revamped the investment strategy for the company's $150mln venture funds leveraging big data approaches to improve decision making. He was also the co-founder of GiveWell, a startup charity evaluator which now directs more than $500mln in annual contributions.

In Part Two with Michael Oliver and Vince Lanci we discuss the growing political and economic uncertainties revolving around the upcoming 2024 election. Michael highlights the potential chaos and unrest during the election. He suggests that if the stock market broke before the election, the Democratic Party might consider replacing Biden due to their emphasis on market performance. Tom mentions a poll indicating deep-rooted political divisions, with each party believing a win by the opposite would cause lasting harm to the country. This instability, Michael believes, is not being factored into markets and could lead to major shifts for global investors. The duo expressed concerns about the upcoming election's impact on markets and society, emphasizing that elections usually bring uncertainty but, due to deep-rooted political divisions in the US, there is a higher risk of prolonged uncertainty. This could result in increased stock market volatility and even a contested election outcome. They mentioned historical examples like the 2008 election, secession attempts, and the role of gold during such times. They also touch upon potential implications for gold markets if the U.S. election was contested. They emphasize buying dips instead of selling rallies for gold and silver as alternatives to a volatile stock market. They see gold as a competitive alternative when the stock market experiences volatility. Furthermore, the conversation explored potential crises or geopolitical events that could lead to the suspension of the upcoming election, including manufactured ones. The speakers also touched upon the role of gold as a metric of economic stability and its potential impact on the election. Additionally, they reflected on the changing political landscape, the influence of various parties and foreign conflicts on the election outcome, and the potential consequences for free speech, civil unrest, inflation, monetary policy, and individual freedoms. Time Stamp References: 00:00 - Introduction 00:51 - Fed & Panic Mode 08:40 - 2024 Election Chaos? 13:26 - Argentina & Milei 19:33 - Seceding Successfully? 24:41 - Fed Going Away? 26:04 - Censorship & Free Speech 29:10 - Suspension of Elections? 31:18 - Geopolitical Black Swans 37:03 - The Uni-Party & RFK 39:56 - Metals & Signposts 40:33 - Volatility & Buy The Dips 42:17 - Wrap Up Talking Points From This Episode - The upcoming 2024 U.S. election is causing significant political and economic uncertainty which the markets have not priced in. - Deep-rooted political divisions indicate a higher risk of prolonged uncertainty, increasing stock market volatility and potential for a market correction - Gold could serve as an alternative investment during such volatile stock markets and potential black swan like events. Vince Lanci - Guest Links Special Discount: https://vblgoldfix.substack.com/TomPalisades Website: https://vblgoldfix.substack.com/ Twitter: https://twitter.com/Sorenthek ZeroHedge: https://tinyurl.com/3x72ndfc LinkedIn: https://www.linkedin.com/in/vincentlanci/ Boobs & Bullion: https://twitter.com/boobsbullion Vincent Lanci is the Owner and Founder of Echobay Partners LLC. and is a regular contributor on ZeroHedge. In 2018 Vince was honored to be a part of Market Wizard Larry Benedict's Opportunistic Trader project as precious metals and Option expert. In addition, in 2017, Mr. Lanci and Professor Robert Biolsi co-authored Forecasting Oil and Natural Gas Volatility for UCONN. From 2004-2008, Mr. Lanci was Co-Head of Metals & Energy Trading for CiS Options LLC, Echobay's predecessor, where he ran the long-short and vol-arb portfolios for CiS's parent fund and generated $103MM during that time. From 1993-2003, Vince owned and operated Berard Capital LLC option market makers. In 2000, he co-founded Whentech with David Wender, where he was the chief architect of the "Pit-Trader" user interface. Between 1987-1993 he gained experience at Lehman Bros and Cooper Neff. Mr. Lanci contributes to Zerohedge, BBG, and RTRS. He has paneled at Mondo Visione, NYC Mines & Money conferences, and is a champion of level investor playing fields. Michael Oliver - Guest Links: Website: http://www.olivermsa.com/ Twitter: https://twitter.com/Oliver_MSA Amazon Book: https://tinyurl.com/y2roa7p5 Free Report email: michaeloliver@olivermsa.com Email MSA above, and they will send you this week's report for free, which covers many of the topics from this interview. J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton's International Commodity Division, headquartered in New York City's Battery Park. He studied under David Johnston, head of Hutton's Commodity Division and Chairman of the COMEX. In the 1980s, Mike began to develop his proprietary momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth. In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology. In 1992, the Financial VP and head of Wachovia Bank's Trust Department asked Mike to provide soft dollar research to Wachovia. Within a year, Mike shifted from brokerage to full-time technical analysis. He is also the author of The New Libertarianism: Anarcho-Capitalism.

In this Palisades podcast episode, Tom welcomes back Michael Oliver from Momentum Structural Analysis and Vince Lanci, publisher of the Goldfix Substack. The discussion covers various markets - metals, equity indexes, commodities - and in part two, the upcoming election. Michael Oliver initiates the conversation by analyzing the NASDAQ's remarkable growth since the 2009 Bear Low and its significance as a leading index due to its substantial percentage gain. He attributes this influx of funds to the M2 chart or Fed funds rate chart, directing investment into the stock market at that time. Michael then pivots towards the current market situation, sharing his view on momentum analysis and the election's potential impact, emphasizing the importance of examining trends beyond just price. He points to a major sell signal in January 2022, causing a steep decline followed by recovery. Vince Lanci contributes by addressing the narrowing breadth in the stock market. He stresses that leadership changes are vital for overall market health and believes there's currently no breadth, limiting options if AI leadership falters. Vince explains how the stock indexes have shrunk from a broader group to key players. The discussion also touches on copper and natural gas commodities before focusing on precious metals. Michael highlights the deceptive nature of the acceleration phase in a bull market and the significance of understanding trends and structures rather than relying solely on popular indicators like RSI or MACD. They further delve into investment strategies based on silver market analysis and historical trends, sharing personal experiences and anticipating precious metals market movements due to geopolitical tensions and central banks' actions. Vince also brings a geopolitical perspective, focusing on central banks and sovereign wealth funds buying silver as an international trade collateral store of value. They explore the potential for a new Bretton Woods and gold's ability to anticipate economic trends. Vince expects significant precious metals market movements due to the anticipated end of fiat currency and gold's role in predicting economic shifts, with concern about commercial real estate and stock markets potentially being affected by central banks' involvement. Time Stamp References: 0:00 - Introduction 1:02 - Nasdaq & Momentum 4:58 - Nvidia & Stock Markets? 10:38 - Copper Importance 12:53 - Natural Gas Chart 18:44 - Past Silver Bull Mkts. 24:30 - Momentum & Timeframes 26:38 - Maintaining Perspective 34:09 - Silver Spread Vs. Gold 37:40 - C.B. Gold Buying & BRICS 43:43 - Gold & The End of Fiat Talking Points From This Episode - Michael Oliver discusses the NASDAQ's growth, attributing it to funds shift post-financial crisis, emphasizing importance of understanding market trends beyond just price. - Vince Lanci highlights narrowing stock market breadth and stresses leadership changes are crucial for overall health and potential risks if it falters. - They explore investment strategies in precious metals, discussing historical trends, geopolitical tensions, and central banks' role. Vince Lanci - Guest Links Special Discount: https://vblgoldfix.substack.com/TomPalisades Website: https://vblgoldfix.substack.com/ Twitter: https://twitter.com/Sorenthek ZeroHedge: https://tinyurl.com/3x72ndfc LinkedIn: https://www.linkedin.com/in/vincentlanci/ Boobs & Bullion: https://twitter.com/boobsbullion Vincent Lanci is the Owner and Founder of Echobay Partners LLC. and is a regular contributor on ZeroHedge. In 2018 Vince was honored to be a part of Market Wizard Larry Benedict's Opportunistic Trader project as precious metals and Option expert. In addition, in 2017, Mr. Lanci and Professor Robert Biolsi co-authored Forecasting Oil and Natural Gas Volatility for UCONN. From 2004-2008, Mr. Lanci was Co-Head of Metals & Energy Trading for CiS Options LLC, Echobay's predecessor, where he ran the long-short and vol-arb portfolios for CiS's parent fund and generated $103MM during that time. From 1993-2003, Vince owned and operated Berard Capital LLC option market makers. In 2000, he co-founded Whentech with David Wender, where he was the chief architect of the "Pit-Trader" user interface. Between 1987-1993 he gained experience at Lehman Bros and Cooper Neff. Mr. Lanci contributes to Zerohedge, BBG, and RTRS. He has paneled at Mondo Visione, NYC Mines & Money conferences, and is a champion of level investor playing fields. Michael Oliver - Guest Links: Website: http://www.olivermsa.com/ Twitter: https://twitter.com/Oliver_MSA Amazon Book: https://tinyurl.com/y2roa7p5 Free Report email: michaeloliver@olivermsa.com Email MSA above, and they will send you this week's report for free, which covers many of the topics from this interview. J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton's International Commodity Division, headquartered in New York City's Battery Park. He studied under David Johnston, head of Hutton's Commodity Division and Chairman of the COMEX. In the 1980s, Mike began to develop his proprietary momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth. In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology. In 1992, the Financial VP and head of Wachovia Bank's Trust Department asked Mike to provide soft dollar research to Wachovia. Within a year, Mike shifted from brokerage to full-time technical analysis. He is also the author of The New Libertarianism: Anarcho-Capitalism.

In this episode of Palisades Gold Radio, Tom Bodrovics welcomes back Francis Hunt, also known as the Market Sniper, for a discussion on the importance of shared experiences, living deliberately beyond the financial world, and the upcoming gold and silver discussion focusing on preserving assets during monetary transition. They emphasize the significance of understanding reality, accepting limitations, and building bonds for amplified experiences. Francis discusses the current economic situation involving debt contraction and the seesaw analogy representing nation states' debt levels and currencies. Japan's excessive debt is predicted to cause a currency collapse, leading to significant losses for various assets, including the 30-year treasury. Francis discusses the reasons for owning physical gold, silver, and land as means to escape both systems and maintain control over possessions. He also discuss the importance of investing in industrial metals like copper as part of an inflation hedge during currency devaluation and suggest investing in commodities while shorting debt and fiat currencies. Francis predicts that gold will reach 2897, and silver may surpass it, in a parabolic phase of financial instability. They also analyze the performance of precious metals like Platinum, which has underperformed since 2009 but could experience overperformance based on historical trends and cross-valuation. Time Stamp References: 0:00 - Introduction 9:55 - Analyze & Take Action 13:32 - Resiliance & Emotions 17:07 - Debt/Fiat Contraction 19:56 - US 30Y Treasury Chart 25:25 - Own Nothing and Be? 29:23 - System Breaking & Gold 32:30 - Fed & Who Prices Debt 34:00 - Bond Rates & Control 36:05 - Gold/Dollar Chart 43:44 - 30Y Debt Reversion 46:37 - Shrinking Dollar Value 48:00 - Silver Levels & Support 53:30 - Gold/Silver Ratio 59:20 - Copper Chart 1:01:42 - Coffee Chart 1:03:48 - Gaps Down in Bull Runs 1:06:39 - UPS Parcel Chart 1:09:48 - Case For Platinum 1:19:22 - Wrap Up Talking Points From This Episode - Amidst economic instability, owning physical gold, silver, and land provides control over possessions and escapes debt-based systems. - Platinum has underperformed since 2009 but could experience overperformance due to historical trends and cross-valuation. - Invest in commodities like gold, silver, and platinum while shorting debt and fiat currencies during stagflation. Guest Links Twitter: https://twitter.com/themarketsniper Twitter: https://twitter.com/thecryptosniper Website: https://themarketsniper.com/ YouTube: https://www.youtube.com/user/TheMarketSniper Francis is a trader, first and foremost. Unlike most educators in the trading space, Francis walks the walk and talks the talk, with 30 years of experience trading his personal capital on various markets and instruments. Through this passion for trading and his relentless study of markets and economic theory, he uses the Hunt Volatility Funnel trading methodology, a systemized approach, to answer the critical question: What is the next most profitable trade? He believes the actual price of an asset is the most accurate reflection of all the factors that influence it. Practical technical analysis, the study of price action over time, is needed to formulate profitable trade ideas. Indeed, with all the market manipulation and high-frequency trading operations currently in play, technical analysis is all that can be relied upon when it comes to formulating future price trends. A trained eye can often spot such manipulative practices, as is the case with HVF traders. Therefore, the HVF methodology is based purely on technical analysis. Francis is passionate about sharing his knowledge and understanding of markets by utilizing his HVF trading methodology. With entertaining anecdotes and the careful guidance of his students, he has already trained a large community of hundreds of traders and helped them transform from complete newbies to seasoned trading professionals. He genuinely loves sharing his knowledge and strategies with others who are committed to finding freedom through trading. Plus, teaching strengthens his trading abilities while helping to build a vibrant community of successful traders.

In this episode of Palisades, Tom Bodrovics welcomes back metals analyst David Jensen to discuss the volatile gold and silver markets, with a focus on the London market's reliance on promissory notes for trading and its potential physical supply issues leading to risks of default. They also touch upon the large trading volumes in London, deficits in the silver market, increasing demand from China, and concerns over retail investors influencing silver prices due to ETF manipulation and rehypothecation. David shares his perspective on factors affecting the silver market during the 2020-2021 silver squeeze, including inventory disappearance in China, Shanghai exchange's influence, potential catalysts like central banks buying gold or conflicts, and the City of London's involvement in a longstanding global gold and silver fraud. The conversation further explores the impact of various factors on gold and silver markets, including concerns about transparency regarding lease rates, central bank sourcing of metal, and potential consequences for major banks if they cannot cover contract losses. Overall, Jensen emphasizes the importance of understanding the significance of physical supply issues in the metals market and staying informed to avoid ignoring important matters. Time Stamp References: 0:00 - Introduction 0:37 - Rehypothecation & London 7:17 - Bullion Banks & Physical 13:20 - Paper Ponzi? 15:08 - ETF Drawdowns & Supply 17:23 - Jeff Currie Comments 19:00 - Bullion & China Influence 23:17 - News Driven Catalysts 26:30 - Money Supply & Bank Buying 29:15 - Demand Picture & Drawdowns 30:35 - C.B. Metal Sourcing? 32:22 - Debt & The Silver Lynchpin 39:12 - Media & Reaching People 41:08 - Wrap Up Talking Points From This Episode - David discusses volatile gold and silver prices due to physical supply issues in the London market. - Jensen warns of potential risk of default from reliance on promissory notes in London gold and silver trading. - He highlights significant deficits and dwindling inventories in the silver market, which will eventually cause a crisis. Guest Links: Substack: https://JensenDavid.substack.com/ Gab: https://gab.com/DavidJensen Reddit: https://www.reddit.com/user/j_stars/ Jeff Currie Video: https://www.youtube.com/watch?v=ESxpDsUmQRE David Jensen, P.Eng., LL.B., MBA, is a Professional Engineer with a degree in Engineering from the University of Waterloo in Canada. He worked through 1993 on the F-5 Fighter Overhaul program and the Bombardier Regional Jet programs. Mr. Jensen then graduated with an LL.B. degree in corporate and commercial law from the University of Calgary and an MBA from Univ. of B.C., majoring in Logistics and Supply Chain Management. Returning first to aviation, then, after reading Austrian School Economics, Mr. Jensen transitioned to the mining industry in 2004. First through his mining industry consultancy, then as Vice President of Corporate Development for Western Copper Corp., and most recently as President and COO of Skyline Gold. Mr. Jensen currently serves as President and COO of a private mining company and provides strategic, operational, risk assessment, and precious metals consulting services through his consultancy, Jensen Strategic.

In this Palisades interview, Tom Bodrovics welcomes back hosts global forecaster David Murin to delve into the differences between lateral and linear thinking in the context of current world conflicts. Murin posits that empires cycle through phases of thinking, with laterals leading initially and linears taking control as empires mature. He attributes the current global climate to an unprecedented level of linear thinking due to sophisticated money printing over the past two decades, which has left societies inflexible to dynamic threats. Murin further discusses geopolitical implications, particularly regarding the Houthis' actions in the Red Sea and its significance for American maritime hegemony. He raises concerns about China's involvement and advanced military capabilities, emphasizing the importance of maintaining control over critical sea lanes for wealth and resource extraction. Murin believes historical cycles of war could have been avoided with greater awareness and full-spectrum deterrence, aligning with the 112-year contractive cycle that has led to hegemonic conflicts throughout history. David also shares his views on China's strategic intentions and resource acquisitions, arguing that China is not primarily concerned with wartime resource gathering but rather denying resources to the West. He points to Argentina as an example where Chinese interests were rejected, giving the West a foothold in the region. Murin suggests Western engagement and political activism are necessary for regime change in countries with autocratic regimes. He uses numerous price-based systems to understand various markets and sectors, predicting a decline in bond prices and increased inflation for commodities due to excess demand from fiat money. David sees the current situation as a commodity supercycle that affects the entire commodities complex and causes inflation for all physical resources. War contributes to inflation during these cycles. Murin warns of impending wars, emphasizing the importance of adapting and strong leadership in response to threats. Time Stamp References: 0:00 - Introduction 1:02 - Types of Thinking 6:20 - Shipping & Shrinking Empire 12:40 - Inevitable Conflict? 16:07 - China Growth & Cycles 20:37 - The Art of War 24:12 - BRICS & China 26:33 - Fentanyl Problem 28:10 - Results of Energy Tariffs 31:33 - Inflation & Central Banks 36:48 - Models & Mkt. Behavior 38:32 - Bond Markets & Gold 42:40 - War & Inflation 43:53 - Important Developments 46:00 - War is Upon Us 49:01 - U.S. Navy & Defense 52:30 - Wrap Up Talking Points From This Episode - Empires cycle through lateral and linear thinking phases, with current global climate characterized by unprecedented linear thinking due to sophisticated money printing. - Geopolitical implications include challenges to American maritime hegemony in the Red Sea and China's potential denial of resources to the West. - Historical cycles indicate ongoing hegemonic conflicts and the importance of full-spectrum deterrence, with impending wars requiring quick adaptation and strong leadership. Guest Links Twitter: https://twitter.com/GlobalForecastr Website: https://www.davidmurrin.co.uk/ Lateral Vs Linear Thought: https://www.youtube.com/watch?v=F_v5720RPmw&t=636s David Murrin began his unique career in the oil exploration business amongst the jungles of Papua New Guinea and the southwestern Pacific islands. There, he engaged with the numerous tribes of the Sepik River, exploring the mineral composition of the region. Before the age of adventure tourism, this region was highly dangerous, very uncertain and local indigenous groups were often hostile and cannibalistic. David's work with the PNG tribespeople catalyzed his theories on collective human behavior. In the early 1980s, David embarked on a new career, joining JP Morgan in London. Watching his colleges on the trading floors, he quickly identified modern society also behaved collectively. He was sent to New York on JPMs highly rated internal MBA equivalent finance program. Once back in London, he traded FX, bonds, equities, and commodities on JPMs first European Prop desk. In 1991, he founded and managed JPMs highly successful European Market Analysis Group, developing new behavioral investment techniques which were utilized to deploy and manage risk at the highest level of the bank. In 1993, David founded his first hedge fund, Apollo Asset Management, and, in 1997, co-founded Emergent Asset Management as CIO. His primary role was overseeing trading across all fund products as well as being particularly active in the firm's private equity business. He co-founded Emvest, Emergents African land fund, in 2008 and acted as its Chairman until its sale from the group in 2011. In addition, through Emergents Advisory Business, David was responsible for the critical fund-raising for Heritage Oil, allowing it to expand significantly by investing in its Uganda exploration program. He took full control of Emergent in 2011, combining his management of the Geomacro fund with the role of Chief Executive Officer until 2014. David has been described as a polymath and his career of more than three decades has been focusing on finding and understanding collective human behavioral patterns including deep-seated patterns in history and then using them to try and predict the future for geopolitics and markets in today's turbulent times. He has a remarkable track record. Davids advisory and future trends speaking are based on his direct investment experience combined with a framework that can be used to explain and qualify decisions within an investment team, aid risk assessment and reduce biases in collective investment decisions. In the desire to share his observations and predictive constructs, David has written four books.

Tom welcomes back Mike Singleton, Senior Analyst and Founder at Invictus Research to the show. Mike explains his views on the business cycle, current economic trends, and their impact on asset classes like stocks, bonds, commodities, and currencies. Mike explains that Invictus defines the business cycle as having three sub-cycles: real growth, inflation, and monetary policy. They believe these cycles drive price action across various assets. The US economy is currently reflating, indicating faster real growth and inflation. Despite inflationary pressures, federal deficits are expected to fuel manufacturing growth due to initiatives like the Inflation Reduction Act and CHIPS Act. Mike argues that investors can benefit from an inflationary cycle as it leads to potential growth in earnings. However, consumers may face challenges with rising prices, affecting their quality of life and ability to deploy capital into markets. Mike believes that for a clearer understanding of inflation, one should look at commodity prices rather than Consumer Price Index (CPI). Mike also discusses the significance of copper miners' performance as an indicator of real economic acceleration. He suggests considering ownership of productive assets and taking on more cyclical risk when copper miners outperform copper. Oil, as an energy input, follows this trend, with demand increasing during economic expansion. Despite a recent downturn, it is viewed as a buying opportunity. The US dollar's relationship with economic data, interest rates, and the Fed is also discussed. While the U.S. economy is outperforming other developed markets, the dollar could strengthen based on interest rate parity. However, its weakening against emerging market currencies due to their improved economic conditions is generally bullish for reflationary assets like commodities and risky investments. Invictus has launched a new mobile app with an AI-enabled chatbot providing retail investors with access to research analysis. Time Stamp References: 0:00 - Introduction 0:33 - Three Economic Cycles 4:43 - Housing Sector Health 7:08 - Consumer Spending & Deficits 16:33 - CPI Metrics & Adjustments 18:02 - Income, Wages, & Demand 20:14 - Fed, CPI, Yields, Cuts 26:05 - Commodity Demand 30:46 - Metal Prices Vs. Miners 32:10 - Oil Market Outlook 35:23 - Strategies with Miners 38:36 - Positioning & Cash 40:10 - Investors Vs. Consumers 41:25 - Wrap Up Talking Points From This Episode - How the business cycle's sub-cycles (real growth, inflation, monetary policy) influence asset price action. - Copper miners' outperformance signals real economic acceleration; consider productive assets and cyclical risk. - A stronger US dollar based on interest rate parity could benefit reflationary assets like commodities. Guest Links: Website: https://invictus-research.com/ Twitter: https://twitter.com/InvictusMacro Michael Singleton is Senior Analyst at Invictus. He studied finance and theology at the University of Notre Dame, where he graduated summa cum laude. After graduating, he worked for several years with Broad Run Investment Management. There he spent most of my time conducting deep, fundamental diligence on the highest quality companies. That grounding gained him a thorough, bottom-up approach to research and has proven invaluable. Since then, his focus has been spent studying the economy at-large and its relationship with liquid asset markets. There is a massive hole in the anlysis market for timely, thoughtful, and accessible macroeconomic research. That's why he became involved at Invictus.

Tom welcomes economist John Williams, the founder of Shadow Government Statistics to the show. Williams shares his background in economics and economic modeling, which led him to scrutinize government statistics due to their potential inaccuracies. He became particularly concerned with employment data revisions and manipulation. Despite improvements, he remains skeptical about inconsistencies' impact on forecasting accuracy. Williams discusses the misrepresentation of inflation through changes in reporting methodologies, such as the Consumer Price Index (CPI). This underreporting of inflation affects cost-of-living adjustments and pension payouts, leaving retirees facing significant financial challenges. The pandemic exacerbated these issues with distorted CPI reporting. He also criticizes the current economic situation's representation through GDP growth rates, which may not accurately represent underlying economic conditions. Inflation can lead to an increase in reported real GDP without actual sales growth. The excessive money supply injected into the economy during the pandemic is another major contributor to inflation. Despite attempts to control inflation through interest rate hikes, the economy has suffered negative growth in critical sectors like retail sales, industrial production, housing, and employment. The Federal Reserve prioritizes the banking system over the economy, making high interest rates more beneficial for banks than for consumers. The historically large disparity between Gross Domestic Product (GDP) and Gross Domestic Income (GDI) further highlights a weak economy. John predicts that despite rising GDP, there is a potential worsening in the next six months with underlying economic downturn and potential high or even hyperinflation. He advises holding precious metals like physical gold and silver as a hedge against inflation and preserving purchasing power during these uncertain times. Gold has been an effective hedge against inflation over the last 40 years, although it can also be manipulated. Williams believes that the Federal Reserve will continue to intervene with monetary policies despite their inflationary effects. He encourages listeners to visit shadowgovernmentstats.com for more information and to contact him directly at johnwilliams@shadowstatts.com. His website was recently taken down, but the old site remains accessible for background information. Talking Points From This Episode - Government statistics, particularly inflation data, can be manipulated and underreported, leading to inaccurate economic representations. - The Federal Reserve's priority is keeping the banking system afloat rather than addressing underlying economic issues, causing negative consequences for consumers. - The Gross Domestic Product (GDP) may not accurately represent economic conditions as it can be artificially boosted by inflation and government interventions. - Precious metals like gold serve as a hedge against inflation and help preserve purchasing power during uncertain economic times. Time Stamp References: 0:00 - Introduction 0:38 - Background in Business 4:15 - Models Being Redefined 12:08 - Inflation Reporting 17:26 - Releases & Revisions 25:25 - Redefining Everything 33:12 - Inflation Vs. GDP 35:37 - Inflation Causations 37:36 - Money Supply Measures 46:56 - Real Economic Outlook 50:39 - Gold - Inflation Hedge 52:35 - Fed & The Next Crisis 54:53 - Debt to GDP & Rates 59:15 - Wrap Up Guest Links: Website: https://shadowstats.com E-Mail: johnwilliams@shadowstats.com Walter J. "John" Williams was born in 1949. He received an A.B. in Economics, cum laude, from Dartmouth College in 1971, and was awarded a M.B.A. from Dartmouth's Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar. During his career as a consulting economist, John has worked with individuals as well as Fortune 500 companies.

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.