Matthew Pipenburg: The Economic Implications of Inflation, War, & Wealth Inequality

Tom welcomes back John Rubino, former Wall Street analyst, author and Substacker https://rubino.substack.com for a discussion on the gold mining industry's recent trends during the third quarter earnings reports. Despite the increase in gold prices, mining stocks have underperformed due to factors like rising costs and geopolitical risks. However, strong earning reports from top companies are attracting momentum investors, potentially triggering a bull market for precious metals. John emphasizes the importance of investing psychology and buying undervalued assets during bear markets. He also discusses the cyclicality of mining sector, potential acquisitions following strong earnings, and the significance of both fundamental setups and technical indicators when considering gold and silver investments. Additionally, Russia's decision to buy silver for its strategic reserve fund is affecting the silver market by tightening supply and increasing upward pressure on prices. Despite economic uncertainties, investors are encouraged to seek opportunities in this environment. Time Stamp References:0:00 - Introduction0:43 - Miners & Earnings4:56 - Underperformance?7:09 - Numerous Good Sectors11:03 - Peaky Bubbles15:28 - Miners, Cycles, & M&A21:14 - Miner Behaviors & Results27:56 - Buyouts & Shareholders30:12 - Technicals/Fundamentals36:42 - Wage Price Spiral41:58 - Russia Buying Silver43:51 - Wrap Up Talking Points From This Episode Mining stocks underperformed despite gold price increase due to rising costs and geopolitical risks. Strong earnings reports from top companies attract momentum investors, potentially sparking precious metals bull market. Invest in undervalued assets during bear markets for long-term gains; consider both fundamentals and technicals. Guest LinksSubstack: https://rubino.substack.comBooks: https://tinyurl.com/5buyvy6v John Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022, and now publishes on Substack.

In this episode of Palisades Gold Radio, your host Tom Bodrovics invites back Michael Oliver from Momentum Structural Analysis to discuss the stock market's present condition in relation to the upcoming US election. Michael expresses his view that the markets have not fully accounted for the uncertainty and potential instability arising from the election. He references historical precedents of market reactions following unpredictable election results, specifically the bull market peaks in 2000 and 2007, where interest rate cuts after periods of hikes led to significant downturns. Michael shares his perspective on the economy, emphasizing that the Fed has shifted its focus from inflation control to defending the economy due to Powell's concerns over an inadequate job market, particularly in manufacturing and essential industries, and a looming debt crisis. He discusses the potential consequences for the bond market and gold prices, suggesting that when the stock market corrects, data points will shift, prompting Fed concern about solvency and the need to roll over substantial amounts of debt with increasing interest costs. Michael discusses the potential for a government debt crisis and its impact on gold, predicting a short-term rally in T-bonds as assets flow out of stocks into perceived safety but an ultimately downward trend in terms of price and upward yield. He also highlights the significance of commodities related to agriculture, energy, and base metals following gold's lead during market upswings. Michael explains the correlation between stock markets and the US dollar index, emphasizing that increased losses may create demand for the dollar but warning that historically, major swings in the dollar index have followed the stock market trends rather than assisting it in times of potential breakdowns. Michael uses an analogy to describe gold's relationship with silver, viewing it as a 'mama market' with silver acting as an unpredictable 'wild dog on a leash.' He explains that while gold sets trends, silver exhibits seemingly irrational swings but ultimately follows the same direction. The underperforming gold miners GDX are expected to outperform gold in the future, and silver's industrial significance could lead to increased attention once prices take off. Predicting significant price increases for gold, Michael suggests that conditions such as stock market instability, central bank issues, and government debt markets could drive a surge reminiscent of the late 1970s and early 1980s, where gold experienced eightfold growth. Michael concludes with a discussion of the potential for market instability due to unpredictable outcomes from the US election, with both parties experiencing desperation and panic contributing to an unstable stock market. He also references Javier Milei's presidency in Argentina as a reminder of the need for painful changes in response to decades of mismanagement and anticipates an intriguing and consequential period ahead. Time Stamp References:0:00 - Introduction0:31 - Markets & The Elections8:04 - Yen & the Nikk ei11:46 - Fed & Liquidity14:15 - Bond Markets & Service20:45 - Gold & Commodities24:33 - Dollar Crisis & Demand27:16 - Complexities & Timeframes32:50 - Sell Offs & Metals35:52 - Silver Vs. Gold Spreads41:32 - Metals & Fundamentals46:19 - Gold Miners & Signals49:43 - Earnings & Margins51:38 - Miners & Mining Tiers55:16 - Debt Crisis & The Metals1:02:42 - Political Upsets1:06:51 - Wrap Up Talking Points From This Episode Michael Oliver warns of potential market instability due to US election uncertainty, referencing historical precedents. Fed's focus shifts from inflation control to economy defense amid job market concerns and debt crisis. Gold predicted to surge with conditions like stock instability, central bank issues, and government debt markets. Guest Links:Alasdair MacLeod Video: https://vimeo.com/1017577311/aaaf32f856Website: http://www.

https://rumble.com/v5insh9-feargus-oconner-greenwood-beyond-the-illusion-exposing-the-lies-created-by-.html Tom Bodrovics welcomes Feargus O'Connor Greenwood, author of "180 Degrees: Unlearn the Lies That You've Been Taught to Believe." This conversation centers around understanding the financial system and changing perspectives. Feargus wrote his book due to widespread deception and manipulation in society, aiming to expose deceit, break the hold of authority, and equip readers with effective communication tools. He believes that the financial system exists not for individual prosperity but as a tool to create money from nothing and exert control. Money has functions and attributes, and Feargus stresses the importance of understanding its origins and creation. Feargus discusses the historical manipulation of currencies by entities like the Bank of England and the Federal Reserve, arguing these institutions have caused economic depressions and perpetuated corruption. He believes fixing the monetary system is essential for solving global issues and restoring free market incentives. He sees gold, silver, and crypto as safe havens against potential hyperinflation and anticipates a significant price move in silver due to increasing demand. Feargus discusses the potential for physical demand of metals to potentially break markets. Technological advancements are also discussed as having potential impacts on the markets. Feargus believes Bitcoin will have a role as both a decentralized currency bringing freedom and like any tool has potential for tyrannical applications. The importance of truth, and understanding situations through a lens of proving what didn't happen rather than what did is explored. Feargus also discusses the concept of empire collapse and symptoms of decay. False flags are defined as covert operations designed to deceive and identified by broken emergency protocols, hidden evidence, and perpetrators linked with intelligence services. Feargus discusses effective communication strategies to deploy when explaining non-mainstream topics. These include starting small, avoiding arguments, using analogies, and practicing active listening. Feargus' book provides further insights into these strategies. The conversation concludes by discussing the importance of morality and ethics as essential elements for the survival of any society. Time Stamp References:0:00 - Introduction0:56 - Systemic Lies & His Book4:03 - Financial System Purpose8:20 - Money From Nothing10:20 - Infinite Money = Corruption12:16 - First Order Problems15:22 - Money Supply Booms/Busts19:04 - Central Bank Origins22:30 - Savings Vs. Inflation25:15 - Silver & Manipulation29:29 - Purpose of the B.I.S.32:25 - Possible Solutions38:24 - Origin of Bitcoin?40:48 - Describing Reality45:47 - Empire Collapse Cycles48:37 - Broken Protocols54:17 - Facing Truth & Reality57:43 - Elections & Fraud1:01:08 - Ten Solutions1:20:00 - Wrap Up Guest Links:Book: https://www.amazon.com/180-Degrees-Unlearn-Taught-Believe/dp/1915236002/EMail: [email protected] Talking Points From This Episode Feargus Greenwood exposes financial system manipulation by entities like the Bank of England and Federal Reserve, advocating for understanding money's functions and considering gold, silver, or crypto as safe havens against potential inflation. Historical currency manipulations by institutions have led to economic instability; fixing the monetary system is crucial for global issues with Feargus predicting a significant price move in silver. Discussing false flags, covert operations deceptively identified by broken protocols, hidden evidence, and intelligence service links; effective communication strategies including proving non-occurrence, starting small, avoiding arguments, using analogies, and active listening. Feargus is the author of 180 Degrees: Unlearn the Lies You’ve Been Taught to Believe. Over 10,

Tom welcomes back Tavi Costa, Portfolio Manager at Crescat Capital, for an enlightening conversation about the gold industry and commodity space. Costa expresses his views on the current market landscape, suggesting that the Federal Reserve's rate cuts could signal a structural bear market for the US dollar, with significant consequences for inflation, gold, and emerging market stocks. He also explores the potential labor market weakness and its possible link to an impending recession, emphasizing the significance of investing in industries with compelling growth prospects. Costa delves into the subject of gold and silver markets, debating the importance of focusing on percentage gains versus supply and demand factors. He points out the long-term underperformance of the mining industry relative to gold due to a dearth of new discoveries, delayed capital flows from larger miners to smaller ones, and the general reluctance to invest in this sector. Despite these hurdles, Tavi remains hopeful about the future of the mining industry, viewing it as a promising venture rather than a mere gamble. He stress the value of acquiring expertise, focusing on scalability, and keeping abreast of market developments. When it comes to assessing miners, explorers, and developers, Tavi advocates for zeroing in on successful ventures and overlooked assets for potential value creation. Costa voices his concerns about analysts' inconsistent forecasts, particularly with respect to gold prices and future earnings, regarding this disparity as a lucrative opportunity for savvy investors. He also delves into the role of royalty companies in the mining industry and their influence on various sectors. Tavi stress the significance of recognizing incentives and their impact on industry dynamics. Lastly, they explores the substantial decline in mining investment and the repercussions of government funding and Chinese competition in securing mining assets. Tavi expresses enthusiasm for the prospective rewards in the mining sector. Time Stamp References:0:00 - Introductions0:55 - Market Turning Point4:23 - Weak Dollar Outlook11:04 - Labor & Job Numbers15:34 - Inflation & Commodities22:00 - 2024 P.M. Performance29:33 - Gold Vs. Miners35:03 - Investment or Speculation39:33 - Analyzing Mine Sector48:36 - Royalty Plays?51:53 - Shift to Resources59:06 - Strategic Metals1:07:28 - Capital Necessities1:10:16 - Chinese Investment1:12:36 - Vision & Success1:14:12 - Wrap Up Guest Links:X: https://x.com/tavicostaX: https://x.com/crescat_capitalWebsite: https://crescat.net Talking Points From This Episode Tavi Costa predicts a US dollar bear market due to Fed rate cuts, impacting gold, inflation, and emerging markets. Tavi emphasizes expertise, scalability, and market knowledge for success in mining industry. Tavi Costa sees potential in overlooked mining assets, despite challenges like analyst uncertainty and declining capital investment. Otavio ("Tavi") Costa is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. He built Crescat's macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors. His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

Tom Bodrovics welcoms back global forecaster and author David Murrin to discuss the significance of historical understanding for predicting complex geopolitical events and avoiding future conflicts. Murrin shares his belief in the repetition of historical patterns due to human unconsciousness, emphasizing the importance of studying history from multiple perspectives. He believes that the current geopolitical situation between the West and China/Russia could lead to World War Three, highlighting historical cycles as potential catalysts for conflict. Murrin also shares his theory on five stages of empires, which he's applies to Britain, Germany, and America's power dynamics. He warns about the challenges facing China due to economic instability and military expansion, urging strategic thinking to counteract this challenge. Murrin discusses China's economic shift towards industry growth, and the potential implications of the U.S.'s rate-cutting cycle. David emphasizes the importance of understanding war blindness, a dangerous tendency for denial and appeasement in Western society, and the potential consequences of inflation due to economic power shifts between democratic and autocratic systems. He encourages individual action and the embrace of lateral thinking as crucial steps for personal growth and societal progress. Murrin also discusses the potential for wars to promote accelerated societal evolution and encourages understanding historical cycles to prevent future conflicts. Time Stamp References:0:00 - Introduction2:15 - Perspectives & Predictions7:04 - Humanities Blind Alley15:08 - History & Narrative Bias18:32 - China & Economic Issues28:29 - China's Strength?30:40 - U.S. Monetary Policy34:44 - China & Commodities38:24 - War Monger?42:44 - Stimulus & Recession?46:00 - End of Globalization?47:34 - Economic Warfare & China50:55 - Warning & Avoidance53:18 - Strategic Thrivers59:24 - Wrap Up/Conclusion Talking Points From This Episode David Murrin stresses historical patterns' repetition and their role in predicting geopolitical conflicts. He identifies five stages of empires and warns about China's economic instability and military expansion. Murrin advocates understanding war blindness, lateral thinking, and historical cycles to prevent future conflicts. Guest LinksTwitter: https://twitter.com/GlobalForecastrWebsite: 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.

Tom welcomes back Matthew Pipenburg from Von Greyerz Gold Switzerland to discusses the seemingly inevitable economic decline. Matthew discusses the relevance of Ernest Hemingway's perspectives on inflation and war to today's economic landscape. Pipenburg emphasized the potential for political opportunists to manipulate conflicts and economic instability for their advantage, leading to long-term ruin. He also touches upon Hemingway's background and how his experiences shaped his views on these issues. The conversation shifts towards the importance of addressing misaligned incentives within systems and the potential dangers of fascist-like tendencies in modern politics. He discusses the implications of wealth inequality, consolidated power, and corporate influence on politics and decision-making bodies. He advocates for a reevaluation of anti-trust laws to combat monopolies in various sectors, including media, banking, agriculture, and tech. Tom then asks about the significance of political intelligence and leadership. They discussed the historical context leading to economic crises and the implications of record-breaking public debt on society and the economy. Pipenburg compares the economic situation Nixon faced in the 1970s with the present day, arguing that we have entered a permanent ruin stage from a period of temporary prosperity due to unprecedented issuance of debt. Matthew also explores the impact of monetary dilution on various asset classes, including Bitcoin, gold, and the S&P 500, in relation to the diminishing purchasing power of the U.S. dollar. The conversation focuses on the cyclicality of the gold and silver markets and their long-term trends due to the loss of trust in fiat money and central banks seeking alternatives. He also discusses the potential implications of countries like China and Russia returning to a gold-backed currency as part of their economic strategies. Lastly, he encourages patience, objectivity, and critical thinking to protect against potential chaos. Time Stamp References:0:00 - Introduction1:03 - A Timely Quote10:00 - Systems & Incentives21:47 - Harris & Political Games24:13 - Gold, Nixon, & Politics36:10 - 70s Inflation & Now41:40 - Debt & Consequences46:13 - Expectations This Cycle52:24 - Monetary Dilution 'Solution'1:01:02 - P.M. Price Cyclicality1:09:50 - Gold Backing Currency?1:16:18 - Objectivity & Road Ahead1:21:06 - Wrap Up Talking Points From This Episode Why Hemingway's insights on inflation, war, and political manipulation are still relevant today. Addressing misaligned incentives within systems to prevent long-term ruin. Exploring the economic implications of record-breaking public debt and importance of real leadership and democracy. Guest LinksTwitter: https://twitter.com/GoldSwitzerlandWebsite: 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 Bodrovics welcomes back Justin Huhn, the founder and publisher of Uranium Insider newsletter. Tom starts the conversation by asking about the current supply side dynamics of the uranium market. Huhn explains that most models suggest market balance around 2029-2031 but expresses concern about meeting demand beyond this point due to declining rates of existing mine production. The physical uranium market remains structurally undersupplied, and midterm fuel supply developments indicate a significant shortfall. The discussion then delves into the historical context of the nuclear market, highlighting the shift in public perception from negative sentiment to favorable views today due to clean energy associations. The tech industry's involvement and China's aggressive buying add to the market dynamics. However, challenges remain, such as financial institutions' reluctance to fund new nuclear builds and cost concerns. Huhn then explores the unique long-term contracting market of utilities, which account for over 80% of their uranium requirements. Flex provisions have been used during periods of low or high prices but are being phased out in new contracts due to the current seller's market. He also discusses the potential implications of Russia restricting uranium supply to 'unfriendly' countries, causing significant disruptions and the potential ramifications for conversion and enrichment services. Despite historically low inflation-adjusted uranium prices following a rapid increase in the early 2010s, utilities have been securing new contracts outside of Russia to bolster their inventories. The current price environment is bullish for the sector's equity recovery, which has already started, with term and spot prices at levels not seen in a decade. Additionally, there are ongoing discussions about uranium equities lagging behind commodity prices. Huhn also mentions potential impacts of U.S. elections which could negatively impact markets. Time Stamp References:0:00 - Introduction0:50 - Uranium Supply/Demand7:38 - Historical Parallels12:40 - Tech Sector & Nuclear20:54 - Flex Contract Provisions28:58 - Uranium Inflation Adj.34:10 - Uranium Price & Equities43:06 - Sprott SPUT Application?45:50 - Russia & Unfriendlies50:54 - Elections & Outcomes55:23 - Wrap Up Talking Points From This Episode The uranium market is structurally undersupplied with physical uranium, leading to a significant shortfall compared to demand. Utilities, which account for over 80% of uranium requirements, are securing new contracts to bolster their inventories due to bullish price environment. Russia's potential restriction on uranium supply could cause significant disruptions and increased prices for conversion and enrichment services. Guest Links:Website: https://www.uraniuminsider.com/Newsletter: https://www.uraniuminsider.com/newsletterTwitter: https://twitter.com/UraniumInsiderNuclear Now - Oliver Stone: https://www.imdb.com/title/tt21376908/ Justin is the Founder and Publisher of the Uranium Insider Pro Newsletter. Through the combination of rigorous fundamental analysis and Justin's thorough understanding of technical analysis, determinations are made for select companies to be included on Uranium Insider Pro's "Focus List," as well as the most opportune times for entry or exit. Justin is frequently asked to offer his commentary on various media forums, including Crux Investor, Smith Weekly, Palisades Gold Radio, Mining Stock Education, and Mining Stock Daily. He also regularly participates in the post-earnings commentary that is broadcast immediately after industry majors release quarterly earnings. Justin is devoted to bringing value to those that are taking their first look at the uranium sector. Until July 2020, he distributed a complimentary newsletter as an educational tool to those investors seeking to familiarize themselves with the complexities and opportunities offered by the uranium sector and the uran...

Tom welcomes back Steve St. Angelo of the SRSrocco Report for a discussion on the record-high prices of gold and silver. St. Angelo suggests these levels for silver could be a new floor as they've historically returned to production costs following price spikes. The average cost of primary silver production is around $26 an ounce, taking taxes and developmental costs into account. St. Angelo stresses the importance of distinguishing investment demand from industrial demand when analyzing the silver market dynamics. A decade ago, there was a significant silver surplus due to decreased industrial demand which has since reversed with increased investment demand. Industrial demand is expected to consume all available supply, making additional investment demand potentially price-volatile. Steve explores the impact of energy scarcity and continued money printing on production costs, driving up gold and silver prices due to inflationary pressures. They discuss the possibility of a market correction offering the last chance to buy silver at present rates. Steve and Tom delve into the relationship between expanding money supply, debt, federal funds rate, and silver price. Looking towards the period leading up to 2025, a market correction is anticipated due to increasing unemployment and possible employment data revisions. Economic weakness could lead to reduced interest rates and more money printing, instigating inflation and purchasing power reduction. However, Commitment of Traders reports may not accurately reflect demand. The global silver mine supply and output have been declining since 2015, necessitating existing inventories to bridge the deficit. This imbalance could lead to a substantial correction when prices significantly surpass production costs. Concerns about marginal silver supply include transparent and non-transparent inventories, solar industry demand, and copper prices as indicators of industrial demand and potential recession. Steve discusses the shift from LBMA to ETF silver inventories. Pre-pandemic, there was significant physical buying leading to expanded ETF inventories. However, in 2022, overall LBMA inventories decreased due to Indian purchasing and ETF withdrawals. Finally, Steve discusses the merits of assets such as Bitcoin, gold, and silver. While some view Bitcoin as a digital counterpart to gold, Steve contends that saving in Bitcoin is not the same as saving in precious metals. This is due to Bitcoin mining causing considerable share dilution and due to the energy costs. Steve advocates understanding asset worth based on economic progress versus past activity, emphasizing energy's role in asset value, and preparing for future energy realities. Talking Points From This Episode Silver's new floor could be around average production cost ($26/oz). Industrial demand vs investment demand crucial in analyzing silver market dynamics. Economic instability, the energy cliff, inflation, and supply concerns may lead to significant price volatility. Time Stamp References:0:00 - Introduction1:22 - New Silver Price Floor3:30 - Miners & All-In Costs5:55 - Energy & Money Supply8:44 - Types of Metal Demand11:35 - Money Printing & Silver15:13 - Purchasing Power & Rates17:06 - Fed Cuts & Corrections21:37 - Utility of COT Reports23:52 - Mine Supply & Output28:44 - Silver & Manufacturing31:54 - Grid Stability & Solar34:40 - LBMA Silver Trends37:06 - Miner Production & Shares40:35 - Dedollarization & Gold47:50 - Dr. Copper & Economy51:34 - Energy & Volatile Mkts.54:13 - Energy, GDP, & Debt55:20 - Federal Deficits Chart57:10 - Trends & Collapse1:00:48 - U.S. Spending & Budget1:02:50 - Bitcoin & Precious Metals1:06:10 - Energy Store of Value1:09:25 - Wrap Up Guest Links:Website: https://srsroccoreport.com/Twitter: https://twitter.com/SRSroccoReportYouTube: https://www.youtube.com/channel/UCED7G7CZfqdSV9zttlr1M_g Independent researcher Steve St.

Tom Bodrovics welcomes back Bob Coleman from Idaho Armored Vaults. They explore current trends and insights in the precious metals markets. With gold and silver reaching record highs, excitement for investors should be palpable, but retail participation remains low due to factors like premiums and negative sentiment. High net worth individuals continue driving demand and the impacts of Indian gold and silver imports and buying activity was also discussed. The conversation delves into the dynamics between managed money funds and swap dealers, the role of options markets, and the shift from COMEX to ETFs for investment. Bob also examines recent changes in margin requirements by the CME and their potential impact on market trends. Coleman emphasizes the importance of understanding dealer business models and avoiding sensational and fear-based reasons for buying precious metals. He warned against manipulative dealers, inflating prices through social media tactics, and advises careful reading of storage agreements. Coleman further discusses physical precious metals demand from high net worth individuals due to tax planning, estate planning, counterparty risk concerns, and potential election policies. However, lease rates pulling back and increasing COMEX inventories indicates lower physical demand. Coleman also cautioned investors about overly sensational or fear-based reasons for buying precious metals. Investors should be cautious of agreements that move liability to the client. He emphasizes the importance of being prepared for market volatility, consider taking profits or protective measures, and understanding spot dealer practices. Time Stamp References:0:00 - Introduction1:14 - Market Status & Highs6:52 - Shorts & Metals Demand12:00 - P.M. ETF Flows/Demand17:05 - Demand Drivers19:04 - Lease Rates & Premiums24:02 - Compare Prices & Premiums29:04 - User Agreement Red Flags33:03 - Sensationalism & Fear40:15 - Selling Back Metal44:00 - ETFS & Metal Claims49:44 - Elections & Narratives53:00 - Wrap Up Talking Points From This Episode High net worth individuals are driving precious metals demand despite low retail participation due to premiums and negative sentiment. Understand dealer business models to avoid manipulative practices and sensational reasons for buying precious metals. Tax reductions, elections, and geopolitical events significantly influence precious metals market trends. Guest Links:Twitter: https://twitter.com/profitsplusidWebsite: https://www.goldsilvervault.com/ Bob Coleman is a Registered Investment Advisor since 1992. In 2001, he founded Profits Plus Capital Management, LLC (RIA) and Dollars and Sense Growth Fund. Recognizing the necessity for physical metal storage, he founded Idaho Armored Vaults and Gold Silver Vault in 2008. They are a distinguished and respected leader in the precious metals industry specializing in storage, transportation, shipping logistics, and security.

Tom Bodrovics welcomes back Luke Gromen, the founder and president of FFTT (Forest for the Trees). They discuss the implications of the recent 50 basis point interest rate cut by the Fed and its potential impact on the US fiscal situation. According to Gromen, this cut signifies growing concerns from the Fed about the US true interest expense reaching an unprecedented level since the COVID-19 pandemic. The Fed's two options are either allowing true interest expense to crowd out global dollar markets or cutting rates to alleviate it and stimulate receipts with a weaker dollar and higher inflation. Gromen also mentions four destabilizing events: oil prices exceeding $80 per barrel, an increased US deficit outlook, the Japanese 10-year yield breaking through, and a politically disruptive event occurring in August 2023, which led to a US downgrade. With tighter financial conditions for the private sector but loosest for the US government despite interest rate sensitivity, Gromen predicts a potential gap between the Fed funds rate and two-year discounts, suggesting a recession instead of a soft landing. Luke also touches upon the connection between treasury receipts and recessions, where they usually decrease significantly during a typical economic downturn. With the US already experiencing an 8% deficit of GDP, a potential recession could push it up to 13-14%, making the country less attractive for long-term debt investment, potentially leading to inflation and economic instability. Gromen believes that large investors or 'whales' are influencing financial markets by buying gold, stocks, and selling Treasuries in anticipation of the Fed's response to positive real rates. The scenario is likened to a movie where smaller traders react month-to-month while whales steer the economic 'Titanic'. The text also outlines two potential bearish scenarios: austerity measures from the US government causing a downturn in all markets or capital controls and taxation driving investors to seek safe havens outside of the US. The ongoing debate about introducing a sovereign wealth fund by both Trump and Biden administrations is discussed, with concerns over its feasibility given the current financial situation. Instead of running a surplus, governments plan to borrow money and invest it in assets, creating a 'sovereign wealth fund with an asterisk'. The speaker also explores alternative solutions like increasing spending or rebuilding domestic production capability but acknowledges that someone must ultimately own the $35 trillion in US debt. Luke discusses various economic ideas and scenarios impacting the global financial system, including the potential for revaluing gold mechanically to inject more money into the US Treasury or raising its price significantly to invest trillions into the Treasury General Account. The significance of a decreasing Baby Boomer entitlement spend due to an increase in mortality rates and China's approach of allowing the yuan to float against gold are also touched upon. Throughout, there is an emphasis on understanding trade-offs and making informed decisions based on economic realities. Time Stamp References:0:00 - Introduction0:46 - Feds 50-Basis Point Cut2:47 - 4-Destabilizing Things5:26 - Discounting Recession?10:15 - US Debt Buyers17:04 - Yellen & Stealth QE?19:47 - Yield Curve & Signals21:33 - Refinancing The Debt23:52 - Debt Oscillations25:52 - Math Doesn't Care29:50 - Political Decisions34:40 - Noise & Whales41:14 - Equity Bear Scenarios46:55 - Sovereign 'Debt' Fund50:40 - Grow Out of Debt?55:57 - Possible Solutions?59:05 - China & Dollar1:01:10 - BRICS & US Strategy1:07:18 - Gold/Oil Proxy1:11:30 - Carry Trade Unwind1:13:52 - Wrap Up Guest Links:Twitter: https://twitter.com/lukegromenWebsite: https://fftt-llc.com/ Luke Gromen began his career in the mid-1990s in Research at Midwest Research before moving over to institutional equity sales and becoming a partner. While in sales,