The World Resource Investment Conference 2013
Hour 1:
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Hour 2:
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This week we travel to Vancouver, Canada where we originated the program from the World Resource Investment Conference put on by the Martin Family and their great staff. The crowds and excitement generated by them was infectious and we had a great time.
Hour 1:
- Segment 1 – Jeremy and Jay Martin discusses the Conference and and the format is geared to investors.
- Segment 2 – Henk Kresenberg, founder of The European Gold Centre, provides insights into the current European philosophy regarding precious metals.
- Segment 3 – Joe Martin discusses regulation versus over-regulation in the mining investment community.
- Segment 4 – Big Al discusses politics and investing with colleague and friend Jay Taylor.
Hour 2 :
- Segment 5 – Trader Rog of Trader Tracks weighs in on the discussion of politics and investing.
- Segment 6 – Gary Savage of Smart Money Tracker is bullish on gold and not so bullish on the conventional markets.
- Segment 7 – Lawrence Roulston of Resource Opportunities and Larry Reaugh of American Manganese discuss mining investments and the associated regulation by the Canadian authorities.
- Segment 8 – Big Al closes the show with David Morgan with David giving his rarely expressed views on U.S. politics.
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Apologies for the duplication, A
Good Morning Reverend,
What is going on in my country truly concerns me.
One of my primary concerns is that we have become very divided.
I was told by a friend of over 60 years that I was as bad person because my website sold fear; that all capitalists were criminals; and that the only reason that I did not vote for Obama was that I was a racist. He truly believes these things.
Another is very vocal saying that Obama is brilliant and that Repulicans are simply bad people. This guy spends three to four hours watching CNN and MSNBC. He refuses to get input from the other “stupid” side because it is simply wrong.
Reverend, what have we as a people become?
Big Al
When TSHTF, you better have a plan ready how to (not) deal with these kinds of “friends,” or they will betray you for a box of twinkies and a week’s supply of their prescription drugs.
Probably correct impeach!
Big Al
I share your sentiment Big Al. The only thing to do with ignorance like that is to continue patiently engaging them with facts and sound logic. I also am willing to debate anyone and hear their perspective. Problem is that often times, as you say, their ideological bend is only based on the media from one side or perspective. People like this I often find just don’t read… and that is what is dangerous IMO. The truth is, any “friend” who says these kinds of things, probably doesn’t really know you, as maybe a good friend does. Most of my good friends are on the right side of things, but i have the best discussions with my open-minded left wing buddies.
Al, it is called social engineering, first introduced to the elite by Edward Bernays, nephew of Sigmeud Freud,
As for what is happening to the government for, by and of the people, all we have to do is look at reality straight in the face. How much of Marx`s scabala is in place in America right now?
“Another thing to remember, Karl Marx in creating the Communist Manifesto designed these planks AS A TEST to determine whether a society has become communist or not. If they are all in effect and in force, then the people ARE practicing communists. ”
Al, I`m really disappoited in you for giving that #%$@&!* Larry Reaugh any time on your show after how he has run AMY. He is a waste of good oxygen. IMO.
Have to second your thoughts.
Its like everything in normal with Larry despite imploding his company.
Insane.
I should be agreeing with you two as we invested $10k in AMY a few years ago as I frequently have disclosed.
Today Larry has very little money personally and he and his colleagues are currently working for no salaries because they believe in the potential of the company.
If I am correct in my assessment, and I have no reason to believe that I am not, I find that to be commendable.
What do you know that I don’t?
Big Al
Ref Segment 4 and working backwards, thank you Jay:
Your ‘bowl of porridge’ is the proverbial mess of pottage leading unquestionably to serfdom…just the same here in the UK.
The ‘Great Experiment’ as your U.S budget office seems to refer to QE has apparently in their words helped your economy heal and normalise!!! But as Bill Bonner writing in MoneyWeek asks: ‘How can you go to normal from a ‘Great Experiment, as created by Dr Bernankenstein!’?’
Of course your other principle joker is Paul Krugman who in all seriousness declares that economics is ‘not a morality play’, when that is precisely what IT IS!
Speaking of a gallon of gas over there costing $4.25 , spare a thought for us shelling out around five bucks more per gallon! David McAlvany estimates all western economies to be running at 10% inflation or more. A conservative estimate when say buying sack of potatoes now costing an average £16 compared to around half that figure a year back.
Great commentary Reverend.
Big Al
[…] INTERVIEWSegment 6 Written by Gold Scents […]
I like Gary Savage thoughts, wondering if gold tanks again when the conventional market does. Lets not forget its all manipulated and that seems to me a perfect time to take gold down. They have generaly taken gold down when conventional stocks go down I think.
@ kwn last week the dealer was saying PM sales were slowing down, same thing this week. Altho he bumbled around saying it.
I have also read that “massive” sales in china are slowing as gold present buying may have been done earlier than normal to take advantage of the price dip. Just means sales shouldnt continue to be so “massive”.
Explains why I got pandas last week, I thought it was funny to buy pandas when chinese sales were so “massive”. Unfortunate the industry doesnt use quantifyable lingo more. In any case, these may be signs that demand has/is being met.
The U.S. mint has 1/10 coins back and is selling them for $195 I hear, a little differant signal, maybe an example of the actual price as compared to paper price? Maybe the mint is just tired of volitility and being sold out?
Long weekend gas price in Calgary reached $5.85 per gallon.
An enjoyable show yet again Al.
Benb, the U.S. Mint is presently minting from Germany`s missing stock pile……….
Germany’s stockpile might just be iou slips stored at the vault. They have to keep taking gold down to replenish the stocks.
Possibly Paul L!
Big Al
Paul L, your right of course, I was joking before of how probably the U.S. stockpile is missing too, its been leased out, credit swaps deals. Many times gold is just sold out many times to others on paper, all the while people assume its there in the vault, but its not. Its like selling a stock of a future oil well thats not in yet, so its been over sold to suckers, but in the event the well comes in the seller`s gone missing, when the dust settles no one owns not what they thought they did, its a mess…….. Perhaps thats where our present mining companies are at too, in as far as how cheap their stocks are. Like `where`s the Beef` in the commerical or where`s the all the so-called mineable Gold ? Ya think if one had a gold mine they would have gold, hence money in the bank. Gold can be there, but can you mine it at a profit ? I guess where there`s gold fever there`s suckers there to fill the void.
Many thanks for the kind words and for your wise commentary, Ben b.
Big Al
Something for nothing?
When you enter into a bailment relationship placing a prized possession in the care of a warehouseman in return for a receipt…… when the bailment relationship concludes you want the return of your prized possession not the receipt.
This general principle has been developed in Contract Law and under the Uniform Commercial Code to provide protections to achieve the above desired just result.
However, to legalize fraud fractional reserve banking has exempted itself from the basic concepts of bailment law.
The combination of fiat money and fractional reserve banking means the banks do “get something for nothing” to the detriment of the consumer of banking services.
“When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.” Bastiat
I heard Larry Parks once describe this scenario using the coat check illustrative example.
When you check your coat at a restaurant after the dinner concludes and it is time to go home you want the return of the coat to keep you warm not the coat check ticket.
The “western developed nations” economies are in reality less civilized than primitive economies because they are based on fraud. Duped participants have exchanged their labor for coat checks and care not to ever reverse the exchange.
We are all observing people engaged in an apparent sophisticated poker game in which all the participants conveniently ignore that the chips are worthless.
Great commentary Dennis M!
Big Al
Gosh Al.
Thanks a bunch for outing me as an attorney during the Morgan segment!………..have been trying too keep that designator under the radar for your cerebral listeners.
Having worked with 5 U.S. Attorneys General in my past life, all fine and decent public servants, I can unequivocally state that our present one is the most corrupt AG in the history of our country and that includes AG John Mitchell during the Nixon administration.
How the President continues to support Holder is above and beyond the pale as Holder continues to lie and subvert everything that this country stands for.
PS: Not to worry: I’ve already alerted my accountant for a possible audit…………
Dai Uy……you are simply to kind…………..The PRES. AND HOLDER ARE LIKE ONE AND A KIND……..(no bird jokes)…..beside why get the feathers ruffled…..
Thank God for free speech. If that goes away we are really doomed!
Watch what happens in the third ring of this circus because that will tell the tale.
Big Al
http://www.mrconservative.com/2013/06/18224-doj-warns-anti-muslim-comments-on-social-media-can-be-considered-felony/ The 1st Amendment to the United States Constitution says “ Congress shall make no law…abriging the free speech…“………To which Obama`s DOJ says “ Blow it out of your ear. Free speech ? We don`t need no stinkin` free speech.“ Two top U.S. DOJ officals in Tennessee have announced that saying mean things about Muslims on social media (i.e., Facebook, Twitter, Pinterest, etc.,) may violate Muslim civil rights and open the way for the federal government to prosecute the person who made the post. ……..How`s that for Free Speech ? Obama style…….What about Free Speech concerning Christians ? It seems its open season on Christians ! http://shariaunveiled.wordpress.com/2013/05/29/u-s-backed-obama-supported-fsa-syrian-rebels-massacre-an-entire-christian-village/ ……. Wouldn`t you say about now that Obama`s crossed the line.
Dennis……From what I have read…. OBAMEE IS A MUSLIM…..,correct me if I am wrong…….anyone ,,,,,
I think that is how , he knew where Osama BinLaden , was hiding,
Btw, didn’t some of those Marines, that picked off OBL, just have an accident, jumping out of a helicopter,in one of those training missions……………?
You are correct, Jerry…the LONG
thanks ks…………..I always like to be politically correct……even though I did not Vote for the M O R O N. .equals ( M )r. (O) ( R) unning (O)n (N) egitives……………
This kindy proves it, and those syrian rebels are Al-Qqeda, the ones that Sen. John McCain have been meeting with since Libya, but now its Syria,…… tormorrow it will a hit squad working to overthrow Iran, or North Korea, or Cuba, a trouble spot that the Rothschilds want taken care of…….
Many Americans have a penchant to buy into “inspirational” figures. I would politely refer to “inspirational” figures as “con” artists. I’m sure Bernie Madoff was “inspirational” to his investors; the old time snake oil seller was “inspirational” to his audience and Hitler was “inspirational” to a beleaguered populace. What these “inspirational” examples all have in common is the offer of “hope”. All the “inspirational” Obama had to offer was “hope” which compromised one half of his “hope and change” message. He had nothing else to offer since his resume consisted of 2 feel good books and not much else of substance. He was bereft of organizational and leadership skills with a confused vision (if at all) at best. He unfortunately was probably the most unqualified person to ever be elected president of the US. It’s ironic that American received a non-event for the presidency when it desperately needed a leader for a desperate time.
Richard…..Obama was elected, by, an uneducated mass., that believed in the toothfairy……..
Unfortunately, Jerry, it was that same muddled “mass” that elected Bush–and before that Clinton.
Were it not for the Neocons destroying Iraq on false pretenses and thereby destabilizing the entire Middle East, Obama never would have been elected–not even close.
Let’s look at the chronology.
First the Dems took back Congress during Cheney’s last two years of running the White House. They did it on the (false) pretense that they would end Bush’s aimless undeclared wars being fought on a different set of false pretenses! Indeed, they all lie like hell.
The newly elected Democratically controlled Congress realized that if they let Bush and his Axis of Idiots twist in the wind over Iraq and Afghanistan for the next two years, that the greater share of America’s semi-illiterates would elect ANYONE who wasn’t a Bush or associated with the Bush Dynasty in any way. Then along came Obama, and here we are. Oh well, ….
yes bj….you are correct…………muddled mass…..as I have say a number of time…….
WE HAVE A TWO HEADED SNAKE,,,,they all need to be thrown out……and term limits applied to all……………
I like typos……..gives me a chance to practice………”say to said”…………”times”….., I have said it so many times, that everyone already knows what I was going to say……
Richard, I recall Obama getting elected on the inane mantra of ‘yes we can’. Better if that went on ‘Yes we can con most of the people, most of the time or for at least four and more years’.
If you haven’t read Edward Klein’s book on Obama ‘The Amateur’ (sub-titled ‘A necessary antidote to Obama worship) it’s well worth the read.
” He was bereft of organizational and leadership skills with a confused vision (if at all) at best.”
It is too kind to describe our President as incompetent. He may appear to be scrambling when you look at the failures and chaos of individual programs and scandal. His publically promised improvements of this and that never materialize. However, he is very much accomplished at achieving his vague promise of hope and change for those to naïve to realize the hope is illusory and the change is for the worse. Yes we can transform America. The electorate is too mal-educated to realize that entropy is such that change is most often in the direction of order to chaos. He is unfortunately accomplished at his unannounced goal of destroying the individual in favor of the collective. His awkward failures and scandal are the means which in his mind are tolerated to achieve his collective end. A good tyrant knows how to declare victory even in the face of the agony of defeat. Prepare yourself for a Potemkin-esque legacy tour that will ignore the suffering caused by Obamacare…..ignore the a struggling economy in the face of ZIRP…..ignore the deterioration of the Bill of Rights ironically championed by those who self-identify as civil libertarians…..ignore the only gains in employment is due to more being hired part-time to avoid Obamacare inclusion…ignore the Detroitification of our cities.
Victory will be declared over and over again and the media will assist because the AP reporters’ scandal is an intended shot across the their bow.
If Obama was this ski jumper he would have declared for himself a gold medal and it would have been presented on a silver platter.
http://www.youtube.com/watch?v=P2AZH4FeGsc
I have to assume Mr O’Neill that you did not vote for Mr Obama for the same reason that my former formerfriend is sure. that I did not vote for him – we are both racists.
Big Al
You friend engages the deft Marxist art of deflection.
Instead of engaging the merits of you pointing out the fact that the Potemkin Village store fronts are mere facades he calls you a bigot. Often when you receive unwarranted ridicule you are talking with a progressive collectivists who is avoiding a logical debate.
NIXOBAMA: Powerful video Compares Scanal Responses Alex Jones` Infowars http://www.infowars.com/nixobama-powerful-video-compares-scandal-responses/ word for word, Nixon`s language is spot on exactly the same as Obama`s. Wag the dog, movie, all over again. That`s Hollywood over at the WH. It`s how its pitched at whatever event Obama is at. He says to one group whatever they want to hear, at another whatever they want to hear. If a reporter talks at the WH, that makes Obama look foolish, that`s it for that reporter, never to see him back again at the White House.
DENNIS,,,,,you are starting to sound like me…………….ootb
I agree Obama was and still in way over his head.In a few months the US will be dealing with a Nuclear armed Iran under his do nothing watch.Would Reagan have allowed Iran to even say the words Nuclear? If Reagan was president Iran would not have even dared to think Nuclear.The US is a super power but its President is a paper tigar.That is very dangerous when your enemy has no fear of you.In fact Irans president is on record calling Obama “a light weight”.
Yep!
Big Al
Google the USS Kentucky, ask yourself if a sane person or nation would build such a thing.
The US can destroy the entire planet how many times over?
We know the leaders are psychopath sickos, does that really make a person feel secure?
Iran has not left their borders for how long? Since xerxces? when was the last american invasion of inocence?
I dont think it wise to decieve ourselves about a nucler Iran, at least not until we learn to recognise the greater threats to humanity.
http://www.washingtonpost.com/blogs/post-politics/wp/2013/05/26/bob-dole-gop-should-be-closed-for-repair`s/ The Republican Party has changed so drastically in recent years, the current GOP wouldn`t welcome the likes of Ronald Reagan, a former Senator Majority Leader Bob Dole said Sunday……..Al, as far as saying how that you like Sen. John McCain did in Vietnam is immaterial, that man is gone, only the frame exists today, John McCain is a Rothschilds bag man now, he`s lower than a dog, treason is his middle name. My brother Mike was a hippie in the Vietnam era, in the late 1990`s my brother was a Wall Street trader making a million dallars a year. People change……………..
Doc and ALL:
I just saw an article for the Rolling Stone magazine, by the same author, who uncovered some other financial improprieties – he said that the SEC was COMPLIANT with Bernie Madoff’s ponzi scheme – why? I didnt get that far, but, if true, scary – REAL SCARY!
BTW,
Big Al, who are these “friends” that think you are crazy for NOT keeping most of your “wealth” in US paper dollars and the conventional stock market? (Rhetorical) I mean, what are they watching that WE are not? Where have they been the last 13 years? AND what are they smokin? 🙂
One of them smokes a bunch every single day!
Big Al
Good segment from Jay…, Instead of a SHAY’S Rebellion….we need a JAY’S Rebellion
SLICK WILLY, AND STINKEN HILLY,,,,as Roger says,,,,are hard to bring down..,besides who cares……….they all need to go………..all 535 plus………
Ditto that……..DITTO THAT>>OOTB!
AL you AND Roger need to read some history concerning Jackson and the Two headed Snake…………..this is not new……..we have been talking about this for six years…WAKE UP……………
PS……LOVE THE SHOW…………..thanks for freedom of speech…………..ootb
Trust me, in the Box, I have not been asleep for a long time.
Big Al
I just like ribbing you Sheriff…..to see, if you are snoozing……
Okay, okay The Tall!
Big Al
seg…6……I disagree, with Gary…” that the gold follows the stock mkt down”. Gold has already sold off..and corrected………..All the bears and hedge funds 100% everyone against have sold, all the bears have sold , and there is no one left to sell,,,,,
Tell Gary to get a real dog…..like a “pit bull”,….(jo ke)…….ootb
Actually I don’t know if gold will follow stocks down. If I just look at gold and silver on Friday I would say yes it will follow stocks. If I look at the miners then maybe it is ready to decouple.
What I am confident of is that a stock market crash will trigger a massive increase in QE and that should drive the next leg of the secular bull.
I thought that his comment was more of a question.
Big Al
Since Al appreciated last week’s WSJ “Reading Hayek in Beijing” I re-offer a similar WSJ offering I referenced to lead off the 10/13/12 show. The WSJ article linked to also involves a strong dose of Hayek in China and is well worth the time invested to read, to wit….:
On October 13, 2012 at 8:55 am,
Dennis M. O’Neil says:
From Page A11 in today’s WSJ – The Weekend Interview we see that China gets it!?
Zhang Weiying: China’s Anti-Keynesian Insurgent
A fascinating read!!!!!! I strongly encourage the time investment.
http://online.wsj.com/article/SB10000872396390444032404578010552215377098.html?mod=WSJ_Opinion_LEADTop
The Article demonstrates that Hayek’s road to serfdom is not a one way street.
A movie type bio…when the son of illiterate Chinese serfs schools the Communists party on malinvestment, free markets, natural law and private property.
Certainly entrenched dogmas do not die quickly.
It could be said that the US is on the road to serfdom and China can be said to be on the return trip.
Pull quote: Mr. Zhang poses a rubber hits the road query:
“Now there are two ways. You make yourself happy by making other people unhappy-I call that the logic of robbery. The other way, you make yourself happy by making other people happy- that’s the logic of the market. Which way do you prefer?”
Reply to this comment
Very obviously, the latter!
Big Al
Good show, Al. Really happy you went to the trouble to bring on so many guests from the show up in Vancouver. And what a great lineup they had! Really sorry I missed it this time around but there is always next year. I will be the guy in the beard and dark glasses sitting at the bar overlooking the harbour drinking that crappy fake beer that we all hate so much. See you next year maybe.
they serve Budweiser in canada?
Sadly yes. And even worse stuff with no booze in it.
There is absolutely no distinction between the German Gold Reserves awaiting return and the Social Security Trust Fund which amounts to paper and toner in a file cabinet in West Virginia. The stark reality is the neither exist. Therefore they are identical. Illusory figments of imagination that disappear upon close examination.
As Art Cashin recently said about the markets…”there is kind of a pea and walnut shell thing going on.”
[…] Listen to the show HERE! […]
Decentralization to Deworsification: Another example of Do-goodery gone bad.
When will they learn that you cannot eliminate original sin with architecture? The below article is an example of how 40 years ago ribbon cutters and black tie celebrants thought they could fix the problems of public housing with a new blue print. The large scale high rises were even then yielding to a second generation of suffering, vandalism, filth, felonies and failure. The do-gooders thought they could resolve human nature by downsizing. Fundraisers championed the new designs which were destined to be both developed and dilapidated by the same thing……our mal-invested tax dollar.
Why don’t architects say blueprints are designs for reality? An architect should not folly in fiction!
http://www.nytimes.com/2013/06/02/nyregion/in-marcus-garvey-village-a-housing-solution-gone-awry.html?hp&_r=0
Maybe one architect did call the progressives chasing the unobtainable Utopia to task:
“We are approaching a world in which I cannot permit myself to live……. The world is perishing from an orgy of self-sacrificing.”
Cambridge House Int’l has posted a number of new interviews recently. Unfortunately, they don’t show the dates of the interviews, only the “uploaded” dates.
http://www.youtube.com/user/cambridgehouseintl?feature=watch
If money is fleeing bonds (is it?) and broad market is about to revert to the mean, where will the money go? – into mining & materials? – maybe.
In my opinion, people will look back and see this period in time to have been an incredible buying opportunity. It might take a while but the physical market will totally overwhelm the paper market. The upside potential is enormous. Put your daily technicals down for a while and look at the long-term “fundamental” picture. In my view, Gold $3,500 minimum, silver $150 minimum.
Jed,
I agree with you.
Your figures may be conservative.
AG at $150 is not even an inflation adjusted high from 32 years ago.
The only thing that will prevent the predictions that precious metals go much higher than they are today is if the collectivists obtain their ultimate goal….that being the abolition of private property all together.
In such an instance it does not matter what we own today.
We will be burning our rose bush trestles and gazebos for fuel.
In this environment the only purpose to short the metals is to support the process of eventually abolishing private property.
It is similar to Hartford Conn. Health Insurance Companies support for Obamacare.
Eventually what they today support destroys their very existence.
Just my 2 cents worth……..
JD, many of us agree but maybe this correction needs to go to Gold 1100 and Silver 15 and GDX 18 before the next and true leg up comes? I don’t know but I am out until something tangible and real happens i.e., stock crashette/deflationary scare with new massive QE and that tips the inflationary Genie out of the bottle? it is still in for sure…Bird has been right and I am sorry I did not listen as my long losses were real, but no more…patience patience is the new bull in me
Well thanks, NYC. I am getting far too old to do group hugs with other people I mostly don’t know along a similar line of thinking just to be nice and agree “100%” with what anyone else says……I really don’t care what anyone else says…..especially when they are wrong and I know it. We are not, after all, here to pat each other on the back and sing Kumbaya to make each other feel better. The whole damn point is to bring the evidence and get at the truth so we get smart and make a buck together and don’t get smashed down when metals go into a rout. The day will come when gold will reverse again but it is not here yet.
Bird, Amen to that….making $ is all that matters, the rest is all noise
You said it NYC. So true. I would be wary of a coming market correction in equities incidentally. Even with improving sentiments for the miners near term we must assume any downdraft, however shallow, will send most back to retest their lows. It could be much worse of course if a major correction plays out. You don’t need any more special insight in such circumstances except to know that when broad market corrections arrive that virtually everything sells off and takes a hit….miners included despite their current low share prices. With that thought in mind it becomes easier to time a potential bottom and prepare for any rise that may follow. We must also guard against falling for excitement that materializes each time gold rises a bit. The emotion that accompanies the rise and fall of prices on a short term basis is the realm of day-traders and not investors who should be more concerned with the action on longer term charts. The major trend in gold is unquestionably down at this time. There is not yet evidence to suggest a turnaround is at hand despite what some proclaim. Just look at any chart for evidence. Lower highs and lower lows continue to dominate as they have for many, many months now and the string of declines has not been broken. This is why I argue with Roger and his assertions for a 250 dollar rise this summer. It is not going to happen. He is wrong. Lets not get fooled but one day advances that hold little hope of longer term profit as the probabilities of further declines still outweigh the chances of a sudden lift.
For Technical people, please take look at the following Gold Lease chart going back 1 year. Can anyone give their take on what these charts mean technically. Thank you kindly.
If you want to short,,,,borrow the gold at “0” for 1,2,3 months…..pound it in the ground,(shorty Goldman)… and the fed will allow you 1 year to get it back and charge you only 1.5%, and if you do not have it in one year the fed will lease it again to Mr. Shorty.” and start the game all over again…………….OOTB
And if you apply the ‘” rule if 72″, Goldman has 48 years in which to double their money, at 1.5%……I think that is a life time…and a great con job……ootb………….
OR,,,,,,,HOW MANY TIMES CAN THEY DOUBLE THEIR MONEY …..in gold….paying 1.5% over the next 48 years………………….ootb
OOTB: In other words technical analysis on “gold leasing” is a complete waste of time, meaningless as resistance is futile.
The Feds keeps lots of secrets even from themselves, but without doubt the biggest secret or question of all is, How much real gold do these banks actually have, and how much of what they do have is hypothecated or sold out? Smarter brains than mine ponder that question concluding that “liars figure but figures don’t lie”, suggesting that the gold leasers probably have vaults filled with Paper IOU’s. Of course an empty vault does not stop these bankers from leasing out more gold because they probably figure they can steal what they owe from somebody else. And if in the future the Federal Government announces confiscation of gold from all Americans, it will be for that reason to replace the IOU’s in their vaults.
Politicians and bankers are not too smart because they don’t understand the concept of trying to get blood from a turnip, otherwise why would they be raising taxes to increase their tax revenue during a greater depression. Perhaps that is why they have hired so many thugs and criminals to work as cops and agents to terrorize people. Kind of like choosing 100% of nothing or 0% of everything.
Clay…….since I am OUT OF THE BOX……….and began reading long ago, about no GOLD IN FT. KNOX…..and the vaults never being audited……in addition , there are reports, and eye witness EVEN THE once Repub. Senator from Kentucky, who, claims to have seen, military convoy ,shipping gold off the base….I DO NOT THINK WE HAVE ANY GOLD IN THE VAULTS and it is all leased out,,,,and no one knows who owns it, for it has been leveraged 100 times………..
What I find amusing ,,,Rand PAUL is the senator from Kentucky,,,just how did he get that seat ,being from TEXAS…….I think there is more to the story than what meets the eye…..After all RON , called for the audit,,,and has been calling for the audit for 22 years…………..something funny,,,,,,I do not trust any of those jokers……they all need to go…………including PAUL………
OH…..btw…..I was for and promoted RON , SINCE 08……but, I feel snookered.
Remember……Get some gold teeth, and some cowboy boots with gold tipped toes,and you can exit the country thur Texas,or Canada,before they try to confiscate the gold….There is no way those moron can guard everyone……Plus, they are not getting my gold plated revolver………..he he……ootb…………..
Comments like yours are what is screwing it up for everyone who invests in Gold.
I really mean that Jerry. You think you are funny but others take it very seriously and they listen and learn from the idiotic comments about guns, gold and canned tuna and sneaking across borders.
Ever think of giving it a rest so NORMAL people can invest?
No….I THINK I have been here longer than you , and most likely will be here LONG AFTER YOU ARE GONE…………..TAKE THAT AND GO DRINK A BEER…….BIRD BRAIN.
BESIDE,,,THIS entire situation is comical.., if you were serious,,,,YOU would not have a fake name ……like BIRDMAN……..GIVE ME A BREAK…….
Trader Dan not bullish yet:
http://www.traderdannorcini.blogspot.ca/2013/06/gold-etf-gld-bleeding-inventory.html
Dan Norcini is a technical trader and has capitulated. A few more like him and great change will happen. Peak Fiat Currencies will be reached soon, if not already. After that as fiat currencies collapse a great change only once in several hundred years will begin happening. Nations that are first become last, and last become first. Great Change.
You are sooooooooo right , my friend…keep up the fine, accurate analysis and posts, Clay.
Hi bird,I really like your posts but just a thought, jerry could be right, Doug Casey recommended leaving the states years ago. It is a faciast police state now,
I for 1 dont visit there anymore, sure, i probly wouldnt have a problem but dont really want to take a chance somthing did happen.
the ndaa is in effect etc. but maybe i am nuts. If i was young enough or wealthy enough i would get right off the continent, hard times are a comin.
The “Normal” people you talk about probly dont have a clue as to what is going on anyway, The avewrage normal person doesnt know the federal reserve is a private entity for example, much less are they likly to know that hsbc, scotia macotta etc are rapeing them and the envirnment blind and into slavery. No bird, “Normal” people dont know that stuff, and they dont know a great many other things either.
Investing might be new for alot of people since you cant live off intrest anymore, (thx Federal reserve) I would think the first thing they should learn is “gold is money”
everything else is debt or credit.
I think this site provides new people alot of excellent opportunities about gold being money, and occasionaly they could even hear of a few good companies should they like resources,as well as a varity opinions that may or may not be pertinent, well I start to babble, but Jerry has a point that is valid I believe.
benb……thanks for the support………..always like hearing from you….ootb jerry
Anyone who thinks they are investing, give me a break. I used to think that way but not anymore, it took some time but I eventually grew up. Late to bloom at 58, now that has to be a record. No one in the US is investing in Gold because that is a contradiction in terms. “Gold is money everything else is credit”, J. P. Morgan, so I ask how can anyone invest in money? Subject Closed…
Out Of the Box understands that money is something that will travel and be recognized as money anywhere at anytime in the world, and sense I can’t remember my times off planet beyond earth I could not say. Gold on the teeth, tips of boots or lead covered divers weights, will always fly, walk or swim to freedom when tyranny spreads chaos and fear. So should those in the Federal want to spread terror, all value that can leave will leave, while debt and credit plunge to intrinsic paper value of Zero.
Thats funny Clay, I agree with you. I figure its all gambling now, the market is completly manipulated and its legal for your brokarage firm to take your cash as well as your bank.
I figure we gamble every day that our cash is with a brokerage firm or bank, and then we guess which way the “powers that be” are going to take the market.
We need to remember the dealers know each and every card everybody is holding.
Amazing a profit can actually still be taken.
clay……OOTB wants to thank you for your support, It is a relief to actually have a conversation with those that have put in the work, and have an understanding of a topic which is very important to one’s family , and friends………sorry, that you had to defend me, after your attempt to get a question answered on a technical basis, concerning gold leasing…………respectfully submitted……………….jerry ootb
I wish everyone to read this:
Fitzwilson: “The experience one gets entering a major casino such as those in Las Vegas is not easily forgotten. The casinos are the indoor versions of the Circus Maximus or the Colosseum of Roman times.
When you enter the casino floor itself, you find yourself in a world created to make you lose sense of time and direction. For gamblers, whatever your preference might be, you will find what you wish….
Fitzwilson: “The experience one gets entering a major casino such as those in Las Vegas is not easily forgotten. The casinos are the indoor versions of the Circus Maximus or the Colosseum of Roman times.
When you enter the casino floor itself, you find yourself in a world created to make you lose sense of time and direction. For gamblers, whatever your preference might be, you will find what you wish….
“It begins by converting your official money into various formats created by the casino such as chips to play at the tables. At the end of your gambling, you then return to the cashier to exchange whatever chips you have left back into official currencies. There is an implicit presumption that you will be able to make that conversion as you leave the casino.
Those casino chips can be thought of as derivatives based upon your currency, which itself is a derivative based upon the full faith and credit of the issuing government. In essence, the casino is a country-like entity with which you temporarily exchange your labor and productivity in the form of currency for the casino coin of the realm. With it, you can buy entertainment services. When you are ready to leave the casino, you reconvert the casino currency back into sovereign currency.
In theory, there should be one unit of sovereign currency equal to one unit of casino currency. Imagine that you find out to your horror that the casino had taken the sovereign currency and either spent it on casino operations or even went out and bought real assets with the money. The casino operator figured that there would always be a low percentage of the customers converting back to official money at any given time.
It allowed for the difference in casino money claims and the actual currency, the “float”, to be used for other profitable activities. You would find yourself as an unsecured creditor in a bankruptcy proceeding if all gamblers went to cash in their chips. Think Cyprus.
The investment markets are taking on the characteristics of casinos. The pit bosses are the central banks. The croupiers as well as the “whales” are the major Wall Street proprietary trading desks. Instead of coming in for an evening of entertainment, food and perhaps a few pulls on the slot machine, everyone is unwittingly being ushered to the craps table with their savings.
We have seen it with so-called “flash crashes” where the Dow Jones Industrials drop 1,000 points in 10 minutes or individual companies lose their entire market capitalizations in milliseconds. The distortions are quickly reversed, but those events are constant reminders of how tenuous markets have become.
There are no safe havens anymore. As holders of fixed income found out recently, sickening declines can rapidly occur if rates spike. Entire annual income from coupons can be lost in a single trading session, not that the income was much to begin with in our low interest rate environment. Since Cyprus, cash is no longer a traditional “port in a storm”. The bail-in risk took that away.
We have continued to comment on seeking value. One needs to think not in markets, but in individual situations. The ability to analyze companies and emerging global trends is now of paramount importance. The days of broad asset allocation are behind us and will not return until the central bank casinos have been replaced by functioning capital markets.
We are in the camp that believes the central banks will not/cannot stop creating more fiat debt. Indeed, Germany is hinting that austerity is to be abandoned in favor of stimulus. While there might not be more headline QE in the U.S., it will manifest itself in other venues such as China, Japan and now Germany. The band plays on.
Seeking value means growth at a discount or value with a catalyst. Gold, silver, energy and food are examples of value, although it is never clear as to the form and the timing of the catalyst. As for growth, it is out there for certain businesses, it just requires good old fashioned common sense and hard work to find it.”
Fitzwilson made me think of the following:
On April 25, 2012 at 8:54 am,
Denns M. O’Neil says:
The only way we can arrive at the point you describe is to start with a backing to the currency in question. You have to have a friendly game of poker interrupted.
Suppose you are seated at poker table in the middle of a hand with friends.
Suddenly an armed robber breaks into the parlor and steals the cash box.
All seated at the poker table realize they are now in competition for worthless chips. Certainly those who value their time would not continue in a meaningless farce. You would have never have bought chips and sat down to anti up if the chips were not backed by something. Our economy has experienced a stealth armed robber who gradually debased our chips and ran off with the cash box. Culminating certainly not beginning in 1971. However, for some odd reason we continue to play the hand as if it means something. At some point the players will realize they were robbed. I cannot believe it has taken this long. At that point the EXIT doors will be very crowded.
BTW in relation to how this thread started….
Keynes never said that Gold was a barbaric relic….he said “the Gold Standard is a barbaric relic.” significant difference.
His full quote made in 1924 was more of an indictment of the desire to abandon The Gold Standard than it was an indictment of Gold itself…it was as if to say in order to do what we want and what we are required to prevent revolt we have to counterfeit.
Full quote:
“In truth, the gold standard is already a barbarous relic. All of us, from the Governor of the Bank of England downwards, are now primarily interested in preserving the stability of business, prices and employment, and are not likely, when the choice is forced on us, deliberately to sacrifice these to outworn dogma, which had its value once, of 3 pounds, 17 shillings, 10 1/2 pence per ounce. Advocates of the ancient standard do not observe how remote it now is from the spirit and the requirements of the age.” A Tract on Monetary Reform, 1924
An after thought of the above Keynes quote…instead of saying John Maynard Keynes thought Gold to be a barbaric relic it could be said Keynes made a 1924 call for the gold price going higher.
KWN……IS ALWAYS A MUST READ……………of course ,always refer to this station first………ootb
I’ve never paid any attention to “Bradley Model” but I know some who do .. maybe I should too.
quotes:
– “In years when it is accurate, it is often amazingly so, calling some important tops and bottoms TO THE DAY!”
– “A foolish trade on a favorable planetary aspect is still a foolish act, and A fool and his money are soon parted!”
~end quote
As I understand it:
Bradley Model high is June 7/13 – approx 15,600 DJIA
Friday’s DJIA close was 15,115
-at time of posting DJIA futures are +48
Bernanke at Princeton commencement:
“Don’t be afraid to let the drama play out.
Don’t be afraid to let the drama of QE to infinity play out and the total destruction of the U.S. dollar and u.S. economy. Don’t be afraid Ben. I’m ready for the drama Ben, bring on the drama of total destruction. Bank closures and failures, collapse of the economy, total unemployment. Bring on the the drama Benny . America can’t wait any longer !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@CLAY……GREAT READ AT SINCLAIN, CONCERNING “”SHORTS”” ARE NOW THE LOWEST SINCE OCT……………get ready for a run………GOLD going higher………….ootb
sorry SINCLAIR…..typo….but you knew that……….ootb
[…] INTERVIEW Segment 6 […]
I have been a former subscriber as well and can verify the poor timing and track record that Gary Savage had. Nobody is perfect but when he started to compare himself on a risk adjusted basis to top hedge funds with billions under management he lost all credibility with me. Many of his predictions, just like my own will come true at some point but for trading or investing purposes useless. What is the point when your timing is off by a couple of month , no risk management however sophisticated will make up for that. He has unfortunately nothing to show for with regards to performance for 2012 and 2013 YTD. If he had, I would show it to the world on my blog for everyone to see but since many of his calls are open to extreme interpretations with regards to actual trading or execution, to publish a performance track record is nearly impossible. I can understand why so many subscribers left him and feel betrayed
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Ref Segment 5, thanks Al, Cory and Trader Rog: A recent piece in the Economist spoke of the Benghazi affair as ‘a tragic failure, not a crime’, while the AP snooping scandal is ‘murkier’, leaving the IRS affair ‘unambiguously outrageous’ or as Janet Daly put it in the Daily Telegraph ‘almost too shocking to be credible’, with ‘scarcely anything being more antithetical to the principles on which America was founded’.
However as you Al and TR both said ‘You don’t mess with the Press’. For although Obama’s ratings don’t appear to have dropped, David Taylor in the Times puts it: ‘If history records that Obama was an inspirational figure, who became an underachieving President, this will be the period when his soaring ambition was grounded’.