Turning Hard Times Into Good Times

Keith Weiner and Michael Oliver return. The U.S. government hates gold because its rising price shines the light on the destruction of the dollar caused by the Federal Reserve’s printing press used to finance massive government deficits. The detractors of gold have long suggested that owning gold doesn’t make sense because it doesn’t pay interest. They can’t say that any longer because Monetary Metals now pays interest rates to small investors and large investors at rates that compete with U.S. Treasury rates with interest paid in gold, not increasingly worthless dollars. Keith will explain how leasing or lending your gold brings yields comparable to U.S. Treasuries while avoiding purchasing power losses inherent in owning U.S. Treasuries. Keith will also discuss his macro-economic views and how current events should impact the price of gold into the future. Michael will share his latest insights into the precious metals and other key markets based on his momentum and structural analysis.

Brien Lundin and John Rubino return. The Fed seems to be dead-set on tightening into a recession, come hell or high water, which has never been done before. While gold, silver, and other tangible assets have been hit, we’ve seen periodic rallies in the U.S. stock market as most of today’s traders (who have grown up watching the Fed rescue them at every downturn) have like Pavlov’s dog, been eager to rush back in to buy the dips after every significant sell-off. Might David Stockman be right when he opined that there will be no pivot by the Fed any time soon because the worst inflationary problem since the 1970s isn’t going away so quickly and the masses are mad as hell and are demanding prices stop rising? In other words, according to Stockman there will be no pivot from QT to QE because the Fed is going to have to do whatever it takes to stop inflation dead in its tracks. Brien will be asked about his views on the Fed’s monetary policy as well as other factors impacting markets and what he is looking for in

Doug Casey, Michael Spreadborough & Michael Oliver return. Doug Casey is an “international man” having lived in various countries and traveling actively around the world. He is a free-thinking intellectual and a very successful entrepreneur. He has talked about the Fourth Turning in the past. But now people living in the Western world are on the cusp of the next Fourth Turning in which a handful of this worlds insanely rich are seeking to extinguish freedom of the individual to speak freely, enjoy the fruits of their labor and own and control private property. Instead, billionaires like Klaus Schwab of the World Economic Forum are planning to extinguish large numbers of the middle-class people and ensure those who are left become servants of his rich and powerful “friends.” Judging by their open border immigration policies and massively inflationary economic policies, the existing Democrat party in America and most elected governments in Europe seem to be onboard with Klaus Schwab. Assuming this is the fa

Alasdair Macleod and Dr. Quinton Hennigh return. Alasdair wrote the following in his July 21 weekly missive: “We are now seeing the initial stages of a currency, credit, and banking crisis develop. Driving it are an inflation of prices, contraction of bank credit and a pathological fear of recession. One can imagine that the major central banks almost wish a mild recession upon us so that they can keep interest rates suppressed and bond yields low. “The key to understanding the course of events is that the cycle of bank credit is turning down, and this time the factors driving contraction are greater than anything we have experienced since the 1930s, and possibly in all modern monetary history. “This article joins the dots between inflation and recession and puts the relationship between money (that is only gold), currencies, credit, and commodity prices into their proper perspective.” We will ask Alasdair to paint a picture of the economic landscape that he envisions and seek his advice as to how to navigate

Michael Oliver and Patrick Highsmith return. Brian Leni joins us for the first time. The last time the U.S. had a serious inflationary problem was during the 1970s when gold rose from $35 to $800 per ounce. For the past 40 years there hasn’t been a significant consumer inflation problem though there has been an enormous amount of inflation in asset prices, caused not entirely by progress but by the debasing of the currency. Now, finally with insane amounts of money created out of thin air, we are once again experiencing consumer prices approaching double digits. Most commodities have risen dramatically but despite a huge amount of monetary debasement the two primary monetary metals, gold and silver, have not risen in value. Brian will be asked for his views on why the precious metals have been lagging commodities and whether he thinks we have seen the bottom for the junior exploration sector. What are his views for the next six months and how is he playing the junior gold and silver mining markets as we awai

Peter Krauth, Quinton Hennigh & Chen Lin return. Billionaire investor Ross Beaty, who founded Pan American Silver, wrote the following as part of a foreword to Peter Krauth’s book titled “The Great Silver Bull:” “I’m convinced we are in a long-term bull market for silver and gold, and I expect investment returns in precious metals will outperform all other investment classes for the foreseeable future. Peter’s book is an excellent introduction to why this is likely.” We won’t have time to cover all the topics in The Great Silver Bull because there is simply too much detailed content to cover in a 20-to-25-minute interview. The objective will be to have Peter explain why he is sure that silver is a unique and irreplaceable metal and why it is set to soar in value. Hopefully Peter will share some helpful investment ideas as well. Speaking of silver, Quinton Hennigh will provide an update regarding Eloro Resources which is developing the Iska Iska silver-tin and base metals project in Bolivia. Iska Iska look

Chris Powell, Dr. Quinton Hennigh and Michael Oliver return. On August 15, 1971 President Nixon detached gold from the world’s monetary system and declared “We are all Keynesians now.” By so doing he set the stage for massive amounts of inflation not only in consumer prices but in stock and bond prices that served to siphon wealth from the middle class to the billionaire class to an extent even greater than the Robber Baron period of the 1920s. To con the world into using an intrinsically worthless dollar after 1971, the Nixon administration used the U.S. military to protect the power of the Saudi Arabian royal family in exchange for requiring oil sold globally by OPEC to be priced in U.S. dollars. But even with a dollar propped up by oil and the U.S. military, during times of market tumult investors instinctively opted to exchange their dollars for gold which posed a threat to dollar hegemony. Hence, the BIS and major central banks have arranged for member banks to suppress the price of gold using the future

David Stockman and Nicholas Rodway return. Peter Krauth, author of “The Great Silver Bull,” visits for the first time. Much to the surprise of Western leaders, consumer inflation has reared its ugly head for the first time in a major way since the 1970s. At first, they wrote it off as transitory but that soon proved to be untrue. Now with a teeny weenie bit of credit tightening, stock and bond and commodity prices have fallen leading the same leaders to expect that inflation will soon be destroyed and we can return to a hyperinflated equity market that continues to make the top 1% even more absurdly rich while a growing number of the middle class slips into poverty. Regarding the idea of slaying inflation, David stays, “no, inflation is not rolling over. He will explain why the ruling elite will once again be disappointed and what ongoing inflation will mean for the markets. Regarding silver, a recent article declared that “retail investors have thrown in the towel on “poor man’s gold.” Peter will be asked hi

Alasdair Macleod, Michael Oliver & Michael Wood return. So far, sanctions have backfired on those described by Vladimir Putin as the unfriendly nations. It is setting in train a series of events likely to undermine the whole western financial system, as prices rise, driving interest rates higher and shrinking economic activity. These developments alone are leading to the contraction of bank credit, crashing stock markets and sharply higher bond yields. Last week, I wrote about the impact on the banking system and the likely consequences. Russia, China, and associated nations who depend upon them for trade and economic development are now moving to protect themselves from what is emerging as a full-scale systemic and fiat currency crisis for the dollar and the entire western financial system. These developments are hastening the end of the petrodollar era and the dollar’s role as a reserve currency. A central Asian replacement of the petrodollar is planned to be a new super-currency used for cross-border

Robert Moriarty and Chen Lin Return. Michael Spreadborough, the Executive Co-Chairman of Novo Resources visits for the first time. On March 1, as Russia began invading the Ukraine, David Stockman said on this show, “Sanctioning Russia and taking away their ability to use the SWIFT system would be crazy as hell because it will hurt Americans as much as it hurts Russia!” While President Biden blames Putin for inflation, truth be told, thanks to his energy policies and COVID related supply chain shortages, inflation was rising rapidly even before the Ukraine war. But it wasn’t Russia’s invasion of the Ukraine that has caused energy prices to rise. Rather sanctions against Russia and disallowing the used of the SWIFT system for international trade in dollars and Euros that has dramatically cut the supply vital supplies to the west. Not only did those policies dramatically reduce supplies of oil and gas, thus leading to the highest consumer inflation in over 40 years, but they also forced Putin to tie the ruble to

Jeff Deist, Michael Oliver & Patrick Highsmith return. Suddenly, with exploding consumer prices stripping the fruits of labor away from average Americans and thus threatening the political status quo, TV talking heads have set aside concerns about COVID and the Ukraine to focus on what Americans really care most about, namely their ability to put food on the table and gas in their cars. But actually, what is inflation? Is it simply rising prices or is there more to it? What is its root cause? Most Americans don’t realize that long before the CPI rose rapidly beyond the Fed’s target of 2% to over 8%, massive levels of inflation fueled the financial markets to levels that make no economic sense. In that process wealth was allocated from America’s middle class to America’s top 1%. But now that the 1% have gorged themselves with so much wealth that a growing number of Americans are living in poverty, the economic system is breaking down. Why have the PhD economists at the Federal Reserve and our politicians

Alasdair Macleod, John Rubino & Quinton Hennigh are this week’s guests. Recently, Doug Noland, the portfolio manager for the McAlvany Management Tactical Short fund, wrote the following: “History suggests today’s festering issues in credit derivatives and structured finance will prove woefully worse than anyone today appreciates. And there is little policymakers can do to remedy the situation. The cycle has changed. The amount of stimulus necessary to one more time resuscitate Bubble Dynamics would risk hyperinflation.” But what needs to be understood is that inflation is not rising prices but rather it is diminishing the purchasing power of the currency and bank deposits. In a world awash with currency and bank deposits, the real concern is the increasing desire of economic actors to reduce these balances in favor of an increase in their ownership of physical assets and goods. As the crisis unfolds, we can expect increasing numbers of the public to attempt to reduce their cash and bank deposits with cata

Eric Coffin, Michael Oliver and Dr. Quinton Hennigh return. Few investors and letter writers combine such an intimate knowledge of the junior gold resource markets and the metals markets in general as Eric Coffin. He also possesses a brilliant grasp of the interplay of macroeconomic market forces on the junior exploration companies. As co-founder of the Metals Investor Forum (MIF), he will be asked for a preview of his June 11 MIF speech and what needs to transpire to breath some life back into the precious metals mining shares. Similar questions will be asked of Michael, the answers of which he derives from his proprietary momentum and structural analysis models. Michael believes we are experiencing a market changing tectonic shift that is one for the ages that has traditional analysts confused. Quinton will update us on progress being made by Irving Resources at its Omui Mine site in Japan where it is exploring a recently buried hot spring gold system. Management is excited about the potential for it to be

Doug Noland, Dr. Quinton Hennigh and Anthony Santelli return. In his May 21 Credit Weekly Bulletin, Doug wrote: “Rather than subprime mortgages as the system’s weak link, today it’s “subprime” corporate Credit. History suggests today’s festering issues in Credit derivatives and “structured finance” will prove woefully worse than anyone today appreciates. And there is little policymakers can do to remedy the situation. The cycle has changed. The amount of stimulus necessary to one more time resuscitate Bubble Dynamics would risk hyperinflation.” Doug will provide information in support of his concern that the hyperinflationary risk in this credit cycle is very real. Massive credit creation is the main cause of the surging increase in the cost of staying alive but policy makers are doing their best to exacerbate a shortage of one of the most crucial life-sustaining commodities, namely energy. Anthony will explain how an emerging ethanol producer, Blue Biofuels, is on the cusp of using its proprietary technology

Peter Boockvar & Michael Oliver return as guests. Michael Wood of Reyna Gold visits for the first time. Peter recently stated on CNBC that the Fed is embarking on the most aggressive tightening program in 40 years. In addition, Peter notes that sell side analysts are have not yet begun to lower earnings estimates for this year that will most certainly result from tighter monetary conditions and supply disruptions, rising operating costs and shrinking profit margins. Many analysts expect the Fed to give up the fight against inflation when economic pain becomes politically unbearable. Does Peter expect the Fed to capitulate its tight monetary policy and if so what will that mean for the debt and equity markets as well as precious metals and the dollar? In light of those views, how is Peter allocating resources on behalf of his firm’s clients? Michael Oliver will share his latest market views objectively derived from his momentum and structural model and Michael Wood will introduce Reyna Gold’s district-sca

Kevin Duffy and John Rubino return as guests this week. Most investors make money in bull markets and lose most of it in bear markets. An exception is Kevin Duffy whose Bearing fund registered triple-digit gains in the 2008 financial crisis. His Austrian school economic perspective paved the way for those stellar 2008-09 bear market profits. But that same perspective did not equip him to excel when policy makers inflated financial markets. He has since developed a strategy for making money in bull, bear or stagflationary markets. Kevin will share his views of the current tumultuous markets as well as some of his current investment ideas published in his Coffee Can Portfolio newsletter. John will join me to discuss his sense of the current markets and share his views on how he thinks investors should plan for what is increasingly looking like a stagflation environment that may in fact be one of much greater magnitude than that of the 1970s. Your editor will pass along some of his investment ideas in his monolo

Alasdair Macleod, Quinton Hennigh and Michael Oliver return. About the time President Nixon detached gold from the international monetary system on August 15, 1971, he declared that “We are all Keynesians now!” That acceptance of the Keynesian economic religion by President Nixon, subsequent American presidents, and 99% of the American economic intelligentsia sealed the devastating financial market disasters that now lie ahead of America and the Western world. Alasdair will help us understand the connection between Keynesian economics and the massive value destruction that Keynesian lies have resulted in and hopefully provide some guidance about how we, as individuals, can prepare for what is about to unfold. Eloro Resources’ Iska Iska is being revealed now as a potential multi-billion-ounce, silver-equivalent discovery in Bolivia (the deposit is silver and tin rich). Quinton will update investors on the progress Eloro is making at Iska Iska. Michael will provide his usual prescient view on key markets.

Robert Moriarty & Patrick Highsmith return as this week’s guests. When Russian President Vladimir Putin declared that countries unfriendly to Russia would have to pay for their oil and gas in Russian rubles, he pulled a chapter out of the U.S. playbook. In the early 1970s America arranged a quid-pro-quo agreement with Saudi Arabia whereby the U.S. used its military might to ensure the Saudi Royal family remained in power so long as it required OPEC (which it controlled) to sell oil only for U.S. dollars. The U.S. also used its military to force nations not to buy oil with euros. When the U.S. and NATO cut off all U.S. dollar payment mechanisms from Russia after that country invaded the Ukraine, understandably Russian President Vladimir Putin began holding Russian oil and gas hostage saying that he would soon refuse to release natural gas to European countries unless they paid in Russian rubles. It is well known that many European countries are highly dependent on Russian gas to not only avoid freezing t

John Rubino and Michael Oliver return as our guests this week. Nicholas Rodway, the CEO of Core Assets Corp., visits for the first time. After 1971 when President Nixon detached gold from the global monetary system, the U.S. dollar became the uncontested world’s reserve currency. The U.S. has abused that privilege by using its dishonest source of funding to expand its empire. In the process, America consumed more than it produced running up huge amounts of debt both to its own citizens and to foreigners. That has greatly injured America’s productive capacity leaving it now vulnerable to would be predators like Russia and China. While the U.S. uses its military to project power, it seems to ignore its financial vulnerability. But recognizing that the U.S. produces little of what the rest of the world needs, Russia with China’s backing chose to play financial hardball with the West when it began to demand from Europe payment for its life-sustaining natural gas in the form of gold or Russian Rubles. While

Ellen Brown and Quinton Hennigh are this week’s guests. By design Americans are kept in the dark about money. We are taught nothing in our classrooms about what it is or how it is created. That is by design because as Henry Ford once said, “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” In fact, the mystery of money has become greater since 1971 because the dollar used for international trade was debased by Nixon when he no longer allowed the convertibility of the dollar into gold at $35 per ounce. That made the dollar the world’s reserve currency but only because the U.S. has used its military might to enforce an initial agreement with Saudi Arabia that the world would pay for imported oil only with U.S. dollars. In 1999 the euro began to erode the dollar’s dominance. But now the U.S. got a new and much larger threat to its global currency dominance when Russia responded to sanctio