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Tom welcomes forward thinker and returning guest Jaime Carrasco of Canaccord Genuity to the show. Jaime discusses 2020, the elections, and why the world needs a monetary reset. Whoever wins the election will have the job of negotiating with the world. Canada is making many stupid decisions around energy and the economy. Globally, the consequences are becoming evident from all the money printing. Language can change what we think and control narratives. There are consequences as things become more polarized and cautions that populist waves are often unpredictable. It seems we are living through a fourth turning. Central banks today are the real problem, and today, we are already beyond the end of the road. There is a good chance of a central bank blow-up this year or the next. There are too many issues, and these debts have to be reset, or there will be no economic growth. Copper is the global barometer for economic activity because it is hard to manipulate. Coper prices are moving higher, and he believes it is tracking monetary devaluation. He discusses precious metals manipulation and how it is done through massive paper dumps to control the price. The consequence of these actions is that soon they will only be able to slow the rise but won’t stop it. Producers have incredible potential and will provide a lot of leverage in this environment. He’s betting that his portfolio of producers will outperform. Jaime argues that blockchain is a digital currency system that can’t be controlled and eventually will overwhelm the banker’s control of gold. Before too long, we won’t need the banks. Gold is the one constant that will endure and remain the ultimate form of money. He says, “Follow the yellow brick road.” Time Stamp References:0:00 – Intro0:37 – Election & Populism3:20 – Language & Censorship7:45 – Monetary Buoyancy10:28 – The Real Problem15:05 – Copper Breakout16:47 – Metal Manipulation19:25 – Silver & Miners21:44 – Blockchain Profits23:32 – Structuring Portfolios28:00 – Bitcoin, Gold, & Currency31:40 – The End of Banking?34:15 – Hedge Accordingly37:02 – Wrap Up Talking Points From This Episode Elections and coming monetary reset. Controlling narratives and populism. Protecting your financial position. Rising commodity prices and gold. Guest Links:Twitter: https://twitter.com/IJCarrascoLinkedin: https://www.linkedin.com/in/carrasco1/Website: Canaccord Genuity https://www.canaccordgenuity.com/CME Video: https://www.youtube.com/watch?v=enlEhlxuVwk Jaime Carrasco is portfolio manager at Canaccord Genuity Inc. in Toronto. From 2014-2018 he worked as Director of Wealth Management and Associate Portfolio Manager for ScotiaMcLeod. Before this, he worked for Macquarie Group, CIBC Wood Gundy, BMO Nesbitt Burns, Gordon Capital, and Merrill Lynch. Jaime is a leading Canadian investment professional with 25 years of experience providing wealth management and investment counsel to affluent families, businesses, and institutions. He has garnered a reputation for questioning and challenging the status quo and exploring the most innovative investment strategies. Jaime, whose mother tongue is Spanish, also speaks Italian and French. He completed a BA in political science and economics at the University of Toronto in 1988. While a student, he worked for CS Yacht, a company that built luxury sailboats, thus spending his summers as a skipper for the Canadian establishment members. Jaime credits this experience and having survived sailing through Hurricane Bob in 1991. This experience taught him lessons that have become a metaphor for his financial investment strategies. “Like one’s financial wealth, sailing is not about controlling the wind, but rather about adjusting the sails.”

Tom welcomes back Michael Oliver from Momentum Structural Analysis. He discusses past markets and how in the 1976 period, investors moved into commodities and stocks went sideways. Today, we are entering a similar period as most commodities have had long basing periods and are now turning upwards. This move seems to be caused by the expansion of the money supply and monetary policy. Since mid-2018, gold has gone from $1160 to $2000 and has done so without the help of weak stock markets. Now the dollar is turning downwards while markets are at highs. Big investors seem to be moving assets into different sectors, and soon we may see a violent rebalancing. He discusses how silver broke one of their momentum oscillators in July and, afterward, moved rapidly to near $30. He expects gold to do something very similar soon. This next move could easily be eightfold, and silver is now poised to outperform gold. Major annual momentum shifts and macro factors are now spreading to the daily news. This chaos seemed baked into the cake a year ago. Michael cautions that the most delusional trend is the US stock market, and there are times when the Fed backs off, or the market collapses on its own regardless of Fed actions. Today, there are only five or six stocks that comprise 50% of the Nasdaq 100. It looks like a blow-off top that began this summer, maybe topping out. The dollar forecast is difficult to predict, but it usually follows the trend for some time. Michael outlines where treasuries may head and why we are entering a time of flight to safety. He says, “Many investor assumptions will be overturned this year.” Time Stamp References:0:00 – Intro0:30 – Markets & T.A.4:37 – Violent Rebalancing8:00 – Gold 8x Forecast13:00 – Silvers 10x Potential15:10 – Momentum Vs. Price16:58 – Seasonality & Trends?17:47 – Timeline for Gold20:34 – Equity Crash Coming?23:50 – Mining Stocks26:18 – US Dollar Breakdown33:04 – Chart Indicators34:40 – Key Levels36:37 – Momentum & Methods37:47 – Wrap Up Talking Points From This Episode Commodity cycle shift. Gold and silver forecast. Macro Factors and Stock Markets US Dollar Index and the 88 level. Guest Links:Website: http://www.olivermsa.com/Twitter: https://twitter.com/Oliver_MSAAmazon Book: https://tinyurl.com/y2roa7p5Free Report email: michaeloliver@olivermsa.com Email MSA above, and they will send you this week’s report for free, which covers many of the topics from this interview. J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, headquartered in New York City’s Battery Park. He studied under David Johnston, head of Hutton’s Commodity Division and Chairman of the COMEX. In the 1980s, Mike began to develop his proprietary momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth. In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology. In 1992 the Financial VP and head of Wachovia Bank’s Trust Department asked Mike to provide soft dollar research to Wachovia. Within a year, Mike shifted from brokerage to full-time technical research. He is also the author of The New Libertarianism: Anarcho-Capitalism.

Tom welcomes Lawrence Lepard of Equity Management Associates back to the show. Lawrence argues that the system has failed due to unsound money, and an immediate restructuring would be preferable. The alternative may be dragging the process out for the next twenty years. He explains the differences between today and 2008 and why we haven’t seen much increase in money velocity. Bonds today are poorly bid, and the treasury has moved to the short end of the bond market. The monetary plumbing convolutes most investor’s understanding, but it all comes down to printing money. There is too much debt, and further debt no longer has any effect on the economy. The choice is to default or restructure or inflate your way out. Politically, they will most likely choose to inflate these problems away. Lawrence discusses how Germany successfully restructured its economy before WWII, although the direction they went politically afterward was unfortunate. He believes unrest will drive political change, and that will force real solutions. He thinks we’re approaching a tipping point with the population where sound money becomes a self-sustaining system of adoption. Lawrence likes bitcoin but has some concerns about its volatility. He discusses mining stocks, their risks, and the different reasons why they can outperform. Time Stamp References0:00 – Intro0:31 – Election & Civil Unrest10:28 – Crisis Today vs. 200814:14 – Fixing a Broken System16:08 – Weimar Germany22:52 – FED & Judy Shelton26:11 – Gold & Bitcoin30:23 – PM Bubble Coming?33:42 – Evaluating Opportunities42:00 – Jurisdictions & Risks45:48 – Wrap Up Talking Points From This Episode The need to return to sound money. Expect massive stimulus. Inflation seems politically inevitable. Mining stocks and jurisdictions. Guest Links:Newsletter: http://eepurl.com/gOf1dTWebsite: http://www.ema2.comTwitter: https://twitter.com/LawrenceLepard Book Recommendations – Weimar Germany:The Great Inflation by William Guttmann and Patricia MeehanThe Mandibles: A Family, 2029-2047 by Lionel Shriver Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities. Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California. Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.

Tom welcomes back a man who needs no introduction, the silver Guru David Morgan himself. David discusses the saying, “90% of the move comes in the last 10% of the time.” and why that seems to ring true. Physical demand in 2020 for silver from ETF’s has been unprecedented, and the gold-silver ratio has also outperformed. Silver should continue to outpace gold, and he expects this bull run to continue for another two or three years. David explains how silver is both a commodity and a monetary asset in times of crisis. Today’s environment of excessive money printing and debt creation is an excellent time for it to outperform. When contrasted with the base money supply, you can establish some high price targets. Silver remains an essential industrial commodity in the modern world. David discusses the supply-demand picture for silver and how it has been gradually changing. He believes the dual demand profile and the many useful applications for silver will drive the market. He discusses Bitcoin and why swapping some profits for silver may be a good idea. Anything vital, like energy and food, will likely cost more as inflation unfolds. Investor psychology and concerns regarding government policies will drive money velocity. Everyone should have a core physical silver position, and for those who want extra leverage, they should look at miners. David says, “People won’t believe it, but in inflation-adjusted terms, silver remains near all-time lows.” Time Stamp References:0:00 – Introduction0:40 – Silver Cycle Forecast3:02 – ETF Demand4:27 – Valuing Silver9:00 – Silver Supply & Demand13:23 – Applications for Silver17:28 – Attracting Investors20:22 – Bitcoin & Silver22:06 – Economic Expectations26:26 – Money Velocity28:45 – Silver Rules31:31 – Selling Silver?34:10 – Trading Silver For Gold35:33 – Central Bank Digital Currencies38:58 – Silver Backed Crypto40:26 – Wrap Up Talking Points From This Week’s Episode High physical demand for ETFs. Silver Supply/Demand & Inflation Digital Currencies & Central Banking Selling Silver & Swapping for Gold Guest Links:Website: https://silver-investor.com/Twitter: https://twitter.com/silverguru22 David is a precious metals enthusiast with degrees in finance and engineering, and he originated The Morgan Report. This monthly report covers economic news, the global economy, and substantial capital gains by investing in the Resource Sector. The Model Portfolio includes top-tier, mid-tier, speculative, and special situations. David considers himself a big-picture macroeconomist whose main job is education — educating people about honest money and the benefits of a sound financial system. A dynamic, much-in-demand speaker worldwide, he has appeared on CNBC, Fox Business, and BNN in Canada. He has interviewed- The Wall Street Journal, Futures Magazine, Investing Rules, and numerous other publications. As the Morgan Report publisher, he has appeared on CNBC, Fox Business, and BNN in Canada. He has been interviewed by The Wall Street Journal, Futures Magazine, The Gold Report, and numerous other publications.

Tom welcomes a new guest to the show, Peter Grandich. Peter discusses why he called the bottom in gold in 2018. At that time, it was a very contrarian trade, as most investors had given up. The lack of exploration, coupled with the massive money printing, made this a relatively easy decision. He feels bullion may still have a ways to run but mining equities will go even further. He expects a new period of M&A and interest from large funds. The gold market remains quite attractive at these price levels, but some investors remain skeptical. This skepticism was necessary to put in an intermediate bottom, and today we are around $1900. This should bode well for gold in early 2021. When you start seeing parabolic moves in any market, you have to start looking for an exit. He feels silver has just a bullish picture as gold and is not adverse to owning it. People tend to feel better with more quantity, but that doesn’t always work out. Low-interest rates in bond markets are making for a losing investment, especially when factoring in inflation. Commodity markets today may be at their most undervalued level in modern history. He discusses why uranium is particularly attractive to him as the world wants to move to green energy. There are few producers left in the world and very few mines coming online. This sector is just getting started. Talking Points From This Episode Finding the bottom in gold. Gold forecast. Inflation and Confidence Uranium and green energy. Time Stamp References:0:00 – Introduction0:50 – Calling 2018 Bottom2:04 – Identifying Trends4:21 – Equities Vs. Physical7:36 – Next Leg Up?10:00 – 5k or 10k Gold?13:06 – Silver Thoughts15:00 – Gold & Inflation19:40 – Commodity Bull?22:02 – Uranium Supply/Demand26:19 – Quebec Gold Rush30:51 – Canada Gold Reserves31:37 – US Elections & Spending36:50 – Wrap Up Guest Links:Twitter: https://twitter.com/petergrandichWebsite: https://petergrandich.com Peter Grandich entered Wall Street in the mid-1980s with neither formal education nor training. Within three years, he was appointed Head of Investment Strategy for a leading New York Stock Exchange-member firm. He would hold positions as Chief Market Strategist, Portfolio Manager for four hedge funds and a mutual fund that bore his name. His abilities have resulted in hundreds of media interviews, including Good Morning America, Fox News, CNBC, Wall Street Journal, Barron’s, Financial Post, Globe and Mail, US News & World Report, New York Times, Business Week, MarketWatch, Business News Network and dozens more. He has spoken at investment conferences worldwide, edited numerous investment newsletters, and was one of the more sought-after financial commentators. Grandich has been a member of the National Association of Christian Financial Consultants, The New York Society of Security Analysts, The Society of Quantitative Analysts, and The Markets Technician Association. He is an active supporter of Athletes in Action, the Fellowship of Christian Athletes, Good News International Ministries, and Catholic Athletes For Christ. Through Athletes in Action, Grandich assisted with Bible study and chapel services for the New York Giants and New York Yankees from 2002 to 2016. His autobiography, Confessions of a Wall Street Whiz Kid, was first published in 2011 and is now on it’s fourth printing. Peter Grandich currently resides in New Jersey with his wife, Mary, and has one daughter, Tara.

Tom welcomes a new guest to the show, David Dorr. David is the co-founder of Coro Global, a mobile application that combines gold with secure digital payment technology. David discusses his background in finances and how it ties nicely with the services CORO provides. The pandemic accelerated the demand for digital payment services in 2020. Their service allows people to purchase gold as a digital asset and transmit that gold as money. He contrasts how paper money created a convenience factor over gold and why people today want better solutions than just paper. David outlines how they can improve, improve effectiveness, and the ease of compliance procedures. The benefits of distributed ledger technology include auditing, transparency, resiliency, and settlement speed. They focus on allocated gold with their customers tied to XAU for the value of their holdings. He explains the advantages of using Hashgraph technology to build a platform that allows for auditing and then optionally coupling it with a token or representation of wealth. He discusses some of the risks with crypto and severe concerns regarding Tether. David discusses where the US dollar may be heading and why there may not be many options left for government and central banks. Talking Points From This Episode David’s background in financial markets. Solving money transmission problems. Gold and transmitting value to others. Utilizing hashgraph blockchain tech. Time Stamp References:0:00 – Introduction0:34 – David’s Background3:34 – Modernizing Gold5:06 – Problems CORO Solves8:43 – Improving Compliance13:34 – CORO Overview15:15 – Plans for 202116:24 – Gold & Blockchain Tech19:17 – Hashgraph System23:16 – Gold Vs. Bitcoin27:24 – Bitcoin Vs. Hashgraph30:59 – Digital Gold Standard?33:16 – Scaling34:40 – US Dollar Outlook38:36 – Self Education40:20 – Wrapup Guest Links:Twitter: https://twitter.com/CoroGlobalWebsite: https://coro.global/ David Dorr has more than 20 years of experience working at the crossroads of the insurance and capital markets industries; David is widely viewed as an expert in cross-border structuring and capital flows. David is the Co-Founder and Managing Principal of Dorr Asset Management, a multi-family office that provides global macro investment advisory and international estate planning to its global clients. A scholar of Austrian economics, David has a deep understanding of the gold industry and its fungibility as a reliable asset throughout the ages.

Tom welcomes Kirian van Hest back to the program. Kirian has an impressive ability to examine and absorb information. He has been investigating the Comex from multiple angles, and his recent article on the Comex is very in-depth. Kirian discusses the Comex and where their delivery default risk may be heading in the coming months. Kirian was expecting more stimulus this fall and more investment in the precious metals. The numbers they are reporting are highly suspect, and it appears that it’s now one big fraud. He feels that by February or the latest, the middle of 2021, the Comex’s fraud will become very evident. The Comex will do it’s best to avoid a failure to deliver by finding every scrap of gold and silver. Everyone has been waiting for the day when they default, and then the race will be on to buy whatever is left. Nobody will be willing to sell. Kirian suspects that the run-up in Bitcoin is being driven by Tether, which he believes is a scam. Tether has a very questionable history with no transparency or audits. It’s supposed to be backed one for one with US Dollars, but he thinks they have been just printing Tether and buying Bitcoin. The market cap has been going exponential since March and has now reached 20 billion. He believes that if Bitcoin drops, Tether could blow up. He discusses the CME group and their Bitcoin futures contracts. He questions where they plan on getting the Bitcoin, assuming it’s deliverable. Kirian brings up several serious concerns regarding Canada’s debt and currency risk. He argues that Canada has no business being rated AAA when their CDS risk is nearing Portugals. Canada’s M1 has gone parabolic, inflation must be running hot, and concerningly they have zero gold reserves. He discusses the difference between inflation and hyperinflation and ways investors can protect themselves. He recommends that people get out of fiat and get into the miners and buy physical metals. Those with mortgages should consider getting fixed-rate loans. Time Stamp References:0:00 – Introduction0:50 – His writings5:33 – Comex Dec. Delivery12:16 – Bitcoin & Tether Risk16:10 – Exchanging Tether?20:00 – What will break Tether22:50 – Bitcoin wallet movement25:08 – CME Group Bitcoin Futures28:00 – Canadian Currency Risk45:55 – CAD Inflation & M149:50 – Canada’s “Gold”53:38 – Protecting Yourself01:00:38 – Fixed-rate loans01:05:10 – US M1/M2 Supply01:07:25 – US Dollar Index01:08:00 – Article & Wrap Up Talking Points From This Episode Comex delivery concerns. Bitcoin at risk from Tether. CME Bitcoin Futures Canadian inflation and currency risks. Guest Links:Twitter: https://twitter.com/desogamesWebsite: https://www.desogames.com/Twitch: https://www.twitch.tv/desogamesWebsite Mentioned: https://flipsidecrypto.com/products/cooperative After the Lehman crash in 2008, Kirian “Deso” van Hest developed a rabid fascination with economics. A decade of reading later, he correctly predicted the virus becoming a pandemic, the market crash in February, The dollar high/gold bottom in March, and various other successes. And now, he’s predicting the imminent collapse of the COMEX.

Tom welcomes a new guest to the show, Martin Armstrong. Martin discusses his computer programming background and financial experience trading along with his A.I. approaches to generating unbiased economic reports. He discusses the failing European politics and economics and why their global agendas are becoming an enormous burden on the world. The critical issue today is faith in government and the consequences when this collapses. People in Europe are hoarding cash, which is driving the ECB to implement a digital currency. Martin believes the real agenda during this election is between Trump and globalist plans like Agenda 2030. The United States still has the largest economy and is still able to support it’s bonds. However, debt problems in Europe are quite severe, and they can no longer raise rates. This is why European interests are promoting a “Great Reset” and the idea of “You’ll own nothing, and you will be happy.” They want to eliminate all debts and, in doing so, will destroy pensions. They plan to replace these pensions with Universal Basic Income. He discusses why pegging anything to the business cycle is problematic, including gold. You can’t fix something and then have inflation because that leads to a massive divergence between exchange rates and reality. He discusses how the lockdowns have been devastating on the middle class and even worse for the lower classes. Many can’t work from home, but they still have bills to pay. He says, “They are using the Coronavirus as an excuse to crush the economy.” Politicians around the world are all repeating the same talking points. He says, “These ideas will fail as they have never worked in history… Once they have unleased these policies, things can only get worse.” He outlines why green energy is impractical to supply all the world’s energy needs. Modern economic policies create untold effects and imbalances across many sectors. He remains concerned that unrest and instability between nations could lead to wars after 2024. As more people question what is occurring and government confidence is lost, we can recover quicker. Time Stamp References:0:00 – Introduction0:46 – Martin’s Background8:25 – A.I. Reporting10:20 – The Money Cycle15:16 – Europe & U.S. Dollar19:01 – Gold Peg Problems23:40 – Bond Bubbles28:50 – The Great Reset32:36 – Growing Civil Unrest35:06 – Gold vs. Government44:13 – Ongoing Risks & War50:02 – Wrapup Talking Points From This Episode European economic situation Globalist European restructuring plans Impact of the lockdowns Unrest, Aristocracy, and War Guest Links:Website: http://armstrongeconomics.comTwitter: https://twitter.com/strongeconomicsFacebook: https://www.facebook.com/martin.armstrong.167Amazon Book: https://tinyurl.com/ybtrslr9 Martin Armstong is the Owner and Researcher for the website Armstrong Economics. He is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed. At age 13, Armstrong began working at a coin and stamp dealership in Pennsauken, New Jersey. After buying a bag of rare Canadian pennies, he became a millionaire in 1965 at the age of 15. He continued to work on weekends through high school, finding the real-world exciting, for this was the beginning of the collapse of the gold standard. Martin became captivated by this shocking revelation that there were not just booms and busts, but also peaks and valleys that would last centuries. Armstrong progressed from gold coin investments to following commodity prices for precious metals. In 1973, he began publishing commodity market predictions as a hobby, and in 1983 Armstrong began accepting paid subscriptions for a forecast newsletter. “In Armstrong’s view of the world where boom-bust cycles occur like clockwork every 8.6 years, what matters is his record as a forecaster. He called Russia’s financial collapse in 1998, using a model that also pointed to a peak just before the Japanese stock market crashed in 1989. These days, as the European sovereign-debt crisis roils markets worldwide, he reminds readers of his October 1997 prediction that the creation of the euro “will merely transform currency speculation into bond speculation,” leading to the system’s eventual collapse.” His Website Armstrong Economics offers a unique perspective intended to educate the general public and organizations on the global economic and political environment’s underlying trends. Their mission is to research historical cyclical patterns and market behavior in timing, price, and crisis to understand better and identify potential future trends, using an extensive monetary database and advanced proprietary models.

Tom welcomes a Jeff Clark back to the show. Jeff is Senior Precious Metals Analyst at GoldSilver.com. Jeff discusses the risk of a Biden presidency and the potential for a long slow decline in the U.S. Dollar. The primary reason is because of the monetary and fiscal stimulus being conducted by the Fed and treasury. The current proposal for the “Build Back Better Program” is 7 trillion, and the only way to get that is to print it. We can expect ongoing massive dilution of the U.S. currency. There has been and will continue to be a lot of deflation. He reviews the stagflationary period that occurred during the 1970s. Inflation can happen simultaneously with deflation. This year the U.S. hit the highest level of deficit spending in its history. All of this is supportive for gold. Jeff discusses why the new mine supply of bullion could fall dramatically. Silver is already in a significant downtrend, and gold is also entering a structural decline. We need sustainably higher silver prices before much exploration and development occur. He says, “This could be one of the last great buying opportunities, especially when you consider the large macro picture. The bigger the sell-off, the bigger the opportunity.” March was an excellent example of a sell-off, and we also briefly saw the highest gold to silver ratio in history. The time to stop buying gold and silver would be only after a massive reduction in risk in the world today. He discusses some of the best investment strategies that will terrify most financial planners. Jeff discusses the potential benefits that crypto will have on society. For him, it’s mostly a speculative investment. Gold today, relative to anything else, is still inexpensive. Huge potential remains for gold and silver equities. Jeff discusses some mining equities that currently excite him. Talking Points From This Episode Metals under a Biden Presidency Pending Stimulus Plans & Stagflation Declining Mine Supply Mining Equity Picks Time Stamp References:0:00 – Introduction0:40 – Biden & Stimulus5:38 – Flationary Forces8:58 – Interest Rates & Inflation10:45 – Janet Yellen12:42 – Gold & Silver Mine Supply16:51 – Last Buying Opportunity?19:18 – When Should I Exit Gold?21:04 – Financial Planners25:04 – Jeff’s Portfolio29:03 – Conserving Value31:40 – Is Bitcoin a Store of Value?33:48 – Mining Stock Picks42:09 – Junior Criteria45:18 – Wrap Up Guest Links:Website: https://goldsilver.comTwitter: https://twitter.com/TheGoldAdvisor Jeff Clark is Senior Precious Metals Analyst at GoldSilver.com. He is an accomplished analyst, author, speaker, and a globally recognized authority on precious metals. The son of an award-winning gold panner with family-owned mining claims in California, Arizona, and Nevada, Jeff, has deep roots in the industry. An active investor with a love of writing, Jeff eventually became a mining industry analyst, including ten years as senior editor for the world-renowned publication BIG GOLD. Jeff has been a regular conference speaker, including at Cambridge House and Sprott Resources events, the Silver Summit, and many others. He currently serves on the board at Strategic Wealth Preservation, a bullion storage facility in Grand Cayman, and provides analysis and market commentary for GoldSilver.com. Jeff’s previous positions include Senior Precious Metals Analyst for Hard Assets Alliance and, before that, was a Senior Editor for Casey Research.

Tom welcomes returning guest Justin Huhn to the program to talk about everything uranium related. Justin discusses the very long base that has been built for uranium and why recent moves in uranium equities are a good sign. There has been a supply shortfall for a couple of years since MacArthur River was shut down, and this year Covid has exacerbated that situation. The bulk of secondary supply comes from underfeeding in the enrichment process when there is excess capacity. This supply will slowly diminish once primary demand increases. This rally is different since it’s based on sentiment instead of seasonal factors or just mine closures. Institutional money is now catching wind of the sector. Justin discusses how a recent report has garnered the attention of both these institutions and investors. He discusses why the Cigar Lake Mine shut down and how much longer he expects this to continue. There are around 175 million pounds of uranium consumed globally and typically 150 million pounds of supply. This shortfall in recent years has been made up for by secondary supply. Utilities have yet to buy much, but eventually, they will enter into long-term contracts. Justin outlines the numbers of reactors that are being built and when they should come online. He says, “Nuclear is expected to be an ongoing growth industry.” He discusses the different ways to invest in uranium and what he looks for within the uranium space. The URNM ETF may be a good way for investors to gain exposure to the sector. He expects 2021 to be an excellent year for uranium. Time Stamp References:0:00 – Introduction0:32 – Watch This Boiling Pot1:30 – Supply-Side Fundamentals3:35 – Secondary Supply5:07 – The Current Rally10:55 – Supply Deficit Numbers15:54 – Mine Development18:45 – Green Agenda & Nuclear21:15 – Investing in Uranium24:20 – URNM ETF Chart26:03 – Forecast For 202130:36 – Existing Mines & Demand32:45 – US Policy on Uranium38:06 – Market Top Signs39:50 – Wrap-Up Talking Points From This Episode Uranium Rally and Production Mine Shutdowns and Supply. Future Mines and ETF’s Guest Links:Website: https://www.uraniuminsider.com/Newsletter: https://www.uraniuminsider.com/newsletterTwitter: https://twitter.com/UraniumInsider 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 Radio, Mining Stock Education, and Mining Stock Daily. He also regularly participates in the post-earnings commentary that are 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 uranium shares. Regrettably, the Uranium Insider Pro subscription letter’s subscriber growth and breadth no longer allow him to provide this tool.

Tom welcomes a new guest Charles Goyette to the show. Charles is an author and well known radio personality. Charles outlines what may make this the last gold rush. There is something different about this bull market, and that is what he has written about in his latest book. Bull markets are generally driven by money printing, but today this is unprecedented and global. He discusses much of the history of gold ownership in the United States and why today’s dollar is fragile. The U.S. Government has massively overspent that much of the world is pushing back. The U.S. grows weaker because the might of the U.S. comes from it’s economic strength, which is in decline. He explains the Federal Reserve System’s beginnings and why it’s name was an ingenious marketing ploy. They didn’t dare call it a central bank, but it instead encouraged the notion of central reserves to provide stability and liquidity. Last March, the Fed announced that the reserve requirements of banks were being abolished. The rapid move toward a global digital currency standard is being driven by the need to eliminate cash. Since governments and central banks know they are moving into a period of negative interest rates, they want to charge the consumer while also monitoring and controlling their spending habits. Charles discusses some of the more crazy aspects of Modern Monetary Theory and their belief they can print money without consequence. Before Covid, introducing MMT would have been very difficult, but now, this is no longer an issue with massive fiscal spending. The government is always trying to inflate, and their motivations are many. The market senses these bubbles and tries to deflate them to some norm. Thus the popping of the bubbles is deflation, and the pumping up is inflation. The impact of all the business closings this year and job losses have yet to be fully felt as they rebound throughout the economy. He says, “They will print money until the economy collapses… We’re in an end-game event for the dollar.” Time Stamp References:0:00 – Introduction0:49 – The Last Gold Rush4:18 – Accelerant Factors8:30 – Gold and Central Banks9:53 – Reserves and Fed’s Purpose13:57 – Moving to a Digital Dollar18:56 – Modern Monetary Theory24:34 – Flationary Forces Outcome28:50 – Profiting From Collapse34:34 – Overview of his books39:25 – Politics & Monetary Policy Talking Points From This Episode The Last Gold Rush Accelerating Gold Bull Trends Central Bank Operations Digital currencies and eliminating cash. How encumbered is America’s gold? Guest Links:Website: http://charlesgoyette.comThe Dollar Meltdown: https://tinyurl.com/yytr33afRed and Blue Broke All Over: https://tinyurl.com/y342ja2gLast Gold Rush: https://tinyurl.com/yykspjgb New York Times bestselling author and radio personality Charles Goyette, known for his outspoken libertarian views and his economic commentary, has been described as a fearless champion of liberty, peace, and prosperity. Charles and former presidential candidate and Congressman Ron Paul join forces on the nationally syndicated radio commentary Ron Paul’s America, heard twice daily on 125 radio stations. Charles also hosts Ron Paul – The Weekly Podcast, a sponsored, long-form discussion podcast. Charles is the author of the New York Times bestseller “The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments.” His latest book is “Red and Blue and Broke All Over: Restoring America’s Free Economy.” Goyette spent many years as an award-winning and popular Phoenix radio personality. Because of his insistence on holding all politicians regardless of party accountable to the same strict standards, Charles was widely known as “America’s Most Independent Talk Show Host.” He was voted Best Phoenix Talk Show Host in the New Times by listeners who couldn’t get enough of his “Fearless Talk Radio.” Charles has also been a participant in the national political debate as a popular public speaker and is often called upon to share his views with national television audiences. Charles has long been active in the national economic debate. More than 25 years ago, Charles arranged for both Dr. Murray Rothbard, an Austrian-school free-market economics icon, and Congressman Ron Paul to be keynote speakers at a national monetary and investment conference he hosted. Charles Goyette is a U.S. Army veteran and a recipient of the Army Commendation Medal for meritorious service. In 2002 with the lead up to George W. Bush’s elective war in Iraq, Charles Goyette found himself in a whirlwind of controversy and national attention for his outspoken opposition to the war. Charles has been a voice of reason and foresight during these turbulent financial times. Today, Charles brings his expertise to a new venture, Charles Goyette’s Freedom & Prosperity Letter–a political and economic newsletter. Charles is a founding member of the Board of Directors and recent President of the Leonardo da Vinci Society for the Study of Thinking. Charles enjoys skiing, hiking, good company, and conversation. He and his wife, Ali, live in Scottsdale, Arizona.

Tom welcomes Lyn Alden, Financial Newsletter Editor & Publisher, back to the program. Lyn discusses this economic downturn. We’ve seen a rebound in some asset classes, but it will take most of 2021 to see all the effects play out. We’ve seen a weaker dollar and slowing GDP growth globally. By late 2021 the global economy should improve gradually. She discusses the longer cycles around GDP and the dollar. She discusses the book “The Fourth Turning,” in which there is a significant restructuring of debt, roughly every eighty years. Debts get so high that there is a final rapid expansion of the money supply. She explains the differences between monetary policy and fiscal policy. Fiscal policy has more to do with government spending and taxation. The key takeaway is that these two forms of policy begin to blend at the end of long debt cycles. Several catalysts may drive inflation, and one of those will be commodity prices. Most commodities today, including energy, are very cheap, but precious metals generally move before the rest of the sector. She is bearish on the dollar over the next three to five years. She says, “The petrodollar system was based on the United States having forty percent of world GDP. Expect to see a multi-polar system of currencies soon as the dollar system has become a bottleneck.” She’s favorable to holding some foreign equities and commodities, including some digital assets. Lyn holds silver as she expects it to outperform in the coming years. She discusses the metrics that she uses to evaluate sectors. She remains bullish on gold because of the long-term structural financial problems. She has become bullish on Bitcoin because a large number of her earlier concerns have been addressed. The recent sideways movement is likely healthy for Bitcoin. Once it firmly breaks above $20k, there will be little in the way of resistance. Time Stamp References: Talking Points From This Episode Economic Downturn and Commodities Long-term debt cycles and consequences Monetary Vs. Fiscal Policy Silver, Bitcoin, and the Dollar Guest Links:Twitter: https://twitter.com/LynAldenContactWebsite: https://www.lynalden.com/ Lyn Alden is editor and publisher of LynAlen.com, where she has both a subscription and a free financial newsletter. She says, “Her background lies at the intersection of engineering and finance.” Her site provides investment research and strategy, covering stocks, precious metals, international equities, and alternative investments, with a specialization in asset allocation. Whether you’re new to investing or experienced, there’s a lot there for you. Lyn has a bachelor’s degree in electrical engineering and a master’s degree in engineering management, focusing on engineering economics and financial modeling. She oversees the finances and day-to-day operations of an engineering facility. She has been performing investment research for over fifteen years in various public and private capacities. Her work has been editorially featured or cited on Business Insider, Marketwatch, Time’s Money Magazine, The Daily Telegraph, The Philadelphia Inquirer, The Street, CNBC, US News and World Report, Kiplinger, and The Huffington Post. She has also appeared on Real Vision, The Investor’s Podcast Network, The Rebel Capitalist Show, The Market Huddle, and many other podcasts. She is also a regular contributor to Seeking Alpha, FEDweek, and Elliot Wave Trader.

Tom welcomes investor and publisher Chris Temple of The National Investor back to the show. Chris discusses the potential impacts of a Biden presidency with China. Biden’s carbon credits and green energy policies will attract Wall Street’s attention. If you invest in the right green energy areas, you will make a lot of money in the coming years. The nuclear energy space is going to do well simply because uranium is such a small market. Recent price action in uranium is just a taste of what is to come. Due to these green energy policies, the battery metals will do well, and even hydrogen will become a longer term play. He believes Biden will carry forward the energy independence programs that Trump started. Hopefully, the reductions in red tape around mining and permitting will persist under Biden. Biden is president for the same reason that Kamala Harris is Vice President; they are both 110% establishment. He discusses the outlook for gold. He says gold sold off because generalist investors looked at the benefits of a Yellen as Treasury Secretary and the coming spending on infrastructure and stimulus. He argues it’s more important to follow the generalist investor’s actions instead of just gold bugs. The Fed will continue printing and keep coming up with tricks. Gold will do well going forward depending on how the macro situation plays out in the short term. He discusses how most asset classes are manipulated, and gold is not an exception. However, he questions the price suppression narrative by reviewing some of the historical price actions of gold. He discusses why a risk-off environment would cause treasuries, gold, and the dollar to rise. He argues it doesn’t matter who is in power because a generational power structure sets the United States’ real policies. Time Stamp References:0:00 – Introduction1:17 -Carbon Taxes Under Biden5:51 – Uranium Positioning9:57 – Energy & Mining13:22 – Gold Macro Factors18:26 – Gold Manipulation24:24 – Factors to Move Gold27:46 – Risk-Off Environment31:15 – Politically Neutral Talking Points From This Episode Biden and Green Energy Uranium and Nuclear Gold Outlook and Manipulation Possible risk-off environment coming. Guest Links:Twitter: https://twitter.com/NatInvestorFacebook: https://www.facebook.com/TheNationalInvestor/Website: https://nationalinvestor.com/Website: https://www.economiclifeboat.org/ Chris Temple is the editor and publisher of The National Investor where his focus is teaching his audience how to build an economic lifeboat while finding excellent opportunities. Chris has distinguished himself as an “outlier,” and that strategy has served his audiences well over the years. Mostly self-taught, Chris has studied the modern monetary system extensively over the past four-plus decades. He distinguishes the knowledge he provides from the oceans of mere information (and much disinformation) that people typically have to wade through. Armed with that knowledge, he has succeeded in saving his audience and subscribers from every significant market decline. Chris explains how in his signature essay entitled “Understanding the Game.” When you truly understand what makes the markets and financial system “tick,” it’s not that difficult. He has been recognized widely as possessing the talent to find undervalued companies in many different industries and often recommend them before others. Chris calls the period we are in now “The Strange Depression.” He says, “It is more important than ever to start insulating ourselves from the crumbling top-down system.” Chris takes a more upbeat approach to share his ideas, strategies, and resources.

Tom welcomes a returning guest to the show Steve Thomas. Steve is the author of the Gold Mining Bull Portfolio on Seeking Alpha. Steve discusses the slow decline in gold and how sentiment had reached a new low when Bitcoin tested its all-time high. These times are buying opportunities. Gold tends to bounce off its 200-day moving average as it did back in March. Steve likes to watch the MACD and the CCI (Commodity Chanel Indicator), which currently show that momentum is coming back in gold’s favor. More likely than not, we have seen the bottom. Steve points out that in December, there is often tax-loss selling for equities. Seasonally it’s not great for gold, but that makes it an excellent time to buy gold stocks. Even after all the negativity, gold remains up twenty percent this year. It’s doing that despite very low jewelry demand and while central bank purchases of gold have declined. Next year both of these factors should improve. He discusses the size requirements for companies to be listed in the GDX and GDXJ. GDXJ does not have any junior mining companies with a sub-500 million market cap. Therefore, if you’re careful, you can easily outperform these basic indexes if you are selective on the stocks you choose. He likes to track insider activity and ownership of companies. You want to see management to have skin in the game. Insiders are typically good timers of the markets, and he gives some tips for when to exit a position. Steve lists some specific companies that he believes are good opportunities. This year would probably have been better for M&A, but due to Covid, a lot of plans have been delayed. He expects gold to continue to go up by 10% per year on average as it has done since 2000. That would take us over 3000 an ounce within five years. Time Stamp References:0:00 – Introduction0:54 – Gold Update2:10 – Chart Technicals3:52 – CCI, RSI & Chart5:44 – December Seasonality6:50 – Gold Demand8:50 – Strategies for Miners12:20 – M&A Targets14:41 – Insider Buying17:47 – Taking Profits19:00 – Stock Picks23:42 – Developer Pick29:06 – Explorer Pick31:03 – 2021 Outlook32:44 – Leverage with Miners Talking Points From This Episode Golds Performance and Sentiment Seasonality of Gold Juniors and Management Three Mining Equity Picks Guest Links:Blog/Subscribe: https://seekingalpha.com/author/gold-mining-bull/instablogsTwitter: https://twitter.com/GoldMiningBull Tickers:Kirkland Lake Gold (KL)Kore Mining (Kore.V)Labrador Gold Corp (NKOSF) Steve Thomas is a private investor with 10+ years of experience investing in commodities and hard assets, mainly gold & silver miners, royalty and streaming companies, pure exploration companies, as well as oil and gas producers and MLPs.

Tom welcomes a new guest Nicholas Mertin. Nicholas is the founder of Digifox a digital finance platform and DataDash, the largest cryptocurrency YouTube channel. Nicholas discusses his background in finance and what led him to become excited about Bitcoin. He discusses how Bitcoin has been operating soundly since 2009 and why he is not that concerned about government interference. Bitcoin is not issued or controlled by any government, and it has a finite supply. Crypto has many benefits as an alternative value transfer system. He explains how Ethereum differs from Bitcoin in that it allows for the software-defined smart-contracts. These contracts can be used to eliminate the need for third parties, which is revolutionary compared to the regular financial system. There are risks with cryptocurrencies but not the way most people imagine. There isn’t much direct risk from governments, but there is always a possibility of bugs or software flaws. Smart contracts and software need to be carefully audited and tested. He discusses the pros and cons of crypto assets that are pegged to fiat currencies. Nicholas notes that Bitcoin can be a hedge and also a speculative asset. This is because Bitcoin is not fixed to any country or currency, and it has traits similar to precious metals. Also, crypto remains a small market and therefore is more volatile and has more potential for growth. The key thing is that cryptocurrency is a new asset class, and it isn’t going away. There are clear benefits to having both precious metals and cryptocurrencies. Nicholas discusses ways traditional investors can dabble in crypto markets through ETN’s and ETF’s. Major companies, including Paypal, are becoming involved in the crypto space. The question is, where will this space be at in another six months? Time Stamp References:0:00 – Intro1:30 – Nicholas Background4:10 – Blockchain Technology6:45 – Ethereum10:17 – Benefits & Risks13:30 – Government Regulation16:00 – Energy Consumption17:58 – Tether & Pegged Assets21:26 – Speculative Asset & Hedge25:08 – Bitcoin Expanding Cycles27:40 – Macro Factors33:31 – Crypto ETF’s & ETN’s36:23 – Institutional Investors38:45 – This Bitcoin Cycle40:45 – Wrap-up Talking Points From This Episode His background in finance and Bitcoin. Bitcoin & Ethereum Benefits, Risks, and Government ETF’s & ETN’s for Bitcoin Guest Links:Twitter: https://twitter.com/digifox_financeYouTube: https://www.youtube.com/channel/UCCatR7nWbYrkVXdxXb4cGXwWebsite: https://www.digifox.finance/Blog: https://www.minds.com/DataDash Nicholas Mertin is Founder of Digifox and DataDash, the largest cryptocurrency YouTube channel. He is an international speaker, thought-leader, and crypto analyst in the space, he’s utilized his over eight years of experience in traditional markets to understand the potential of cryptocurrencies.

Tom welcomes a new guest Simon Mikhailovich. Simon is a contrarian investor, entrepreneur, and the founder of The Bullion Reserve. Simon discusses how today’s accounting practices may look okay on paper, but the truth is we are bust. It is now impossible to meet the future demands on cash-flow. Rates today are at 5000-year lows, while most assets are very overpriced. The dollar has declined in value during the past century by 95%. He argues that since interest rates are now zero, currency can only fall in value from here. Banks have no choice but to follow the path they are currently on, and no politician will alter that course because it would be political suicide. He discusses gold’s key characteristics in-depth and what makes it so fundamentally different from any other asset. Gold represents independence, scarcity, and permanence. Gold is independent because it is a physical item that does not rely on anything or any infrastructure. He says, “Empires may come and go, systems will change, and technology transforms, but gold remains.” There have been many hyperinflations, and during these crises, people have chosen to use the dollar as an alternative. What happens when the dollar is compromised? What is the option to the U.S. dollar? Bitcoin comes from the same desire to have independence from the financial system. However, there is a lot of marketing hype and misconception surrounding these digital assets. He makes a compelling case that digital assets are inherently different. Crypto requires infrastructure, and while gold will always exist, the same can not be said for bitcoin. He discusses what propaganda means and how it represents marketing. You need critical thinking and some experience to evaluate these types of claims. Lastly, Simon discusses his bullion business and the services he provides to high-net worth investors. Time Stamp References:0:00 – Intro0:53 – Accounting & Obligations4:00 – Discounted Cash-Flow6:00 – Dollar Purchasing Power7:18 – Central Banks & Politics9:19 – Properties of Gold18:45 – Futures & Pricing Today25:29 – Gold 2.0 – Bitcoin?39:06 – Pricing & Sentiment41:38 – Defining Propaganda50:20 – The Bullion Reserve Talking Points From This Episode Account practices and future obligations Three key characteristics of gold Futures markets and digital wealth Defining propaganda The Bullion Reserve Guest Links:Twitter: https://twitter.com/S_MikhailovichWebsite: https://www.bullionreserve.com Simon A. Mikhailovich is a co-founder, lead manager of The Bullion Reserve, and a director. Mr. Mikhailovich is an entrepreneur and contrarian investor who predicted and profited from the financial crises of 2000 and 2008. Before co-founding TBR in 2014, Mr. Mikhailovich co-founded Eidesis Capital, a special situations investment firm. Between 1998 and 2014, the Eidesis team deployed over $2.5B of capital through special opportunity funds focused on high yield corporate bonds and loans, credit derivatives, distressed CDOs and MBS, and gold. Previously, Mr. Mikhailovich was a Portfolio Manager at Falcon Asset Management, overseeing alternative investments in hard assets, including oil and gas properties, timberlands, and agribusiness. During the credit cycle of the early 1990s, he headed a workouts’ team responsible for restructuring multiple businesses in North America and Europe. Mr. Mikhailovich received a M.S. in Business (Finance) from the University of Baltimore and a B.S. from Johns Hopkins University.

Kevin discusses the numerous bubbles and why they seem to inflate very quickly. This appears to be due to the entire world speeding up communication as these bubbles seem to form almost overnight. If you want to trade these, you need to do so quickly, and he outlines what is behind these market forces. Kevin discusses how governments are moving towards direct fiscal stimulus and why this is likely to create growth. This growth will fuel the commodity sector, and eventually, inflation will occur as governments become direct competitors to the private sector. He agrees that it will be challenging for the government to withdraw direct stimulus once they start. It will work well, but inflation will start quicker than most expect. This is why you need to own real assets as we are likely to enter a prolonged inflationary period. MMT is a framework for understanding how the economic system works, and the world seems to have dropped the Keynesian school of economic thought in favor of this theory. Fiscal stimulus, lower rates, and tax cuts are what MMT recommends until inflation commences. Covid has marked a structural change in how the government and the public see monetary theory. His new phrase is “don’t fight the fiscal” instead “of don’t fight the Fed.” Kevin is less concerned about the economy under a Biden administration since all governments and central banks seem to be operating under this new paradigm. He believes that the EV market will be difficult to chase, and instead, investors should look at buying underlying commodities that remain cheap. We will need a surprisingly large amount of copper and other metals to hit government targets for electric vehicles. He says, “You have to think about not what should be done but what will be done.” There is very little chance that the Fed will cut their stimulus. Instead, they are more likely to overshoot on stimulus intentionally. We are going to continue to have a series of full-on bubbles. Time Stamp References:0:00 – Intro0:53 – Dot.Com Bubble2:56 – Rolling Bubbles7:35 – Bitcoin & Tesla9:14 – Why Commodities?14:25 – Stimulus & Inflation25:50 – Trump & MMT Theory30:50 – A Biden Presidency33:22 – EV’s & Copper Demand38:23 – Stimulus & Crypto Talking Points From This Episode A bubble based economy Government direct fiscal stimulus MMT and a long inflationary period Undervalued commodities and electric vehicles Guest Links:Twitter: https://twitter.com/kevinmuirWebsite: https://themacrotourist.substack.com Kevin Muir started as an institutional equity derivative trader for a big Canadian bank in the 1990s. In 2000, Kevin decided that bank-life wasn’t for him, so he traded his own account for the next two decades. Along the way, he started writing the MacroTourist newsletter – which he describes as an “almost daily” letter about the markets that still manages to have fun. The MacroTourist newsletter attempts to bring a unique take on a variety of different financial topics. Kevin’s tag line is “All I Bring to the Party is 25 Years of Mistakes.” Kevin Muir is a CFA and a graduate of the University of Toronto economics program.

Tom welcomes a new guest to the show, Alasdair Macleod. Alasdair is the Head of Research for Goldmoney and an advocate for sound money. Alasdair discusses the recent price action with gold and how it is typical for it to fall in November near the end of the option cycle. It often rebounds in December, which seasonally speaking is an excellent time to get into gold. He expects an exciting market going into 2021, especially when considering the economic environment. The dollar is looking very weak, and the yield on the ten-year is rising. Alasdair believes there is no shortage of US dollars in foreign markets. Companies that should have failed years ago need to go bust so we can move ahead. However, the last thing Central Banks and Politicians want is failures on their watch. He outlines how the Target Two settlement system works between countries in Europe and the ECB. Italy has been using a lot of non-performing loans as collateral by dumping these into Target Two. These non-performing loans are creating huge imbalances across the EU and are not sustainable. The banks are bust in the Eurozone, and it’s only a matter of time. He is concerned about the possibility of Central Bank digital currencies and the potential loss of freedom. Central Banks hide what inflation is by relying on some metrics they control. This way, they can inflate the money supply as they wish. They are just impoverishing everyone who is not in government. He says, “We are on a hyperinflationary course, and there is no exit. No politician is strong enough to change this direction.” At some point, they will be forced to back their currencies with gold, or they will become worthless. Any government that relies on printing money to finance it’s deficits will destroy it’s currency. If you look at the whole range of commodities and raw materials, you will see that they have gone up along with most markets. We have inflation across most assets, and that is due to excessive money printing. Lastly, he discusses the benefits of silver in a future monetary standard. Talking Points From This Episode November Gold Price Action Coming EU Bank Crisis Historic Fiat Collapses Golds Purchasing Power Time Stamp References:0:00 – Intro1:00 – Recent Price Action13:50 – EU Banking Problems20:47 – Defining Inflation23:44 – Government Debt Trap28:30 – A New Gold Standard?31:10 – Historic Comparisons41:05 – Golds Purchasing Power49:06 – Fiat Implosion & Crypto56:05 – The Role of Silver Guest Links:Twitter: https://twitter.com/MacleodFinanceWebsite: https://goldmoney.com Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocate for sound money thru demystifying finance and economics. His background includes being a stockbroker, banker, and economist. Alasdair Macleod started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm. Subsequently, he held positions at director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director. For most of his 40 years in the finance industry, he has been demystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.

Tom welcomes a new guest to the show, Bill Haynes, the owner and President of CMI Gold & Silver. Bill discussed his early career as a stockbroker in the 70s and what led him to start his bullion business in 1973. He discusses some of the significant events that happened with gold during his career and the results of Nixon closing the gold window. Bill believes that gold could reach 4 or 5 thousand in the next couple of years. He says, “People need to buy gold before it gets too expensive.” He discusses the Fed and treasury and how the bond market works. The massive debt binging under the Trump administration has resulted in seven trillion being added to the national debt. He sees this likely to increase under Biden. Bill’s book “The Last Gold Rush Ever” discusses the idea of a runaway gold market and a final rush into gold before it goes mainstream and becomes an established item in every investor’s portfolio. He discusses “The War on Cash” and how we are entering into banana republic levels of money printing. He says, “We’re overextended, and the military drain on the US economy continues to be massive.” In a crisis, silver would become the money of everyday use while gold would facilitate larger transactions. There is a risk of confiscation, but not in the immediate future. Today, everyone measures wealth in dollars, and there could come a time when wealth is again measured against ounces. He cautions investors not to buy numismatic collectible coins because the premiums are too high, and usually, investors don’t get that premium back when they sell. You want to buy coins that bring you the most metal for dollar outlay. Talking Points From This Episode Bill’s Background & Business His Expectations for Gold “The Last Gold Rush Ever” Silver vs. Gold & Confiscation Risk Time Stamp References:0:00 – Intro1:02 – The Early 70s2:20 – Gold Business Events3:49 – Money Printing & Debt4:42 – Runaway Gold Market7:06 – Last Gold Rush Ever8:51 – Gold Vs. Silver10:16 – Confiscation Risks12:15 – Swapping Gold/Silver14:39 – Investor Activity17:04 – Mainstream Interest17:31 – Numismatic Hype Guest Links:Website: https://www.cmi-gold-silver.com/Twitter: https://twitter.com/CMIgoldsilverAmazon Book: https://tinyurl.com/y56cvuv5 A graduate of the University of Colorado, Bill Haynes has been 50 years in the investment world, with 45 years as a precious metals bullion dealer. He has headed CMI Gold & Silver since 1973. Reading Bill’s blog posts and CMI Gold & Silver’s website, you will quickly learn that he has remained faithful to gold and silver bullion as the best form of protection against currency debasement. Never once promoting high-priced collectible coins that offer much greater profits to dealers but less protection to buyers. Bill’s Myths, Misunderstandings, and Outright Lies, a warning about the dangers of collectible and numismatic coins, has achieved legendary status among gold and silver investors. No first-time investor should write a check for numismatic or collectibles coins without first reading it. With massive inflation by the Fed to finance our welfare state and foreign wars, Bill sees a greater need to own gold and silver now than any time in his 45 years as a bullion dealer. With his blog, Bill hopes to educate still more Americans about the benefits of owning gold and silver.

Tom welcomes a new guest to the show, Steve St. Angelo from the SRSrocco Report. Steve says, “You don’t have an economy unless your burning energy. Today, we take energy for granted.” For thousands of years, gold and silver represented that energy store. Steve discusses his video “The Energy Cliff,” which argues that technology itself is an energy consumer. Since GDP is directly linked to energy, there is an increasingly bad feedback cycle coming. Shale oil over the past decade has been responsible for current economic growth. This expensive and unsustainable oil source has temporarily propped up the world. He discusses how energy returned per barrel has declined massively since the 1930s. Today, the world is consuming four barrels of oil for every new barrel discovered. Debt and low-interest rates are being used to offset this lack of energy availability. He argues that you can’t offset a decline in energy from fossil fuels with wind and solar. Alternative energy requires a lot of energy input to create those panels and turbines. He discusses the limits of nuclear power and why he believes we will see peak gold production in the coming years. The 2008 financial crisis and now the pandemic crisis has made people understand gold and silver. As this energy crisis worsens, more people will want to acquire precious metals. Steve argues that the next bull market in precious metals will not end. He believes the pandemic has provided us with a preview of where real estate and the economy will head. Lastly, Steve discusses why silver will be driven by investment demand and why futures markets only work in a stable economy with stable production levels. Talking Points From This Episode World Takes Energy for Granted Energy Return on Investment Lack of Oil Alternatives Uranium, Gold, Silver & Futures Time Stamp References:0:00 – Intro0:54 – Steve’s Energy Thesis3:41 – Growth & Energy Cliff6:22 – Technology & EROI8:00 – Unsustainable Shale Oil9:42 – EROI Statistics12:09 – Oil Usage & Green Energy17:09 – Uranium & Nuclear19:24 – Peak Gold Production?22:50 – Oil & Metal Price Trends25:20 – Next Gold Bull Won’t End27:20 – Thermodynamic Economy34:30 – Why Silver is Undervalued36:25 – Investment Demand37:22 – Technicals39:51 – Futures Contracts43:00 – Bitcoin & Energy Guest Links:Website: https://srsroccoreport.com/Twitter: https://twitter.com/SRSroccoReportYouTube: https://www.youtube.com/channel/UCED7G7CZfqdSV9zttlr1M_g Independent researcher Steve St. Angelo (SRSrocco) started to invest in precious metals in 2002. Later on, in 2008, he began researching areas of the gold and silver market that, curiously, most of the precious metal analyst community have left unexplored. These areas include how energy and the falling EROI – Energy Returned On Invested – stand to impact the mining industry, precious metals, paper assets, and the overall economy. Steve considers studying the impacts of EROI one of the most important aspects of his energy research. For the past several years, he has written scholarly articles on some of the top precious metals and financial websites. You can find many of Steve’s articles on noteworthy sites, such as GoldSeek-SilverSeek, Market Oracle, Financial Sense, GoldSilver.com, SilverDoctors, TFMetals Report, Outsiderclub, SGTreport, BrotherJohnF, Hartgeld, Der-Klare-Blick, PeakProsperity, SilverStrategies, DollarCollapse, FurtureMoneyTrends, Sharpspixley, FinancialSurvivalNetwork, PMBull, Deviantinvestor, PMBug, Wealthwire, and ZeroHedge.