Palisades Gold Radio Collin Kettell

Tom Bodrovics welcomes Tony Anscombe, ESET Chief Security Evangelist, to discuss cybersecurity in the mining sector. With over three decades in IT and cybersecurity, Anscombe stresses that security fundamentals remain crucial despite technological advancements. He highlights vulnerabilities from remote locations, outdated technology, third parties, and activists/nation states. Mining companies face significant risks, including potential for fatalities and financial losses.







A comprehensive cybersecurity framework is necessary, along with advanced technologies like EDR systems. The financial cost of cyber attacks can reach $14 trillion by 2027, affecting industries, including mining. Companies must prioritize cybersecurity and involve third parties to adhere to security policies. Anscombe also touches on the ethical implications and potential international collaboration in AI development.







Time Stamp References:0:00 - Introduction0:30 - Tony's Background2:03 - Industrial Security6:47 - Potential Risks10:37 - Attack Vectors12:32 - 3rd Party Liability14:30 - AI & Cyber Security17:30 - Practical Solutions19:50 - Capable People20:58 - Global Impacts & Costs24:16 - Reporting & Regulations27:02 - Technical Glitches?30:04 - AI Risks & Benefits33:57 - Restricting AI?36:19 - Wrap Up







Talking Points From This Episode









* Mining companies face significant cybersecurity risks due to remote locations, outdated technology, third parties, and activists/nation states.







* A comprehensive cybersecurity framework and advanced technologies like EDR systems are necessary to mitigate mining sector risks.







* The financial cost of cyber attacks can exceed $14 trillion by 2027, emphasizing the importance of prioritizing cybersecurity for all industries.









Guest Linkshttps://www.welivesecurity.com/en/https://twitter.com/TonyAtESET







Tony Anscombe is Chief Security Evangelist for ESET. With over 20 years of security industry experience, Anscombe is an established author, blogger and speaker on the current threat landscape, security technologies and products, data protection, privacy and trust, and Internet safety. His speaking portfolio includes industry conferences RSA, Black Hat, VB, CTIA, MEF, Gartner Risk and Security Summit and the Child Internet Safety Summit (CIS). He is regularly quoted in cybersecurity, technology and business media, including BBC, Dark Reading, the Guardian, the New York Times and USA Today, with broadcast appearances on Bloomberg, BBC, CTV, KRON and CBS. Anscombe is a current board member of the NCSA and FOSI. Tony is based in the USA and represents ESET globally.

Tom Bodrovics welcomes back mining executive and metals analyst David Jensen. Together they revisit concerns around the London gold market's dominance, estimated to account for 91-92% of the global gold trade. This is thanks to the Bank of England's 'regulatory oversight' since 1986, permitting unallocated gold contracts instead of physical bars. The market trades $500 billion of gold daily and and 2.9 billion ounces of silver. However, only around 3.5% of London's vaulted gold is actual physical. They contrast the LBMA with the Shanghai gold market and point out the key differences.







David argues that the London market functions as a price-setting mechanism rather than one of price discovery. They discuss Gibson's paradox, where interest rates follow price levels rather than inflation rate. Central banks benefit from this control scheme due to their control over monetary policy and debt levels using gold and silver as loose policy indicators.







David delves deeper into the London Bullion Market Association (LBMA), which regulates through a voluntary code of conduct called NIPPS which is under Bank of England oversight. The metals market are dominated in London, with around 90% global cash trading occurring there.







David raises concerns over the transparency and authenticity of silver holdings in Exchange-Traded Funds (ETFs), questioning claims against metal, sub-custodians, potential rehypothecation or selling. The actual amount of silver held and its implications for interest rates and the economy if pricing proves fictitious are discussed.







Time Stamp References:0:00 - Introduction1:12 - Size of London Market7:07 - Paper Claims on Metals8:45 - Silver a Virtual Asset?9:50 - Opaque Market & Claims14:44 - Fractional Reserve Metals?15:57 - LBMA 'Code of Conduct'20:54 - Who Watches the Watchers22:09 - Settlement Definition24:29 - London Vs. New York25:35 - Futures & Cash Markets30:20 - ETFs & Bullion Banks33:08 - Honesty & Transparency?38:13 - Criticality Theory41:10 - Scales & Incentives42:18 - Wrap Up















Talking Points From This Episode









* London gold market dominates, allowing unallocated contracts. Central banks benefit from opacity, influencing monetary policy.







* Questions about physical holdings vs. claims in London's vaults impacting interest rates and the economy.







* Transparency concerns regarding ETF silver holdings, potential rehypothecation or selling of metal claims.









Guest Links:Substack: https://JensenDavid.substack.com/Gab: https://gab.com/DavidJensenReddit: https://www.reddit.com/user/j_stars/Jeff Currie Video: https://www.youtube.com/watch?v=ESxpDsUmQRE







David Jensen, P.Eng., LL.B., MBA, is a Professional Engineer with a degree in Engineering from the University of Waterloo in Canada. He worked through 1993 on the F-5 Fighter Overhaul program and the Bombardier Regional Jet programs. Mr. Jensen then graduated with an LL.B. degree in corporate and commercial law from the University of Calgary and an MBA from Univ. of B.C., majoring in Logistics and Supply Chain Management.







Returning first to aviation, then, after reading Austrian School Economics, Mr. Jensen transitioned to the mining industry in 2004. First through his mining industry consultancy, then as Vice President of Corporate Development for Western Copper Corp., and most recently as President and COO of Skyline Gold.







Mr. Jensen currently serves as President and COO of a private min...

Tom Bodrovics welcomes back John Lee, a seasoned CFA with two decades in the mining industry, to discuss economic trends and his predictions since their last conversation in September 2022. Reflecting on past discussions, they touch upon various topics including the irrationality of silver markets, U.S. dollar's rise, and the surprising impact of geopolitics on commodities like oil.







John shares his perspective on current economic issues such as persistent inflation, rising interest rates, and an inverted yield curve. He admits some errors in earlier predictions but maintains a thoughtful analysis of macroeconomic trends. John believes that large financial institutions and tech companies have significant influence on markets and are not swayed by interest rate hikes in the same way as ordinary investors.







John discusses the role of the Federal Reserve and the potential motivations behind its actions, questioning whether its primary goal is to control inflation or facilitate asset accumulation for the powerful elite. He also delves into the impact of demographics on commodities and the economy. Despite less consumer demand due to underreported population numbers in some countries like China, John remains bullish on investment demand for metals like gold.







John shares his concerns about the upcoming election and its potential market impact, believing that central banks and cartels have more control over market movements than politicians. He also advises preparing for an exit strategy with diversified assets in various currencies, metals, and geographic regions. John encourages listeners to explore his work on Twitter under the username 'John Lee Silver Elephant' for insights on gold, silver, and interest rates. Currently, he recommends waiting for further dollar weakness before making significant purchases of these metals.







Time Stamp References:0:00 - Introductions0:40 - Changes & Surprises6:02 - Rate Hikes & No Crash?12:12 - Thoughts on the Fed15:53 - Yield Curve Inversion20:52 - The Dollar & Cent. Banks23:45 - Demographics & Commodities29:16 - China & Economic Reporting33:26 - Silver/Gold Ratio & Uses38:10 - Golds Role & Public47:27 - Election Uncertainties50:42 - Conflict Risks & Fragility58:46 - Diversification & Plan B1:05:38 - Wrap Up







Talking Points From This Episode









* Central banks and large entities manipulate markets, minimizing impact of interest rate hikes on ordinary investors.







* How demographics and geopolitical factors can influence commodity demand and prices.







* Why gold remains a valuable long-term investment due to increasing central bank concerns and potential digital currency adoption.









Guest Links:Twitter: https://twitter.com/johnlee25893955Website: https://www.silverelef.com/LinkedIn: https://www.linkedin.com/in/john-lee-baa93422/







John Lee, CFA, is CEO and President of Silver Elephant Mining. Mr. Lee specializes in mining M&A and has raised over $150 million through the TSX and TSX Venture Exchange for junior companies since 2009. Lee identified, negotiated and financed Lynn Lake nickel acquisition in 2009, Ulaan Ovoo coal in 2010, Wellgreen nickel-pgm in 2011, Shakespeare nickel-pgm in 2012, Pulacayo silver in 2015, Gibellini vanadium in 2017, Bisoni vanadium in 2020, and Minago nickel-pgm in 2021. Mr. Lee is a CFA charterholder and graduated from Rice University with bachelor’s degrees in Economics and in Engineering (honor).

In this engaging interview, Tom Bodrovics once again engages in a thoughtful conversation with the legendary Rick Rule. Throughout their discussion, Rick underscores the significance of patience, persistence, and the power of people when it comes to thriving in equities. He also champions Warren Buffett's concept of compounding as a vital principle for long-term prosperity.







Rick shares his belief that individuals should prioritize self-reliance over reliance on the political system. He cautions against jumping to hasty conclusions based on market narratives. In terms of economic forecasts, Rick expresses concerns about imminent recessions in both the US and globally, advocating that individuals maintain liquidity and top-tier portfolios to navigate market dips.







Rick further discusses Warren Buffett's investment philosophies, emphasizing the importance of concentrating on industries in which one is knowledgeable.







Rick believes that gold could outperform various other asset classes due to its present insignificant market presence, coupled with Europe potentially distancing itself from the US. He posits that while the US dollar will continue as a reserve currency, it may face challenges from the developing multi-polar world.







Rick believes government will generally choose various covert methods of confiscating wealth from the population instead of direct overt action. Methods like inflating the money supply and taxation are far more likely than direct metals confiscation.







Rick also voices concerns regarding the banking system's stability given unrealized losses totaling $517 billion and looming debt maturities. He raises issues of insolvency for lenders due to a disparity between long-term assets and overnight liabilities, as well as commercial real estate portfolios. Rick encourages having some bullion as non-correlated cash offering options during tumultuous markets.







Lastly, Rick shares his insights on the Canadian and US banking systems, appreciating Canada's banks for higher profitability for shareholders but less favorable conditions for borrowers due to minimal competition. The US market, however, offers a broader selection of financial institutions catering to various clientele as both lenders and borrowers. Rick also highlights his efforts in establishing Battle Bank and the necessity of earning interest on savings.







Time Stamp References:0:00 - Introduction0:37 - Lessons Learned7:54 - Elections & Investors10:18 - Education & Blaming Society12:24 - Recession Probabilities15:23 - New Paradigms & Understanding22:16 - The World & Gold23:50 - Multi-Polar Outlook26:36 - Covert or Overt Confiscation29:14 - State of the Uranium Cycle32:45 - FDIC & Lender Insolvency35:25 - Commercial Real Estate37:49 - What You Want in a Bank?39:25 - Savings, CPI, & Hedonics41:46 - U.S. Vs. Canadian Banks44:00 - Return Free Risk47:24 - Living Standards & Needs50:34 - Developed Demographics52:26 - Wrap Up







Talking Points From This Episode









* Rick Rule emphasizes patience, persistence, self-reliance, and knowledge for success in equities, with a focus on Warren Buffett's compounding principle for long-term prosperity. He also expresses concerns about imminent recessions and advocates maintaining liquidity and top-tier portfolios.







* Rule believes in the potential of gold as an asset class due to its insignificant market presence and Europe distancing from the US, while warning about government covert methods of wealth confiscation and instability in the banking system. He encourages having some bullion during market dips.







* Rick values Canada's banks for higher profitability but less favorable conditions for borrowers...

Tom Bodrovics welcomes back Bob Elliott, Co-Founder, CEO, and CIO of Unlimited Funds, who shares his insights on how to evaluate skills from luck in investment outcomes. The discussion also touched upon the current state of inflation in developed countries like Europe, the UK, and the US. Despite recent supply shocks causing higher price growth, wages have matched or surpassed it, resulting in elevated rates exceeding central bank targets.







Elliott also addressed the concerns of central bankers regarding debt and income dynamics, mentioning the risks of negative reinforcing cycles and comparing credit-driven economic expansions to sustainable income-driven ones. The speakers discussed the relationship between government deficits and economic growth, debating whether high levels lead to significant stimulus or a large debt burden.







Regarding labor markets, Bob addressed the rising costs of inflation and the impact on reshoring production in the US. The speakers touched upon de-globalization, parallel supply chains, and shipping costs as causes for price increases and disruptions. The Fed's current monetary policy stance was discussed, with potential future actions debated due to low unemployment and while inflation is still above target.







Bob questioned the significance of specific labor market numbers and he also touched upon why the US economy avoided a recession despite predictions. In this income-driven environment, Bob discussed the shift from growth to value stocks and the impact on investable assets in sectors with earnings and market consolidation. The supercycle in resource markets was also discussed highlighting investment lags behind demand and potential higher commodity prices contributing to inflation.







Timestamp References:0:00 - Introduction0:47 - Investing Luck Vs. Skill4:18 - Understanding Biases6:54 - Evaluating Advisors10:05 - High Inflation & Rate Cuts13:06 - Why a 2% CPI Target16:56 - Time Preference & Demand20:12 - Types of Economic Expansion27:39 - Deficits & Growth30:32 - Inflation Forces33:52 - Goods Deflation & Supply37:30 - Reshoring & Labor Costs40:16 - Shipping & Disruptions43:24 - Container Ship Costs45:35 - Fed & Rate Cutting?48:02 - Labor Data & Noise50:05 - Global Bond Markets53:23 - U.S. Resilience?55:40 - Value Vs. Growth59:00 - Sectors & Resource Cycles1:03:52 - Wrap Up







Talking Points from This Episode









* Bob Elliott emphasizes the role of both skills and luck in investment outcomes, suggesting investors focus on evaluating individuals' ability to make informed decisions rather than solely relying on past successes.







* Central banks are grappling with rising inflation rates exceeding targets due to wage growth matching or surpassing price increases in developed countries like Europe, the UK, and the US.







* Elliott discusses the shift from growth to value stocks amid an income-driven economic environment, highlighting the importance of investing in sectors with earnings and market consolidation.









Guest Links:Website: https://www.unlimitedfunds.comTwitter: https://twitter.com/BobEUnlimited







Bob Elliott is the Co-Founder, CEO, and CIO of Unlimited, which uses machine learning to create index replication ETFs of 2&20 style alternative investments like hedge funds, venture capital and private equity.







Prior to founding Unlimited, Bob was a Senior Investment Executive at Bridgewater Associates where he served on the Investment Committee (G7) and created investment strategies across equities, fixed income, credit, exchange rates, and commodities,

In Part Two with Michael Oliver and Vince Lanci we discuss the growing political and economic uncertainties revolving around the upcoming 2024 election.







Michael highlights the potential chaos and unrest during the election. He suggests that if the stock market broke before the election, the Democratic Party might consider replacing Biden due to their emphasis on market performance. Tom mentions a poll indicating deep-rooted political divisions, with each party believing a win by the opposite would cause lasting harm to the country. This instability, Michael believes, is not being factored into markets and could lead to major shifts for global investors.







The duo expressed concerns about the upcoming election's impact on markets and society, emphasizing that elections usually bring uncertainty but, due to deep-rooted political divisions in the US, there is a higher risk of prolonged uncertainty. This could result in increased stock market volatility and even a contested election outcome. They mentioned historical examples like the 2008 election, secession attempts, and the role of gold during such times.







They also touch upon potential implications for gold markets if the U.S. election was contested. They emphasize buying dips instead of selling rallies for gold and silver as alternatives to a volatile stock market. They see gold as a competitive alternative when the stock market experiences volatility.







Furthermore, the conversation explored potential crises or geopolitical events that could lead to the suspension of the upcoming election, including manufactured ones. The speakers also touched upon the role of gold as a metric of economic stability and its potential impact on the election. Additionally, they reflected on the changing political landscape, the influence of various parties and foreign conflicts on the election outcome, and the potential consequences for free speech, civil unrest, inflation, monetary policy, and individual freedoms.







Time Stamp References:00:00 - Introduction00:51 - Fed & Panic Mode08:40 - 2024 Election Chaos?13:26 - Argentina & Milei19:33 - Seceding Successfully?24:41 - Fed Going Away?26:04 - Censorship & Free Speech29:10 - Suspension of Elections?31:18 - Geopolitical Black Swans37:03 - The Uni-Party & RFK39:56 - Metals & Signposts40:33 - Volatility & Buy The Dips42:17 - Wrap Up







Talking Points From This Episode









* The upcoming 2024 U.S. election is causing significant political and economic uncertainty which the markets have not priced in.







* Deep-rooted political divisions indicate a higher risk of prolonged uncertainty, increasing stock market volatility and potential for a market correction







* Gold could serve as an alternative investment during such volatile stock markets and potential black swan like events.









Vince Lanci - Guest LinksSpecial Discount: https://vblgoldfix.substack.com/TomPalisadesWebsite: https://vblgoldfix.substack.com/Twitter: https://twitter.com/SorenthekZeroHedge: https://tinyurl.com/3x72ndfcLinkedIn: https://www.linkedin.com/in/vincentlanci/Boobs & Bullion: https://twitter.com/boobsbullion







Vincent Lanci is the Owner and Founder of Echobay Partners LLC. and is a regular contributor on ZeroHedge.







In 2018 Vince was honored to be a part of Market Wizard Larry Benedict's Opportunistic Trader project as precious metals and Opt...