Palisades Gold Radio is the largest online discussion platform for junior mining globally. Each week, host Collin Kettell interviews top experts in the energy and mining space to discuss macro trends and identify strong investment ideas. With over 1,000,000 views in just three years and videos viewed from over 150 countries around the world, Palisades Gold Radio is the best place for top quality mining content. Guests have included Robert Kiyosaki, Don Coxe, Rick Rule, Eric Sprott, Doug Casey, Frank Holmes, Marc Faber, Jim Rogers, and much more. Visit us at www.palisadesradio.ca
Prof. Steve Hanke: Dollarization – A Necessary Move for Argentina?
Tom welcomes back Steve Hanke Professor of Applied Economics - Johns Hopkins University.
In this discussion, Professor Steve Hanke emphasizes the potential benefits of dollarization for Argentina's economy. He references the country's history of economic instability, multiple currency and banking crises, and high inflation rates. Hanke suggests that dollarization, similar to the strategies implemented in Ecuador and El Salvador, could lead to a significant reduction in inflation and increase access to long-term credit. He also highlights the success of dollarization in countries like Panama and Hong Kong.
Hanke argues that dollarization would align Argentina more closely with the United States, making its currency more secure and convertible. He points out that the stability brought by dollarization would create greater opportunities for the demand of Argentinian goods, particularly in the agricultural sector. He also states that dollarization simplifies borrowing and stabilizes foreign exchange, which benefits the circulation of the US dollar.
However, Hanke acknowledges that a reserve would be needed for small change and suggests that it should be backed at a one-to-one rate with US dollars. He dismisses the idea of using gold or Bitcoin as unnecessary especially with a population already highly reliant on U.S. Dollar Notes.
Hanke also addresses the political challenges of dollarization, mentioning that the concept may face opposition from the political class who would lose the ability to borrow money from a central bank. Additionally, he highlights the disproportionate impact of the inflation tax on lower-income individuals, underscoring the importance of maintaining a strong budget.
Overall, Hanke asserts that dollarization can bring stability, reduce inflation, and create economic opportunities for Argentina. He believes that adopting the US dollar would help mitigate the country's past economic challenges and align it more closely with economically successful nations.
Time Stamp References:0:00 - Introduction0:55 - Argentine Monetary History6:52 - How To Dollarize12:37 - Argentina Reserves14:00 - Gold Backed Peso?16:07 - Gold Reserves17:05 - El Salvador & Bitcoin18:11 - Coinage Provisions?19:02 - Stability Benefits24:00 - Exports & Invoicing25:35 - US Dollar Demand27:00 - Bond Issuances?28:10 - BRICS Question?28:42 - Responsible Politics?29:12 - Citizenry & Budgets30:50 - Wrap Up
Talking Points From This Episode
* Argentina attempted to dollarize the economy numerous times but failed due to lack of votes and unsustainable monetary policies.
* Steve Hankey suggested dollarization as a viable solution which would likely cause inflation to plummet and long-term credit to become accessible.
* A dollarized system would create a 'confidence shock' and benefit those on lower incomes by reducing the impact of the inflation tax.
Guest Links:Twitter: https://twitter.com/steve_hankeWebsite: https://thegoldsentimentreport.comWebsite: https://www.cato.org/people/hanke.htmlWebsite: https://sites.krieger.jhu.edu/iae/about/co-directors/Email: firstname.lastname@example.org
Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore.
Vince Lanci: War is Accelerating Gold, Oil, and Dollar Buying
Tom welcomes Vince Lanci back to the show. Vince discusses how the availability of information about gold and precious metals has increased through decentralized, fragmented legacy media. This has allowed the average person to access and analyze reliable information about the gold industry, unlike in the past where information was kept hidden. He also mentions the disparity between reliable information from platforms like this one and the sensationalism seen in the mainstream media.
Vince shares his opinion on the current gold price movements and his experience in the gold and silver markets. He talks about the influence of large, influential people in China buying gold, and how this has led to a rally in the gold market. He credits his mentor, a retired executive of the Bank of China, for shaping his understanding of the market.
The conversation then shifts to the topic of Middle Eastern wars and their impact on the gold, silver, oil, and US dollar markets. Vince shares his observations of how these markets rally during a Middle Eastern war, and how they react once it becomes clear that there is no immediate threat to oil production. He also discusses his idea of "buy season" and how it typically occurs in January, July, and September.
The discussion then moves to the evolution of the BRICS nations and their efforts to diversify their foreign exchange and internationalize their currencies. Vince talks about China's efforts to internationalize the Yuan and become a global reserve currency. He mentions the challenges China faces in setting up the necessary technology but notes their steady improvement in the supply chain of precious metals.
Vince also touches on the role of the IMF and the BIS in international trade and their changing views on gold. He discusses how the IMF's paper on gold in international trade signaled a shift in the conversation and highlighted the need for the G7 to use gold as a trading tool to stay competitive with the BRICS.
Finally, the conversation touches on micro-level decentralized finance and the insights of Zoltan Pozar, a consultant specializing in big picture banking and decentralized finance. Vince mentions the influence of Pozar's research in the West and China.
Time Stamp References:0:00 - Introduction0:46 - Media & Narratives10:12 - Vince's Avatar12:26 - Shanghai Buying19:26 - GLD/SLV Shenanigans30:10 - Israel Risk & PM Buying36:07 - PM Mkts & Seasonality40:47 - BRICS & Currencies50:17 - IMF & Int'l. Reserves56:20 - Argentina, IMF & Dollar1:02:17 - Zoltan Pozsar & Bonds1:08:42 - Concluding Thoughts1:10:14 - Wrap Up
Talking Points From This Episode
* Vince has provided insights on the relationship between gold, stocks, and the Fed's easing policy, with advice to consider taking profits if long on gold.
* The IMF and the BIS have shifted their position suggesting it may be useful between G7 and BRICS countries.
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
Tavi Costa: Gold is About to Explode Higher Through a Triple Top
Tom Bodrovics welcomes back Tavi Costa of Crescat Capital to discuss the potential for a bull market in precious metals, particularly gold and silver. They believe that the current undervaluation of the metals and mining industry, coupled with various macroeconomic trends, presents an attractive investment opportunity. Tavi highlights the potential for increased M&A activity in the gold mining sector and the importance of finding major discoveries in the juniors. They also discuss the potential impact of ESG policies and green agendas on gold production.
Tavi Costa suggests that silver is worth paying attention to, citing factors such as increased imports from India and declining production from Peru and Mexico. He sees silver as a monetary and inflationary hedge.
They discuss the macroeconomic indicators pointing towards a potential recession, as well as potential opportunities in the commodity space.
Tavi Costa offers insights into the Argentine and Brazilian economies and suggests potential solutions to currency and investment issues in Brazil.
Time Stamp References:0:00 - Introductions0:33 - Bullish Technicals2:45 - Confirmation Levels6:00 - Majors & Mine Reserves9:23 - Miners Diversifying?11:32 - Mining Seasonality13:26 - Capital Rotation16:24 - Setup For Silver Miners18:00 - India Silver Imports19:38 - Fundamentals Vs. Technicals23:00 - Commodities to Equity Ratio28:23 - Commodities & Inflation33:20 - U.S. Bond Issuances38:10 - Inverted Yield Curve41:30 - Recession & Soft Landings43:45 - Politics in Argentina49:08 - Inflationary Eras51:38 - Wrap Up
Talking Points From This Episode
* Tavi discusses the opportunity for investors in the metals and mining industry.
* Macroeconomic developments and market changes indicate a potential recession in the near future, and further inflation appears to remain an issue.
* The cost of capital will be an important question if inflation remains high, and that in five to ten years, the changes in the market will be more obvious.
► Twitter: https://twitter.com/TaviCosta► Twitter: https://twitter.com/Crescat_Capital► Website https://crescat.net► Instagram: https://www.instagram.com/tavicostamacro/
Otavio ("Tavi") Costa is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. He built Crescat's macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors.
His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil.
Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.
Rudy Havenstein: Lessons From The Reichbank’s Raging Beast – The Need For Monetary Restraint
Rudy Havenstein is a senior market commentator and former Reichsbank President who currently runs a Twitter parody account where he documents what's going on in the world of finance and educates people on related topics. He is inspired by the similarity between the issues of his time and the issues of today, such as inflation, and hopes to warn people about the dangers of fiat money.
Havenstein believes that this generation is like a group of grandparents taking the whole family out to dinner and skipping out on the bill. He quotes Thomas Paine, who said, "If there must be trouble, let it be in my day, that my children may have peace," to emphasize the need to address and resolve issues now for the sake of future generations.
Havenstein discusses the difficulty of having civil discussions about polarizing topics, as people tend to become overly emotional and divided over even small issues. He calls for logical and calm discussions and warns against the influence of cable news and clickbait in pushing people to extreme viewpoints.
He criticizes the current administration for picking the wrong people for positions, regardless of party affiliation, and emphasizes the importance of being aware of tribal emotions and discussing issues in a meaningful way.
Havenstein also comments on the role of the media and individual responsibility in understanding and disseminating accurate information. He believes that objective and hard-hitting journalism is necessary to get an accurate picture of what is happening, particularly regarding the activities of the Federal Reserve.
He discusses how quantitative easing (QE) and low interest rates benefit asset owners and the wealthy while leaving the average person vulnerable to price volatility. He expresses concern about the decline of the middle class into poverty and the reckless spending of the government.
Havenstein believes that the Federal Reserve has an abysmal track record as a big bank regulator and blames Congress for not thinking about the long-term consequences of their actions. He also expresses concern about the potential for deflation and the unchecked money printing power of the Federal Reserve.
He touches on the issue of wealth inequality and how quantitative easing has exacerbated this problem. He mentions various experts who have commented on this topic and believes that the government's priority has been to bail out the stock market and benefit the rich.
Havenstein concludes by discussing gold as a potential hedge against instability and the trend of Indians, Russians, and Chinese buying gold to protect against local currency instability. He also discusses his own experiences with investing and offers advice on taking risks and not investing essential funds.
Talking Points From This Episode
* Internet discourse has become very divisive, and it's important to permit disagreement while remaining civil.
* The Federal Reserve should be a target of criticism, but the public is often kept from getting an accurate picture of their activity.
* The American people must acknowledge the problems of the Federal Reserve and hold them accountable in order to reclaim their power and financial freedoms.
Time Stamp References:0:00 - Introduction0:31 - Rudy's Staid Pedigree4:14 - History & Polarization7:45 - Nuance & Verbal Skirmishes8:25 - Online Discourse & Wars12:34 - Janet Yellen's Bubble16:31 - Inflation & Real Costs19:46 - Manipulating the Verbage21:20 - Absurd Financial Angles25:30 - Central Bank 'Purpose'30:50 - Deflation & The Fed34:32 - Leverage & Bond Auctions36:39 - No Fiscal Restraints38:41 ...
Jim Welsh: Debts and Deficts Surge As Fed & Fiscal Policies Fail
Tom welcomes back, Jim Welsh, founder and publisher of Macro Tides. Jim shares his perspectives and charts on the current state of the market. He discusses potential coming economic challenges and is concerned about the markets focus solely on CPI metrics.
Note: For those interested in Jim's offerings he provides a special offer for his subscription in the guest links section below.
One of the major concerns discussed was a significant increase in inflation recently. This prompted the Federal Reserve to respond by increasing the funds rate. However, Welsh cautioned that people should not disregard Fed policy of the 1970s, as they could influence future actions by the Fed.
Welsh believes that the cause of the recent inflation surge is related to consumers entering the post-pandemic period with substantial savings, leading to rising wages over the past few years, which are now manifesting in higher consumer prices. Banks have tightened lending standards, making borrowing costlier for small businesses, while credit lines decline, indicating signs of strain. Although the GDP grew significantly in the third quarter, there are cautionary indications not dis-similar to those preceding the 2008 crisis.
Jim stresses the importance of analyzing multiple factors to evaluate economic activity accurately. He notes that corporate bankruptcies have reached record highs, hinting at hidden issues despite seemingly positive growth. Moreover, it takes time for macro-level changes to impact behavior, leading to questions about the true significance of GDP as an indicator of real economic growth.
Welsh's outlook is that the economy will likely slow down over the next six to nine months. The Federal Reserve aims to handle the situation cautiously, learning from the mistakes of the 1970s. He highlights the potential for financial markets to misjudge or discount the future, creating investment opportunities.
Lastly, Jim discusses why the current U.S. political system is not up to the task and will remain polarized for some time.
Talking Points From This Week's Episode
* Economy may enter a new 'lost decade' as economic growth wanes and market risk a further downturn.
* The Fed's approach may resemble that of the 1970s.
* Increasing political polarization may lead to economic downturn, making it difficult to pass fiscal and monetary policy that is beneficial.
Time Stamp References:0:00 - Introduction0:51 - CPI Numbers & Markets3:43 - Lag Times & Fed Policy9:05 - Rates & Mechanisms13:15 - Growth Vs. Prices14:48 - Past Monetary Policy19:53 - Fed Targets & Rate Cut24:43 - Secular Bull & Bear Mkts29:26 - Bonds/Yield Curve Charts32:10 - Economic Indicator Chart33:12 - Faster Hikes & Lending35:35 - TLT ETF Trend Chart38:32 - 2024 Dollar Decline42:12 - Gold A New Bull Market45:13 - S&P & US Bond Chart47:23 - Tech Stock Outlook49:56 - Secular Bear Market51:05 - Stock Mkt. Valuations53:56 - Fiscal Spending Power56:40 - Fed's Balance Sheet57:57 - Political Polarization1:01:57 - Wrap Up
Guest Links/Jim's PromoWebsite: https://macrotides.com/Twitter: https://twitter.com/JimWelshMacroE-Mail - Offer: email@example.com
Jim's Special Offer: Promo Code "GOLD"Jim says, "I want to offer your viewers a 50% discount off their first month", so those interested can check his work out. This discount applies to monthly subscriptions to the "Weekly Technical Review". This is normally $35.00 so it would be $17.50. The promotion code is: GOLD
Jim Welsh is a student of the financial markets and a seasoned veteran of investing with forty years of po...
Mark Magarian: Bonds Are Presenting an Asymmetric Setup For Gold to Outperform
Tom welcomes back Mark Magarian, Senior Portfolio Manager at Pine Valley Investments. They discuss the yield curve inversion and its historical track record of eventually un-inverting. He expressed optimism for gold and investing in gold-mining companies, citing their current low valuations and potential for significant returns.
He emphasized the importance of timing and finding asymmetric bets in investments, as well as doing thorough research on companies trading at a discount to intrinsic value.
Mark also discussed the caution needed when investing in Greenfield projects and the importance of free cashflow and profitability in investments.
He shared his bullish view on energy, particularly oil and gas, and stressed the importance of cashflow as the ultimate king in investing. Additionally, he advised staying agnostic in investment decisions and not being swayed by biases or hype in certain sectors. Mark recommended finding a competent financial advisor for investment advice.
Time Stamp References:0:00 - Introduction0:43 - Bond Inversion & Markets5:33 - Signals & Un-inversions10:24 - Miners & Opportunity11:40 - Timing & The Markets16:23 - Focus & Approach19:00 - Portfolio Positioning21:05 - Gold & Silver22:47 - Gold Price Vs. Miners26:02 - Finding Good Assets30:17 - Producing Assets & Risks34:48 - Conviction & Methodology37:12 - Energy & Other Sectors42:18 - Bias & Finding Value47:23 - Wrap Up
Talking Points from this Episode
* Research companies to identify investment opportunities with asymmetric upside potential and minimal downside risk.
* He stresses the importance of separating macro views from the actual results while investing.
* Look for assets that can have controlled cash flow, and assess if markets are pricing them correctly.
* Find a competent financial advisor to help with investments, especially when managing large sums of money.
Guest Links:Linkedin: https://www.linkedin.com/in/mark-magarian-96a6b624/Twitter: https://twitter.com/Maggers78
Mark Magarian is Senior Portfolio Manager at Pine Valley Investments LLC. Previously, he was a Vice President and Portfolio Manager for Wells Fargo Advisors. He has been in the business for over twenty years. The first half of his career was spent working with hedge funds, and John Paulson was one of his biggest clients. Career Highlights include working for Deutsche Bank in London as a Vice President and being part of the investment team at Gruss & Co.
Since moving to the United States twelve years ago, he became a portfolio manager and has focused on a hard asset strategy that has, at its core, a focus on precious metals.
He is a value investor at heart, but one with a macro perspective for our position in the market cycle. Specialties include managing a tactical growth portfolio and creating customized solutions.
Great guests- Insightful host
The guests and host are excellent. Learn to earn.
You scored getting him to open up. He speaks with courage and conviction, as do you. Thanks
Best podcast guest you’ve ever had. Bravo!!!!!
There’s no substitute for real wisdom.
I really like this show. A lot. Very insightful.