Tom Bodrovics welcomes a new guest Drew Rathgeber, creator of ProGoldTrader.com and an 18 year trading veteran to the show. Drew began by discussing spot transactions, explaining that the biggest counterparty risk is the company you are dealing with and their policies, as they can change the spread charge at any time. He then discussed spot trading accounts, noting that the biggest risk factor is the lack of regulatory authority and that they are effectively pooled accounts. Similarly, gold ETFs and funds have issues. Noting that the biggest risk is the inability to trade at night and that the market may not move in line with the price of the metal. He then discussed the futures markets, noting that the biggest counterparty risk is the FCM. Drew then discussed the risk of the US government repricing gold, noting that he does not think it will ever happen, but it is a risk to consider. Drew also discussed the advantages of using futures contracts compared to other markets such as crypto. He explained that when using futures contracts, customer funds are held in an escrow account by a Futures Clearing Merchant (FCM). This provides a layer of protection and oversight that is not available in other markets. Drew also touched on the stigma around futures markets, and how they are often seen as being manipulated. He explained that while manipulation does exist, it is important to remember that the goal is profits, and that futures markets were created for hedgers and producers to sell their products at the highest price possible. He also discussed the various sizes of futures contracts, and that it is possible to take delivery of physical metal from these contracts. Finally, Drew discussed his program, ProGoldTrader, and how it aims to help people with their wealth preservation, learn futures trading, and lower their transaction costs. He believes that gold bugs should focus on the spread charge when investing in gold, as it can take a year or two to recover the cost of the spread. He also encourages people to consult their CPA for their individual tax situation. Time Stamp References:0:00 - Introduction0:36 - Background & Lessons4:00 - Understanding Markets10:12 - Regulated Vs. Unregulated12:34 - Case Study & Premiums15:00 - Educating and E-Book16:37 - Average Annual Gold Moves18:42 - Collectors Vs Investors21:33 - Market Types & Risks26:18 - Futures Complexities27:32 - FCM & Segregation30:34 - Manipulation?32:45 - Industry & Futures Uses34:40 - Contract Sizes35:37 - Taking Delivery36:42 - Counterparty Risks38:51 - Gold ETF Funds41:42 - Gov't Gold Repricing43:03 - Ultimate Gold Goals44:10 - Pro Gold Trader46:42 - Wrap Up Talking Points From This Episode Spot transactions carry counterparty risk via companies who can change the spread charge at any time.Futures contracts offer a layer of protection due to funds being held in an escrow account by an FCM.ProGoldTrader is a program to help with wealth preservation and lower transaction costs for investors. Guest Links:Website: https://progoldtrader.comEmail: [email protected] Online: https://progoldtrader.com/open-an-account/ Drew Rathgeber got his start trading spot precious metals at one of the nation's largest bullion dealers in Newport Beach, CA in 2004. Then transitioned to futures in 2006, specializing in precious metals. Now is the owner and president of ProGoldTrader.com, which specializes in trading software and execution designed just for bullion traders. TRADING FUTURES, OPTIONS ON FUTURES, AND FUTURES SPREADS INVOLVE A SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL TRADERS AND/OR INVESTORS. PAST PERFORMANCE, WHETHER ACTUAL OR INDICATED BY SIMULATED HISTORICAL TESTS OF STRATEGIES, IS NOT INDICATIVE OF FUTURE RESULTS. ACCOUNTS CAN AND MAY LOSE MONEY. ONLY GENUINE RISK CAPITAL, MONEY YOU CAN AFFORD TO LOSE, SHOULD BE USED.

Tom welcomes the fascinating new guest Hugh Hendry to the show. Hugh talks about the challenges of setting up a hedge fund today. He paints a picture of the current markets as fiercely volatile, particularly with unusual events occurring that are supposed to happen once in a century. Additionally, debt and debt expansion shows no signs of ending. Hugh reviews the implications of China predominantly using domestic financing and the effects of their surplus in global trades. He harkens back to the gold standard when it acted as successful high powered currency on an international level before the US Federal Reserve’s involvement. The US now embraces debt to an unprecedented degree that is leading much of the world to a type of serfdom. Should a conflict occur between Taiwan and China, markets would suffer a massive increase in volatility with a likely negative outcome. Meanwhile in China, their GDP metrics have failed, and the world’s economies are all in a state of decline. An example of this is the drop in financial sector stocks along with people fleeing banks to get to the 5% offered by the Fed. Hugh’s view is that the 1934 Federal Reserve Act was made to mend the banking system, however, with current price deflation and reduced capital investment, it has been ineffective. Market stabilizers, such as short selling, also aren’t able to prove as useful as before and capital controls remain a risk. He highlights the Marxist ideology that has resurfaced recently, as younger generations are no long seeing the promised level of success available to their parents. Hugh states we are in the “Fourth Depression”, and he breaks down how each of the previous three was resolved. Considering reasonable trades in relation to this environment, Hugh suggests considering Bitcoin as one of the few assets currently undervalued. Time Stamp References:0:00 - Introduction0:57 - Hedge Fund Start5:57 - Bubbles & Trends10:32 - Debt Expansion & China16:07 - China's Labor Force22:32 - Taiwan & Conflict Risk28:30 - Fed Aggressiveness36:00 - Capital Flight Controls?40:55 - Feds Usefulness?48:40 - Foreign Capital & Equities55:08 - Wealth Protection?1:06:18 - Trades, Nvidia & Bitcoin1:10:33 - Thoughts on Gold1:15:48 - Wrap Up Talking Points From This Episode We are in an unprecedented period of volatility and debt expansion, with growing potential for conflict.There has been a lack of counter moves to the overvaluation, as well as financial repression resulting from negative real rates and the possibility of a fourth depression.Bitcoin could be one of the few assets currently undervalued and he explains his views on gold. Guest Links:Twitter: https://twitter.com/@hendry_hughYouTube: https://www.youtube.com/@HughHendryOfficialWebsite: https://hughhendry.com/Acid Capitalist Podcast: https://open.spotify.com/show/5zj3Ox1qRD9GSynCKJIODS Hugh Hendry was born in 1969 in Glasgow, Scotland, and graduated from Strathclyde University with a degree in Business Administration and Economics and Finance in 1990. His career began at Edinburgh asset management company Baillie Gifford, followed by Credit Suisse and Odey Asset Management. In 2005, he founded Eclectica Asset Management. Hendry is renowned for his risk-taking and thought-leadership in global capital markets. His prescience in forecasting the Great Financial Crisis of 2008 earned him a reputation as a prophetic iconoclast. He has achieved success on social media, including a successful podcast, viral posts, and appearances on Bloomberg, the Economist, and Institutional Investor. Hendry now resides in St. Barts, where he is a leading investor in luxury real estate. He achieved a 31.2% positive return in 2008 and was featured on Financial News's list of the 100 most remarkable people in European capital markets. Often giving interviews, participating in TV programs and conferences, and known for his contrarian views, Hugh Hendry is an influential figure in today's market ma...

Tom welcomes Rafi Farber back to the show to discuss the consequences of the debt ceiling debate. Rafi is an investor, author, and proponent of the Austrian Business Cycle. Farber discussed the possibility of flooding the market with $1 trillion worth of T-bills if a deal is passed, and the potential effects of this. He noted that similar factors were in play during the repocalypse of 2019, such as tax day and quantitative tightening, and that this current situation is worse. Farber discussed the complexity of the current banking crisis, which is the fifth largest monthly loss for the big banks in deposits ever. He believes that this is due to a combination of deposits going into money market funds, and small scale debt defaults. He also discussed the IMF's worries about the banking crisis becoming worse, and how the main difference between the 2008 banking crisis and the current one is that the Federal Reserve now owns mortgage backed securities. When asked where he saw inflation heading, Farber explained that the paradox of monetary and non-monetary forces on prices is that lower interest rates will initially drive prices down, but eventually the higher money supply will catch up and cancel out any productivity gains in the supply. This will lead to an exponential growth of money supply that will eventually be unsustainable, leading to the collapse of the banking system. Farber also discussed the weakening of global currencies, using the British pound as an example. He argued that the UK government's decision to directly finance the government deficit and hand out 70% of paychecks to citizens was "hog wild" and is now leading to a hyperinflationary spiral with food prices at 20%. He then discussed the 10-year bond being at crisis levels, as the Bank of England now owns the bonds instead of retirement funds. Farber concluded by discussing the importance of paying attention to the current state of the U.S. dollar and other currencies, and the implications this has for the future of the global economy. He argued that the only way to move beyond the skeletal remains of the Bretton Woods system is to trade in gold, but that governments don't want to do this because it's honest and they benefit from stealing. He encouraged people to stay grounded in logic and not overextend themselves, reassuring them that if they do, they will make it to the end of this game. Time Stamp References:0:00 - Introduction0:40 - Ceiling Consequences5:18 - Liquidity Issues8:06 - REPOcalypse Thoughts10:23 - Feds Balance Sheet11:53 - Banking Deposits?16:13 - Mortgage Securities19:12 - Inflation Cycles22:12 - British Pound25:49 - Inflation & Metrics28:20 - The Gold Benchmark33:40 - BRICS & The Dollar37:04 - Metal Delivery Months39:50 - Gold/Silver Ratio42:24 - Communication Speed43:54 - Wrap Up Talking Points From This Episode Defaults and deposit problems in the current banking crisis.Concerns with the Fed now owning mortgage backed securities.Governments don't want to trade in gold because it's honest and they benefit from stealing, so it's important to stay grounded in logic and not overextend oneself. Guest LinksTwitter: https://twitter.com/RafiFarberYouTube: https://www.youtube.com/@endgameinvestorArticles: https://seekingalpha.com/author/austrolib#regular_articlesNewsletter: https://seekingalpha.com/checkout?service_id=mp_1347 Rafi Farber invests based on the Austrian Business Cycle Theory and covers economic trends for timing the credit cycle. His marketplace service, The Libertarian Investor, helps subscribers manage the risks and profit from the ongoing fiscal and monetary crisis precipitated by the COVID-19 pandemic. His approach uses gold, silver, and associated stocks and investment vehicles as a low-risk, high-return methodology.

Tom welcomes back Justin Huhn to discuss the uranium markets and his recent webinar. Justin believes that the current low price of uranium is indicative of another inflection point in the uranium industry. This is due to the positive news in June 2021, when Sprott's takeover of Uranium Participation resulted in a surge of interest from investors which led to equities doubling and tripling over the course of the following 3 months. This is leading to the establishment of several new physical funds, providing investors the opportunity to buy uranium at a discount to its Net Asset Value (NAV). The West is facing self-imposed Russian sanctions, making the transportation of uranium more complicated, and resulting in more uranium heading east, while Kazakhstan has formed contracts with both China and Russia for joint ventures. China is looking to rapidly increase its stockpile of uranium, and the G7 nations have recognized this and are working towards excluding Russian influence in the nuclear energy market. This could lead to a structural deficit of 180 million pounds a year in 2023 and uranium funds such as Sprott taking physical pounds off the spot market which could influence the market further. At the same time, public opinion towards nuclear energy is shifting to be more positive and supportive in the West and United States. The anti-nuclear movement of the 70s was driven by significant financial support from fossil fuel lobbyists, however Germany's attempt to expand renewables and shut down reactors has resulted in higher energy costs and one of the dirtiest grids in Europe. In Japan, public opinion is in strong support of nuclear power, while in the US there is also support. Occidental Petroleum’s CEO has spoken positively about the potential collaboration between fossil fuels and nuclear, pointing out that the fossil fuels are a limited resource so the companies will need to expand. Time Stamp References:0:00 - Introduction1:20 - Miners & Input Costs8:25 - Sprott & New Funds12:56 - Term Market & 200520:09 - Russia & Contracts25:44 - China Reactor Demand28:22 - Geopolitical Changes34:23 - Supply Shortages?38:27 - Nuclear Sentiment Shift48:23 - Wrap Up Talking Points From This Episode The inflection point in the uranium industry has seen multiple physical funds, financial entities and funds competing for physical uranium, potentially suggesting a repeat of the 2005-07 bull market.West-East separation is increasing as Western utilities no longer contract with Russia due to sanctions, and East countries such as China are increasing their demand for uranium.Public opinion on nuclear energy is shifting more positively, seen in Germany, Japan and the US. Guest Links:Website: https://www.uraniuminsider.com/Newsletter: https://www.uraniuminsider.com/newsletterTwitter: https://twitter.com/UraniumInsiderNuclear Now - Oliver Stone: https://www.imdb.com/title/tt21376908/ 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 Gold Radio, Mining Stock Education, and Mining Stock Daily. He also regularly participates in the post-earnings commentary that is 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,

Tom welcomes back David Kranzler of Investment Research Dynamics to the show. David discusses how companies often reframe their results to be more "socially acceptable". During the tech bubble the game of earnings management evolved; analyst's influence drove the consensus estimates down and then, when the company beat the estimates, it painted a manipulated picture of their financial standing. David explains the effect that higher rates have on the housing sector; many households are already overstretched and not prepared to pay for house payments when interest rates increase. We are beginning to return to the liar loan phase which helped cause the 2008 housing crisis with Mortgage-Backed Securities. Similarly, auto loans are also being bundled with both prime quality and riskier loans being sold to investors. The financial system is dependent on continued growth of the money supply, which drives it. However, if the increase is pulled back too quickly, the entire system can collapse, which will eventually happen. Lastly, David urges people to ignore mainstream media and do their own research. Time Stamp References:0:00 - Introduction0:40 - Reframing Results10:31 - Rates & Housing Impacts18:45 - Lending Shenanigans24:49 - Banking Crises & Rates29:44 - Inflation Themes & M244:50 - Gold & Monetary Systems49:22 - Confidence in Miners?56:33 - Mining Risk & Returns57:45 - Gold & Rising Tides1:00:00 - Putting a Pin In It Talking Points From This Episode Factors driving the debt cycle globally.Why we're in a dangerous period with housing and auto loans .Risks around earnings and company financials statements. Guest Links:Twitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.