A2A with David Morgan

Loading the player ...

Download Podcast (Right Click + 'Save As')

Wow! This was a great webinar! Without question, David Morgan is one of the most knowledgeable and experienced voices in the metals blogosphere.

Over the course of this 45-minute discussion, David discusses:

  • Current global silver demand trends
  • His philosophies for buying and holding mining equities
  • QE and market manipulation
  • CME/Comex rules that seek to prevent a collapse of the exchange
  • And much, much more

Wait are you waiting for? Dig in and enjoy!

TF


28 Comments

Sloppy Goatpants's picture

First.  Now onto that

First.  Now onto that beautifully raspy smoker voice!!

Igiveup2's picture

Typical

Metals down, it must be a week day.

SilverTree's picture

ThrRD

ThrRD

Mr. Fix's picture

4th.... Gold And The Four Words

Guest Post: Gold And The Four Words That Define Western Economic Policy

Despite nearly $17 trillion reasons, there are investors stupid enough to believe that debt issued by the world’s largest debtor country (i.e. US Treasuries) should be treated as a risk-free asset. This is even more astounding given that the possibility of formal default is only a matter of days away. Treasury bond defenders will no doubt point out that in a fiat currency world where the central bank has the freedom to print ex nihilo money to its heart’s content, the very idea of default is absurd. But that is to confuse nominal returns with real ones. The piper must, at some point, be paid. And someone must pay him. As to whom? This is the foundation of western economic policy, distilled into just four words: the unborn cannot vote. The debt mountain cannot and will not resolve itself. And this, again, is why we own gold; because we think there is a non-trivial chance of a gigantic financial system reset.

silverflower's picture

It's absolutely amazing

how the have their thumb on the metals right now. Controlling the metal market 24h the day/7days the week.

I have the feeling that something big needs to happen in order for the metals to creep higher. Theses bastards are in full control of the price.

Keg's picture

Morgan gives some excellent advice

Study, have your own plan based on your situation, food first.

I've listened to many of his interviews and never heard him discuss the personal/social aspects as he ended with today.  His thoughts on those issues I concur with completely.  I have always thought he sounded just a little pompous and wondered if that was the way he was or just the way he sounded to me.  Now I know it is the later.    

¤'s picture

PIM(p)CO's Gross Talks Up UST's

Pimco’s Bill Gross to Fidelity: ‘We’ll buy those bonds’

October 10, 2013, 4:47 AM
 

On the heels of news that Fidelity has cut out its exposure to short-term Treasury bills due around the time the U.S. could breach its debt ceiling, Pimco’s bond guru Bill Gross told CNBC this:

“We’re doing exactly the opposite actually… probably buying what Fidelity is selling,” Gross, manager of the world’s largest bond fund, said in an interview after the market closed on Wednesday.

However, Gross says both companies are probably doing the right thing:

“I appreciate the problem that they have with their money market funds… If, for instance, there’s a technical default of a day or even a couple of hours, then a money-market fund possibly has to mark down that debt to zero, and it breaks the buck. So… a Fidelity money-market fund might want to avoid that situation. Pimco doesn’t have that problem.

“Our asset values go up and down every day, and breaking the buck — hopefully on the upside as opposed to the downside — is really our situation. So when we see a Treasury bill of a 30-day nature or a 15-day nature at a yield of 35 or 40 basis points instead of 3 basis points, which is where it was a few days ago, then we become a buyer — certainly not a seller.”

“Breaking the buck“ occurs when the net asset value of a money-market fund drops below $1, and can happen when a money-market fund’s investment income doesn’t cover operating expenses or investment losses.

Treasury bills are an integral part of money-market funds, and the yield on 1-month Treasury bills 1_MONTH  has been spiking higher on mounting fears that lawmakers will not be able to reach a deal on raising the nation’s debt ceiling by the deadline of October 17.

Gross told CNBC that chances are 1 in a million that the U.S. will default on its debt, though that doesn’t mean markets aren’t going to fret about it. Stock futures were pointing to a strong open for Wall Street on Thursday, amid some glimmers of hope linked to a meeting between President Obama and a core group of Republicans later in the day.

Investors pulled $5.4 billion out of Pimco’s flagship Total Return Fund in September, making for the fifth-straight month of outflows for the fund. Bond funds like these have been suffering as yields have risen on expectations the Fed will be shifting its monetary policy. Some are now saying that Janet Yellen’s likely replacement of Ben Bernanke as chair of the Fed means the central bank’s easy-money policy will stay in place.

Gross told CNBC that Yellen’s nomination means the Fed probably won’t end its quantitative-easing policy within the next year, and that outside of the “money-market problem, we think it’s no problem whatsoever.”

– Barbara Kollmeyer

Turdle GG's picture

Thanks David and Turd

The last few minutes, in particular, were excellent

Joe72's picture

Not a big fan of David Morgan

I think he is pompous.  He use to close his newsletters with "It's an honor to be David Morgan"........Biggest ego in the room and most of his stock picks are garbage.  He probably does know more about silver than most....but I much prefer Turdville.   I am sure his intentions are good but.......just not into people like him.

When I got the invite to the webinar I didn't even bother cause they're all the same.  I will give the last few minutes a listen due to a few of the comments here but I'm all set with DM.

benque's picture

Jeeperz-creeperz turdpond!!

That methinks is ginormous news.  This wasn't just that old "advisor" to the PBOC, this was the central bank governor hisself...and on mainstream news media it is mentioned, to boot!

Oh!  Looking at the gold price, I guess this isn't really of any importance.  Move along, nothing to see here.

turdpond's picture

benque

Ya, me too and of course the idea was quickly dismissed by the US and Europe. 

I found this portion interesting:

"Zhou also called for changing how SDRs are valued. Currently, they are based on the value of four currencies — the dollar, euro, yen and British pound. "The basket of currencies forming the basis for SDR valuation should be expanded to include currencies of all major economies," he wrote."

¤'s picture

turdpond

Great article.

I believe it might be an older and dated article (there's no article dateline) because it reference's Bernanke and Geithners reaction.

Geithner's been gone for at least 6 months at this point. The article is a window into what China is thinking about the USD and the SDR.

benque's picture

Drat!

I had looked quickly for a date on the China news article, but didn't (obviously...LOL) see it.  I thought I would have remembered a statement like this as well, from 2009...but don't.

Oh well, now to untwist my knickers, and then its back to the old grind.

Thanks anyway, turdpond, it was fun while it lasted.  Having said that, I think the importance is still VERY high, and shows clear intent, as Chinese officials don't say just any old thing for the cameras, like their Western counterparts.

Only the timeline remains to be disclosed.

turdpond's picture

OK my fault,

picked it up on another news feed I follow and got a bit excited.

silverwhere's picture

RE: turdpond

Here's a post I started working on (posted below since most of it applies regardless of date) >>> stopped typing when eagle eye DPH noticed the date was missing on that article - from jsmineset?

Anyway, here's my post:

"Proper representation and a bigger voice for the developing countries are the need of the hour. For instance, being the world's third-largest economy and the largest foreign reserves holder, China should get its due place in the monetary body."

.

Thanks for posting this turdpond. This is HUGE.

What is being foreshadowed here is SDR2.0. This will most definitely include the BRICS currencies; the yuan included.

AND SDR2.O WILL include GOLD & maybe silver too.

So, how would they go about setting the weightings? Simple – based on credit scores. Like your personal FICO score but on a country scale.

I’m thinking the USA has a Fair Isaac Corporation - FICO score in the 300s.

http://www.nerdwallet.com/blog/2011/whats-a-good-credit-score-range-an-explanation-of-your-fico-score/

This means that the surplus countries like the BRICS & other financially sound G20 countries would get high scores, hence high SDR2.0 weightings. Of course GOLD holdings would be part of each and every equation!

You have to suspect that this was discussed in St Petersburg.

http://www.g20.org/news/20130916/783286937.html

.

SS121's picture

Oct 10th as seen from the "it's all a hoax" perspective

First, good to hear the great David Morgan Podcast, thanks TF.  And your cold sounds better.  Especially liked his points on personal character and enjoying life as being more of a reality after these "markets" are gone.

Having said that, below is how today's fake silver and gold index charts looked from my perspective.  IMO

first the fake gold price index-  Here's the close from Kitco.com

GOLD

10/10/2013

17:15

1286.40

1287.40

-20.60

-1.58%

Low

1280.90

High

1312.60

 

The fake gold price index ran red, down about 10 bucks, most all day.  Even though the fake silver price index stayed around neutral/green for most of the day.  (this was to reinforce the “upcoming 1050 gold” story)

The story?  The fake index was giving confirmation and a pat on the back “You’re a genius” to all those who bought the “gold might drop to 1050” story.  (“well lookie there, I suspected there might be something to that 1050 business and now JUST gold is down today already, I think I’ll just hold off on buying gold”)

Now those folks are still out of position, AND they think they’re geniuses, AND they are more encouraged to follow the “market” news, and of course after all this- to be asked to consider that maybe  there actually isn’t even a gold or silver market at all-?- that the whole thing is a hoax, at least at this point??.. Well…”That’s RIDICULOUS”!  They wouldn’t give it a second thought.  (but we’ll try anyway)

And of course, if it goes up and never drops to 1050, there will be “market” stories for that too.  And all the “market” stories that the “market” watchers think will offset or negate the 1050 story.  Stories stories stories. 

ALL “market” stories,  whether stated or implied, and no matter what the premise, still have the affect of enforcing the one fundamental lie that is the foundation of the fiat bankers existence, and that is- That the silver and gold “markets” are real!

Toward the end of the day, the app controlled gold price index had a Drop event.  This was set to coincide with the stock market close which was WAY up due to the (story) possible resolution of the gov shutdown hoax, or some sub-plot thereof.   CNBS was celebrating the stock market pop, and then showing the down gold price about every 10 seconds.  The message to the “market” watcher- pretty obvious.

Now to the app/software driven fake silver price index.  Here's the kitco.com silver end-of-day close-

SILVER

10/10/2013

17:15

21.68

21.78

-0.21

-0.96%

Low

21.47

High

22.35

The fake silver price index zigzagged around in the green or neutral for most of the day.  Silver was not part of the 1050 call (fiat bankers loath silver, remember.  Can’t even say the word) so the fake silver price index was not ran down like gold,  and to leave the whole point of the gold is down per the 1050 story, alone on the stage.

But the fake silver index did participate in the afternoon stock market reaction to the gov shutdown hoax announcement.  The silver line made a nice big drop right along with gold,  CNBS showed the silver price about every 10 seconds as well.

And now, guess what?  After all the poppin and droppin and carving out space for reaction drops to the Fed announcement etc etc..   And after today’s drop that we’re supposed to think had something to do with the big stock market jump and gov shutdown hoax headline… After all that, … after all those software driven silver price index chart moves… the end-of-day close is right back to 21.68.  Right in the middle of the 15 or 20 cent end-of-day close range that we spent 10 days in a row  observing what a fake chart hoax the whole thing is.

Right back where we were!!  Yet you probably feel like it’s down, especially if you think that it is a real, just “manipulated”, market.

In reality, it is in a pretty tight software controlled range right above the price range in which it lost control of the ability to slow public demand by lower fake silver chart prices.  Just far enough above that range to where they could run some drop events, like with the hoax gov shutdown/bart email reaction drop, but not much farther.

Will they make behind the scenes adjustments and then try and dip back down into the danger zone?  They could, but I would doubt it.   Not much to gain and too much to lose.  Think about it…

Right now, every real Silver transaction from coast to coast and throughout most of the world is based on the bankers little fake silver price index. 

They are in full control of the little numbers and lines on THEIR charts.  They could run the silver price index down to $6.00 in the next 5 minutes if they wanted to.  Probably in 2 mouse clicks.   And they could leave it at $6.00 for a week or however long they wanted… IF THEY WANTED TO. 

But what would happen??  Dealers would either claim they were out of silver, or start making up their own individual premiums like they did in July/Aug.  There would be a huge if not complete disconnect between the fake silver price index and what people were actually willing to buy and sell silver for. 

People would quickly be paying 100s per oz. for real silver real fast and that would be THE END of the fake silver price index.

So again, The fake silver price index might have lost its ability to suppress public demand with lower prices, but the fiat bankers are still in full control of their fake silver price index.  And, their fake silver price index is still the universal reference for the buying and selling of real silver. 

Again again,

 ---The fake silver price index might have lost its ability to suppress public demand with lower prices, but

--- The fiat bankers are still in full control of their fake silver price index. And...

---Their fake silver price index is still the universal reference for the buying and selling of real Silver. 

That’s why the silver price index is not going to go to zilch because of some apocalyptic “market” catastrophe.   The silver price index is controlled DIRECTLY and COMPLETELY by the fiat bankers.  It is not controlled by “market” news (they just complement one another to perpetuate the fraud of the existence of a real market). 

It is not controlled by the trading of financial institutions, or economic situations. While they might have been displayed in all these circles in the past, the fake silver and gold price index are MONETARY devices.  The fake silver and gold "markets" were created for MONETARY reasons, and that is why at this point in the Monetary Cycle (Close to the end) it is so easy to read their hands and know what they are going to do next. 

The situations and stories and charts might “look and sound” like past situations and stories and charts, but they are useless as a reference to understand what is going on.   The reality of the dynamics at this stage in the natural Silver and Gold monetary cycle makes all that stuff irrelevant.

Only Silver and Gold are Money and the situation for stacking Silver can’t get much better than this.

Keep "stackin it up" and try and evaluate what the fake silver price index does, and the "market" stories the media asks you to believe, in light of the above info.  It will be a lot less stressful, comically predictable, and you will be much more motivated to help others.

Fred Hayek's picture

Joe72 opinions differ

I got to speak to David Morgan at the Liberty Masterminds get together in Dallas earlier this year and he couldn't have been more gracious despite my ignorance. 

Markedtofuture's picture

CROCODILE GOLD RAISES 2013 PRODUCTION GUIDANCE TO 200,000-205,00

8 cents a share a little under valued?

October 10, 2013

TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) - Crocodile Gold Corp. (TSX:CRK)(OTCQX:CROCF)(FRANKFURT:XGC)("Crocodile Gold" or the "Company") is pleased to announce that based on consistent and sustainable production rates at all three of the Company's mines, management is raising its production guidance for 2013 to 200,000 to 205,000 ounces. Previous guidance for 2013 had been set at 170,000 to 180,000 ounces gold.

As disclosed in the Company's press release earlier today, the Cosmo Gold Mine in the Northern Territory posted record gold production in the third quarter and the mine has now transitioned to a sustainable operations under a new revised mine plan focused on quality tonnes and higher cut-off grades. The Cosmo Gold Mine plan is focused on delivering immediate cash flow to the Company while also building in sustainable resource development and exploration to deliver returns for the future.

The Fosterville Gold Mine produced more than 25,000 ounces of gold in the third quarter attributable to higher tonnage, feed grade and good recoveries. Drilling at the Fosterville Gold Mine in the first half of 2013 replaced depleted ore in the same period.

At the Stawell Gold Mine, the evaluation of resources in the upper levels of the mine has enabled Stawell to continue mining underground for the remainder of 2013 and into 2014. The Big Hill Project at Stawell continues to progress through the permitting process and will be an important growth strategy for both the Company and the local community.

"Following an extensive review of all of Crocodile Gold's operations and modifications to mine plans, I am pleased to report that management remains focused on profitable production at each operation while simultaneously exploring and developing the Company's resources," commented
Rodney

Lamond, President and CEO. "As outlined below, a number of strategic initiatives have been initiated to deliver positive returns to our shareholders."

  • Positive Cash Flow: All of the Company's mines are focused on generating positive cash flow after sustaining capital. New revised mine plans focusing on the right tonnes at the right grade that are linked to cost control programs have been initiated. In addition, the Company is looking at ways to generate higher returns by considering options such as custom milling agreements for the Union Reefs Mill.
     
  • Cost Control: A number of cost control measures have been implemented across the Company's operations to centralize various functions and streamline operations. A top priority of Crocodile Gold is to develop a culture of value-driven decision making to ensure that all capital expenditures deliver positive returns to the Company. Exploration budgeting has been reviewed to ensure that the focus is on near-term targets that generate confidence in the mine plans and ensure sustainable production levels.
     
  • Minimize Share Dilution: Crocodile Gold has committed to making its first payment on its convertible unsecured debentures in cash, due on October 31, 2013. This reflects the Company's strong cash position and confidence in its mine plan, and a desire to minimize dilution to shareholders.
     
  • Divesting Non-Core Assets: The Company continues to explore opportunities to divest non-core assets and is reviewing its land positions at all mines to minimize carrying costs of these assets

Mr. Lamond concluded by stating: "I am very pleased with the operational performance during the third quarter at all mine sites and this was achieved as a result of the efforts and contributions of our employees and support teams. I am confident that with these achievements and our commitment to implement our strategic initiatives the Company will be in a position to generate value for all our stakeholders."

Management Announcement

Crocodile Gold would also like to announce the appointment of 
Jason Morin as General Manager of the Northern Territory Operations effective immediately. Mr. Morin was most recently in the role of General Manager at the Langlois Mine for Nyrstar NV in Quebec, Canada.

About Crocodile Gold

Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in the Northern Territory and the State of Victoria, Australia. The Company has a combined land package in excess of 4,000 sq. km. The objective of Crocodile Gold is to continue production from its three operating mines, Cosmo, Stawell and Fosterville, while also exploring and developing the Company's resources to ensure sustainable production in the future. For additional information, please visit our website www.crocgold.com.

Fatso's picture

many thanks Turd

I hardly ever comment or contribute BUT listen quietly I must say that TURD, you have become family.

Many thanks for doing things your way that rewards people like myself.

My first silver trade was 1975 and got bounced out.

It took me until 2011 to get back in and you are helping me stay in.

Some day soon . . .

Down Range's picture

USPS and SDR

Don't remember it be mentioned here but:

 

IMM Revision: Special Drawing Right Values and Indemnity Limits for Ordinary Priority Mail International Parcels and Registered Mail Service

Effective January 1, 2013, the Postal Service™ will revise the following sections in Mailing Standards of the United States Postal Service, International Mail Manual (IMM®) to reflect a change in the conversion rate between special drawing right (SDR) values and U.S. dollars, and to reflect changes to the indemnity limits for ordinary Priority Mail International® parcels and Registered Mail™ items (which are affected by the SDR values):

http://about.usps.com/postal-bulletin/2012/pb22349/html/updt_004.htm

Down Range's picture

China and New Reserve Currency

They have been saying this since at least 2009:
 
"Obama rejects China's call for new global currency"

(AFP) – Mar 24, 2009 

I wish them well......crying

Joe72's picture

Fred, yes they do.....

I met him too......silver summit years ago.  Not saying he is bad guy, just that his ego too big for me.  He likes to brag about being a "rocket scientist".....he loves himself more than most.  He has been wrong more often than right!!

klondike silver, silvermex, mines management etc., etc.  the list goes on and on.

Blythesshrink's picture

Oct 10th as seen from the "it's all a hoax" perspective

I'll just throw this out there - for discussion - I've no evidence to support that any event is about to happen - so this is all conjecture to be taken with a large pinch of salt!

Suppose our cartel know that some 'event' is about to happen - some kind of excuse for a dollar/western ecomomic crisis - an excuse that deflects blame from our glorious leaders/bankers etc.  It would seem logical that the price of gold must be capped prior to the event - and then released when the event happens.  You can't allow the price of gold to rise in advance (which it probably would left to the free-market) - so hold the price. This way the event will be directly blamed for the gold price rise and resulting derivatives blow up - 'look the gold price and dollar were fine until such and such happened.'  

The US Government shutdown is a prime excuse for some kind of event - where they can claim ' look, we couldn't prevent this because the government was inhibited by the shutdown and the nasty tea-party.'  Never let a crisis go to waste.

For example, the cartel have had plenty of opportunity over the last 2-3 weeks to drop silver below its 100 day MA - they haven't done this (although of course they still may). Why? Is it because they're instead chart painting the reverse H&S and are going long (based on the event mentioned above) - or are they just waiting to whack it with gold, during the Gold Dec delivery month.

Either way, I think we're about to see an end to the price capping - either up or down shortly.

MrOnline's picture

China as the new oil and financial power

I just read a great article in a Norwegian paper where one Norwegian professor said that China will soon be new oil power and that yuan will be new dominant currency long side with the dollar. I have not seen this paper write much about Asia but these last weeks a lot of articles have been about USA crisis and Asian power. You can read it here. Just use google webpage translator or something to translate it.

http://www.dn.no/energi/article2697376.ece

StevenBHorse's picture

Same old shit different day

2700 contracts in one second drops gold $22.

Nothing to see here.

Again, no trader on the planet would make a move like this....unless they are short.

SS121's picture

@Blythesshrink -event related cap breaker

(Gold $12,000,  Silver $1,500 then to $900s)

just for the sake of discussion... (i have no evidence either, all just conjecture/theory/guess/ from this perspective, etc.)...   but yes I think it will be some type of event related deal that will deflect blame from the bankers.

I think they will instantly run the silver and gold charts to a much higher pre-determined number.  If not instantly, very quickly.

Then, if i were them, i would claim that the silver market had been manipulated by JPM (that's why it was so low ), and roll out the whistle-blowers, and the DoJ/Holder to make some noise as well...  all to sell the story.

then i would start slowly running the silver chart back down a little while leaving gold at it's new and much higher price. (to again discourage silver stacking and try and get hoarded silver back into market)

This way, everybody would STILL be using the bankers price index as the single authority/reference for all silver and gold deals, and the price would now be so high that stacking would be curtailed. 

honestly, do the bankers care whether silver is at 20 or 850?  No.  They have unlimited fiat, and don't want any actual silver anyway.  They just don't want the public to want silver in place of their fiat. 

But silver is at 20 or 22 or whatever, and the world demand is steady booming.  i think, kind of as you say, that they need some type of false flag or similar event as an excuse move the prices up and give them some breathing room.

Again,... all total conjecture....   but. all it would take is   1 An event  2 a story, and 3- new gold and silver prices.

1- Event- The gov debt ceiling thing?  The JPM scandal?  Some new sudden thing? h3ll i don't know.

2- Story-  "Market Scandal, and weak dollar due to gov shutdown, are rocking the metals markets this morning, blah blah"

3- New silver and gold 'price' -  What would they move them to?  What would you move them to if you were in there predicament? 7500/500?  10,000/800?   2000/75?

If i were them, i would put gold at 12,000 and silver at 1,500, then i would leave gold at 12,000 and drop silver back under 1,000 within 2 weeks and leave it slowly drifting down from there.  That would put an end to stacking by the old guard, and potential new stackers would be discouraged by the 900 price that had just been 1500 weeks before and was still falling..

The bankers could then clean up 90% of all the gold that would start dumping back into the market, and be all set for their future new world currency thingamajigger.

gold 12,000  / silver 1,500 then quickly to 900s,  that's my 11 Oct  price reset estimation if i were the crooked fiat bankers and were going to false-flaggedly reset the price charts.  

What's your (anybody) price chart reset guesstimation?

Syndicate contentComments for "A2A with David Morgan"