A2A with Willem Middelkoop, Author and Precious Metals Fund Manager

Loading the player ...
Provident Metals

Download Podcast (Right Click + 'Save As')

You may not have heard of Willem Middelkoop before but, I can assure you, this is one of the most informative A2As that we've had to date. Please make the time to give this a thorough listen.

Some of the topics covered include:

  • What is "The Big Reset" and when is it coming?
  • Will global debt cancelations be a part of the process?
  • What will succeed the US dollar as reserve currency?
  • What role will silver play in any new system and at what level might it be revalued, too?

Again, I thought this call was simply tremendous and the information Will provides is logical and well thought out. As you listen, you can easily envision the changes occurring in the manner Will describes. So, again, please take the time to listen.

You should also strongly consider buying at least one copy of Will's book linked below. It's a terrific bit of instruction for even the most battle-hardened Turdite. Once you're finished with it, it would also make a great gift for anyone you think needs to be made aware of the events that are, most assuredly coming.

TF


47 Comments

stackaloha's picture

First! Now to listen

First! Now to listen

metalsbyamile's picture

I will as well

2nd to listen?

procog's picture

Just on CNBS

Person interviewed said "Silver should be half as good as Gold."

Who'd a thunk.  The Turning is happening.

Now to listen.

47 Protons's picture

Forth!

Forth!

Keg's picture

Journalist with a brain

Amazing.  A journalist with a brain.  Dutch journalism schools must be different.  Would not be allowed in US journalism school. 

goldcom's picture

2020 or Later?

I agree with Willem on the direction of TPTB and the IMF's SDR being the trade currency in the future replacing the dollar in that manner, but I'm surprised how long he thinks it will take by a few years. With the escalating frustration by other countries of the dollars extreme exuberance position I just didn't think it would last quite that long. His explanation of the JPM vault building is very interesting but if TPTB are going to stretch this out till 2020 or later, why buy the building now? 

Willem seems bullish now for PM's but didn't explain what will push the markets up right now. I see a lot of members here in Turdville comment on how fast things are happening with chaos going on everywhere which I fully agree with. I guess I'm over sensitive to Ukraine, mid-east chaos, more evidence of Central Bank intrusions of not only PM suppression but also purchasing equities of nearly 50% of the world markets and then we have the crazy stuff going on with our southern border. The money printing greases the skids better than I thought. I need to rearrange my thought process a bit and being retired sell some real estate to make life more palatable while waiting as I've been on my own personal austerity situation for 3 years and the wife is not real happy with that. Six or more years of this crap will change the US for good, so what is left? 2018 was the very limit of what I thought was possible but Willem has done more study on this than most and as Keynes says,"the market can remain irrational longer than you can remain solvent".

gold slut's picture

Fantastic A2A with Will

Outstanding, best A2A for a quite a while.  A very clever man who speaks in a way everyone can understand.  When is he on next???? 

gold slut's picture

Chinese gold

I have to say that the only thing I found odd, was the idea that the Chinese would be stupid enough to agree to have gold that they have paid for kept in the USA.  Would I hand over my stack to a big bank and say 'will you keep this for me'??  No, because I am not as dumb as a box of rocks.  I don't think that the Chinese are either.

47 Protons's picture

GREAT A2A!!

Craig, This was a great A2A!!  Thanks for hosting it!

heyJoe's picture

10th

And a 10 for the interview.

oskar4all's picture

Great interview

Turd, this was a fascinating discussion.  I'd read about the IMF/SDR scenario in Mr. Rickard's writings; but the price reset of gold as part of a debt restructuring, as Willem proposes really makes a lot of sense.  More smoke!  More mirrors! But I don't think I can take another 7 or 8 years, as Willem thinks it may go.  I'll go nuts long before then.

Great stuff.

Dr. P. Metals's picture

Please remember

Rickards is also calling for a GIGANTIC windfall profits tax on metals if revalued!!!!!!!!

that quote is right there in both books. I asked Jim Rogers about that possibility and he indicated politicians don't like to see others benefit from their mistakes

many many many years of stacking might be all for nothing

Fatso's picture

2020 or Later? I don't think so either

goldcom4me comments ring true for me. Our a2a, Willem was very good but his idea of a relatively smooth transition from US$ to SDRs suggests that the FED is in control & is co-operative with other countries: foreign policy & history suggests otherwise. Jim Willie says that USA will be the last to  join any asset backed currency which I tend to agree with.

Didn't USA say "it is our dollar but your problem" when questioned about the quality of money.

So, still waiting for a flock of black swans . . . BUT still very please the Turd had him on.

Thanks Turdville!

joeblack's picture

Ugly Close on SLW Today

and many other miners.

-SilverIsMoney-'s picture

Dr. P...

Also remember that if that happens most people, myself included, just won't sell because there will be no point and it will only cause the price to rise further... 

Also remember, if you exclusively stack ASEs or IRS exempt bullion like I do then the dealer is not required to report the sale and even though you are required to report the capital gains because there's no record of the sale it's pretty damn difficult to prove the evasion so long as you don't put the profits back into the "system."

Also remember we now have MANY states that are recognizing gold and silver as money - Utah comes to mind. We also have MANY states with laws upcoming to try and follow their lead - so how can they tax a state's currency? This has always been Ron Paul's point - they don't make you pay a tax when you buy something with dollars so why should they if you do so with Constitutional Money? Another point he's made is when you sell PMs what you are really paying a tax on is the politician's destruction of the currency - why are we being punished for protecting ourselves? This is why RP tried many times to push through legislation banning capital gains on PMs and you should now encourage your representatives to do the same.

If PMs return as a nation or state's currency then I think it's almost impossible to impose any kind of tax.

The point i'm trying to make here is this possibility should not deter anyone. There's always a way around the law and in a world where PMs have been drastically revalued I imagine nothing is going to be the same so it's hard to apply today's logic to a future problem. 

I'm much more concerned about a confiscation in which case i'll bury my PMs and go to my grave before I tell anyone where. They'll never get my metal through force, never.

SteveW's picture

Chinese gold in the US

I don't see why it's stupid for China to keep some gold in the US. Willem speculated that it was an intergovernmental agreement and after all they have to keep their Chase Manhattan Plaza, with the keys to the vault, in the US. Since their vault connects with the NY Fed it also would allow them to swipe some German gold. wink

lakedweller2's picture

Central Banking is the Problem

As long as they are using the "future treasury" through bailouts against us, they have the cash flow to perpetuate fraud, theft and destruction.  If they had to rely on "non government funds" they couldn't do it.  It is your government stealing your money, your treasury, your future and your country's sovereignty.

The attacks on the PM market and the control of the other markets is done with your money, but you aren't the beneficiary.

No regulators in a corrupt country.  Thank your legislature for their non assistance.  Maybe you will be able to mow their lawn some day.

SamSchlepps's picture

NY Gold or US Treasuries plus FWIW

I remember reading the first 600 odd tonnes of Chinese gold was stored in the USA so maybe they are used to it. I would also think holding reserves of US T'bills wherever is no more risky than your gold held at your vault in NY - FWIW.

Timing seems off to me as well: JW mentioned the time between events is getting less and it is that way and the events are getting more impactful it seems. Don't see an event that would lengthen the time or reduce the stress - the "real" Western economy seems in its death throes and the Chinese consumer doesn't seem to be picking up the slack. When no recovery comes in say 12 months - what story do you spin for the people? It would seem the only uniting thing would be war. Tinderboxes have been laid down in MENA and Ukraine with matches strewn among the kids.

I keep thinking back to signs given earlier this year whatever they mean. US aircrafts carriers all lined up for the satellites to see. With the logistics required to do that - it was a US military signal, not Obama. People showing up at the Vatican bank with T'bills in hand and no appointment after the bank had a number of problems - right - just before Obama visited and the Queen mom was there quickly afterwards - but perhaps that window is shut - a Vatican signal. The Israeli embassies closing because of diplomat salary issues and shutting the most sensitive eyes and ears in the world - doesn't seem right - an Israeli signal. And of course this was after Lagarde taught the press about numerology.

All that to create P5+1 talks enmasse and then between Iran and each country - all leading to a self imposed deadline of July 20, 2014 for nuclear talks. BRICS going the full metal jacket on banking and development funds this month. Pipelines and silk roads all over the Eurasian and African continents - you do that kind of commitment when you know how its being funded - I would think.

Stuff we all know and there are many more things - including the physical supply at central banks. MA's economic cycle bottoms in Sept 2015.  Note Sinclair comment on timing maybe, but events as they will happen - exactly. And that includes reset by BRICS and word parsing if I may - Western finance isn't everybody

Here's Sinclair from a video with Sprottmoney - http://www.sprottmoney.com/news/ask-the-expert-jim-sinclair-november-2013

Jim: Actually, what you’ve seen is the great flushing. That was Lehman Brothers. Now you’re going to see the great leveling, because in every equity market that’s been liquidity driven it gets to a point where general equities can no longer sustain the enormous levels they rise to and come down faster than they went up. That’s the great leveling. Coming out of the great leveling, which should take place sometime between 2014 and 2016, you come into the great reset. The great reset will be proposed in 2016 most likely by the BRICs themselves and turned down by Western finance. The BRICs will adopt it, the Western finance will eschew it except that four years later Western finance will adopt it. Of course when they adopt it, whenever you adopt somebody else’s invention you call it your own. I think that’s the timetable, that’s exactly what will happen and it’s during that 2016-2020 period that free gold may rise to prices that it is embarrassing to quote.

AJwhiteshirt's picture

Can't swallow it..

Interesting theories from Willem but I can't swallow the notion of Chinese gold storage in New York.  Why you ask?

1. The U.S. has mistreated gold for years. (leasing & manipulation), all for the sake of Dollar hegemony. The Chinese know this gold/currency link and won't put their physical asset in trust to the U.S.  No way.  China knows the German story of  not getting their gold. No way, no how. 

2. In addition, Chinese gold storage conflicts directly with the BRICS bank initiative. The BRICS are intentionally creating an alternative to the IMF. I can't see the Chinese supporting BRICS bank and yet cooperate/support with the IMF.  

3. And finally, the previous head of China is quoted as saying: "The Dollar based system is a thing of the past".  Google it. No misunderstanding there. Loud & clear.

AJ whiteshirt

And I'm out.  

-SilverIsMoney-'s picture

Fatso...

I believe he said before his answer of 2020-2023 that a market crash could change the timeframe but without a market crash that was his guess. He made a good point about the ridiculous coming to the rescue from central banks who do not allow any kind of prolonged sell-off so because they will not allow a crash he sees this lasting for a long time. It makes sense... 

However, I'll contend you're right about the fact they could lose control and the cause could come out of nowhere. I think he would probably agree to that point but it seems unlikely with how rigged everything now is. On the bright side he wrote his first book in 2007 and called for a crash in 10-15 years and instead got it in 1 so maybe he'll be off slightly again ;)

CALelf's picture

Podcast was calming

Middelkoop's calmness about the Fed and the demise of the dollar as a reserve currency is not heard from voices within the US. I found his matter-of-fact analysis fascinating. 

And I loved his take on Silver being the best investment for stackers. 

Finally, his explanation of the US/China relationship deduced from the facts of shifting treasury buying to gold stacking, purchase of JPM building and vault just seemed so obvious when he set it out.

A great podcast, the best so far.

cashonly's picture

The great reset

I just don't see a "kumbaya" reset at all.    I also don't see this dragging out to 2020.  

The U.S. is bankrupt, broke, kaputzky!! and without borrowing more money the military is going to shrink and big time at that.  I have always been amazed that we can afford 11 aircraft carrier "BATTLE GROUPS" enabling us to put 1000 aircraft outside someone's door in just days.  The aircraft alone on those carriers are bigger than most country's air forces.   Then we have our air force.... go figure.  What country has the next largest carrier group? Russia? China?.... nope, it is England with just 2!!  Russia only has one, along with France and Italy. How did we pay for all this?...*see Social Security surpluses (in which there are NO MORE).  A small military is a neutered America and they will not accept this in an austerity setting or a voluntary reset.   They will print and print and use every tactic they have (Belgium anyone?) to keep this game going.   This game has been going on since 1971, not 2008.   Some woke up to the game in 2008, but this game has been all ours since the break from gold and petrodollar. 

The game is changing now as Enron accounting is probably now being used.  Here's is something I have followed since last year and it gets no airtime by anyone: Where did the $328 billion go? After the government shutdown last year $328b of debt was placed on the books in October.   October starts fiscal year 2014 for the government although the money was spent in 2013.  Obonzo then touted that his "programs" were working to reduce the deficit down to 680b.  So far they are reporting just over a $400b deficit in fiscal 2014 even with a negative 2.9 GDP print for Q1!!!!  In fact they are predicting only $492b for all of 2014!!  If we had a real deficit of 1008b in 2013 and we removed and slid 328b into 2014, can we really believe the real deficit for 2014 is only going to be about 170b???????  where did the $328b go?  Where is the rest of the REAL DEFICIT for 2014 hiding?   Do we believe bloomberg?

http://www.bloomberg.com/news/2014-04-14/u-s-deficit-cut-almost-one-third-to-492-billion-cbo.html

Search's picture

Gold Confiscation

I am of the belief that they will revalue up once, make it illegal to own gold again and therefore the government will accumulate at the new price. Once the government has sucked up as much gold as it can it will revalue gold once again but much much higher as now they will be the main holders. The the game will start again like the Bretton Woods moment.

Interest rates will have to be in the teens by that stage too in order to get people to believe that holding money as a substitute for Gold is viable again.

Swineflogger's picture

Thanks Craig

That gentleman has some keen insight and the gift of speaking plainly to the common man (of which I am one).  One of the best A2As thus far.

pm_newbie's picture

wow!

Hey!  What an awesome A2A.  One of the best ever.  Sounds like a really great guy, loved the logic of his thoughts, so much of his point of view made so much sense.  Loved too how you guys were joking with each each other that you could be brothers.  Two great dudes, one common interest.  Fantastic.  Thanks Turd!!!  Love you for what you do. 

-SilverIsMoney-'s picture

Btw...

If he's right and the GSR goes back to 15-1 with a Gold price of $4000 that would put silver at roughly $266.5

SS121's picture

A2A- Willem Middlekoop

Very impressive!! He laid everything out perfectly from the System's perspective, and in a more logical and well-thought out depiction than even Rickards could have done. (imo)

  • How the system projects the situation to be (failing but fixable)
  • The options that the system projects are available (replace USD Reserve Currency with... SDR, Modified SDR,...gold foundation, debt cancelation, under IMF umbrellas, Russia/China/gold 'somethin' etc..)
  • The urgency/timeframe to fix/"Reset" the system.(plenty of time, may take years)
  • The prognosis for the fixed/"Reset" system (it will Reset/'be fixed' and continue on)

Less than an hour and yet an excellent summary.  Fully consistent with pretty much everything heard out of the system for the past weeks/months/years.  Those are their plans, that is the reality with which they present to the masses, those are the terms and contexts with which they present that reality to the public, ...everything.  All summarized right there in that A2A.

Thank you very much gents:  to Mr. Middlekoop for the great conversation/information and to Turd who could not be a better intervewer/host!  :-)

Dr Jerome's picture

Wife's new job

My wife started a new job on Monday. We listened to the A2A together and the first thing she says when it is over is "I'm going to buy some silver with every check." I didn't argue.

Normally she makes paying off debt a priority and was planning to pay off our car. 

I was also one of those idiots who was short overnight (nod to StevenBHorse) and woke up this morning with mixed feelings. My JDST looked bad, but my stack looked good. I took profits on JNUG yesterday and held the short position overnight. I hate to see the miners give up all those gains after 2pm. I wonder how much was profit-taking after it was apparent that gold was being pressed back down.

Weekly AU candles have been green for 5 weeks straight. Surely they don't want a strong green weekly candle by tomorrow afternoon, making it 6 weeks in a row. they'll have to take it down below 1321 to get a red candle. Harvey thinks a smash is in the works for tomorrow morning. My stack is hoping otherwise. My JDST shares have me covered if AU is pushed down.

Why do I trade? I was never a gambler...

We are watching Margin Call tonight.   http://www.tubeplus.me/player/1724466/Margin_Call/   It is a good movie. 

  

 

Safety Dan's picture

Craig, thanks for the

Craig, thanks for the outstainding A2A. It was enjoyable to listen and ponder thoughts. Your question regarding a debt forgiveness and impacts is most important to understand. This link may help inform of historical results; 

http://houseofdebt.org/2014/05/18/debt-forgiveness-in-history.html . This might help a bit too;

Debt Deflationary Crisis in the Late Roman Republic

From a post made in March Central Banking has been key and a link within the post;  A study of 786 currencies: http://www.rapidtrends.com/history-of-fiat-and-paper-money-failures/.  The future is not exactly like the past, but it sure may rhyme. From it we can learn and better help ourselves and others.

We can see the pieces falling into place. My belief things are happening sooner than was discussed in the podcast. Though most Central Banks hope it doesn't. That would help others believe in the magic of a non metal backed currency. Sooner would help push a 20/40% PM backed currency system. 

Grey Mare's picture

great interview

Let me add my thanks to Willem and Turd for the fascinating interview.  A pleasure to hear some new ideas and excellent rationalization of so many apparently unconnected events that have been noted but poorly understood in the gold bug fringe world.  Hope Willem checks his 'reviews' in this thread and is willing to partake in the ongoing vault discussions to whatever degree he has time for.  No need to worry about his English - it is excellent; better than that of many 'native English speakers' here (LOL - cue Bollocks or some other Brit night owl to jump in and point out there are damn few 'native English speakers' on this side of the pond). 

I'm normally not a big fan of making too much stuff from the Vault 'public access', not because I'm stingy (well, that too) but because I think it is better to retain a little 'mystique' if you want to entice new subscribers.  However, it would certainly be interesting to get wider exposure on this interview in order to provoke an informed discussion among the good minds of the pm world of the dot-connecting that that brothers Willem and Turd managed to achieve. Most compelling argument I've heard yet on the China-US collaboration to suppress gold price.   How about it, Turd, send it over to GATA at some point?

Nice work,

GM

Syndicate contentComments for "A2A with Willem Middelkoop, Author and Precious Metals Fund Manager"