A2A with Nick Barisheff

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Nick Barisheff is president and CEO of Bullion Management Group in Toronto. He's also the author of the terrific book, "$10,000 Gold: Why Gold's Inevitable Rise Is The Investor's Safe Haven". As you might imagine, his background made him a great guest for our weekly webinar series.

Among the topics covered in this 44-minute presentation:

  • How did Nick arrive at the $10,000 gold price that his book suggests?
  • How does Nick's company source metal for his clients and his funds?
  • Is Nick currently seeing any shortages or otherwise having delivery issues?
  • What does Nick think of today's ECBQE announcement and the ongoing Currency Wars?

In the call, Nick mentions a number of links that can be used to access BMG's products and services as well as his book. They're all listed below:

I'm confident you'll enjoy this presentation and you;ll be well-served by giving it a thorough listen.



batting500's picture

Looks like a new face...

Not sure you have interviewed him prior.

Good Luck all...


​ps turn up the volume a bit, Nick's sound is comparatively  light over the phone/web.

Turd Ferguson's picture

Very nice to see silver


Very nice to see silver making new highs for the day right now at $18.46

pforth's picture

Nick's answer to my question worried me a little....

There has been so much talk of shortages developing and huge premiums for large purchases... I admit that Nick's answer worries me a little.  If he can still buy in bulk with no shortages, wait times or premiums is that a counter example against our shortage hypothesis?

Barfly's picture

Nick's answer...

Have to say first off he was a great guest. Very knowledgeable. In regards to sourcing gold in large quantities... I suspect it has a lot to do with how close one is to the vaults. From the sounds of what he said, he's pretty high up on the market food chain. Further down, in Asia, as Jim Willie talks about, for example, it may indeed be very difficult to get one's hands on 100$ million of gold at a time. It is possible that both cases may be true. Even if from a pure logistics perspective.

Bollocks's picture


Yes, good point. I asked a major UK bullion dealer not too long ago if they've experienced any difficulties in sourcing PM's the last year, and they said (can't remember the exact words, but something like) "no, there are no shortages like you hear spoken about on forums and other places across the internet".

So yes, that's odd. If a bullion dealer was reporting shortages it would help boost sales, so that seems like an honest answer.


Whatever, that doesn't change my view on my investment in PM's. I'm in the right place smiley.


AIJ's picture

Anyone see this....

Embedded image permalink

Dr. P. Metals's picture

Miners Trashed at end of day?


Turd Ferguson's picture

Not surprising


These moves are incredible. € now down 2.15% ON THE DAY!

Response to: Anyone see this....
lund175's picture

Really good A2A, Turd

Great interview with some insight of behind the scene's on how the gold market works.

Enjoyable  and worth your time.

SS121's picture

unedited a2a notes

nick intro pres bullion management, 
nick- started with bmg bullion fund, open-end mutual fund trust. directly price related as close to bullion in a mututal fund package, for retirement fund requirements.
buy ounces, then allocate the metal.  95% fully allocated
UK and US can invest as non-canadian residents.
see podcast link for more info
nick wrote 10,000 gold.  it came out when gold market tanked. :(
book focuses on long term trends, analysis still relevant today
tf: what about ecb and japan printing
nick: race to devalue currencies, cb intervention is a no-go.  stock market up, but fundamentally it's bad.
$10,000 gold target correlates to u.s. debt relation. lots of ways to figure it.
tf: what is a fair price.... hard question.  how much gold is there?  what is the denominator.
nick: yes, the problem is in the denominator.   if you want to understand gold, look at purchasing power in long term.  gold isn't an investment, it's money in the vault.  it's not at risk in the vault.
tf: 1300 is a good deal
nick: yes, production is declining, supply side issues indicate higher prices, manipulation is in desperation mode
tf: ECBQE should see big gold move, why isn't it?  
nick:  can't have loss of confidence in reserve currency.  no fiat has ever continued, when the usd hyperinflates...    u.s. just prints.  talk of replacing usd with sdr, but china has to have more gold before that will work.  suppression to keep gold down allows china to catch up.  Jim Rickards, The Big Reset, etc.. all spell this out.
nick: large quantities now must be purchased in daily small quantities for big funds.
johnny: what quantity purchases would move price?  100,000,000 doesn't move markets at this point
??? what about the SNB/currency war thing?  Nick: in the race to the bottom stage with currencies but events aren't effecting gdp/econ.  conspiracy theories aside, CBs are owned and work for owners.
tf/peter- since no shortages, why do they say west is out of gold and vaults are empty?
nick: comex paper and gld etf don't tie together.  shorting comex during price drop gives gld redemtion. very few understand the mechanism.  authorized participant agreements have details, china claims many tons.  it can be figured mathmatically via leases.  gold doesn't add up with geo surveys, math says above ground central bank holdings are being sold out.
nick: people need to get smart fast and buy gold while you still can.  when the price rockets, it will be hard to find.

tf: question time, here we go-
tf: angela likes nick, nick likes angela, ??what demand changes have you seen
nick: demand is picking up, coin sales all hitting records, ..general investor sentiment is LOWER than in 1998!
tf: follow up- where do you get gold nick?
nick: scotia in canada, it gets it from mines and lbma members.  physical gold isn't purhased via comex, it's an under-counter market that doesn't publish statistics.  uses unallocated and allocated account..
tf: so... when you go to get phyzz you go to scotia.  nick: yes, but so far no problem.  very large aquisitions require constant buys
tf: from peter-  rob kirby introduced to fund, holds phyzz at bmg, 1000 ounce bar premiums are tiny. any signs of limitations or shortages??? nick:  No, but scotia doesn't hold a lot of platinum always, otherwise.. no.  we now offer 500 ounce monster boxes in allocated accounts, have to title bullion so it can be allocated. (premiums will increase also)  liquidation is easier for 1 ounce pieces.
tf: from Johnny-  what is a large quantity in terms of storing.
Nick:  you have no insurance, so at home don't go over 10 to 20 thousand.  private allocated gold can be lost in storage if facilities go bust, so it's complicated.  go for security, not cheap storage.
tf: time for final 4 question!
FF1: how much snow you got?  about a foot
FF2: you're in canada, is this the year of the maple leafs?  nick: don't know, hope so
FF3: hardest part about writing a book?  nick: every part ends up being harder than you think, esp as things are ongoing.
FF4:  1,300 dollars, you buying gold or silver?  nick:  Silver (or platinum)
that's the show, thanks all around, -end

excellent a2a gents!

AIJ's picture

USDX going ballistic..

.....well above the 90 level. 

I hear the flapping wings of a black swan approaching.....

Chuck Diesel's picture

Is the dollar rally sustainable?

Moves like this often have an "equal but opposite" resolution.  I'm not saying it can't keep going higher, but when this thing turns, it's going to be fugly.  Keep in mind, this is a monthly chart

SS121's picture

that was a great a2a!

and great questions

so Nick is IN the actual big gold market and he says gold is available.  yet the media and those who are NOT IN the actual gold market, but only talk about it (Rickards, koos, et al) constantly tell us that the vaults are empty and all the gold went to China.

Nick also tells us that physical demand is high while paper investment instrument demand is low.  And that more gold is going out of the physical distro lines than is being mined...

That a2a was like drinking out of a firehose!!  great info!  ...my head still hurts.

I'm now more convinced than ever that the PBOC hasn't got "squadooosh" AND they (Central Bank owners) are steadily pumping CB gold into the distro process to meet public demand.

Great Job Mr TF!

Keg's picture

Vacation planning

Might be a good time for Americans to vacation in Europe.  

Marchas45's picture

Hell I Give Up

I Don't Know Who To Believe Now, Everyone Has An Opinion. Guess I'll stick to my inner feelings as their telling me to Keep Stacking

Marchas45's picture


LMAO I was just looking at flights to Scotland for November this year as the dollar is going crazy. Like Minds Think Alike. Keep Stacking

silver66's picture

I thought his comment

about the IMF SDR's and China needing to get to 6% of it's reserves in gold before a reset happens was very interesting. If they announce 6000 tons does any Turdite know what the percentage will be?

Thanks for a great A2A

He is even more interesting at a pub table over a few beverages wink


joeblack's picture

Still hanging around $1300

....for options expiration.

Can they keep the lid on until Tuesday?

Turd Ferguson's picture



Just because Nick hasn't experienced delivery delays for his orders through Scotia in Toronto does not mean that delivery issues and "empty vaults" don't exist in London.

These are two, entirely different matters with significantly different circumstances. First and foremost, Nick is dealing in ounces and kilos while London is dealing in metric tonnes. Additionally, the delivery/availability situation in Canada is likely quite different from England and Switzerland.

Again, I would caution anyone from jumping to conclusions. ALL anecdotal evidence must be considered.

Turd Ferguson's picture



However yesterday saw a significant drop in the OI of the Feb15 $1300 call...from 13,000 to 6,490. Cut in half! While there are still 6,936 open at the $1250 level.

In puts, they'd definitely like to keep it above $1250 as there are still 4,398 open there.

Though $1250 is still the "best" area for The Evil Ones, current fundamentals may preclude their interests. Getting back to $1250 will be tough, especially with ECBQE behind us. Keeping gold pinned near $1300 not so much and rigging down to the $1270-1280 area is likely doable, too.


Dr. P. Metals's picture


Your conclusions aren't comsistent with what we've seen...I'm no fan of those stating immediate (for 3 years) imminent delivery failure, but the paper game DOES drain away 99.99999999% of all western demand in hard actual "gold", either because they are lazy to actually own physical or don't know the difference. I think we now know the true purpose (at least one) of why GLD was created. As Turd very very succinctly summarized this entire (!) situation yesterday: "until western investors demand physical vs fake paper gold, this game will continue".

Unfortunately, I don't think western "investment managers" will ever come to that conclusion on their own, until the system itself crashes, in which case it will be too late anyway, and won't help us "now" either. 

Barfly's picture

Damned if they do and if they don't

The fed is facing a starkly sobering problem given that both the dollar and gold are rising beyond their acceptable bounds. We know these bounds because of the strict interventions over the past 18-24 months. If they intervene in either one, it will force the other up even further. It's beautiful to watch. We may see a hunt bros type of intervention where you can only sell metal, not buy, before the whole thing comes apart.

SS121's picture

Dr P

...aren't consistent with what you've seen, or aren't consistent with what you've been told? (by bankers)

and is that what you've been told regarding physical Gold??

or what you've been told regarding physical gold that is everyday looking more and more likely to be just  paper gold??

CPE's picture

House of Saud

Abdullah is dead and just found out he doesn't get a virgin much less 72, expect crazy things in Arabia and oil now

silver66's picture


are you joking or is this for real??


CPE's picture


For real according to drudgereport

​Saudi state TV reports: King Abdullah has died at 90 @drudgereportapp

silver66's picture


Thanks for the reply.

I can hardly wait for the next golden jackass-----maybe he will tell us they pulled him out of the freezer when the time was right for him to "die"...LOL

Things are going to be very, very interesting 


CPE's picture


No change to "inventory"

welcome silver66!

Dr. P. Metals's picture


Not following you. But all i'm saying is that I don't get to your same conclusions :) LOL But I can't disprove them either

adasilvas's picture

hmmm margin move?

With all these margin increases on the currencies to halt this volatility its seems like we could get some of that action on the metals to freeze this unbelivable upside this month....or im i way out of line by even thinking such a thing....do open interest numbers seem to low and early for such a move

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