A2A with Bill Holter

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Just a great call earlier today illustrating why we host these webinars in the first place. Bill spent nearly an hour answering a wide array of questions from a large group of listeners. Great stuff and you should definitely take the time to listen yourself.

Over the course of the call, Bill addresses topics such as:

  • The Greek situation
  • The OCC report last week showing the exponential increase in commodity derivatives
  • Yesterday's internet and system "glitches"
  • How to protect yourself against confiscation and/or confiscatory taxes
  • And much, much more

Again, this is a lenghthy call so break it up into separate sittings if you need to. Just be sure to take the time to give this a thorough listen. You won't be disappointed.



CPE's picture


Turd and Bill!

silverflower's picture


will be history next week. I think he will ignore the vote of his people and will sell their soul to the criminal bankster and politicians elite when they meet with the peace price winner Obama the coming days....Obama told him to take freshly printed money from the IMF or he will be "game over" soon. Same with Varoufakis: Leave the office or you will have an accident with your motorbike.

08Gold-Wing's picture

number 2

heard most of it live, got a phone call right in middle, so gotta check it out again

Gamble's picture

Time 2 listen

Gamble gamble

ArtL's picture

I'll take the fifth!

Nice interview. "The Greeks have already defaulted, and it seems that no defaults will be recognized to prevent the crash of the derivative house of cards!" (my summary of that topic)

SS121's picture

unedited a2a notes

bill holter a2a
beep beep
the webinar will begin shortly please remain on the line
1103 start
tf- intro, bill's online sound test
bh- good morning, both loud and clear
tf- previous rob kirby a2a didn't record, hope this one works
tf- ready to record??
bh- fire away
tf- admin: how to type in questions etc, here we go..  record
tf- greece, china meltdown, selling illegal, corruption, madness in summer of 15.  bh is with us.  bh is with jsmineset now, how did that happen??
bh- jsmineset.com has been around nearly 15 years or so, js and i go back and forth, js is focused on mine in tanzania, conferences coming up, might make it a pay site. plans are up in the air, talk to js a few times a day, he's brilliant guy.
tf- jsmineset first site i found in 2007/8.  started blog in 2010, emailed jim, he said will love/hate it.  questions are building, but first, crazy world stuff aside, first talk about retail shortages and paper price stuff ??
bh- overview, paper price hit new lows, mint suspended sales same day until aug.  can't get silver, can't crank out coins... either situation doesn't fit a low and crashing price.   maybe the floor wasn't broken, back when it went from 23 to 8 it still cost 15 and now premiums are up.  from a phyzz standpoint there at a floor.
tf- if phyzz isn't delivered, it loses credibility.
bh- dealer called yesterday and said "i'm out of all product"  said 2 weeks to resupply.  comex is not the price of silver, what it costs to get in your hands is the price of silver.  mint marks up, dealers mark up.  to get it in your hand is the real price
tf- delivery patterns showing demand, 30 million jumped que for delivery
tf- jumping around, the chinese outlawed selling stocks, crazy... your thoughts on the overall change?
bh- just a non-news day today would have caused a major crash 30 years ago
tf- how did this happen? how we get out?
bh- corruption...  complete collapse
tf- time for questions..
?scott:  where else beside pms will money flow?
bh- maybe basic products, food utilities etc.  necessaties, but first and foremost Silver and Gold
tf- irrigated farmland is going for 10k usd per acre! 
bh- processing capacity would be more likely to profit, high land makes it impossible to profit
?: re: greece- danforth: what are your thoughts on next week if greece is out... this time.
bh- what they should do, imo.  greece should go full iceland.  default, drachma, exit, and trade east.  west/eurozone is broke. iceland did it and it worked fine.  eu is like anvil around neck, walk away.  ambrost evans said they expected a yes vote, but greek stood up and voted no. it was an overwhelming no.  any deals now will lead to riots
tf- can kicking losing effect
bh- when is this called a default??  it's already a default.  
fred: if defualt never declared, will rates be forced up?
bh- being without insurance will create margin calls.  can't price cds at a level that will offest bonds.  it will all be known as worth zero, since it can't be paid.  notional value of everything on earth doesn't equal derivatives amount.
bh- everything will default.  everything paper will default, it's all a paper ponzi based on debt.  sovereigns have hit ceiling.  must have new investors.  now that it can't expand there are no more new investors and it's now over.  
tf- assets are liabilities and debt// commodities derivatives exp?
bh- jpm 3.5 trillion in gold is 35 years of production 
tf- what does that mean? it's outragous, what is behind scenes??
bh- long? short? counterparties? no way of knowing, 
bh- it's likely being done to collar silver and gold prices..
tf- here goes the questions---
patricia- windfall profit tax on gold??
bh- possible, if it occurs look at mining companies. ...if worried, spread cash around
vic- ever have bad days??
bh- everyone does, you just have to go back.  2 plus 2 will always equal 4.  i started in metals in 97.  harry bingham was mentor, we both thought gold was manipulated.  what is more valuable... paper cash or gold?  Gold is scarce, fall back on logic and trust it.
larry- short term price thoughts.  any chance of much lower prices?
bh- doesn't matter, don't care, if you know the ending take advantage of mispriced assets
steven- thoughts on electronic glitches??
bh- yes, writing article on it now.  spoke with js about it.  3 scenarios 1 not connected glitches, no  2- china retaliation for markets toppled? possibility.  3- per js, ppt are world-wide. they opened down and couldn't hold it so they pulled the plug.  maybe.  i think it's part 2 and part 3.   we're in a war and somebody pulled the plug. ppt are in all nations, once they spill over the ppt start fighting each other.  that's my thought process
rod- vaulting in singapore?
bh- js favors it, i think it's ok to store in non-bank vaults in switzerland.  also in montreal etc...  must be non-bank tho
mike- new to gold and silver, wants to learn options?
bh- don't do it. it's paper.  force majeur at a paper price kills you.  stay out.  buy phyzz and get it in hands.  look at miners, get certs.
phil- foa and fofoa, freegold?
bh- no idea, they have a good thought process, but the 1% of it goes religion
tf- freegold hates silver
bh- yes, that's wrong, gold and silver should be close to par,  more silver comes out of ground, but more silver is gone.  it will go to 15 to 1
tf- silver has longer history than gold bh- yep, chinese, tf/bh silver greece drachma
ned- what is concept on global currency reset?
bh- it's coming, absolutely.  usd to rmb 1:1 overnight maybe
tf- back to occ report, could it be opposing trades
bh- very possible, just back and forth.
carl- chinese are big pm hoarders, for how long?  tf they got the gold?
bh- 10,000 tons easy.  i believe they'll be in the sdr, if it means anything idk. chinese may be on the short side, it will only go on as long as supply continues.  
tf- how low can they let price go? bh right, pushing and pulling at the same time.  lower prices creates demand.
bh- harvey organ said the 700 tons was paper in gld.  maybe they are out of metal
?end game if central banks are buying stocks
bh- it's possible markets can't go down but urrencies collapse. zimbabwe etc.. possible
??rob,  what about bitgold??
bh- i personally can't get with the digitalness of gold.  look at yesterday's glitches. idk. me? no.  phyzz only.
tf- same with the greek euro limitations.
bh- exactly, people should already be out.  who in right mind leaves money in greek bank??
tf- even 5 thousand dollar withdrawals get questioned.
tf- time for final four!!
ff1- which better season football in texas??
bh- baylor
ff2- texas, ever referred to someone all hat no cattle
bh - oh yes
ff3- who will be repub nominee prez
bh- jeb bush  (tf trump is goofy, but his words appeal, people shouldn't write him off)
ff4- platinum, do you own any? want to buy any?
bh- no and no

tf-wrap up thanks, best luck in adventures.  
bh- send me link for 
recording off
tf- appears to have recorded
bh- those were great questions, esp re: yesterday.

---excellent a2a, thanks gents---

StevenBHorse's picture


I got from the pool in time to listen and ask questions. 

And all for ten bucks a month. 

Orange's picture

Obummer says training isil forces


well, I remember biden being there and saying they were moderates.

we live in a strange world

AIJ's picture

If this really happens then..

..I'm sure Silver will drop hard on the news.

7h7 hours ago

Ack! SGFs show '(india?) 2 reveal (new) health tech' that 'turns silver' into 'mass hygiene' & 'individual recovery (cancer?)'! 2017


California Lawyer's picture

Thanks for the notes, SS121

I'm sitting in this boring deposition, and I cannot listen to the podcast yet.  But, from your notes, I have a good idea what it's about, and now I am very excited to get to listen to it tonight.

Thanks for taking the time to make the notes, I really appreciate it.

Libertybella's picture

Greece can't breakup

I keep recalling the Seinfeld scene where George ( Greece) is confronted by both his girlfriends in Monk's Cafe. He tries to breakup with his two girlfriends ( Germany, EU?) then and there ( which is what he wanted all along) and even when they both realize he  can't be faithful to them they refuse to break up with him..."We can work this out"..... he just can't escape their clutches.   indecision


Wizdum's picture

sorry...couldn't resist

Clarki Stomias's picture

Thoughts after listening to Bill H and Craig

Craig, you two discussed the massive jump in PM derivatives that the OCC reported in Q1 and Q2. Bill said it was 35x annual production. At the same time, as you discussed, GLD inventory has been stuck around 700 MTs. And Bill said Harvey thought 700 actually = 0 inventory. Willie does too. Correct me if I'm wrong but that final inventory drop to 700 was around late Fall last year (anyone remember the exact timing or where that chart is kept). Right ahead of the New Year they also stopped reporting GOFO (physical tightness indicator).

Rob Kirby has always maintained that the derivatives were price tranching/management mechanisms. Well if that's the case then isn't the OCC spike the smoking gun that the West is already out of deliverable gold and is now simply managing price via derivatives? We've also heard through Denver Dave that there has only/mostly been cash settlement on the COMEX since Q1. And the JPM/Fed bailout In June may attest to that.

Does that sequence of thoughts make sense?  Just trying to logically plot out what we know. So the West is already out of metal for westerners and is probably just delivering its scraps and fumes to the East to keep the game going at this point?

4 oz's picture

Presently Suspended

US MINT 2015 Silver Eagle Sales
January             5,530,000
February           3,022,000
March                 3,519,000
April                    2,851,500
May                      2,023,500
June                    4,840,000
July                      2,709,000

Total                   24,495,000

Clarki Stomias's picture

Sheesh, what's with the sudden MSM reports on gold realities

Not that I'm complaining. 


Having New York and London as the price-setting locations has “kept gold prices well below the level of demand and supply should reflect,” Phillips said. China does not want an uncontrolled gold price, but it also “does not want the U.S./U.K. to have control over this market if they are minor players.”

Clarki Stomias's picture

Smartphone induced double post


Turd Ferguson's picture

Link Horse mentioned this morning


Considering making this its own thread. Worth watching as you keep in mind that this is The Today Show...mainstream media at its worst.

Libertybella's picture

Today show - WOW WOW

WOW ....MSM anchors openly discussing "go bags" and taking cash out of the banks!!!!  Maybe the sheeple are indeed waking up??? If so...it won't be long now...


benque's picture


Someone on the other thread mentioned risk of Trump getting the fatal "timeout" from his bankster buddies, for truthspeak.  I don't like him much, and never did; however if he tells it like it REALLY is, then its about time that someone with such public visibility did so.  At least I don't think he is a Mr Hilter wannabe.

Just cause I don't care for his persona doesn't mean I think he's dumb.  I think he's smart enough to have a kevlar "rug", and because of his abnormally thick skull, it is probably nailed on.  More nails would only make it more firmly attached.

edit add:  BTW, Mr Hilter had steel plates in his cap, which caused it to weigh 10 lbs.  Watch how oddly stiff his neck appears when he is shown appearing in public, or standing in his car.  Nowadays, he'd just wear a kevlar rug like the donald.

nadgeskaul's picture

Physical Floor

I don't know about everyone else, but I couldn't be more convinced that this is a verifiable reality after this latest event.  I was always of the belief there would be an ultimate capitulation which would drive prices to obscene levels, but that simply won't happen in the physical market.  The poor miners will continue to be hammered in that paradigm, but their asset for sale will remain stable, if not increase in value due to premiums. 

So, on capitulation, miners are the leverage play.  

But, if you're not getting your paws on the last physical you desire at this moment, you're playing with fire.

This is the back-up-the-truck moment and it won't last much longer.

In fact, we may have already seen it prior to this supply crunch.

StevenBHorse's picture


Thanks for posting the video.

I missed the last minute of the clip, because I ran to my computer to post what I had just seen. 

I felt the overwhelming urge to alert the watchtower to what I was watching.

Whitecastle123's picture

Doom on

There you have it, a warning, we told you, we're off the hook.   Get some cash, self defense, MREs and stuff it in your boogie bag.   Kinda weird but nothing gets aired without script.  

benque's picture

New opportunity for entrepreneurs

Kevlar wig = "head-vest".  Banksters and politicos would buy them at any price.  Someone oughtta get started on this, before Hugo Boss makes it his first "new" design in the "old" genre, since 1936.

Marchas45's picture

Posted This On The Other Thread

Concerning the MSN Anchors Video.

Hell I would love hear what are they going to say now after the hacking of The office of the Personnel Management where they stole over 21.5 million social security #'s Yikes!!!! keep Stacking


boomstick's picture


I have to throw the flag here.

Bill talked a lot about credit default swaps, and doesn't actually know what he's talking about. I have been in the credit default swap market for over a decade. [ducks to avoid rotten vegetables and bullets]

The very term "default" spans a wide range of issues, some major and some very technical and easily cured. To make the CDS contract simple, specific credit events were defined in a way that was meant to be simple and clear, but also representative of what is actually occurring: "Bankruptcy" (which includes such things as receivership, and declaration of insufficient capital by an insurance company's regulator); "Failure to Pay", which has certain grace period definitions and declarations; "Restructuring", which has been a problem ever since and is no longer the 'standard' contract in the US; "Repudiation", "Moratorium", etc.

The "default or not" question is governed by (currently) the 2014 ISDA Credit Derivatives Definitions, and the terms of the contracts. The CDS contracts have gone through evolution over the last 15 years, always due to issues that have arisen in the actual resolution of real-life situations. The most recent revision (the prior major set of definitions was 2003, with some additional changes in 2009) was primarily due to the emergence of "good-bank/bad-bank" which led to CDS behaving differently from how the bonds behaved. There are multiple examples of situations where CDS just hasn't imagined a particular situation (fun fact: US Treasury notes do *not* have a bond indenture).

The determination of whether a credit event has occurred, in the context of the definitions, is controlled by regional "determinations committees", each of which comprises 10 dealers and 5 buy-side firms (all of whom must be major CDS market participants). Anyone may submit a request for the DC to determine whether a "credit event" has occurred. If the vote is 15-0, then the DC ruling is final. If there is any dissent, the ruling is reviewed, and possibly reversed, by three outside lawyers.

Bill's castigating the CDS market is as bad as that of Gretchen Morgenson, Louise Story, or the more left-wing of the Tylers.

Fred Hayek's picture

GLD's last 700 are like the national socialists' first 500

I remember watching a documentary on the rise of the national socialists in Germany.  It mentioned that they actually handed out party membership cards in the 1920's.  To make it seem like there were more of them than there actually were, every party member had a number on his card.  The numbers started with 500 instead of with 1.

Oh, and the people running and protecting the GLD seem to be fascists, too.  The parallels are eeeeeeeerie!

Fred Hayek's picture

@boomstick. Maybe not

Bill was responding to my question.  I asked if it will push interest rates on sovereign debt higher if those who bought derivatives to protect themselves against the default of their (foolishly purchased) greek bonds don't get paid.

I think you've got probably one of two possibilities both of which end the same way.

1)  Buyers of CDS find they're not protected because the terms of the contract are carefully and narrowly written, as you seem to describe, and realize that they can't protect themselves from the risks of sovereign bond purchases as they thought they could.  So, they stay away from that market unless interest rates go much higher to address the inherent risk.


2) Buyers of CDS find that they're not protected because the game is rigged to avoid payouts and they realize that they can't protect themselves from the risks of sovereign bond purchase as they thought they could.  So, they stay away from that market unless interest rates go much higher to address the inherent risk.

Of course, there's technically the possibility of billions of dollars being paid out.

MJP0620's picture

I have a question I'd like to

I have a question I'd like to ask the board:  If JP Morgan is the custodian of the SLV, and JPM has been building a large physical position, then SLV should remain solvent when silver reverses - even if the COMEX defaults, correct?

(Just want to know, as I've been considering buying some long-term SLV calls)


Maestro's picture

Here ya go!

Will definately throw more than rotten tomatoes.

Where I come from, when you have no hope of paying your debt, you miss multiple payments, your banks are closed,  and a governing troika dictates without "lube".....I'd call that bankrupt.  Anything else concocted in the fantasy make believe world of CDS' is just total bs.

How the swap market can even exist when the parties issuing the insurance have full control of determining whether a default even occurs is beyond me.

...sort of like having my house burn down, and the insurance company telling me that it didn't!...carry on as usual....

The very "Heart of Darkness" if you ask me.

AIJ's picture

View of Pluto

Amazing and getting closer.


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