A2A with James Turk of GoldMoney

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James Turk is a legend in the precious metals sector. As founder of GoldMoney in 2001, James has long been an advocate of sound money and physical precious metal ownership. What a treat to have him stop by TFMR again today and answer subscriber questions in our A2A format!

Among the questions covered in this webinar:

  • The short-term paper market conditions as well as physical metal issues on the ground in London and elsewhere
  • The sham of ETF gold "ownership" and the fallacy of the 580 mts allegedly added to gold ETFs in 2016
  • How much longer the BoJ and other central banks can continued their failed cash-printing policies
  • Are royalty companies preferred investments in the metals sector
  • And much, much more!

Please be sure to give this recording a thorough listen. When you're finished, you should consider buying James' book, "The Money Bubble". It's a great read. You should also give strong consideration to becoming a GoldMoney customer as they are a prominent advertiser and supporter of TFMR...and I own some Bitgold, too!




Turd Ferguson's picture

Since there's no podcast today...


Just a few, very interesting open interest comments:

  • Gold yesterday, while down $14 in price, only saw a reduction in OI of 3,000 contracts to 614,079. This is very surprising, given the pending August expiration and it likely indicates a fresh new surge of spec momo shorting. Many of these may have already been squeezed right back out today. We'll see.
  • And there definitely appears to have been some fresh momo shorting in silver yesterday, where expiration and roll is NOT a current issue. On the 40¢ down day, total Comex silver OI rose by another 1,400 contracts to a new alltime high of 220,587. Check this: Since the current pullback began on July 11, silver has fallen by 48¢ while its Comex OI has risen by nearly 9,000 contracts. The CoT on Friday should help delineate how much of this is new Spec shorting and, thus, future squeeze fuel.
  • And check the OI in the still-delivering July gold! We've seen a RECORD amount of "deliveries" for a non-delivery month at 6,068 as late-comers "jump the queue" and seek delivery NOW instead of waiting for August. And why wouldn't they? Recall that June saw a record for "deliveries" during an actual "delivery month" with a total that came in at 15,785 contracts or 49 metric tonnes. That was more than the previous 5 "delivery months" combined and is just another anecdotal datapoint of extreme tightness and demand for physical gold worldwide.
uni59's picture


1st 1st in iowa

philly's picture

2nd! I know I'm not supposed

2nd! I know I'm not supposed to pay attention to the daily ups and downs in Ag, but it always does my heart good to see a sharp up move! Keep stacking Turdville...it could be your salvation when TSHTF!!

Mr. Fix's picture



RickshawETF's picture



I guess Marchas is out stacking . . .

RickshawETF's picture

K92 Mining

. . . finishes up 26.58% for the day at $1.443 ! ! !

SteveW's picture

How do I get bitgold?

Click on the ad plastered on the front page!

bilambiljet's picture

Top 10

Another beautiful sunrise here in QLD. Coffee and a listen to a Turd & a Turk.

Incorrigible's picture

Premium on Physical

Why not just buy a silver futures contract and take delivery at basically spot? Don't you automatically make about $500 on that right away on  1,000 ounce contract? 

Rakka's picture

Bitgold & GM

I dont how many been considering getting some shares of GM/Bitgold; i set-up an account with Turd as my sponsor. I dont have GM account. I always thought James Tuck was nice grandfatherly guy, but he ended up being wise & way ahead of the pack

I was very suspicious & wary when they both merged a year ago; but this company is going to be bigger than PAYPAL, which I hate using Paypal, No Ebay for me either.

We have alot of Texans out their saying, "All hat, no cattle"; so I really thought the Bitgold was way over-hyped, but the company has 1 million users, very easy to sign-up & begin saving in gold w/free storage, etc.

in the past year, bit gold have 48 million buck in small factional gold, free storage in very many locations around the world out of banking system.

I got my gold money prepaid debit card, many times better than my expectations, I have been adding small amounts every week, all of this is linked to my VISA credit card, and my checking accouts.

Dave Kranzler has been piling alot of money into this account, really valuable for price of gold up, but also, its his gold checking account or Gold Card.

Bitgold has now opened up a for you small business owners to pay your employees, in gold, its really growing and many bitgold customers are using the allotment for an allotment to their paycheck.

I added mine, so now I have credit card, checking, an 2 times month allotment to my gold checking account, I can use this card against my entire stack of bitgold, so my checking account is safe and available.

I dont like the bitgold cubes and I havent withdrawn anything yet, but I can tell you the good feeling i have for this company.

Another thing I dont like is arrogant Peter Schiff, but he finally climbed on board, and kind of admits he was jealous of the ability of bitgold to do exactly this for free, when he was mugging fees of 1 arm & one leg.  Anyway, he Schiffgold is on-board, I dont like him, no worry. The banking accounts will grow.

I think BitGold will be multibillionares. I havent bought any stock yet, just making observation that this company has way over-delivered my very low expectations.

Any other thoughts?

murphy's picture

Yen hyperinflation ?

I hope this is not a stupid question, or I am mixed up. At least in the beginning of the yen starting to hyper inflate, wouldn't the algos still be pushing gold down?

Maybe that's when we get the diversion of the physical to paper price. C'mon yen, c'mon Karoda, you can do it!

I posted this on the other thread. Worthwhile imo.


murphy's picture

@ Rakka

GM account holder for many years. Recently opened one with Bitgold and I LOVE it. So much fun to watch for the dips and buy however many grams at a time. Wake up at 6am and see they hit gold for $20 bucks, grab the computer and buy some!

Fun aside, it's great taking fiat out of the banking system. Just imagine if each one of us could convince five of our friends who are not like us to do the same.

I think it is possible, since it's more like a banking account that most of the population are used to. Digits on a screen, with a quantity and a value. No trekking to the coin store, ordering online, warehousing, etc.

Not to mention that the banks pay no interest! 

Rakka's picture

Murph - Totally agree

Honestly, I couldnt believe any of their ideas or claims

But they definately make it very easy and making it better every day

I am like you, adding on down days

my only fiat in bank, is min amount to keep checking from a monthly fees

The coin industry will get pulled in this also...so another good thing

I have sent gold to friends & they started an account

Dave Kransler & Rory Hall made me understand the fiat bank vs bitgold, lights went on for me at that point

Rakka's picture

My Bitgold link

if anyone is on the fence for Bitgold account,

here is my link:


You can be signed up in less than 10 mins

check it out, with no min required to account


murphy's picture

btw re: Bitgold

I believe they still have a new account special. Buy 50 grams and get 2.5 grams free. That's  free gold that I endorse.

Turd Ferguson's picture

One last thought re today


We keep emphasizing that most here should NOT get wrapped up in the tick-by-tick stuff and today was another great example.

Unless you are a very aggressive trader (and a psychic/soothsayer/witch), you should NOT be out there trying to time these markets. While you may be right occasionally, most of the time you're going to get wrong-footed as these markets are driven by the damn HFTs that twist and turn in the wind with no warning.

Hell, even last night's podcast had a warning from yours truly that a drop to $1285 and $18.50 was suddenly a possibility. If you had sold out at the close yesterday, you'd have had your ass kicked by noon today. What fun is that? (And do you see why we almost always post podcasts AFTER the NYSE close?)

Look, long and strong is your best bet UNTIL the underlying trend changes. Look back at this week's Vault posts. Almost all of the information provided focused upon the primary trend...which is still UP. As they say, "the trend is your friend" and it will remain that way until it isn't. My job at $12/month is to pay attention 5 days/week in order to notify you as soon as possible if/when the trend changes. For now, it clearly hasn't.

And one last thing...As we've discussed since the beginning of this site, if you're worried about locking in gains and managing temporary downside risk, then buy yourself some insurance (hedges). Whether it's puts on the Comex or the DUST, some hedges can always give you the peace of mind needed to stay "long and strong". There are plenty of folks here who will gladly share their wisdom with you in this category. Check Pailin's or Argentus' forums. Ask MiningJunkie, Boomstick or The Horse in the thread comments. I'm sure they'll be happy to walk you through how they personally do it.

Again...TRY NOT TO SWEAT THE TICK-BY-TICK STUFF. Bull markets in paper metal are always typified by two-steps-forward-and-one-step-back. If you try to get cute and "time" things, you're bound to be caught on the wrong step more times than not.

Revelation21.21's picture

Bitgold and Gold money question

Are they tax issues/consequences with Bit gold , gold money?

If yes, As a "little guy" is it worth the hassle ?

JackPutter's picture

Just reviewed @ my last stacking reciept

It's dated in Nov 5 of 2016 for some 1oz gold eagles @ 1150.  I'm going to go stack a bit more tomorrow. 

The bankers are leaving me no choice with artificial prices in real estate, stocks, bonds, money and art. 

The perception of stability in the world is at a low in my lifetime and I believe an acceleration of sentiment can happen at a moments notice. The price of Silver and Gold should be much higher with the education I've been getting over the last few weeks.  When perception is more important than function you know you live in interesting times.

I've been mulling over an article about the new silk road being developed through China, Russia and many other countries into Europe, and to the Atlantic.  Note that it's western terminus is in Turkey!!  Hence power struggles over who's going to call the shots there.

The wikipedia has a little bit of info on the silk road's history as well as the organizations of the new silk road.

Rory has written an article on it here:

Gold, Guns and The New Silk Road


rxman's picture

BOJ Balance Sheet

rxman's picture

I have to respectfully

Disagree with Mr. Turk on the streamers. eg SLW. The miners need to get funding for operations somewhere. Their product is money and the ultimate collateral.


James Crighton's picture

@Rakka - 5:12 post

Rakka - my experience is that BitGold / GM is great for dealing in and out of gold (that they store for you) but not if you want to take delivery - difficult and expensive (to take delivery).


tyberious's picture

Re: Enjoy


nuggety's picture

@Revelation21.21 - Bitgold and Gold money question

I have a bitgold Mastercard from GoldMoney.

Yes there are tax implications for any "gain" made in fiat.
You will need to research this for whichever country claims you as a resident for tax purposes. 

Fortunately the bitgold account tracks all of this in the currency you nominate on your account and provides a convenient transaction statement so you can include any "fiat gains" in your reporting to the relevant authorities.

One of the reasons I choose to live in Singapore is there are no such taxes on so called capital gains.

Of course if you live in an oppressive tax jurisdiction there are ways to move under the radar by keeping your LCS transactions under reporting limits and thus anonymous.

canary's picture

OI (preliminary)

Gold  -850

Silver +2030


GLD lost 2.08 tonnes 

SLV no change.

stealthbear's picture

Goldmoney reporting issues

I can't answer the issues of capital gains taxes, as I closed my Goldmoney account this year at a loss. I opened this account back in 2008 or 2009. I have the utmost confidence that James Turk is a man of impeccable honesty and integrity, which is why I opened this account. Shortly after I opened this account the IRS decided to impose regulations that require individuals that have more than $10,000 in an overseas account to file a FBAR form each year. If you have more than$50,000 invested in an account overseas, you fall under the FINCEN regulations. I had my accountant research the IRS regs to see if it would apply to my Goldmoney account, and it does.

I bring this up not to discourage people from using Goldmoney or Bitgold, but to raise awareness that the penalties for not reporting or missing the yearly reporting deadline are absolutely draconian, in my opinion. You can read these for yourself.

I guess too many of us "little people" have been laundering drug money or financing terrorism with our measly $10,000 accounts.

Turd Ferguson's picture

Simply remarkable to watch


Simply remarkable to watch gold and silver be pressed lower and lower these past two hours, all while bonds and USDJPY are mostly stable.

Fatso's picture

Kuroda Says “No Need Or Possibility For Helicopter Money”

Which means it is coming soon!!!

Dr. P. Metals's picture


we just need some major world changing geopolitical event or something somewhere to get people interested in metals again, you know, like a coup, nukes and us troops under "lockdown" or something...wait, what...er, never mind...

NOTHING will ever wake sheeple up...country after country has watched their currencies devalued to near oblivion, and still everyone snoozes away...seemingly everywhere.

Edit: the only thing that will wake people up is a delivery failure of real metal, but we're going on 4+ years now and The often anticipated mythical magical delivery failure fairy is still nowhere to be found...

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