A Conversation between "Belangp" from Youtube and Argentus Maximus

Sun, Mar 2, 2014 - 1:16pm

A few days ago I recorded a conversation with Belangp who has a very good channel on Youtube here: https://www.youtube.com/user/belangp

Belangp's videos are a great source of information, as they are cleverly put together and manage to deal with powerful fundamental forces upon the gold market, but he has a talent to clarify, and condense his information to a degree which is not often seen.

Our conversation was planned to be about 30 minutes in length, but we got talking about some pretty interesting angles of the pricing of gold, and it went a little over 60 minutes in what seemed no time at all. I took it to the editing stage, but found it difficult to find anything that could be removed, so I just left everything in, though the podcast is unusually long it's well worth the time required for a listen.

We discussed gold and the petrodollar, natural gas "oil replacements" for the petrodollar, Freegold, pipeline politics, theoretical dual prices for gold in a hidden "international sovereign state market", the effect of a large above ground gold stock upon the gold price, and much more.

I hope you find this video podcast interesting and worth listening to.

The video conversation with Belangp can be accessed by clicking here:


Argentus Maximus

The author posts daily commentary on the gold and silver markets in the TFMR forum: The Setup For The Big Trade. More information about the author & his work can be found here: RhythmNPrice.

About the Author


Mar 2, 2014 - 1:18pm



Dyna mo hum
Mar 2, 2014 - 1:20pm



Mar 2, 2014 - 1:24pm

What a treat

Two of my online favourites, but this time together. Thanks AM and now to listen.

Mar 2, 2014 - 1:37pm


Looking forward to listening to this


Motley Fool
Mar 2, 2014 - 1:57pm

A transcript...

Would be nice, if you can manage one.

Mar 2, 2014 - 2:16pm

Hi MF. I'd never get the time

Hi MF. I'd never get the time to play and type the lot live, and we were not working to a script. However if you happen to know an automated way to do one, maybe via a youtube feature I don't know about, drop me a PM and I'll give it a go.

My usual way to manage time and listen to the podcasts I like is to download and put into my mp3 player and listen while walking or driving.

Motley Fool
Mar 2, 2014 - 2:39pm


Ok. No problem. I am not aware of any automated method, but with today's voice recognition tech, there should be some. Perhaps other members are aware. Thanks for the response.

Mar 2, 2014 - 2:39pm

Motley Moron

Why don't YOU hire a stenographer and pay for it yourself ? WTF is wrong with you and why hasn't a family member that cares about you murdered you in your sleep? Never mind. That was a rhetorical question. Except for expatriate NYC Jews in south Florida, I have never seen an attitude like yours. It is truly disgusting.

Nick Elway
Mar 2, 2014 - 3:18pm

Youtube link

Here's the conversation as I found it..

Interview on RNP and TFMetalsReport
Verus nemo
Mar 2, 2014 - 3:22pm

Thanks for this, AM

I've been a fan of this guy's videos for some time now and have shared them with some friends locally who are "waking up" learning rapidly. I can hardly wait to listen to your conversation with him. Thanks so much!

Mar 2, 2014 - 3:29pm

For anyone who hasn't the

For anyone who hasn't the time for it all, there are highlights, for instance I recommend the few minutes after 0:45 where we talk about the above ground stock of gold in a way you NEVER hear it spoken in the media.

Mar 2, 2014 - 3:36pm

AM Is a Shill!

How dare you break down, rationalise, question, quantify and basically make sense, separating the wheat from the chaff and underlining who the real shills are (you didn't name names but I could certainly do that, but I digress)

Thank you, great guest too by the way ******* refreshing to hear 2 people who are not talking their book.

Motley Fool
Mar 2, 2014 - 3:47pm


He sounds pretty much like a freegolder to me. There are some minor points of contention so far (i'm 45 mins in now) but nothing so serious that I am even going to bother about them.

Curiously FOFOA put out another post a few days ago that directly addresses one of the questions you raised. If you are interested you are welcome to go read it : https://fofoa.blogspot.com/2014/02/think-like-giant-3.html


Yes. Obviously my polite request for a transcript, if he had it easily available, and subsequent acceptance that this was not the case makes me a complete dick. You on the other hand are the epitome of politeness. >.>


AlienEyes Motley Fool
Mar 2, 2014 - 4:20pm


Put so the even you can understand it, you consistently ask for and expect far more than you have a right to. Very annoying or objectionable; offensive or odious. Deserving of or liable to censure.

Motley Fool
Mar 2, 2014 - 4:36pm


You realize of course that a transcript would not only be to my benefit. It is much much easier to have a discussion about a podcast when it is available in text format, so that one can quote or query relevant sections. I found the podcast interesting, but am certainly not able to quote verbatim, nor will most here be able I wager.

But whatever.

In your view I am asking just because you have decided I am a dick.

I will now be adding you to my ignore list fwiw.

AlienEyes Motley Fool
Mar 2, 2014 - 4:50pm


Thank you, fool. smiley

Btw, you might ask TF and all of the other members that provide links to vids to provide certified transcripts for your personal convenience....dick. 

Nick Elway
Mar 2, 2014 - 5:10pm

Nice Points!

The people hoarding their gold hold 80 per cent of the gold above ground, the central bank gold is 20 per cent. Almost all the gold being sold is gold being mined. That's why belangp's avatar is Smaug..the hoarder.

It is difficult to get a man to understand something when his salary depends on not understanding it. Upton Sinclair
Updated Nov. 4, 2009 12:01 a.m. ET

NEW DELHI -- India's central bank bought 200 metric tons of gold from the International Monetary Fund last month, in the first major move by a major central bank to diversify its foreign-exchange reserves.


It looks to me like India got their 200 tonnes, any follow up on the assertion that India did NOT get all 200 tonees?

Mar 2, 2014 - 5:10pm

AM, What a Fascinating Interview!

Thank you for your time and effort. I had never known of "belangp" and I will now include him in my ongoing education.

I am very thankful for Turd and all of his contributors providing invaluable insight at a crucial time.

Mar 2, 2014 - 5:22pm

IMF Gold Sales

Hi Nick Elway:

from: https://www.imf.org/External/NP/EXR/faq/goldfaqs.htm

>> The Executive Board approved sales strictly limited to the gold the IMF had acquired after the Second Amendment of the Articles of Agreement in April 1978. This amounted to 12,965,649 fine troy ounces or 403.3 metric tons ... <<

>> According to the modalities for the gold sales adopted by the Executive Board, the Fund initially stood ready to sell gold off-market directly to central banks and other official sector holders at market prices. During October and November 2009, the Fund sold a total of 212 tons in this manner to the Reserve Bank of India, the Bank of Mauritius, and the Central Bank of Sri Lanka. On September 7, 2010, the Fund sold 10 metric tons to the Bangladesh Bank. ... <<

 I would not be bothered, but I'll bet that if I went back to find the dates the impending sales were announced, 1 the decision, 2 the amount, 3 the bids and sales, ... I'll bet that all were times that gold was beginning to make the USD/GBP/etc look weak and something had to be done. Also, I'll bet that attempts to find contemporaneous references to not selling half of the announced amounts of gold ... well that was a very quiet and little reported piece of news, if it was reported at all, at the time.

Mar 2, 2014 - 5:35pm

From a Monetary (Only Silver and Gold are Money) Perspective-

Paul has done an exhaustive amount of research but he seems to try and put the puzzle together in an Economic (rather than monetary) context. The difference between a Monetary and Economic makes all the difference.

Monetary- basically, what is 'used' as money within a country, continent or in what is now the entire world?

Silver and Gold have been displaced from their monetary role hundreds of times over the last several thousand years. Displaced by sticks, tulips, sea-shells, fiat currencies, base metal coinage, 'whatever'... (anything that is not Real Money, Silver and Gold)

Currently, Silver and Gold are displaced the world over by a system. It's not just the individual fiat currencies that have displaced Silver and Gold, it's the World Fiat Currency System in it's entirety that has temporarily displaced Silver and Gold.

Here's a visual of the World Fiat Currency System-

The shortcoming of all Economic analysis is that it is a study of the dynamics of all those things within the WFCS.

Economic analysis doesn't have the perspective to see the WFCS in it's entirety as a single temporal entity, and one that will be soon dying just as all monetary substitutes have ALWAYS died in the past.

Granted, the WFCS is much more complex than all former monetary substitutes, AND this time it is World Wide, but from a monetary perspective, it's just as simple to observe and easy to understand. It's Silver and Gold -vs- The WFCS.

Anything more complex is likely just more WFCS smoke and mirrors trying to muddy the water and paint pictures that always include, even if only implied, the perpetuation of "the system". And that always omits Silver from the conversation or discusses in a lesser light. (Even though Silver is not only Money, but it will soon be Silver that puts the finishing touches on the WFCS. No MONETARY doubt about it.

So again, once analysis steps off into the dynamics of the WFCS entities, it's all theory based, there's no clear end, all the pieces are constantly morphing and there's not enough room to put them together. And everybody is always left slightly confused, and thinking this is all very complex.

But from a Monetary perspective, the WFCS (as confused and confusing as it is, and is designed to be) is just a monetary substitute.

Imagine the WFCS, in it's entirety, as the monetary substitute depicted by Mr. Banker in the slide below...


Urban Roman
Mar 2, 2014 - 5:43pm

Good stuff, AM, thanks for

Good stuff, AM, thanks for doing this and posting.

I see that belangp understands peak oil..

Mar 2, 2014 - 6:02pm

Alien n Fool

That exchange reminds of one of Archie Bunker and meat head conversations. ROTFLMAO!! I'm crying, I can't even type. I can feel the love, can't you? You guys crack me up. Thanks.

And thanks AM and belangp for the education. This site really does rock

Nick Elway Norm
Mar 2, 2014 - 6:52pm

Thanks Argentus

Great Interview

Thanks for your note.

I am still of the belief that the 200 tonnes made it to India (plus 2 to Mauritius and 10 to Sri Lanka) in October and November of 2009 The 200 tonnes was announced in November 2009, after the sale to India was complete.


In October and November 2009, the Fund sold 212 metric tons of gold in separate off-market transactions to three central banks: 200 metric tons were sold to the Reserve Bank of India during October 19-30; 2 metric tons to the Bank of Mauritius and 10 metric tons to the Central Bank of Sri Lanka in November.

Not that it makes any difference..

Mar 2, 2014 - 7:08pm

Enjoyed that!

An informative and interesting podcast. Thank-you.

Mar 2, 2014 - 7:09pm

Really good conversation AM

That was excellent and it flowed really well. Tons of great info there. Editing it would have been a crime.

Many thanks to you and Belangp for putting in the time for this, it truly was a great listen smiley.

Mar 2, 2014 - 7:30pm

@Nick Elway: It is my

@Nick Elway:

It is my understanding that the Reserve Bank of India wanted to buy the full so called 400 tonnes the IMF purportedly had put up for sale.

I don't see a reference for my particular assertion when I do a quick search, other than the IMF reference I gave above which implies a withdrawal before sale of half of the gold originally authorized for sale. I personally am happy to to impute this from partial data and consider the announcement of massive impending gold sales as just another Central Bank intervention via management of perceptions.

Mar 2, 2014 - 7:31pm


I am enjoying watching the charts this evening. Even as I type, there is a 1.80 pop in AU to nearly 1340! I wonder if GOFO rates have turned and are heading more negative by tomorrow?

We just received 8 glass-mat batteries yesterday to use in the solar power system we are building. My wife purchased 1000 watts of solar cells for a hundred dollars fiat. Now its time to solder them all together and put them in a waterproof frame and connect them. I am continually amazed by the free information and demo videos on Youtube. This morning I was watching one that taught how to build a small septic system out of two 40 gallon barrels and less than $100 of sewer pipe and parts. Good for two people with low water use.

My wife's sister wants the whole family to partner up on a "compound" for us to bug out to that will support 20 people or so. Interesting idea, but it gets tricky. OH! 1340 is breached! My wife and I just cannot see how four families will agree on the important decisions that will need to be made.

Another sister in law must live near a mall. She refuses to move out of Phoenix. If the economy got so bad that nobody felt safe in the city, there are another 20 relatives that might come knocking. How do you turn away your niece and her husband? How do you feed them if they don't come with resources to contribute? I am not sure where we are headed with this, but I have been looking at land --Hey 1341! and rising -- in northern AZ. There is a nice little town with a water table close to the surface.

I may just like the look of my gold options tomorrow morning. Its about time we had some fun watching these charts.

All in all, I am concluding that it is preferable to live in the countryside, growing vegetables, hunting, and raising farm animals if this economy is on a long downhill slide into 2nd world and 3rd world status. I lived in Mexico for a while and saw how tough things could be... I imagine the USA is tending that direction. Wow! 1342... no, make that 1343. What was our high last week? 1346... Hmmm,, taking a breather. I suppose that is good, though I prefer to watch green candlesticks.

Mar 2, 2014 - 7:41pm

I enjoy belangp!

He is smooth and direct. AM keep up the good work.

Alien you are a riot.

Motley I think you should have your own guest post. Outside of your creepy ass clown picture your just another voice of thought to me.

Mar 2, 2014 - 7:48pm

AM, I think you mentioned the demonetization of US silver

The crime itself

What is known in Populist rhetoric of the late XIX century as The Crime of 1873 was the demonetization of silver enacted by the Coinage Act of 1873. Alexander Hamilton had set the United States on a bimetallic standard in 1792 and, with the notable exception of the Civil War, the country had not moved from this system. In practice this was a continuous switching from a gold standard to a silver standard. When the legal price of gold in term of silver, that is, how many pounds of silver you get for one pound of gold, which was set by the Coinage Act at 15 for 1, was greater than the market price, then nobody would bring gold to the mint and the country would be on a de facto monometallic silver standard.

The consequences of this technical decision were enormous, and it seems to be clear in the view of recent research that many people suffered from until the end of the century.

Immediately after the United States went for a gold standard regime in 1873, the market price of gold in term of silver began to rise, starting from about 15 in 1870 to reach a maximum of about 40 in 1900.

The demonetization of silver was accompanied by several circumstances which led to a strong secular deflationary trend of about 1.7 % a year in the general CPI from 1875 to 1896.

Macroeconomic Consequences

The decision to remove the American dollar from bimetallism in 1873 did not have immediate consequences, for, as we've seen before, silver was undervalued at the legal ratio and nobody used it anyway. But as one country after the other switched to the Gold Standard at the end of the century, the demand for gold rose tremendously and a flow of silver was freed from monetary purposes in France, England, Germany and most other big countries.

The result was that the dollar (and so the American monetary mass and ultimately output and employment) was linked to a metal that was getting scarcer and scarcer, because between 1879 and 1897 the rate of increase in gold output slowed, and the demand increased at the same time. The monetary mass could not keep pace with the strongly expanding economy, and price measured in gold declined strongly. This deflationary effect was hindered to some extent by the spreading monetization of the American economy and a more efficient banking system that allowed to pile up more paper money on a given currency base (that is, gold).

We see between 1875 and 1896 a deflation of about 1% a year in the general CPI. A the same time the output rose by 6 % a year. Economists reader should not say, <<Gee what a growth even with those declining prices!>>. It's precisely this growth that made the prices go down. With a fixed quantity of money if the number of transactions rises and the velocity cannot rise sufficiently, then prices have to fall.

All this led to a depression so great that you would have to wait for 1932 to see the same again. Unemployment peaked at 18 % in 1894. But some people suffered more than others.

On the monetary side, this deflation made many bank loans turn sour, as the debtors struggled to honor their obligations with rising real value of their debts. Some famous banking panics occurred (1892) , but globally the trust of the public in the banking system increased. The ratio of deposits to reserves rose from 2 to 4 at the end of the period.


Mar 2, 2014 - 7:51pm

Dr Jerome "1000 watts of solar cells for a hundred dollars fiat"

Is that a typo? Surely 100w? Where did you get 1kw worth of output from solar cells for just 100 dollars?

I'm a buyer if you can point me to who's selling them at that price smiley.

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