Turd with Wall St. for Main St.

Sat, Apr 19, 2014 - 9:22am

My friend, Jason, at wallstformainst.com requested that we record another interview. So, we connected late Thursday evening and recorded this 42-minute conversation. If you have some extra time over the holiday weekend, please give it a listen.

Jason and I cover quite a few topics including:

  • The historical fact of gold price suppression
  • The current stresses upon the fractional reserve system
  • 2014 price trends, the costs of production and future metals demand

Please be sure to check out Jason's full site here: https://www.wallstformainst.com. He has free interviews posted there with many of Turdville's favorite people.


About the Author

turd [at] tfmetalsreport [dot] com ()


Apr 19, 2014 - 9:24am

Good Morning!

Great interview! Highly recommended.

bullion only
Apr 19, 2014 - 9:33am

I'll second that

Have a great weekend.


The Doc
Apr 19, 2014 - 9:34am

Excellent stuff TF!  Its

Excellent stuff TF! Its about time we get you back on Metals & Markets!

If Turdites have extra time after Turd's interview, Alasdair followed up on his A2A interview with TF Thursday with some more excellent info regarding his breakdown of Chinese gold demand and where the metals are headed Friday evening.


Podcast: Play in new window | Download

London expert Alasdair Macleod returns to the SD Weekly Metals & Markets with his brilliant PM analysis, including:

  • Chinese 2013 gold demand 7,603 tons- More than DOUBLE Global Supply & mainstream estimates!
  • Macleod states that China’s total gold reserves (public & private) may be between 10 and 25,000 tons of gold!
  • Vaulting companies have never seen a 1 kilo (9999) gold bar- not one ounce is leaving China!
  • Gold being delivered from Western vaults has turned dirty- (barely .9 gold): Bullion Banks Now Scraping the Bottom of the Vaults to Source Asian Gold Demand!
  • Swiss Refiners are working 24/7, with up to 20 tons a day being sourced to China via Switzerland alone!
  • We discuss plunging GOFO rates: Macleod explains that the London Market has been Effectively Cleaned Out of Gold Below $1300, & that No One is Willing to Arbitrage the Negative GOFO Because There is No Bullion Available!
  • Alasdair provides his short & long term outlook for gold & silver, & states that Paper Currencies Face Ultimate Collapse, and that the Coming Loss of Confidence in the Dollar Could Propel Silver to $75!

sierra skier
Apr 19, 2014 - 9:44am


Another top ten Now for the listen.

Apr 19, 2014 - 9:47am


putting this on the iphone and listen to it while I work in the garden


Apr 19, 2014 - 9:54am


for a top tenner, yeap, you got that right. ;)

Happy Easter!!, Praise God in the highest!! Its your heart, always, not your wallet!! If you have the spirit, you got it all, the spark, the glow, the courage to face all. BRING IT ON!!!

Apr 19, 2014 - 9:58am

Saw this posted on another

Saw this posted on another site and listened to it earlier. This is a very good interview.

Apr 19, 2014 - 10:02am

listened to this excellent podcast yesterday, so

Good job Turd.

This is so messed up, so bizarre, that it likely belongs in Nana's Dots forum.

Common Core. Now y'all get kids to take a shot at 3 x 4, ignore the validity of their answer, and then have them share their feelings about the process they used in their guess.

My goodness. In the time that us old people would have been drilled for 100 "times tables" our newest generation is psychoanalyzing one simple problem. Do you think Chuck Noll burned a candle and shared his feelings with John Stallworth in 1975 when he couldn't run a proper post pattern. NO! He had the dummy run the damn pattern again. And again. And again. And again. And again. And again.

Repetition is part of conditioning for any learned behaviour. Sadly, Common Core is so transparently intended to destroy human potential that it gets put with 9/11, chemtrails, et al on the list of things which can't be true because "why would they do that?"

My eldest had a grade one teacher that drilled them on spelling, the old fashioned way. I wept joyfully when my then-6 year old looked up from her spelling list and asked, "What is exoskeleton?"

Common Core: 3 * 4 = 11 is okay - Longer
Apr 19, 2014 - 10:26am

Do we need true Anonymity in Crypto currencies?

Diversity is the key to being prepared and though we focus on PM's Crypto currencies should be a part of your "If TSHF" portfolio. Below is an email that I sent which might give rise to some discussion on this site!

To: "efagan[at]gfintegrity[dot]org" <efagan[at]gfintegrity[dot]org>
Subject: Illicit Financial Flows

E.J. Fagan,

I have just read a recent article you wrote in the Baltimore Sun https://www.baltimoresun.com/news/opinion/oped/bs-ed-bitcoin-20131125,0,... espousing the negative aspects of the potentiality of anonymity related to crypto currencies and inviting comments on it's virtue.

I would submit to you that the current taxation on assets imposed by the US government is an even larger illicit financial flow. To wit:

If a citizen invests in an asset, be it Real Estate, Stocks, Precious Metals, etc. and sells the asset for more than their adjusted cost basis, the IRS is there with their hand out ready to collect tax on the profit. However, profit presumes that there has been an increase in wealth! If during this period of time, there has been a decrease in the value of the underlying currency, what appears to be a taxable event in our example has only increased their real wealth by the delta between the sale price less the adjusted cost basis .......less the decrease in the value of the currency, during the period that the asset was held! However, there is no adjustment for this currency devaluation in current tax law so the taxation results in further transfer of wealth.........from those who have, to those who need!

So, in a scenario where the $US is devalued or substituted by the SDR, those that converted the ever declining $US dollar into hard assets will once again find the IRS with their hand out to collect tax on the increase in valuation relative to a new currency, when in fact there has been no increase in wealth, but rather only a preservation of wealth! This is insidious confiscation of citizen's wealth by our Government, and it has been going on for years, or do I need to provide a chart on the declining value of the $US? To hell with worry about drug transactions, money laundering, or large transfers of money! The US Government has been doing this to the average citizen since before time in memorial. Why don't you solve this problem first!

And, you wonder why there is a need for anonymity? Because Governments have proven they cannot be trusted regulating the countries currency, and the printing presses continue to role, currying favor from the uniformed out of work voter whose motivation in the voting booth is, "Free Stuff"!

Case made.

E.J. Fagan is Deputy Communications Director at Global Financial Integrity, a research and advocacy organization based in Washington, D.C., dedicated to studying and curtailing illicit financial flows.


1. You cannot legislate the poor into prosperity, by legislating the wealth out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that they did not first take from someone else.
4. You cannot multiply wealth by dividing it.
5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work, because someone else is going to get what they work for, that is the beginning of the end for any nation!



One of the dwindling 50% that still pays taxes and is very weary of "social justice"!

Apr 19, 2014 - 11:42am
Apr 19, 2014 - 12:41pm


I will take the other side of this one:

Do not take anything at face value. Do not accept that 4*3 is 12. Think if it makes sense. Be able to explain why it is so.

Do not accept that WTC7 came down just because someone in "authority" said so... ask if it makes sense.

Do not accept that Iraq was invaded because they thought there was WMD.

Question everything. Turn it over in your mind and see if it makes sense. Did humans spontaneously arrive on earth or did they evolve? If money makes you happier why do some millionaires kill themselves?

What is the square root of minus 1? Why is it imaginary, why it needed to explain stuff?

Free thinkers? Yes please.

New ideas and inventions only ever occur when we question norms and ask...yah butttt.....why.....

Apr 19, 2014 - 12:53pm

@ 57Goldtop

3 x 4 = 11 Is OK.

OMG, that is sooo messed up. And these are "educators"??!!!

You're right -- At the age when these students are learning their times tables, the focus SHOULD be on repetition, rote memory drills, etc. Their young brains are NEVER going to be better at memorization than at that point in their lives. (Have you ever played the board game "Memory" with a child? It's one of the few board games where kids have the advantage over their parents.) As far as teaching these kids the "process," who cares? They can learn the "process" later, as they're getting older. And, worrying about their "feelings" for 3 x 4? Please!!!

Apr 19, 2014 - 1:09pm

@ Bugzy

Question everything -- a good rule to live by. But, I draw the line when it comes to math. Having a solid foundation in basic math, including being able to multiply & divide quickly in your head, allows us to call bullshit on so many of the things we're told to believe.

57Goldtop Bugzy
Apr 19, 2014 - 1:15pm

Oh Bugsy

We need free thinkers. We need people to challenge conventional wisdom and not accept what they are told at face value. And sure, that includes challenging my statement, so it's all good.

We need our children to develop the building blocks required to construct those challenges. In elementary school math, we can quickly get them pretty concrete proof that 3 fours is twelve. Then, it's time to drill those building blocks into their head so they develop the mental muscle required to hold up the skeleton of their growing intellect. Then, they can move on to the ability to understand free fall acceleration, for example.

You don't develop critical thinking on 3x4.

If you want them to theorize on the 'why' of it all, then sure, send them and a bag of 'shrooms to Waterloo for Math with a joint Philosophy degree from Laurier. Canada needs about 5 of them per year, 4 to make coffee at Starbucks and one to teach the next 5 who really need to explore why 3x4=12. But the rest now need a calculator for restaurant tips, and they can't distinguish principle from principal.

Apr 19, 2014 - 1:24pm

Squares and Cubes

Bugsy, that's a good example.

My wife teaches elementary school and often uses the same example of 'why' 3 squared is 9. Lay out a square, and you'll understand cubes pretty quickly. I agree.

This, perhaps, goes too far:

Apr 19, 2014 - 1:26pm

Maybe I just see stuff differently

WHERE the heck does it talk about feelings in that video clip? Freddy, you just COPIED the wrong idea from Goldtop.

Watch the video again and THINK for yourself. Do not accept that because one person thinks he heard something that was not there that you automatically accept that it must be true.

You lay out coins on a table top 3 by 3. They make a square. 3*3 =9 coins, you can count them, it is special, it is a SQUARE number.

3 squared =9 - do it with blocks 3*3*3 is a cube... 3 cubed is 27 blocks.

Reading.... I learned two sounding alphabets. ABC and 'a' sounding like the a in apple; 'b' in bat and so on....

not that "seeaayyteeee" spells cat. Phonetics.

My I know a very bright adult who still struggles to accurately pronounce new words because they never learnt the basic rules.

Gave a man a fish you feed him for a day, teach a man how to fish and feed him for life.



Edit: Ok I accept we need repetition. So that only can easily do mental arithmetic. I learn things slowly, I chew stuff over, I try to look at things from different angles. They need to make sense for me to get them. I need a solid frame to hang stuff on... for me that is first principles.

Apr 19, 2014 - 1:32pm

Still laughing

That new way is a joke right? Man it had better be.

Apr 19, 2014 - 1:42pm

@ Bugzy (Feelings)

OK, you're correct. I re-watched the video and the "feelings" part isn't in there.

Your examples for learning math "squares" and "cubes," and using phonetics to learn to read, has worked for you. For me, that's not the way I was taught. It was more memorizing what the squares and cubes of the lower integers were, and that C-A-T spelled cat. That's not to say I believed EVERYTHING I was taught. And, because I was taught by nuns, that's probably a good thing!

Apr 19, 2014 - 1:42pm

"New way" @ 57Goldtop

What is that example? Interesting puzzle, to get an answer, but - all those steps?

And where on new solution calculation line 1 does the number '3' come from?

Is it because it is the first digit in '32' or is it the result of adding 1 + 2 from the 12?

Is this some way to do addition only, to avoid negativity in all respects?

Is it moral to remove negative from arithmetic?

Maybe I'm reading too much into this little example?

I guess, if I were not so old, I could play around with the idea, but for everyday,

I like the methodology of the 'old fashion' way!

Apr 19, 2014 - 1:57pm

The new way

I suspect it goes something like this:

In order to to determine 32-12 we can ask the question: what number needs to be added to 12 to get to 32.

Sought of early algebra: 32-12 = X so... 32 = X +12 ....we can pick some small numbers and keep adding them to 12 until we reach 32, then we can add ALL those little numbers up and their sum is what we needed to do to get to 32 and as such that is the difference between the two numbers and oh... sorry class,,, we have ran out of time.... we will start again from scratch tomorrow.

For homework... see if you can think of some small random numbers.

CC Horses
Apr 19, 2014 - 2:14pm


My daughter was taking college classes to become a math teacher. She told me about this and she said she could not teach this way, and changed her major to accounting to become a CPA instead, even though she really wanted to teach.


Apr 19, 2014 - 2:16pm

@OLDAUZZIE, You nailed it!

Thank you for that great summary. And the further disqualification of our present government to rule. I too pay my taxes and I also realize the unjust and dishonest function of our USA government that I enlisted to defend. We, the USA, have lost long ago our moral imperative. Stack on. Get these sick tyrants out of office.

Apr 19, 2014 - 2:29pm

The feelings part

The example above is from a Common Core discussion. And all I can do is quote a staffer from USDE who recently told me, "We're better equipped when the learner can explain why they feel their answers were appropriate."

Feel? Appropriate?

It's addition, subtraction, multiplication, and division. It's correct, or it's incorrect.

I don't intend to get in a sling shot fight with Bugsy, because we've lost track of the issue.

The Common Core platform looks purposefully ineffective, like the new educational direction in Canada. Here, we discarded of two essential pieces of academic development:

  1. The bottom line focus on Mathematical correctness. A good teacher explores a variety of ways to convey the insights in order to accommodate different types of learners. But the answer is correct, or it is incorrect.
  2. The timeliness of completion. When I wrote the SAT's, the intent was that few would finish. Our math was designed the same way, placing a premium on speed. That's what forced the student to sweat their butt off in pursuit of the maximum number of correct answers. Shake a leg, junior. Now, teachers are prohibited from enforcing any deadlines. The student can hand in assignments any time before the end of term, and teachers must accommodate re-writes and re-submissions any time if the parent or student complains.

Deadlines? Accuracy? NBD.

Apr 19, 2014 - 2:31pm

Change is what is good these days

Because it is the change itself that is good, and not the actual method or results that matter; the method and results are spun to seem good, thereby supporting the "good" change.

CCHorses' daughter could have continued her teaching courses, gone into teaching, held her nose for a few years, then introduced a new and revolutionary math teaching method: 32-12 = 20, ala "old fashioned way", and become famous throughout all of progressive academia.

Apr 19, 2014 - 2:43pm

Not all gloom

I know for a fact that BCIT requires homework handed in at 8 sharp in the morning. Late is auto 25% off. More than one day is 50% etc.

Students sign in at morning and afternoon sessions. Too many lates or missing days and you are out.

The correct result means everything, they care not how you got there. You are either right or you are wrong, go away and figure it out. There is an exam at least every week. Labs are done daily and marked daily.

Pretty old fashioned but they have a thing about preparing students for the work environment. Cannot argue too much about their methods.

Dagney Taggart
Apr 19, 2014 - 3:30pm

Look at all the time wasted!

No lines of calculation vs. Four now? Try that in the private sector and see how long that lasts.

RIP talented and intelligent children.

PS. Thanks for bringing BCIT up, Bugzy.

Apr 19, 2014 - 4:19pm


Ma & Pa Kettle Math
Apr 19, 2014 - 4:44pm


I'm all for the idea that's circulating now that businesses should join with high schools, junior colleges and colleges to train students for those jobs they have available .. the workers they need

Apr 19, 2014 - 7:13pm


Learning Math (Funny)

Edit: Ha ha! Nana beat me to it!!

Further edit: guess I'll add that very few know that 25 = 2 x 10^1 + 5 x 10^0

And what is that? Base representation, just the greatest invention of the past 2000 years. But that in turn presupposes some knowledge of addition, multiplication, and exponentiation. Why is 10^0 = 1? It would help to have a philosopher mathematician around to help explain that.

Here are a few: Pythagoras, Descartes, Leibniz, Russell, Whitehead, Godel... I'm sure they would all be working at Starbucks today ;^)

Guess I'll add one more point. It is all well and good to learn how to do math, but in this day and age of mathematical modeling of just about everything, it is also necessary to have some insight into what the math is doing. Otherwise, it is easy to mistake math for reality. A classic example would be economic models that assumed housing prices would never decrease.

Apr 19, 2014 - 7:23pm

Turd that ZH article is Bullshit...

I'm actually quite disappointed I was the first commenter 3 pages in to finally notice that chart they have plastered at the top of their site is from 2011! It's a really bogus way to mislead people. ZH's PM stuff has gotten worse and worse and worse and it's sad because it's a subject they really need to stick to and get people to understand the importance of but they've gotten weak in that department.


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