A Turdless A2A

Thu, Jun 22, 2017 - 10:50am

For your listening pleasure and to pass the time while we watch miners show a bit of strength this morning.

A conversation between two weary metals investors, Pining for the Fiords and Dr. Jerome:

Click here to if the youtube link does not work...

Pining & Jerome

About the Author


Jun 22, 2017 - 6:11pm

Macron on Syria

One foot in, one foot out. But any lessened hostility towards Russia by Western countries is a good thing at this point

..."Macron says French policy towards Syria is now more aligned with Russian objectives in the country. “My lines are clear: Firstly, a complete fight against all the terrorist groups. They are our enemies,” he said. “We need everybody’s cooperation, especially Russia, to eradicate them.”

Macron said he will not allow US “neo-conservatism” to seep into France, and that the focus of French policy will be aimed at achieving “stability” in Syria, rather than getting dragged into a Libya-style conflict."...


Angry Chef
Jun 22, 2017 - 5:45pm

Did you know that before 1973 it was illegal in the US to profit

...off of health care. The Health Maintenance Organization Act of 1973 passed by Nixon changed everything.


Jun 22, 2017 - 5:40pm


From two subscribers who are real people, not gurus with something to sell, an axe to grind or some horror story about the next thing scheduled to go bump in the night

Thanks for taking the time to make this tape



Ned Braden
Jun 22, 2017 - 5:37pm

Pining, I sympathise

with your plight regarding those damn 400 oz. Good Delivery Bar acoustics . The last one I had my wife used as a door stop....

As a courtesy to you I am happy to hold several for you here at my home on your behalf, until TEOTGKE.....lemme know


Jun 22, 2017 - 5:33pm

Thanks to both of you for the

Thanks to both of you for the recording.

These conversations are much appreciated.

Jun 22, 2017 - 5:28pm

Good stuff you two

Your discussion of the timeframe with no financial downturn happening was helpful with very good explanation of the blending in the power of the media that seems to keep the public sedated of any concerns about the mindless QE schemes the CB's continue to play.

We have gone 4 years longer than I could have imagined back in 2013 as we went full bonkers on this . Upcoming concerns for me are worse than usual economic indicators in a very long business cycle, flattening of the yield curve, the debt ceiling, China's participation in the IMF currency basket, the possible Gold Trade Note Russia and China may expand on, and last but not least WWIII. Don't think this pedo thing is done yet either

I do need to put forth more effort to try to normalize my life on a daily basis and not extend so many details to the wife of all the crap, thanks Doc for explaining how you go about that with your wife.

Thanks again guys

Jun 22, 2017 - 5:25pm

The Trump Era And The Outlook On Gold’s Performance

- Bill Holter Interview 6-18-2017

The Trump Era And The Outlook On Gold’s Performance - Bill Holter Interview

01:50 The Trump era and Gold’s outlook
05:40 Bitcoin’s a rival to Gold or an ally?
07:20 Millennials a threat to the centralized establishment
13:20 Can the President defeat the Deep State?
17:05 How you should secure your wealth safely?
21:20 FED Hike and China
25:50 Credit shuts down the system could crash!

Jun 22, 2017 - 5:08pm


I have nether the will nor inclination to discipline myself to learn enough to avoid trading losses. I buy. I hold. I win or lose. Some "wins" have been spectacular: I bought $1,000 worth of MSFT the day after Black Monday, in 1987. Some losses have been equally spectacular. In 1998, I bought $30,000 worth of excite@home -- I watched it rise to $90,000 and then followed it back down all the way to zero! (I didn't even have the sense to sell when it had lost 66% of its value, and I could have broken even on the trade!). Ah well . . .

I read Mish Shedlock's article earlier in the week about General Electric, and their $31 billion pension funding shortfall. What resonated with me was that their pension shortfall was 50% greater than any other company in the United States! In 2007, GE's pension obligations were $10 billion overfunded. That is not a good trend!

So, as any clear-headed, reasonable investor who refuses to perform the necessary research and due diligence, but prefers to react emotionally to events as they see them, I lay out the following:

GE's stock closed today at $27.55

GE's stock price low in 2007 was $7.52

If there is a significant "correction" in the market, what is GE's price potential?

Factor in the reduced value of their pension fund, which I assume is invested in equities and bonds, and how is that likely to weigh on GE's stock price?

I don't think it is outside the realm of possibility that GE's stock could drop to the mid-teens.

Today, one can purchase GE Jan 18 2019 Puts with an $18 strike price for around $0.32-$0.36, or roughly 3 contracts (covering 300 shares) for about $100. Hells bells, I've got $100 worth of vermouth I won't even deign to drink!

GE is basing their pension funding on earning a 7.5% return on that pension fund. How reasonable is that? They need to spend $5 billion dollars a year (out of cash flow) just to stay even in the fund. What are the odds this becomes even more of a problem, going forward?

I see the biggest reason to skip this trade is that investors do not factor this into GE's stock price within the next 18 months. On the other hand, it's only $100, and I can always drink that vermouth I've got sitting around . . .

Jun 22, 2017 - 5:08pm

Pining and Dr J

Wonderful interview. It was good to hear the voices behind the many years of tremendous writing. Rest assured that you both share the high degree of trust of the members that you both attribute to our leader Craig. Again, a tremendous idea to pass along your personal thoughts about things as you both have experienced them, and it truly adds to the aura of this site.

Jun 22, 2017 - 5:06pm

Dr. J/Pining

Nice....Although I did have one cold one while listening; and

nice job sucking up to Ole'Turd

I am JOKING....I agree with you guys about Turd's dedication to this community; just the fact that he was/is the only one I know, amongst all the financial guru's in this world that identified and openly stated 'bout the link between USDJPY and the metals' prices. With that kind of ability, Turd could make a killing in one of the big banks.

Anyways, still waiting for the TEOTWAWKI....

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Key Economic Events Week of 9/21

9/21 8:00 ET Goon Kaplan
9/21 10:00 ET Goon Evans
9/21 Noon ET Goon Brainard
9/21 6:00 pm ET Goon Williams & Goon Bostic
9/22 10:30 ET Chief Goon Powell on Capitol Hill
9/22 Noon ET Goon Barkin
9/22 3:00 pm ET Goon Bostic again
9/23 9:00 ET Goon Mester
9/23 9:45 ET Markit flash PMIs for September
9/23 10:00 ET Chief Goon Powell on Capitol Hill
9/23 11:00 ET Goon Evans again
9/23 Noon ET Goon Rosengren
9/24 1:00 pm ET Goon Bostic #3
9/24 2:00 pm ET Goon Quarles
9/24 10:00 ET Chief Goon Powell on Capitol Hill
9/24 Noon ET Goon Bullard
9/24 1:00 pm ET Goon Barkin again & Goon Evans #3
9/24 2:00 pm ET Goon Bostic #4
9/25 8:30 ET Durable Goods
9/25 11:00 ET Goon Evans #4
9/25 3:00 pm ET Goon Williams again

Key Economic Events Week of 9/14

9/15 8:30 ET Empire State and Import Price Idx
9/15 9:15 ET Cap Ute and Ind Prod
9/16 8:30 ET Retail Sales
9/16 10:00 ET Business Inventories
9/16 2:00 ET FOMC Fedlines
9/16 2:30 ET Powell Presser
9/17 8:30 ET Philly Fed
9/18 8:30 ET Current Acct Deficit

Key Economic Events Week of 9/7

9/9 10:00 ET JOLTS job openings
9/10 8:30 ET Initial jobless claims
9/10 8:30 ET PPI
9/10 10:00 ET Wholesale Inventories
9/11 8:30 ET CPI
9/11 9:45 ET Core CPI

Key Economic Events Week of 8/31

9/1 9:45 ET Markit Manu Index
9/1 10:00 ET ISM Manu Index
9/1 10:00 ET Construction Spending
9/2 8:15 ET ADP employment
9/2 10:00 ET Goon Williams
9/2 10:00 ET Factory Orders
9/3 8:30 ET Initial jobless claims
9/3 8:30 ET Trade Deficit
9/3 12:30 ET Goon Evans
9/4 8:30 ET BLSBS

Key Economic Events Week of 8/24

8/24 8:30 ET Chicago Fed Idx
8/25 10:00 ET Consumer Confidence
8/26 8:30 ET Durable Goods
8/27 8:30 ET Q2 GDP 2nd guess
8/27 9:10 ET Chief Goon Powell Jackson Hole
8/28 8:30 ET Pers Inc and Consumer Spend
8/28 8:30 ET Core Inflation
8/28 9:45 ET Chicago PMI

Key Economic Events Week of 8/17

8/17 8:30 ET Empire State Manu Idx
8/17 Noon ET Goon Bostic
8/18 8:30 ET Housing Starts
8/19 2:00 pm ET July FOMC minutes
8/20 8:30 ET Jobless claims
8/20 8:30 ET Philly Fed
8/20 10:00 ET LEIII
8/21 9:45 ET Markit flash PMIs July

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

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