Thursday Conversation - James Turk


It has been a long time since we've caught up with Mr. Turk....way too long, as a matter of fact. But we correct that issue today with this podcast that contains all sorts of valuable information.

James is currently stuck in London but this has given his first-hand perspective on the current troubles of the LBMA, the CME and their global gold market. Among the items discussed in this podcast:

  • Issues facing The Banks as the year began
  • What took place as spreads blew out on March 24
  • Ongoing signs of physical stress in London
  • The significance of bullion banks quitting the LBMA
  • Why/how the GLD utilizes Bank of England gold for its "inventory"
  • And much, much more.

Many thanks to James for his time today and we promise to have him back on again soon. In the meantime, please be sure to follow James on Twitter @FGMR and you should always try to keep GoldMoney in mind whenever you are in the market for bullion:



May 15, 2020 - 10:07am

Living life large n' dangerous in the land of the new age leper

Doing the weekend shopping at Costco, very few people compared to the number you'd see on a Friday afternoon, our Costco bonus stimulus check came the day before, demanding to be spent; not actually remarkable because our Fed stimulus check has still to arrive. The private sector delivers quickly. IRS---not so much. Gotta love Costco.

Edit..Whoo Hoo. Looky Looky. Shiny's up 55 cents. That's what I'm talking about! Keep stackin'

Everyone is required to wear masks. Mine is not exactly conforming--looks more like a gangsta doo-rag. With the face cloth colors I claim Bloods and Crips. That makes certain shoppers real confused so I got my Trump campaign hat to make sure everyone knows the colors I really fly.

There were limits of 3 on meats. In this reality show called Season 1 of Pandemic--Episode 5, that was a surprise but not unexpected. The prices were at least 50% higher, coupled with a sign posted that Costco apologized but maintain their very thin profit margin. They are only passing through the price increases as they find them in the various lines of chicken, beef and pork. Copy that.

The shopping carts were not overflowing like when people were panic buying. The lines at the check out were short and moved quickly. The cashiers were solo; tagging AND the goods. Employee head count was way down. Plexiglass barriers were everywhere including the people who scan your cart and receipts. They were actually in plexiglass cages. Goes to show you that the receipt scanners are not exactly mission critical

You'd think that after seeing a boatload of sci-fi movies and TV series about conditions The Day After, I have no way to describe what I saw when leaving but seeing it up close and real, I've never seen retail employees in boxes and cubicles at nearly every corner of the store.

I'm not sure if this TV series was The Land of the Phone Booth People or some demented Toys Aren't Us store filled with life sized animated dolls in plastic boxes. Everyone else in surgical masks, looking like escapees from Moloka'i

Everyone working there was encased in their little personal plastic boxes. If this is a vision of our future, turning the basic world of grocery shopping into some weird dystopian TV reality show I can see where consumerism is going to take a big hit. I can't wait to go to JC Penny. Only if they survive their bankruptcy filing that is scheduled to go down today

Working title for this film

Valley of the Dolls part Deux

A bit of good news to share. Northern Nevada Coin had a new crop of Liberty Buffaloes right off the line. Trading some Kruggers for the shiny I scored 1,100 oz of AG. GTSR was still descent so the trade worked out just fine. In times like these there's only one thing better than the fragrance of freshly minted .999 Buffaloes in a new tube. Best is the scent of a just-cooked Costco chicken. Yum!

May 15, 2020 - 10:06am

customer service Goldmoney is very bad

Like James Turk a lot

Goldmoney's customer service is becoming very bad however.

Now it is taking almost 3 weeks for funds to show up in my account.

Not the first time these guys are very slow and I have to send messages myself to get thing moving.

Last time I have bought at Goldmoney

May 15, 2020 - 9:58am
May 15, 2020 - 9:57am

Good to know

Thank You, GoOto

May 15, 2020 - 9:56am
May 15, 2020 - 9:37am

Euro Sun Mining and Romania

Note: Romania is no a very mining friendly jurisdiction. Gabriel Resources found a "gold mine" there, it was not able to get the environmental permits. George Soros funded the opposition to the mine. I think the disputes are still ongoing, 10 years later ...

Also note: the Sprott Inc. threw some money into the company, not Eric himself.

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

May 15, 2020 - 9:26am

My guess is a scream up in

My guess is a scream up in GDXJ/JNUG at the open to balance out the overnight gains in silver/gold to the miners.

But, I sold JNUG at 91.60 to not be part of the open. I just can not believe a smash is not inbound.

I may lose some share count, as a matter of fact I am very sure I will.

But a downdraft in the overall market based on retail sales reality timed with monkeyshit throwing games...sounds about right if im a Banker Bastard.

Im too frikin skittish....and I know it. This is the time to HOLD dangit.

The monkeys are in my head...this is why i wanted to take a break

...sounds like a song...The Monkeys Are In My Head whohooo wu a wuuuu

damn i need sleep


EDIT: In JDST at 22.80....i know i know....but smash but smash...

May 15, 2020 - 8:55am

Sprott buying into Euro Sun Mining

They have a huge thing going in Romania...

Euro Sun Mining Announces C$12 Million Bought Deal Public Offering of Units

TORONTO, May 15, 2020 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) announces that it has entered into an agreement with Sprott Capital Partners LP on its own behalf and, if applicable, of a syndicate of underwriters (together, the “Underwriter”) pursuant to which the Underwriter has agreed to purchase, on a bought deal basis, 30,769,231 units of the Company (the “Units”) at a price of C$0.39 per Unit (the “Issue Price”) for gross proceeds of approximately C$12 million (the “Offering”). Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Shares”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”) entitling the holder to purchase one Common Share (each, a “Warrant Share”) at C$0.55 at any time on or before the date which is thirty-six months after the Closing Date (as defined below).

The Company will grant to the Underwriter an option to cover over-allotments and for market stabilization purposes (the “Over-Allotment Option”) to purchase up to that number of additional Units equal to 15% of the Offering size at the Issue Price. The Over-Allotment Option will be exercisable in whole or in part, at any time and from time to time, for a period of 30 days from and including the Closing Date. If the Over-Allotment Option is exercised in full, an additional C$1,800,000 will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be approximately C$13,800,000.

4 oz
May 15, 2020 - 8:51am


Is Physical reality is beginning to take over...Silver up over a Dollar so far this week...during May.....the story is being told in price strength at a seasonally weak time......

May 15, 2020 - 8:47am

And like magic,

I am itm on Slv 15's expiring today.

i backed off my nugt an jnug calls out of fear of a selloff on the day they expire. Which is a disaster if you play option. My lesson way back was expensive.

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Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

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