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TFMR Podcast - Friday, May 15


It was a great end to a great week where the old TFMR adage is proven yet again. To celebrate, I thought we should make this podcast immediately public in the hope that more people will choose to come along with us on this ride.

We are in the early stages of what will be the greatest precious metal bull market you are likely to see in your lifetime. To profit from this...and to secure your future...I urge you to consider a membership to TFMR. Its only $12/month and, this weekend only, we're running a discount due to the uncertain economic times.

And just so you know, it's not like we just stumbled upon this last week. Here are links to our two most recent annual forecasts. Please take a look. You'll see that we're clearly onto something and ahead of the curve in terms of analysis:

So, if you'd like to join us, just go to this link: www.tfmetalsreport.com/subscribe. Once there, select the monthly subscription option and then enter the coupon code "GOLD". This will save you $6 on your first month but every dollar counts at a time like this. I hope you'll join us. You'll find that the regular $12/month cost can be made up pretty quickly through the information we share here.

For today, just a lengthy general discussion followed by a mention of this story that broke right after the NYSE close: https://www.zerohedge.com/markets/fed-warns-stocks-face-significant-decl...

From there, we begin with these screenshots:

Next, we discuss Comex gold and silver and the persistent premiums/spreads versus spot:

Next, we check the daily and weekly charts of the mining shares:

And we close the week as we always do, with a look at your latest CoTs...which remain the most"bullish" since late June of last year.

Again, I hope non-members of TFMR will take the time to join us. You can bump along doing your own thing OR you can spend 40¢/day to learn A LOT about the precious metals and mining shares and then put that knowledge to use.

Have a great weekend, everyone!



May 17, 2020 - 11:16am


Congress enacted legal tender laws allowing for the issuance of fiat paper supposedly backed by gold, called the fractionalized gold reserve system. Eventually, the rules were relaxed and allowed for the issuance of strictly "federal reserve notes" which made the fiat paper non-redeemable for physical gold, and thus, pure fiat paper. Gold and Silver are still legal tender, but there is no one who will exchange their $1 American Silver Eagle coin at face value, so there is always the issue of the fiat paper exchange valuation. As between buyer and seller, though, barter is still legal so that means I as the buyer can offer to exchange my silver or gold for a seller's farm and tractor. So long as we come to mutually acceptable terms, then we have an enforceable contract in all 50 states.

May 17, 2020 - 11:12am

Thanks dryam

Appreciate the feedback

May 17, 2020 - 10:51am

Pierre Lassonde

Hi Craig,

Do you think you can interview Mr. Pierre Lassonde asking him about GLD? He was the chair of Wold Gold Council during 2005 to 2008, while GLD just began to operate. He should have the first hand insight of how GLD operated.

May 17, 2020 - 10:38am

The miners, just like 2000-2011 on the way

"This compares to the aggregate market value of the FAAMG (Facebook, Amazon, Apple, Microsoft, Google) stocks of $5.4tn and the market value of US Treasury debt outstanding of $25tn. So the gold miners, in aggregate, are worth about 5% of the value of just those 5 FAAMG stocks and 1% of the value of all the Treasury debt outstanding.

What do you think would happen to the price of the gold miners if some of that capital left the FAAMGs or Treasury bonds and flowed into the gold miners?"


May 17, 2020 - 10:00am


You can be confident that whatever Powell says will not be the truth, but will be putting banks in the best light. Summary: Wasting our time.

May 17, 2020 - 8:37am

Fed talk this evening

It will be interesting to see what Jerome Powell says this evening, how he says it, what he doesn't say, what he studiously avoids and what, if anything, he outright denies. Pay attention to body language, tone of voice and facial expressions as well (stop focusing on his purple tie, which we already know is a given). Don't expect any hardball questions either, which may also speak to something (any so-called 'hardball' questions will merely appear so, in order to give the impression of being a balanced interview).


indiana rod
May 17, 2020 - 8:21am

Get Ready For Unthinkable Levels Gor Gold & Silver

Equity markets closed down for the week. Silver closed up 7.3%.

Top Citi analyst Tom Fitzpatrick says "Get ready for unthinkable levels for gold and silver."

"As I continue to say--The only unthinkable in financial markets in a crisis is that any thing is unthinkable. The same likely holds for silver." ( It reached $50.00 in both 1980 and 2011 )

That answers the question about the price of Couer.

May 17, 2020 - 8:09am
May 17, 2020 - 7:21am

Sunday viewing

Glen Greenwald on Flynn ( all you need to know)

System Update with Glenn Greenwald - The Sham Prosecution of Michael Flynn
May 17, 2020 - 6:59am


Just testing. My first attempt at posting a chart.

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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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