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SPECIAL PODCAST: Amir Adnani of Gold Mining, Inc.


It's FOMC day and while we wait for CGP, his fedlines and his press conference, here's some audio to help you pass the time.

I've known of Amir Adnani and his company for years but I've never had the chance to visit with him before. I know that both Marin Katusa and Rick Rule speak highly of him so, when I was offered this podcast earlier this week, it seemed like perfect content for a day like today.

Amir is the founder and chairman of a company called Gold Mining Inc., though you may recall that at one time it was called Brazil Resources. Either way and like so many others, the company made it through the rough patch of 2017-2019 and has emerged on the other side stronger than ever with over 25,000,000 possible ounces and no debt. The chart looks pretty good, too.

More information on Gold Mining, Inc. can be found through these two links. As always, I strongly encourage you to conduct all of your own due diligence before considering the addition of shares which trade in Toronto under the symbol "GOLD" and in the US with "GLDLF".

But don't forget that it's FOMC day. So in this podcast, Amir and I also discuss central bank policy, the ongoing destruction of fiat currency and the likelihood that this bull market in the precious metals is just barely getting started.

Thanks for listening,



Jun 10, 2020 - 4:24pm


I normally avoid shorter-term calls, preferring LEAPs for Jan 2021 or Jan 2022, but the setup for August, with all the miners reporting Q2 earnings well before the calls expire, is just too tempting for me to pass up. The market is priced for a V-shaped recovery, which is just not going to happen. I think the reality of that will sink in over June and July.

In three weeks I'll have a pretty good idea of the average selling price of gold for Q2 (top line revenue for the miners), and approximately how much they may realize in cost savings on fuel. I suspect both will act as tailwinds, and overcome any reductions in production volumes caused by lockdowns or mining operation suspensions.

Also, as earnings for the other sectors of the markets begin to reflect absolutely horrid numbers YOY, even John Q. Investor will begin to see the writing on the wall, and panic accordingly. The smart money has already withdrawn from the markets and stealthily bought up PMs, so we just need to wait out the herd catching on, and witness the stampede. I suspect it will be sudden and fierce, rather than gradual and growing.

Jun 10, 2020 - 4:24pm

Three Americas and the pandemic--the countryside

The following map shows counties that as of June 7 had experienced fewer than five deaths — the raw number, not proportional to the population.

  Image cannot be displayed

That’s a lot of blue and a lot of contiguous counties. A great many Americans have not been personally touched by the pandemic as a disease. They have experienced it as a problem because of the steps the authorities have taken to control the spread of the virus. Their lives have been disrupted by the lockdowns that the pandemic prompted, but they haven’t experienced a relative or friend in the hospital, on a ventilator, or dead; nor have any of their friends been so affected. I’m not saying that they are right or wrong to react in this way; only that they are behaving as human beings normally do.

  Image cannot be displayed

The map offers an easy way to see how little space even moderately urbanized areas occupy, let alone the megalopolises. To be specific, 97.6 percent of the land in the contiguous 48 states is in zip codes that have fewer 1,000 persons per square mile. That land consists almost entirely of small towns and open countryside. The red and orange zip codes combined occupy just 1.3 percent of America’s real estate. The rest consists of zip codes with a density of 1,000–1,999.

That 97 percent of the land area is sparsely populated, but the number of people in it add up. In all, 44.4 percent of the population lives in the light blue zip codes — slightly more than the proportion of the population that lives in the orange and red zip codes (43.0 percent).

Those numbers supply the backdrop to the debate over the wisdom of the lockdowns. A great deal of the opposition to the lockdowns has come from Americans in those blue zip codes. The reaction of the opinion leaders in the elite media to that opposition has generally been hostile. But there is another way of looking at it: Objectively, people who live in those blue zip codes have far less need of lockdowns than people in big, densely packed cities do. It’s easy to socially distance when there are fewer than a thousand people per square mile.


Jun 10, 2020 - 4:10pm

Sorry folks, but Powell

was an ally to PM holders today. He said exactly what we wanted to hear. Frankly, he had no other choice in the matter. Would you be happy to hear him say "we will immediately raise interest rates at the slightest hint of economic strength" or "we believe that the gubmint has embarked on a reckless stimulus program" and "we should be thinking about balancing the budget".

The outcome is the ONLY outcome. There are no other solutions. This is what the we have been waiting for. Creating and spending money ad infinitum. This is the road that has been built for us. So I cannot fault Powell one single bit. What is the alternative and/or what would you do differently?

Be happy, this is what we have planned for and we are ready.

Jun 10, 2020 - 4:08pm

Does $18.35 qualify as a

Does $18.35 for CDS qualify as a significant breakout for chart purposes? Asking for a friend.

Jun 10, 2020 - 3:54pm

Thanks yet again RickshawETF

I added a few more KGC calls based on your heads up...

I'm back to about as long weighted as I was in Feb... and speculating today was a final wake up call to anyone not yet in the sector and FOMO soon kicking in.

Jun 10, 2020 - 3:53pm

@ billhilly

Time to take my profit on those June 26 18C SLV callS or sweat it out overnight in case this rally has legs . I will sell half +38% profit for a few hours nice

bulls make money bears ... etc

Key Economic Events Week of 4/19

4/22 8:30 ET Initial jobless claims
4/22 10:00 ET Existing home sales
4/22 10:00 ET LEI
4/23 9:45 ET April flash PMIs
4/23 10:00 ET New home sales

Jun 10, 2020 - 3:52pm


So he said "We're not thinking about raising rates. We're not even thinking about thinking about raising rates".

Should be: "We're not thinking." Full stop.

I can't imagine how these people live with themselves. The financial system is an inverted pathetic fallacy of the societal breakdown occuring across america and the banana republic that it has now become.

Jun 10, 2020 - 3:48pm

Linda Ronstadt

Looks like silver may have just put the Linda Ronstadt on 18!

Clarkii Stomias
Jun 10, 2020 - 3:45pm

Whelp, I'm going fly fishing

Enough of this looking at a screens and listening to paid-off system apologists for June 10th, 2020. Time for some real.

Go enjoy the day, Turdville.

Jun 10, 2020 - 3:45pm

I've spent the past hour on the phone

Recording a TC for tomorrow.

VERY pleased to see that CGP didn't mutter anything to drive the PMs straight back down!

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Key Economic Events Week of 4/19

4/22 8:30 ET Initial jobless claims
4/22 10:00 ET Existing home sales
4/22 10:00 ET LEI
4/23 9:45 ET April flash PMIs
4/23 10:00 ET New home sales

Key Economic Events Week of 4/12

4/13 8:30 ET CPI
4/13 12:00 ET Goon Harker
4/14 8:30 ET Import Price Index
4/14 12:00 ET Chief Goon Powell
4/14 2:45 ET Goon Chlamydia
4/15 8:30 ET Retail Sales
4/15 8:30 ET Philly Fed
4/15 8:30 ET Empire State Manu
4/15 9:15 ET Cap Ute and Ind Prod
4/15 2:00 ET Goon Daly
4/15 4:00 ET Goon Mester
4/16 8:30 ET Housing starts

Key Economic Events Week of 4/5

4/5 9:45 ET Markit service PMI
4/5 10:00 ET ISM service PMI
4/5 10:00 ET Factory Orders
4/6 10:00 ET JOLTS job openings
4/7 9:00 ET Goon Evans
4/7 12:00 ET Goon Barkin
4/7 2:00 ET March FOMC minutes
4/8 12:00 ET Chief Goon Powell
4/9 8:30 ET PPI
4/9 10:00 ET Wholesale inventories

Key Economic Events Week of 3/29

3/30 9:00 ET Goon Quarles
3/30 10:00 ET Consumer Confidence
3/30 2:30 ET Goon Williams
3/31 8:15 ET ADP Employment
3/31 9:45 ET Chicago PMI
3/31 time TBA Biden Infrastructure speech
4/1 9:45 ET Markit Manu PMI
4/1 10:00 ET ISM Manu PMI
4/1 10:00 ET Construction spending
4/2 8:30 ET BLSBS

Key Economic Events Week of 3/22

3/23 9:00 ET Goon Bullard
3/23 12:00 ET CGP and Mother on Capitol Hill
3/24 8:30 ET Durable Goods
3/24 9:45 ET Markit Flash PMIs March
3/24 10:00 ET CGP and Mother on Capitol Hill
3/25 8:30 ET Q4 2020 CDP final guess
3/25 12:00 ET Goon Bostic speech
3/25 3:45 ET Goon Chlamydia speech
3/26 8:30 ET Personal Income and Spending
3/26 8:30 ET Core Inflation
3/26 10:00 ET Consumer Sentiment

Key Economic Events Week of 3/15

3/15 8:30 ET Empire State Index
3/16 8:30 ET Retail Sales
3/16 8:30 Import Price Index
3/16 9:15 ET Cap Ute and Ind Prod
3/16 10:00 ET Business Inventories
3/17 2:00 ET FOMC Fedlines
3/17 2:30 ET CGP presser
3/17 8:30 ET Philly Fed

Key Economic Events Week of 3/8

3/8 10:00 ET Wholesale Inventories
3/10 8:30 ET CPI
3/10 2:00 ET Federal budget
3/11 8:30 ET Initial jobless claims
3/12 10:00 ET JOLTS job openings
3/13 8:30 ET PPI
3/13 10:00 ET UMich sentiment

Key Economic Events Week of 3/1

3/1 9:45 ET Markit Manu PMI
3/2 10:00 ET ISM Manu PMI
3/2 1:00 ET Goon Brainard
3/3 9:45 ET Markit Service PMI
3/3 10:00 ET ISM Service PMI
3/3 12:00 ET Goon Bostic
3/3 2:00 ET Goon Evans
3/4 8:30 ET Unit Labor Costs
3/4 10:00 ET Factory Orders
3/4 12:00 ET Chief Goon Powell
3/5 8:30 ET BLSBS

Key Economic Events Week of 2/22

2/22 10:00 ET LEIII
2/23 9:00 ET Case-Shiller home prices
2/23 10:00 ET CGP at US Senate
2/24 10:00 ET CGP at US House
2/24 1:00 ET Goon Chlamydia speech
2/25 8:30 ET Jobless claims
2/25 8:30 ET Durable goods
2/25 10:30 ET Goon Bullard
2/26 8:30 ET Pers Inc and Spending
2/26 8:30 ET Core inflation
2/26 9:45 ET Chicago PMI
2/26 10:00 ET UMich sentiment

Key Economic Events Week of 2/15

2/17 8:30 ET Retail Sales
2/17 8:30 ET PPI
2/17 9:15 ET Cap Ute and Ind Prod
2/17 10:00 ET Business Inventories
2/17 2:00 ET January FOMC minutes
2/18 8:30 ET Initial jobless claims
2/18 8:30 ET Import price index
2/18 8:30 ET Philly Fed
2/19 9:45 ET Markit Feb flash PMIs

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