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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 The smart money has already withdrawn from the markets and stealthily bought up PMs, so we just need to wait out the herd catching on, and witness the stampede.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.

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.

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 1/18

1/19 10:00 ET Mother for SecTreas hearing
1/20 12:00 ET POTUS Inauguration
1/21 ECB meeting and rate decision
1/21 8:30 ET Housing Starts
1/21 8:30 ET Philly Fed
1/22 9:45 ET Markit flash PMIs (Jan)

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 1/18

1/19 10:00 ET Mother for SecTreas hearing
1/20 12:00 ET POTUS Inauguration
1/21 ECB meeting and rate decision
1/21 8:30 ET Housing Starts
1/21 8:30 ET Philly Fed
1/22 9:45 ET Markit flash PMIs (Jan)

Key Economic Events Week of 1/11

1/11 12:00 ET Goon Bostic speech
1/12 10:00 ET JOLTS job openings
1/13 8:30 ET CPI
1/13 1:00 ET Goon Brainard speech
1/13 2:00 ET Beige Book
1/14 8:30 ET Import price index
1/14 12:30 ET Chief Goon Powell
1/15 8:30 ET Retail Sales
1/15 8:30 ET PPI
1/15 9:15 ET Cap Ute and Ind Prod
1/15 10:00 ET Business Inventories

Key Economic Events Week of 1/4

1/4 9:45 ET Markit manu PMI
1/4 10:00 ET Construction Spending
1/5 Georgia U.S. Senate election
1/5 10:00 ET ISM manu PMI
1/6 US election certification
1/6 8:15 ET ADP Employment Report
1/6 9:45 ET Markit service PMI
1/6 10:00 ET Factory Orders
1/6 2:00 ET December FOMC minutes
1/7 8:30 ET Trade Deficit
1/7 10:00 ET ISM service PMI
1/8 8:30 ET BLSBS
1/8 8:30 ET Wholesale Inventories

Key Economic Events Week of 12/21

12/21 8:30 ET Chicago Fed
12/22 8:30 ET Q3 GDP final guess
12/22 10:00 ET Consumer Confidence
12/23 8:30 ET Durable Goods
12/23 8:30 ET Personal Inc and Spending
12/23 8:30 ET Core Inflation

Key Economic Events Week of 12/14

12/15 8:30 ET Import Price Index
12/15 8:30 ET Empire State Index
12/15 9:15 ET Cap Ute and Ind Prod
12/16 8:30 ET Retail Sales
12/16 9:45 ET Markit flash PMIs Dec
12/16 10:00 ET Business Inventories
12/16 2:00 ET FOMC Fedlines
12/16 2:30 ET Chief Goon Powell presser
12/17 8:30 ET Philly Fed
12/18 8:30 ET Current Account Deficit
12/18 10:00 ET LEIII

Key Economic Events Week of 12/7

12/8 8:30 ET Productivity & Unit Labor Costs
12/9 10:00 ET JOLTS jop openings
12/9 10:00 ET Wholesale Inventories
12/10 8:30 ET CPI
12/11 8:30 ET PPI

Key Economic Events Week of 11/30

11/30 9:45 ET Chicago PMI
12/1 9:45 ET Markit Manu PMI Nov
12/1 10:00 ET ISM Manu PMI Nov
12/2 8:15 ET ADP Employment Report
12/3 9:45 ET Markit Services PMI Nov
12/3 10:00 ET ISM Services PMI Nov
12/4 8:30 ET BLSBS
12/4 8:30 ET US Trade Deficit Nov
12/4 10:00 ET Factory Orders

Key Economic Events Week of 11/23

11/23 9:45 ET Markit flash PMIs
11/23 1:00 ET Goon Daly
11/23 3:00 ET Goon Evans
11/24 9:00 ET Case-Shiller home prices
11/24 10:00 ET Consumer Confidence
11/24 11:00 ET Goon Bullard
11/24 12:00 ET Goon Williams
11/24 12:45 ET Goon Chlamydia
11/25 8:30 ET Q3 GDP 2nd guess
11/25 8:30 ET Durable Goods
11/25 10:00 ET Personal Inc and Spend
11/25 10:00 ET Core inflation
11/26 US Market holiday

Key Economic Events Week of 11/16

11/16 2:00 pm ET Goon Chlamydia
11/17 8:30 ET Retail Sales
11/17 8:30 ET Import Price Index
11/17 9:15 ET Cap Ute and Ind Prod
11/17 10:00 ET Business Inventories
11/17 1:00 pm ET Chief Goon Powell
11/18 8:30 ET Housing Starts
11/18 1:20 pm ET Goon Bullard
11/19 8:30 ET Jobless claims
11/19 8:30 ET Philly Fed

Key Economic Events Week of 11/9

11/9 1:30 pm ET Goon Mester
11/10 7:30 am ET Goon Kaplan
11/10 10:00 ET JOLTS job openings
11/10 10:00 ET Goon Rosengren
11/11 Veteran's Day. Bond market closed.
11/12 8:30 ET CPI
11/12 11:45 ET Chief Goon Powell
11/12 2:00 pm ET Federal budget
11/13 7:00 ET Goon Williams
11/13 8:30 ET PPI
11/13 8:30 ET Goon Bullard
11/13 10:00 ET Consumer sentiment

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