Thursday Conversation - Alasdair Macleod


Our old friend, Alasdair Macleod of GoldMoney, stopped by today to discuss gold, inflation and central bank policy. On a day like today, where prices are being indiscriminately smashed, a podcast like this can be invaluable in helping you to maintain your focus upon The Big Picture.

And that's what we discuss today...The Little Picture and The Big Picture. To that end, I asked Alasdair to address:

  • the current action in the Comex metals and why CDG is trading tick-for-tick with the POSX
  • how price inflation is being dramatically miscalculated...we again refer to the Chapwood Index
  • what this means for real interest rates
  • and what the central banks will try next as they desperately seek higher levels of inflation as measured by their traditional metrics

In fact, Alasdair just spent a great deal of time writing about all of this and his latest research report was just posted to the GoldMoney website earlier today:

Thanks again to Alasdair for so generously sharing his time today. Please be sure to give this podcast a thorough listen.



Sep 5, 2020 - 4:58pm


My thought is your broker works for you. If they won't follow instruction move, it's usually free i.e. paid by receiving broker for modest portfolios.

Sep 5, 2020 - 4:23pm


Interesting that Alasdair mentioned this consolidated debt with no maturity date. It turns out that the last British Consols were redeemed in 2015. If held since the first issuance in 1751 the principal returned would likely have less value than the 3% returned in 1752!

Got gold?

Sep 4, 2020 - 1:23pm

i just hopped on the

i just hopped on the bandwagon, better late than never right? I see plenty of open seats for more passegners

Sep 4, 2020 - 1:10pm

AgStacker also.

Thanks for referral.

Sep 4, 2020 - 11:48am

Jim Willie interview???

Turd, just wondering if you'll be having an interview with Jim for the Monday holiday?

Sep 4, 2020 - 11:27am

VISA precious metals card

there is one card service backed by your own vaulted PM's that I know of that is offered by Perpetual Assets.

The secure vault is located somewhere around Spokane, Washington. I talked with Will Lehrer (at Perpetual Assets) about it a few weeks ago. 500 dollar minimum deposit and they will hold any kind of silver or gold you want and the VISA works just like any other debit card.

You could even ship them any amount of your own PM's as well, or you can drive it there yourself if you are close enough to that area.

I also have a Goldmoney account that I opened years ago when it first started. I even had the original Goldmoney Mastercard that we used to be able to use as debit with our Goldmoney gold holdings. That expired a few years ago I think, but I still have some gold held in storage with them anyways.

I also still have the card as a souvenir.

Sep 4, 2020 - 10:55am

+ 100 h/tips

Fantastic post!! Thank you.

Dryam responding to the Comex and LBMA

Vinny Gambini:
I object to this witness being called at this time. We've been given no prior notice he'd testify. No discovery of any tests he's conducted or reports he's prepared. And as the court is aware, the defense is entitled to advance notice of any witness who will testify, particularly those who will give scientific evidence, so that we may properly prepare for cross-examination, as well as give the defense an opportunity to have the witness's reports reviewed by a defense expert, who might then be in a position to contradict the veracity of his conclusions.

Judge Chamberlain Haller:
Mr. Gambini, that is a lucid, well thought-out, intelligent objection.

Vinny Gambini:
Thank you.

Judge Chamberlain Haller:

Sep 4, 2020 - 10:34am

Basel III - Tier 1 gold

This was the topic of a lot of conversation around here in 2018. Can't put my hands on any of the specific BIS links but many of our Top Flight Gold commentors have mainstreamed the discussion since early 2019.

I posted this comment here back in 2018 regarding not only the Gold to Tier 1 from Tier 3 but also the Tier 1 "requirements" being increased for 4% of holding to 6% of holdings. I thought then this would have significance in the "Gold demand" by Centrals.....

"Yes- Interesting increase in pace of Central banks gold purchases leading to the Basel III in effect in 2019. I need to go and look at some of the other requirements but I distinctly remember that not only was Gold going to be a Tier 1 asset in the new structure but maybe equally as important was the "requirement" that all banks raise there Tier 1 asset holding minimums from a current 4% of holdings to a new mandate of 6% of holdings would now be required of Tier 1 assets.

So- That looks to be a 50% increase in Tier 1 Asset holdings to be in compliance. Hmmm What to buy to fill the requirements? Gold at its currently manipulated price maybe? "

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Sep 4, 2020 - 9:56am

Annual membership was just charged on my card!

Just want to say thank you Turd for the great content, worth every penny and more. Appreciate the tireless work you put in to keep us informed.

Still long and strong since 1999 on my core silver holding, keep hanging on, we're getting close boys.

Sep 4, 2020 - 9:52am

No sign of miners accumulation

Miners seem to be USD sensitive.

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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
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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
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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
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Key Economic Events Week of 12/14

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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
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12/18 8:30 ET Current Account Deficit
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Key Economic Events Week of 12/7

12/8 8:30 ET Productivity & Unit Labor Costs
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12/2 8:15 ET ADP Employment Report
12/3 9:45 ET Markit Services PMI Nov
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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
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Key Economic Events Week of 11/16

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11/17 1:00 pm ET Chief Goon Powell
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11/4 9:45 ET Markit Services PMI
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11/5 2:00 ET FOMC Fedlines
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Forum Discussion

by silverseeker, Jan 14, 2021 - 10:12pm
by silverseeker, Jan 14, 2021 - 9:58pm
by Green Lantern, Jan 14, 2021 - 9:26pm
by matt_, Jan 14, 2021 - 5:43pm
by SteveW, Jan 14, 2021 - 3:22pm
by matt_, Jan 14, 2021 - 10:34am