Sponsored by

Thursday Conversation - Alasdair Macleod

65

As we begin to look ahead to 2021, today brings the first of three straight Thursday Conversation podcasts. For this first installment, we visit again with Alasdair Macleod of GoldMoney in order to get his thoughts on where we've been and where we're going.

I've known Alasdair for nearly a decade now and, over that time, he has consistently provided us with thoughtful and wise commentary on macroeconomics and the precious metals. So as 2020 wanes and 2021 approaches, I thought it would be wise to pick his brain regrading what lies ahead.

Usually, I try to summarize these podcasts into a few bullet points for you but I'm not sure I can do that this time. As you'll soon find out, I just sort of hit the record button and got Alasdair talking. Over the fifty minutes that followed, he shared all sorts of information that you may need to remind and play twice in order to ensure you didn't miss anything.

Thanks again to Alasdair for so generously sharing his time today. Before you go, please be sure to check the link below for Alasdair's latest research piece. Much like Ronni at IGWT, inflation is on Alasdair's mind and, as you know, price inflation and negative real rates are going to be a big story in the months ahead.

Thanks for listening,

TF

  65 Comments

  Refresh
Spartacus Rex
Dec 4, 2020 - 10:30pm

Just IMHO...

The Inflation Bite coming down the Pike

is going to make the Late 70's (Carter years)

look like a walk in the Park!

Anyone else remember the double digit

Mortgage Rates of the late 70's?

But Wait...

There's MORE!!!

I was informed during Thanksgiving Day Festivities

whereby I grilled Moose Steaks,

because I am not a fan of Turkey!

that I have TWO!!! more G-Kids coming due in 2021

CHEESES CRUST ALL MUDDY!

Talk about Ingrate Progeny...

How in Heaven's Name is One at advanced Age

expected to provide for that Surprise????

Cheers

(ie 'Just Shoot Me Now')

Island Tealtonym9
Dec 4, 2020 - 11:21am

Dental Hygienist

Correct...based on your description of "required" uniform looks like you could step right into the ER and pitch in.

I remember,as a child, sitting in the dentist chair looking at the light jade green equipment and seeing where the requisite ash tray was secured.

Everyone have a good weekend ???

cashonlyTF
Dec 4, 2020 - 11:16am

I'm only going on 8 years but....

I felt it!

Blind date fart in the car (HQ) the original!
tonym9
Dec 4, 2020 - 10:58am

2 patients cancelled this

2 patients cancelled this morning. 3 cancelled yesterday at my other office. Covid fear starting to hit dental offices again. My guess is we see reductions in spending again, more biz closures, more fear porn.

This is why i get so overheated bordering on sick during the hygiene workday at my tuesday/friday office. Thankfully today is only a 3/4 day, tuesdays its 10 hours, ugh. Used to get breaks b4 covid to shed earloop only mask and degown leaving the op. Now, patients freak if you dont have everything on the entire time. Is it like this in doctors offices? Hospitals? I dunno, dont go to them.

No face shield for this pic. N95 mask, earloop mask, headcover, cloth gown, scrubs, shorts/tshirt...too hot. Add the gloves and your an encapsulated heat machine. 2 masks SUCK!

So glad to get fresh air on my afternoon inspect today where i am my own man and can make my own decisions. Not complaining about the dental work, but sometimes...

AGXIIKallenb
Dec 4, 2020 - 10:36am

Give me some liniment

Collapse is imminent

Hey, just wait a minute

I wanna trade right into it

Aw shit, screwed again.

Damn you Lucy!

MickeyKMAC
Dec 4, 2020 - 10:03am

KMAC

the volatility is not just banks or govt--too many hedgefunds trade algos too as well as other, and all play with leverage.

Makes it difficult for us, and an=t one time the SEC and CFTC did protect "Us" the relative little guys.

GoldHermit
Dec 4, 2020 - 10:02am

The fix is in...

Well the boys worked it over once again. They love Friday's. Let's endure about 30 minutes of the unwind and see if we can get some momentum.

KMAC
Dec 4, 2020 - 10:01am

Critical support for $

We have made new lows three times this AM. Then immediately a rapid and strong reversal has occurred. A vicious fight is underway.

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

Mickeyhans007
Dec 4, 2020 - 10:00am

pay does not keep up with real inflation

most people are tied to the govt cpi via union contracts or companies that compete with union companies for labor pool. But this has only been going on since about 1982.

Seniors get the govt cpi basically. But they do get medicare, which is the real bargain for them, since costs are inflating there by 8% at least and the seniors get the benefit there, although screwed big time by social security and low interest rates.

eg, if I have accumulated 2 million in my life and I get screwed by 5% on interest, that's 100k a year, and on social security, if they have screwed the people by the same 5% since 1982 that would mean the average soc sec PP would be more like 75k a year rather than 18k a year. Take 2 spouses and that's 100ka year difference, but do keep in mind the govt does not have the money to ay that out.

The minimum wage would not have been a fight had the govt reported true inflation companies get to "price" their products at higher inflation and on the margin nail employees for the reported CPI. So, that means the companies should be showing great profit increases but do not.

A bunch of "whys" there including why is the PE so high.

But before we make judgments we should walk in other peoples shoes to really understand.

The govt is not our friend in most cases.

KMAC
Dec 4, 2020 - 9:55am

$ is extremely volatile this AM

I love the smell of desperation in the morning. I smell panic, and the dollar is showing that . Treasuries are being sold and then those dollars are being sold. If I was watching this s..t show from abroad I would be running for the exits with my dollars. This is going to blow up! There is a limit to their ability to control media, markets, and minds.

Subscribe or login to read all comments.

Become member and subscribe to Turd's Vault

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

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

Recent Comments

by brokerk22, 2 min 51 sec ago
by Baloo22, 9 min 56 sec ago
by whirsch, 14 min 19 sec ago
by invest500, 17 min 10 sec ago