A Discussion with Eric Sprott

59

Back on Thursday, as part of our weekly webinar series, it was a distinct pleasure and honor to welcome Eric Sprott to Turdville.

In this wide-ranging, 47-minute discussion, Eric offers his comments and analysis on:

  • Chinese gold demand and the continuing drawdown of the GLD.
  • Market conditions needed to facilitate an expansion of the PHYS and/or PSLV.
  • The mining stocks. Eric also offers his key metrics for evaluating miners that can make it through this current downturn.
  • What mistakes we've made over the past three years and how to prepare for the future.
  • The ongoing deviation of the gold:silver from historical norms.

And much, much more!

Again, weekly discussions such as this one are all part of what subscribers find valuable within Turd's Vault. More information and subscription information can be found here: https://www.tfmetalsreport.com/subscribe

TF

  59 Comments

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gold slut
Oct 21, 2014 - 3:23pm

It's that simple

So they have reached the stage of:

"We will do what ever we want, it is illegal, but no one is going to stop us, so what the hell" and they are so unworried they are willing to say so on air! Well, who is going to stop them? Me, you, the Government??

The only good thing I can get from this is that it proves that this is all going to crash and burn, crash and burn.

Dr. P. Metals
Oct 21, 2014 - 1:46pm

wow

shocking

Lamenting Laverne
Oct 21, 2014 - 1:15pm

@ koos

And here I thought nothing could shock me anymore. I have always thought of Cramer as a mere entertainment buffoon. How wrong was that?. He is displaying a level of cynicism and lack of regard for the impact of his actions on other people that I almost had to throw up a little...

@KoosJansen
Oct 21, 2014 - 10:03am

It's that simple

How to push around markets

Jim Cramer Explains How The Markets Are Manipulated
ancientmoneyMotley Fool
Oct 20, 2014 - 5:36pm

Motley

Yes, time will do that.

I doubt that the Swiss central bankers could back their currency with gold, since they seem to have lost it all supporting the Fed and other CBs in selling their gold in the ongoing, decades-long suppression.

It seems freegold via the Eurozone is kaput. Maybe China will allow it, unless they choose to make the remnimbi the strongest currency in the world by backing it with gold.

Yes, we will see; it will be interesting if nothing else.

Motley Fool
Oct 20, 2014 - 5:19pm

ancientmoney

Time will prove all things.

ancientmoney
Oct 20, 2014 - 3:42pm

Koos Jansen reports strong PM demand in China . . .

"All in all, there is strong demand for silver and gold currently in China, though the mainstream media might tell you different. "

https://www.bullionstar.com/article/the%20chinese%20precious%20metals%20...

Markedtofuture
Oct 20, 2014 - 2:58pm

Average Net Worth of 62 Million U.S. Households is $11,000

Janet Yellen: Average Net Worth of 62 Million U.S. Households is $11,000

By Pam Martens and Russ Martens: October 20, 2014

Janet Yellen, Federal Reserve Chair

It took 200 years of hard data in a bestselling book by Thomas Piketty, awesome graphs and charts in Robert Reich’s documentary, “Inequality for All,” and years ofscolding from Wall Street on Parade, but Fed Chair Janet Yellen has finally, and correctly, arrived at the idea that the nation’s economic ills are deeply rooted in the fact that U.S. “income and wealth inequality are near their highest levels in the past hundred years.” That was the message Yellen delivered on Friday in a speech at the Federal Reserve Bank of Boston, replete with stomach-churning figures from the Fed.

Make no mistake about it, coming at the end of a week that saw dramatic up and down spikes in the stock market – Yellen was sending a pivotal message to the Wall Street wealth hoarders – your billionaire standing could be as ephemeral as a day lily if we don’t fix this income and wealth gap.

Yellen quieted the crowd with this opener: “The past several decades have seen the most sustained rise in inequality since the 19th century after more than 40 years of narrowing inequality following the Great Depression.” Using data from the Fed’s Survey of Consumer Finances, Yellen punctuated her message with these hair-raising figures:

“The wealthiest 5 percent of American households held 54 percent of all wealth reported in the 1989 survey. Their share rose to 61 percent in 2010 and reached 63 percent in 2013;

“The lower half of households by wealth, held just 3 percent of wealth in 1989 and only 1 percent in 2013. To put that in perspective…the average net worth of the lower half of the distribution, representing 62 million households, was ,000 in 2013.”

“This ,000 average is 50 percent lower than the average wealth of the lower half of families in 1989, adjusted for inflation.”

A “major source of wealth for many families is financial assets, including stocks, bonds, mutual funds, and private pensions…the wealthiest 5 percent of households held nearly two-thirds of all such assets in 2013…”

Franklin D. Roosevelt, President During the Great Depression

Unfortunately, being the head of a Federal Reserve system that relies on goodwill with the big Wall Street firms to carry out its open market operations, Fed Chair Yellen apparently felt it would be impolitic to mention that this vast wealth inequality is coming from an institutionalized wealth transfer machine operated by Wall Street and supervised by a Fed that is regularly reviled for its wussiness when it comes to cracking down on blatant corruption by its charges.

What is particularly noteworthy is that Yellen specifically references the Great Depression but does not seem to comprehend where the slack in the U.S. economy is coming from. Franklin Delano Roosevelt, running for President in 1932, had no such difficulties.

In a speech at Oglethorpe University in Atlanta on May 22, 1932, in the midst of the Great Depression, Roosevelt made the following remarks:

“raw materials stand unused, factories stand idle, railroad traffic continues to dwindle, merchants sell less and less, while millions of able-bodied men and women, in dire need, are clamoring for the opportunity to work…

“our basic trouble was not an insufficiency of capital. It was an insufficient distribution of buying power coupled with an over-sufficient speculation in production. While wages rose in many of our industries, they did not as a whole rise proportionately to the reward to capital, and at the same time the purchasing power of other great groups of our population was permitted to shrink…

“Do what we may have to do to inject life into our ailing economic order, we cannot make it endure for long unless we can bring about a wiser, more equitable distribution of the national income…

“It is well within the inventive capacity of man, who has built up this great social and economic machine capable of satisfying the wants of all, to insure that all who are willing and able to work receive from it at least the necessities of life. In such a system, the reward for a day’s work will have to be greater, on the average, than it has been, and the reward to capital, especially capital which is speculative, will have to be less.”

Until Fed Chair Yellen is prepared to do more than give lip service to income and wealth inequality, her command over monetary policy will be sorely challenged.

https://wallstreetonparade.com/2014/10/janet-yellen-average-net-worth-of...

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zman
Oct 20, 2014 - 2:56pm

I found it interesting that

I found it interesting that Sprott claims that silver demand is so strong, yet he also admits the interest/demand for his PSLV is not there to do an offering, so if he can't do a offering because there's no demand, why would he think that price suppression is taking place? That line of reasoning just doesn't add up.

ancientmoney
Oct 20, 2014 - 2:46pm

Ten for me, none for you, 10 for me, 0 for you . . .

"The Western “big banks” (all tentacles of the One Bank) are given $trillions per year in newly-printed money, for free, as the standard monetary policy of all our central banks. But our governments (municipal, state/provincial, federal) must borrow every penny of their own funding (which isn’t covered by declining revenues).

Thus these Vulture Banks (with their unlimited stacks of free money) have not only reaped endless $trillions in lending us money which they are given for free, but they also use their free money to undermine our ability to pay – making these governments even more insolvent. Why are private banks given $trillions for free, every year, but our own governments must “borrow” (i.e. pay for) every penny?

We get no answer to this question (ever) from our (corrupt) governments, (thieving) bankers, or (dishonest) media, because there is no answer. This is nothing more than systemic corruption. These bond debts are all totally illegitimate – thus there is no legal or moral obligation for our governments to continue making payments on these corrupt debts."

"If any (legitimate) government is faced with a choice between making pension payments to people or making interest payments to bankers, then there is no choice.

Supposedly, in the West’s wonderful “free democracies”; these corrupt governments represent the people. But our “representatives” have not only knifed-in-the-back the people they claim to represent, they even lack the integrity to openly acknowledge this unstated betrayal."

https://www.bullionbullscanada.com/intl-commentary/26564-burn-the-bonds-pay-the-pensions

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