A2A with Alasdair Macleod of GoldMoney


Our friend, the wise and learned Alasdair Macleod of GoldMoney, stopped by TFMR earlier today to discuss ZIRP, NIRP and all things gold.

Alasdair was extraordinarily generous with his time today and we should all be extremely grateful. Among the topics covered:

  • Central Bank policy and the likelihood of interest rate hikes
  • The greater likelihood of negative interest rate policy (NIRP), instead
  • The concept of making cash illegal and/or scarce
  • China's intentions and the actual size of their gold holdings
  • Hyperinflation as a reflection of lost confidence in fiat currency

As a basis for the discussion, I strongly urge you tor review these three links:

Please try to make time to listen to this entire podcast. You won't be disappointed.


p.s. I hope to have a BitGold-only discussion very soon. In the meantime, you can check out their services by clicking here: https://BitGold.com/r/TlY5pO


Oct 1, 2015 - 2:45pm

I could have said first

but chose not to

Mr. Fix
Oct 1, 2015 - 2:48pm


Now I'm really really glad I renewed my gold membership last night!

Thank you Turd for all you do here,

Oct 1, 2015 - 2:48pm



10.2% — "Smart/Intelligent/Knowledgeable"
5.6% — "Dishonest/Liar/Untrustworthy"
5.1% — "Strong/Tough"
4.6% — "Favorable/Okay/Like"
3.8% — "Idiot/Evil/Joke/Cold"
3.1% — "Unfavorable/Dislike"
2.9% — "Businesswoman/HP/CEO/Professional"
2.7% — "Determined/Enthusiastic/Go-getter"
2.1% — "Honest/Trustworthy"
1.7% — "Uninformed/Clueless"
1.7% — "Outspoken/Assertive/Direct"
1.6% — "Capable/Competent"
1.4% — "Aggressive"
1.4% — "Inexperienced"
1.1% — "Ambitious"
1.1% — "Caring/Thoughtful/Fair"
1.0% — "Nice/Sincere"
0.9% — "Republican
0.9% — "Leader"
0.9% — "Interesting"
0.8% — "Failure"
0.8% — "Unqualified"
0.7% — "Incompetent"
0.7% — "Questionable"
0.6% — "Female/Woman"
0.4% — "Impressive"
0.3% — "Dependable"
4.6% — Other
37.3% — Don't know/refused

Oct 1, 2015 - 2:48pm


Sorry Marchas . . .

Oct 1, 2015 - 2:49pm


The full one-word descriptions for Trump and Fiorina can be found below.


9.8% — "Idiot/Jerk/Stupid/Dumb"
6.0% — "Arrogant"
5.6% — "Crazy/Nuts"
4.7% — "Buffoon/Clown/Comical/Joke"
4.3% — "Unfavorable/Dislike him"
4.1% — "Egotistical/Narcissist/Selfish"
3.8% — "Bombastic/Showoff/Pompous"
3.1% — "Outspoken/Frank/Opinionated"
2.9% — "Entertaining/Entertainer"
2.7% — "Businessman/Successful"
2.7% — "Honest/Trustworthy/Truthful"
2.7% — "Cunning/Untrustworthy/Dishonest"
2.6% — "Blow hard/Boisterous"
2.6% — "Favorable/Like him"
1.8% — "Exhilarating/Exciting/Ballsy"
1.7% — "Aggressive"
1.5% — "Blunt/Brash"
1.4% — "Big mouth/Mouthy"
1.3% — "Unqualified/Incompetent"
1.2% — "Bully"
1.2% — "Disgusting/Despicable/Horrible"
1.1% — "Bigot/Racist"
1.1% — "Intelligent"
1.1% — "Rich"
1.0% — "Bold/Brave"
0.9% — "Obnoxious"
0.9% — "Ridiculous"
0.8% — "Different"
0.8% — "Competent/Capable/Intelligent"
0.7% — "Rude"
0.7% — "Leader"
0.6% — "Confident"
0.5% — "Scary"
0.4% — "Ignorant"
11.2% — Other
10.5% — Don't know/refused

Its all in the polling ;-) https://finance.yahoo.com/news/poll-asked-voters-describe-donald-1738478...

Oct 1, 2015 - 2:53pm

Top 10!


Oct 1, 2015 - 3:30pm


Mainstream finally picked up the story on the silver supply squeeze.


Over and out!

Oct 1, 2015 - 3:59pm
CC Horses
Oct 1, 2015 - 4:46pm

Silver Shortage Reaches New Level

Posted 9/29/15 at Sd Bullion - Apologies if already posted

Silver Shortage Reaches New Level: RCM Turns to Sunshine Mint for Help


Current availability and premiums at SDBullion:

2015 Silver Eagles: 17 Monster Boxes Available $4.65 over spot
2015 Silver Eagles Delayed: 25 Monster Boxes Available $4.57 over spot
Bombay Hook Silver ATB: Only 5 Monster Boxes Left- pre-sale expected to ship by 10/9
2015 Silver Maples: 10 Monster Boxes Available $3.69 over spot
2015 RCM Great Horned Owl: Out of Stock- Next Allocation expected 10/17
2016 Australian Kangaroo: 21 Monster Boxes Available $2.49 Over spot
100 oz Silver RCM Bar: .99 Over Spot- 2-3 week delay
100 oz Silver OPM Bar: .84 Over Spot – 2 week delay
10 oz Silver RCM Bar: Unknown Production Delay at Royal Canadian Mint
10 oz Silver Sunshine Bar: $1.39 Over spot – Less than 200 bars remaining
10 oz Silver NTR Bar: .99 over spot, 3-4 week delay
1 oz Sunshine Walking Liberty Silver Rounds: Out of Stock – Next allocation expected in Tuesday 10/6
1 oz Silver OPM Rounds: $1.19 Over Spot, 4 week delay
1 oz Silver Incuse Indian Rounds: $.99 Over Spot, 4 week delay
Silver Shield Collection: Numerous BU Products Live in Limited Quantities
90% Silver: Out of Stock- Limited Inventory Expected in ~ 2 weeks
Silver Britannia: Limited Supplies Remain- Royal Mint Has Shut Down Production for 2015
Silver Libertads: Limited Supplies Remain- Banco De Mexico Has Shut Down Production for 2015
Silver Pandas: Limited Supplies Remain- Chinese Mint Has Shut Down Production for 2015
New Zealand Mint Great White Shark: $2.99 Over spot, Limited Supplies Remain

The Doc recently held a private conversation with the VP of one of the top 3 US precious metals wholesalers, and he advised that the current investment silver shortage is unlike anything he has EVER witnessed in 30 years of experience in the physical precious metals markets.

Dr. P. Metals
Oct 1, 2015 - 5:00pm

And yet

Silver price goes down endlessly. We are caught in a distorted haunted house of horror mirrors with no way out. Someone, please break a mirror! Anywhere!

Oct 1, 2015 - 5:08pm


For how long can the keep the charade going with gold withdrawal on such massive scale? (taken from the IV PM´s BB)

Latest SGE Gold Deliveries Suggest Enormous 2015 Total Of Over 2650 Tonnes!
The huge level of weekly Shanghai Gold Exchange delivery numbers is becoming something of a repetitive news item and is perhaps losing its impact, but it shouldn’t. Week 37 (ending September 18th) saw another 63 tonnes delivered out of the Exchange, which makes the year to date total 1,892 tonnes – 281 tonnes more than at end week 37 in the massive 2013 record year for Chinese gold consumption. If we extrapolate from the year to date figure this would suggest total SGE gold withdrawals for the year would come to an enormous 2,650 tonnes or higher – equivalent to over 80% of total global supply of new mined gold. With SGE deliveries usually rising late in the year in the long build-up to the Chinese New Year, which falls on February 8thnext year, we certainly shouldn’t discount the likelihood of this level being achieved, or even bettered. There seems to be no slowdown happening as yet.

Overall, SGE deliveries started to pick up in early July (normally one of the weakest months of the year) and have averaged 62 tonnes a week since then. The figure for the week ended September 11th was the third highest weekly total ever

12 week withdrawal figures on SGE to September 18th
SGE Withdrawal week ended
Physical gold withdrawn
July 3rd
44.3 tonnes

July 10th
61.8 tonnes

July 17th
69.2 tonnes

July 24th
73.3 tonnes

July 31st
53.3 tonnes

August 7th
56.1 tonnes

August 14th
65.3 tonnes

August 21st
73.0 tonnes

August 28th
59.9 tonnes

September 4th*
36.8 tonnes*

September 11th
73.7 tonnes

September 18th
63.2 tonnes

729.9 tonnes

*September 4th figures are for a three day trading week with the Exchange closed for the Chinese Victory Day celebrations on the Thursday and Friday.
These figures fly in the face of the same mainstream analysts’ estimates of Chinese demand this year, which they say is slipping, along with the nation’s declining GDP growth rate – although this is still currently estimated at over 6% . The disparity between the SGE figures and the analysts’ assessments of Chinese consumption is ever growing – and this year looks as though the difference by the year end may be as much as 1,500 tonnes or more.

As we have noted before, a significant proportion of the difference is down to how the analysts estimate ‘consumption’. Demand categories such as gold used in financial transactions tends to be ignored by the analysts, yet this is still gold flowing into China and in terms of gold movement from West to East remains hugely relevant.

Jeff Christian of CPM Group, in his recent presentation at the Denver Gold Forum attributed the enormous disparity to a very large proportion of SGE gold being in a loop between jewellery manufacturers and the Exchange which meant that he considers there’s a huge amount of double counting involved. Yet if this is the case then presumably it would also have applied to 2013 to the same extent and back then there was recognition from all that Chinese demand hit a new record level, although still not as high as SGE gold withdrawals for that year. With SGE withdrawals so far this year now being 17% higher than at the same time in 2013, then we should expect to see demand as calculated by the analysts at considerably higher levels than even in 2013 – not lower as they are claiming this year.

Jeff Christian and CPM’s view that SGE gold withdrawal figures overstate the demand position by as much as 233% does seem excessive under these circumstances. It suggests recognition that there is this huge assessed discrepancy between the SGE figures and actual Chinese demand as calculated by the analysts and then coming up with a theory to fit their own calculations. This theory is then presented as fact. I may be doing Christian a disservice here, but given the other mainstream analysts have sometimes come up with differing answers to the massive gap, one has to wonder how accurate any of their Chinese demand assessments actually are. There is a severe lack of transparency here which presumably the Chinese have no wish to clarify.

If we add up known gold exports to China from Hong Kong, and direct to the mainland, from Switzerland and the UK, all of which publish these data, add in China’s own domestic production plus an assumed level of domestic scrap supply and imports from other nations, all this looks to be heading to a total of 2,000 tonnes or more this year. This, like the SGE withdrawal figures, is also hugely more than the analysts’ demand estimates. But this gold is all being ‘consumed’ inside China in some form or other – perhaps including some by the central bank – and continues to demonstrate China’s dominant position in the absorption of global physical gold flows.

According to gold and China watcher Koos Jansen, SGE withdrawals are indeed recognised by the Peoples Bank of China as equating to the country’s real gold demand – but then of course the PBoC has also been complicit in under-reporting the Chinese central bank gold holdings for many years. And there are few outside China who believe that the supposed increase in transparency engendered by now reporting monthly central bank purchases is necessarily any more realistic than the times when information on these purchases was withheld.

The PBoC, of which the SGE is a subsidiary, also tells us that the Gold Exchange rules prevent round-tripping of gold which, if correct, would totally negate Christian’s theory – but then it’s a case of who do you believe to provide the more realistic data – the PBoC, or the World Gold Council, GFMS, Metals Focus or CPM. Perhaps none of the above. The analysts are all good at picking up and collating data from reliable sources, but perhaps not from countries like China which can make disinformation into an art form if it suits.

And by the way Fuck Sister Chrsitian!!

@KoosJansen Cuzqueño
Oct 1, 2015 - 5:25pm

@ Cuz

I don't think PBOC buys gold through SGE.

Chinese And Russian Central Bank Continue To Add Gold To Official Reserves: 16 & 31 Tonnes In August https://www.bullionstar.com/blogs/koos-jansen/chinese-and-russian-centra...

Oct 1, 2015 - 5:37pm


I wish I was that Stupid, Dumb Jerk that people thinks is an Idiot. Well I guess he is stupid and dumb if he wins and doesn't want paid for the job or spending his own Fiat and not the peoples on his own campaign bid, what a jerk, he's a real idiot.

I wonder what he will do with his real estate fortune and businesses? Maybe he should give it to the people who participated in the poll. Nah! they are probably smarter and have enough fiat through the welfare system.

By the way Turd and Alasdair, great A2A

Dr. P. Metals
Oct 1, 2015 - 6:01pm


That's dangerously close to a rant...

Oct 1, 2015 - 6:13pm


If people think he's a Dumb, Stupid, Idiot who's a Jerk then how come they can't amass the fortune that he has. I don't think a Dumb, Stupid, Idiot could, maybe a Jerk could. Lol Keep Stacking

Oct 1, 2015 - 6:26pm

Great A2A

Really Great, Thanks as always, Turd. I think I must be an Idiot, the Donald is making sense to me!

Oct 1, 2015 - 6:27pm
Oct 1, 2015 - 6:29pm

Hmmm .. Jeremy Corbyn

The only UK politician, that I've ever known who's won leadership of a major UK political party (the Labour Party) and is speaking the truth is being trashed by the UK MSM. What a surprise. From the Telegraph, a major UK news outlet: --------- By Peter Dominiczak, Political Editor 10:00PM BST 25 Sep 2015 Jeremy Corbyn has claimed that 9/11 was "manipulated" to make it look like Osama Bin Laden was responsible to allow the West to go to war in Afghanistan. In comments that will raise questions about his suitability to lead the Labour Party, Mr Corbyn appeared to blame George Bush and Tony Blair for using the September 11 attacks in New York to allow them to go to war. In a series of further articles, Mr Corbyn also appears to endorse controversial conspiracy theories about a “New World Order”." https://www.telegraph.co.uk/news/politics/Jeremy_Corbyn/11892383/Jeremy-... --- "will raise questions about his suitability to lead the Labour Party" By who? Not the vast majority who elected him. He won overwhelmingly. The Telegraph are smearing him. Who owns The Telegraph...? "Sir David Rowat Barclay and Sir Frederick Hugh Barclay commonly referred to as the "Barclay Brothers", are British businessmen. The identical twin brothers have very substantial business interests primarily in media, retail and property. The Sunday Times Rich List of 2015 estimated their wealth at £6.5 billion. They have earned a reputation for avoiding publicity, and are often described as reclusive." - Not the sort of people who would want Corbyn being heard. ---- "Mr Corbyn also appears to endorse controversial conspiracy theories about a “New World Order” " This is not a conspiracy theory. British Prime Minister Gordon Brown spoke about the need for a "New World Order" on many occasions. Here's just one example (after speaking a number of lies) at the G20 in 2008. Tony Blair - on many occasions - and David Cameron, the current British PM, have spoken of a New World Order. NOT a conspiracy theory. It's right there.

4 oz
Oct 1, 2015 - 6:37pm

Oct 1, 2015 - 6:56pm

Lost mind

Great cartoon--explains things at a level all can understand--please post it on the new thread.

Oct 1, 2015 - 7:18pm

Federal Reserve

rate increase comments by Gregory Mannerino

Video unavailable

raise interest rates to crash the system.

LostMind Marchas45
Oct 1, 2015 - 7:28pm


It takes a stupid, idiot, jerk to actually run for president these days! Nice guys have zero chance!

I find polling to be by the idiots, for the idiots, to be forever idiotic...

and, based on your stack, I would say you're smarter than the average idiot polled ;-)

Oct 1, 2015 - 7:40pm

The Dow Jones Industrial

The Dow Jones Industrial Average Is a Farce

Author: Wim Grommen.

Mr. Grommen was a teacher in mathematics and physics for eight years at secondary schools. The last twenty years he trained programmers in Oracle-software. He worked almost five years as trainer for Oracle and the last 18 years as trainer for Transfer Solutions in the Netherlands.

The last 15 years he studied transitions, social transformation processes, the S-curve and transitions in relation to market indices. Articles about these topics have been published in various magazines / sites in The Netherlands and Belgium.

Iceland Follows President Jefferson’s Warning About Debt Load.

The paper

“The present crisis, a pattern: current problems associated with the end of the third industrial revolution”, International Symposium in Valencia: The Economic Crisis: Time for a paradigm shift, Towards a systems approach, January 25 2013.

Billy Clinton Turned Loose The International Banks Upon The U.S. 1999


The Dow Jones Industrial Average (DJIA) Index is the only stock market index that covers both the second and the third industrial revolution. Calculating share indexes such as the Dow Jones Industrial Average and showing this index in a historical graph is a useful way to show which phase the industrial revolution is in. Changes in the DJIA shares basket, changes in the formula and stock splits during the take-off phase and acceleration phase of industrial revolutions are perfect transition-indicators. The similarities of these indicators during the last two revolutions are fascinating, but also a reason for concern. In fact the graph of the DJIA is a classic example of fictional truth, a hoax.


Oct 1, 2015 - 7:41pm


I agree with most of you said. that's what I was trying to say in around about way. Lol and trust me it wasn't a rant. Lol

Oct 1, 2015 - 8:39pm


Ranting Andy has nothing good to say about Bitgold or Goldmoney on his blog.

Oct 1, 2015 - 8:53pm


When does a competitor have any good to say about the competition

Oct 1, 2015 - 8:58pm


There is really no substitute ... two in the bush! Too many fees IMO, also why would you want to be able to spend your gold? Or send your gold to someone else

Oct 1, 2015 - 8:58pm

I read somewhere that an

I read somewhere that an estimated total $11 trillion were wiped from the global equity markets in the third quarter. I always wonder why people qualify these equity losses as having been "erased" from the books. Even in a crashing market environment, for every long that's losing money an equal short is making money. So, is it not safe to say that this $11 trillion of supposed losses were simply "transferred" to the opposite party (whoever is shorting the markets or the market makers who act as liquidity provider of last resort). Any comments are greatly appreciated.

Oct 1, 2015 - 9:07pm

BL(B)S total non-farm payroll employment


So smooth, eh? Just a simple cubic equation, and 2008-9 just a speed bump!

No doubt there are sufficient new part-time bartender and waitress jobs to offset this:


Oct 1, 2015 - 9:10pm

Re silver premiums

A LOT of articles today. Even at Zerohedge. Don't forget that, as a Vault subscriber, you can always get TFMR rounds from Scottsdale at just spot +$1.99. Click link right below podcast post.


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Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess

Key Economic Events Week of 4/15

4/16 9:15 ET Cap Util and Ind Prod
4/17 8:30 ET Trade Deficit (Feb)
4/17 10:00 ET Wholesale Inventories
4/18 8:30 ET Retail Sales (March)
4/18 8:30 ET Philly Fed
4/18 10:00 ET Business Inventories (Feb)
4/19 8:30 ET Housing Starts and Building Permits

Key Economic Events Week of 4/1

4/1 8:30 ET Retail Sales (Feb)
4/1 9:45 ET Markit & ISM Manu PMIs
4/1 10:00 ET Construction Spending (Feb)
4/1 10:00 ET Business Inventories (Jan)
4/2 8:30 ET Durable Goods (Feb)
4/3 9:45 ET Markit & ISM Services PMIs
4/5 8:30 ET BLSBS