A2A with Andy Hoffman

127

Could there be a better time to have Andy Hoffman of Miles Franklin back in for an A2A webinar? This presentation was terrific and I strongly encourage everyone to give it a thorough listen.

Over the course of this call, Andy addresses a number of questions from Turdville, including:

  • What he thinks of DeutscheBank and the brewing derivative meltdown.
  • The growing movement to eliminate cash and why it's being done. Andy suggests you read this: https://blog.milesfranklin.com/nirp-vs-gold-part-vi-the-horrific-end-gam...
  • His thoughts on Canada eliminating their gold reserves.
  • His changing opinion on Bitcoin.
  • The implications of the recent shenanigans around the London Silver Fix.

And much, much more!

If you can, please be sure to join Andy at one of his upcoming, FREE seminars. You can get more inforamtion by clicking either of the links below:

Minneapolis on February 26: https://campaign.r20.constantcontact.com/render?ca=c10151da-7d04-4b6f-97...

Phoenix on March 16: https://campaign.r20.constantcontact.com/render?ca=ad1d1a46-00a5-4bc9-aa...

Thanks for listening,

TF

  127 Comments


Feb 18, 2016 - 4:01pm

Chart update on Thursday afternoon

And if I were long the S&P or short paper gold, I'd sure be nervous about this overnight:


Feb 18, 2016 - 4:04pm

And how bout the HUI

UP 7.55 today and back to 161.50. New highs tomorrow and a close above 163 would be very, very impressive.


Feb 18, 2016 - 4:07pm
infometron
Feb 18, 2016 - 4:15pm

okay okay

I'm awake, I'm awake, and I'm second? Yes!

Marchas45
Feb 18, 2016 - 4:17pm

Bloody Hell Another 1st & 4th

And it's also my favorite 4th spot after Turd. Can't do any better than that. Me thinks I'll treat myself to a wee bit of Silver. Lol Keep Stacking

Bollocks
Feb 18, 2016 - 4:20pm

No Marchas

Being a pedantic old git as I am, you're fourth.

How awful, eh?

edit: - yeah, quick edit Marchas. Spotted.

Joseph Warren
Feb 18, 2016 - 4:23pm

Excellent A2A

Thanks Craig. Well done.

LostMind
Feb 18, 2016 - 4:42pm

Top 5

Excellent live podcast!!! I like Andy and what he expounds. You're hitting on all cylinders Craig, even though you don't "subscribe" to OUR tinfoil hatfoolery!!

ag1969
Feb 18, 2016 - 5:02pm

That was great

Andy has always been one of my favorites amongst your ilk.

Kuchek
Feb 18, 2016 - 5:19pm

April?

Shanghai Shock April 2016: Yuan Based Gold Standard.

https://politicalvelcraft.org/2016/02/01/shanghai-shock-april-2016-yuan-...

Fast forward to the first week of 2016 and China is warning foreign banks that they must participate in Yuan-based gold price fixing or lose their Chinese gold import rights. This first-ever Chinese benchmark is set to launch in April of this year and could be a game-changer for gold prices moving forward.

I love Andy's comment about us having the power. If we can only get more people to Stand Up!

gazzmann
Feb 18, 2016 - 5:21pm

Palisade - Sprott Monthly Market Update with Rick Rule:

Gold Stocks Have a Long, Long Run Ahead!

Palisade - Sprott Monthly Market Update with Rick Rule: Gold Stocks Have a Long, Long Run Ahead!
Markedtofuture
Feb 18, 2016 - 5:31pm

Nothing To Fear But Goldman Recommendations To Short Gold

Nothing To Fear But Goldman Recommendations To Short Gold, As Gold Surges

Submitted by Tyler Durden on 02/18/2016 13:58 -0500

Three days ago, we reported that just days after Goldman's technical team told clients that Gold May Soar "Much Higher Over Time", Goldman's head of commodities released a note, titled appropriately enough "Nothing to Fear but Fear Itself", urging clients to short gold

In a section, titled "time to sell the fear barometer, Currie said the following:

"this past week fears over oil and China were augmented with fears over negative interest rates and the potential for systemic risks from banks. These fears created a surge in gold, the barometer of fear, towards $1300/toz. However, we believe that these fears ignore the facts that systemic risks from oil, China and negative rates are very unlikely.

As a result, he made the following trade recommendation:

As we maintain our view of rising US rates and hence lower gold prices with a 3-month target of $1100/toz and 12-month target of $1000/toz, we are recommending shorting gold through a GSCI-style rolling index. Ironically, gold has a negative yield and such a short would create a positive carry in a world concerned about negative interest rates that made gold rise in the first place.

As it turns out, Goldman clients had nothing to fear but yet another trade recommendation from Goldman, because while gold tumbled after Goldman's "going much higher" reco, it has proceeded to surge since Currie flip-flopped with its Monday recommendation to short gold.

Here is the result of Goldman's foray into daytrading gold - one could say Goldman has gone "full Gartman."

Which brings us to Currie's poetic conclusion:

We believe that the sharp rise in gold prices this past week was mostly due to concerns over systemic risks, particularly in the banking sector, given the sharp correlation of gold prices with bank stocks and other measures of systemic credit risks.

We wonder, then, looking at today's dramatic surge in gold back to the $1,235 level, are "systemic risk" back on the table?

https://www.zerohedge.com/news/2016-02-18/nothing-fear-goldman-recommend...

Marchas45
Feb 18, 2016 - 5:36pm

I Was Wondering Turd

Why you didn't jump in when he said there was no connection with the Dollar and the Yen, Heck that has been your baby for a year now.

s1lverbullet
Feb 18, 2016 - 5:36pm

Careful here

Da boys like to paint their short term lower high and then gas it in the next couple days. If I had to guess I think (and hope for a buyers sake) we will test 1140-1150 before we turn higher. We are overbought and Id like the HUI to work off some of that back to 130. Maybe just wishful thinking. If we make a new high tomorrow then toss this comment out the window.

tyberious
Feb 18, 2016 - 5:43pm

RE: I Was Wondering Turd

Me too. Great point Marchas45!

gazzmann
Feb 18, 2016 - 6:12pm

No no no

Andy agreed with Turd if you listen closely. He said there was no fundamental link to the yen, that it was just HFT algos. That's what Turd's been saying. Same thing. Full agreement. Andy's just giving a different perspective.

tyberious
Feb 18, 2016 - 6:12pm

He has opinion and I have mine

You already know where I stand. He's the guest and I want you to hear his opinion, not mine. What did you expect? That I would argue with him and try to convince him of something? What would be the point?

Besides, if I remember right, Andy clearly agrees that the HFTs dominate and ruin all paper markets. He thinks its all Cartel run. I think its Cartel and other (maybe central bank) HFT. Following up beyond that point doesn't make much difference.

gazzmann
Feb 18, 2016 - 6:13pm

Thanks, gazz

We must have been typing at the same time.

s1lverbullet
Feb 18, 2016 - 6:17pm

I want us to discuss this as a community

Even though I think mining stocks will rally furiously over the next couple of years, are they worth owning if the government is going to take rates negative and come after all financial assets like Cyprus? We might wake up one day and our brokerage accounts have been clipped by 50%. What if the currency dies and the miners you own are denominated in USDs? I need opinions. I own some miners but more and more I am feeling like on this gold rally you don't want to own them. Discuss please.

tyberious
Feb 18, 2016 - 6:22pm

He has opinion and I have mine

Fair enough. I would have considered it as a rebuttal or follow up not an argument.

rxman
Feb 18, 2016 - 6:23pm
kn33bar
Feb 18, 2016 - 6:25pm

Bitcoin

Et tu Andy,

Seems like one by one all the people who once touted gold and silver are now pushing Bitcoin.

Guess Gold is that barbarous relic. 

Why buy and store any PM's then? 

AIJ
Feb 18, 2016 - 6:47pm

Bitcoin and Gold

1% Bitcoin

99% Gold and Silver

If Bitcoin performs only fractionally to its potential, 1% of your portfolio is all you need.

“I am the most bias Bitcoin person I can imagine -- the most pro-Bitcoin person I can imagine -- and even then, I always tell people they shouldn’t own an amount of bitcoin they cannot afford to lose because I think there is a nontrivial chance that goes to zero. And by nontrivial I say 20 percent, but again, I am very, very bias. If there is a 20 percent chance that you can lose that money, you should not own amount of that that you cannot afford to lose. At the same time, I think that there is a higher than 50 percent chance that a bitcoin is worth more than a million dollars. So, today it’s at 200, ( Now 420) so it’s a 4000 times -- the possible upside. So, I think it makes sense to have a little bit of bitcoin -- say 1 percent of your savings in bitcoin. It makes a lot of sense, but no more because it’s a super risky investment that has incredible asymmetry.”

https://www.coingecko.com/buzz/xapo-casares-50-percent-chance-bitcoin-mo...

More options are better than less options.

kn33bar
Feb 18, 2016 - 7:01pm

I think you may be

I think you may be exaggerating a bit on what he said.

Human Mushroom
Feb 18, 2016 - 7:10pm

Re: Bitcoin

BTC (Bitcoin) is another tool to prep for what we don't know.

While the Dollar has been going up, I didn't think too much about the Dollar except for how it was affecting my gold and silver stack. Since I've been stacking for 15 years, I've been conditioned to see the suppression as just a typical normal day. Also, my daily life has still been mostly normal. I've stated several times that I like normal, as opposed to mass chaos.

I also watch daily what's really happening. After all, I'm a Turdite. Recently, events, other than gold and silver, are happening at an ever faster pace. So much so that I've grown concerned about cash in the bank. I need the bank to pay my bills, but I sure don't need them as my cash storage system. Even though I've never had any issues with my bank, TD Bank, like the rest of you, I see the rapid shift taking place about cash and bail-ins.

Outlawing it or taking it, either way "THEY" are making loud sounds about dictating to me "THEIR" wishes about my fiat currency. Well, they created it, so I guess they can do what they want with it.

Ok fine. So for years I've been converting to gold, silver, and all sorts of other types of preps. And yes, the lights finally came on with Bitcoin recently. I had never actually studied it before. It just seemed so "out-there." Kind of like gold and silver does to the unaware sheep.

I keep just enough cash in the bank to cover my bills, the rest now gets swept into Bitcoin. It's darn easy to use my BTC SHIFT debit card as opposed to the old way of using my checking debit card. 

In my study of cryptocurrency, the big banks are also developing their own cryptocurrency, the Ethereum. Of course their system won't be decentralized like Bitcoin. Their blockchain will be controlled by the banks behind their firewall. I say it's BS and a ruse.

Most see this as validating Bitcoin, which it does. It proves the power of the blockchain. However, I don't think people realize that the banks are just jumping on the blockchain (the buzzword) bandwagon with the usual evil intent. Keep in mind, the mighty Blythe Masters is deep into blockchain. Personally, I see them using the Ethereum coin as the road to going to their cashless system and being in 100% total control. The bank consortium, called R3 (R3CEV), are PRing this with the intent of swamping the general public in the MSM, trying to direct people away from Bitcoin which they can't control.

They want to play in the Bitcoin world? Fine, let them. Can't stop them anyway. For me, I've added Bitcoin as another tool to not play in the banks' sandbox.

gazzmann
Feb 18, 2016 - 7:14pm

@Silverbullet

Do you have phys? Is the first question. If you have enough phys to say get you through a year, and still have the equivalent of a solid wage if things get ugly, I say capitalize on the miners. I think the CB fruitloops are crazy enough to try just about anything, but that doesn't mean they'll get away with it.

If they have to go cashless to go negative interest, it's going to be way harder than just not printing notes. Everything has to change. I don't think it will be that easy to do any of things we are concerned with. But if you've got a good stash of phys, the greatest worry is over. 

kn33bar TF
Feb 18, 2016 - 7:34pm

Re Bitcoin

Hi Turd,

Yes I was exaggerating a bit, however, he did say he was looking at the Bitcoin chart as he was speaking with you and he took a "large position".

I disagree that people will run to Bitcoin if they can't get gold and silver. People can say what they want about Martin Armstrong but at least he is consistent. He says people will run into stocks as well as gold and silver, and that makes a lot more sense to me.

I still like Andy and will probably see him when he gets to Ft, Lauderdale. 

Chiron
Feb 18, 2016 - 7:44pm

Cashless society?

I find great enjoyment in the irony of this push by the "bankers in charge". So the central banks wish for everyone to be in electronic banking. The dangers are evident to me. Cash is the absolute last freedom we have. The first amendment is gone. The second amendment is under constant assault. The fourth amendment was dead with the patriot act... The list goes on. But that is only freedom. What is that?

Back to the banks. Having an electronic banking system will require all citizens to open a bank account. What percentage of the population actually has one? I read that if you have $1000 in a savings account and are debt free, you are actually now in the top 50%! Crazy, I know. So these bankers want people to open accounts to do what? Store cash they do not have? Also, to open an account would require the demonstration of identity!!!! That is the cool point.

To open a bank account you have to have a photo ID! Follow this logic. The bankers are of the establishment, republican and democrat. The democrats have been providing free gifts in exchange of a vote for years. The voting rolls have been stacked for years. Just take a look at the precinct in Ohio that voted 125% for Obama. The establishment holds that an ID is not a requirement to vote. That way they can cheat in elections. If you want to win, you have to beat the margin of fraud. So an ID is not required to vote. But now cash will be gone. So all most open a bank account. The said account necessitates an ID. How is this reconciled? Oh well. Just call it "progressive" and it all makes sense.

tyberious
Feb 18, 2016 - 7:50pm
Marchas45
Feb 18, 2016 - 7:53pm

What the ????? He has opinion and I have mine

Bloody Hell I just asked a bloody question. Sheeee

What did you expect? That I would argue with him and try to convince him of something? What would be the point?

I didn't expect anything. If you go back and check my posts, I believe this was my first question ever and I was kinda sticking up for you. First question from me and the last.

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