A2A with James Turk of GoldMoney

56

James Turk is a legend in the precious metals sector. As founder of GoldMoney in 2001, James has long been an advocate of sound money and physical precious metal ownership. What a treat to have him stop by TFMR again today and answer subscriber questions in our A2A format!

Among the questions covered in this webinar:

  • The short-term paper market conditions as well as physical metal issues on the ground in London and elsewhere
  • The sham of ETF gold "ownership" and the fallacy of the 580 mts allegedly added to gold ETFs in 2016
  • How much longer the BoJ and other central banks can continued their failed cash-printing policies
  • Are royalty companies preferred investments in the metals sector
  • And much, much more!

Please be sure to give this recording a thorough listen. When you're finished, you should consider buying James' book, "The Money Bubble". It's a great read. You should also give strong consideration to becoming a GoldMoney customer as they are a prominent advertiser and supporter of TFMR...and I own some Bitgold, too!

Enjoy,

TF

  56 Comments

  Refresh
Jul 21, 2016 - 7:42pm

One last thought re today

We keep emphasizing that most here should NOT get wrapped up in the tick-by-tick stuff and today was another great example.

Unless you are a very aggressive trader (and a psychic/soothsayer/witch), you should NOT be out there trying to time these markets. While you may be right occasionally, most of the time you're going to get wrong-footed as these markets are driven by the damn HFTs that twist and turn in the wind with no warning.

Hell, even last night's podcast had a warning from yours truly that a drop to $1285 and $18.50 was suddenly a possibility. If you had sold out at the close yesterday, you'd have had your ass kicked by noon today. What fun is that? (And do you see why we almost always post podcasts AFTER the NYSE close?)

Look, long and strong is your best bet UNTIL the underlying trend changes. Look back at this week's Vault posts. Almost all of the information provided focused upon the primary trend...which is still UP. As they say, "the trend is your friend" and it will remain that way until it isn't. My job at $12/month is to pay attention 5 days/week in order to notify you as soon as possible if/when the trend changes. For now, it clearly hasn't.

And one last thing...As we've discussed since the beginning of this site, if you're worried about locking in gains and managing temporary downside risk, then buy yourself some insurance (hedges). Whether it's puts on the Comex or the DUST, some hedges can always give you the peace of mind needed to stay "long and strong". There are plenty of folks here who will gladly share their wisdom with you in this category. Check Pailin's or Argentus' forums. Ask MiningJunkie, Boomstick or The Horse in the thread comments. I'm sure they'll be happy to walk you through how they personally do it.

Again...TRY NOT TO SWEAT THE TICK-BY-TICK STUFF. Bull markets in paper metal are always typified by two-steps-forward-and-one-step-back. If you try to get cute and "time" things, you're bound to be caught on the wrong step more times than not.

murphy
Jul 21, 2016 - 6:54pm

btw re: Bitgold

I believe they still have a new account special. Buy 50 grams and get 2.5 grams free. That's free gold that I endorse.

Rakka
Jul 21, 2016 - 6:21pm

My Bitgold link

if anyone is on the fence for Bitgold account,

here is my link:

https://bitgold.com/r/sKAzmI

You can be signed up in less than 10 mins

check it out, with no min required to account

Rakka
Jul 21, 2016 - 5:31pm

Murph - Totally agree

Honestly, I couldnt believe any of their ideas or claims

But they definately make it very easy and making it better every day

I am like you, adding on down days

my only fiat in bank, is min amount to keep checking from a monthly fees

The coin industry will get pulled in this also...so another good thing

I have sent gold to friends & they started an account

Dave Kransler & Rory Hall made me understand the fiat bank vs bitgold, lights went on for me at that point

murphy
Jul 21, 2016 - 5:24pm

@ Rakka

GM account holder for many years. Recently opened one with Bitgold and I LOVE it. So much fun to watch for the dips and buy however many grams at a time. Wake up at 6am and see they hit gold for $20 bucks, grab the computer and buy some!

Fun aside, it's great taking fiat out of the banking system. Just imagine if each one of us could convince five of our friends who are not like us to do the same.

I think it is possible, since it's more like a banking account that most of the population are used to. Digits on a screen, with a quantity and a value. No trekking to the coin store, ordering online, warehousing, etc.

Not to mention that the banks pay no interest!

murphy
Jul 21, 2016 - 5:13pm

Yen hyperinflation ?

I hope this is not a stupid question, or I am mixed up. At least in the beginning of the yen starting to hyper inflate, wouldn't the algos still be pushing gold down?

Maybe that's when we get the diversion of the physical to paper price. C'mon yen, c'mon Karoda, you can do it!

I posted this on the other thread. Worthwhile imo.

https://www.mauldineconomics.com/the-10th-man/toga-toga-toga

Rakka
Jul 21, 2016 - 5:12pm

Bitgold & GM

I dont how many been considering getting some shares of GM/Bitgold; i set-up an account with Turd as my sponsor. I dont have GM account. I always thought James Tuck was nice grandfatherly guy, but he ended up being wise & way ahead of the pack

I was very suspicious & wary when they both merged a year ago; but this company is going to be bigger than PAYPAL, which I hate using Paypal, No Ebay for me either.

We have alot of Texans out their saying, "All hat, no cattle"; so I really thought the Bitgold was way over-hyped, but the company has 1 million users, very easy to sign-up & begin saving in gold w/free storage, etc.

in the past year, bit gold have 48 million buck in small factional gold, free storage in very many locations around the world out of banking system.

I got my gold money prepaid debit card, many times better than my expectations, I have been adding small amounts every week, all of this is linked to my VISA credit card, and my checking accouts.

Dave Kranzler has been piling alot of money into this account, really valuable for price of gold up, but also, its his gold checking account or Gold Card.

Bitgold has now opened up a for you small business owners to pay your employees, in gold, its really growing and many bitgold customers are using the allotment for an allotment to their paycheck.

I added mine, so now I have credit card, checking, an 2 times month allotment to my gold checking account, I can use this card against my entire stack of bitgold, so my checking account is safe and available.

I dont like the bitgold cubes and I havent withdrawn anything yet, but I can tell you the good feeling i have for this company.

Another thing I dont like is arrogant Peter Schiff, but he finally climbed on board, and kind of admits he was jealous of the ability of bitgold to do exactly this for free, when he was mugging fees of 1 arm & one leg. Anyway, he Schiffgold is on-board, I dont like him, no worry. The banking accounts will grow.

I think BitGold will be multibillionares. I havent bought any stock yet, just making observation that this company has way over-delivered my very low expectations.

Any other thoughts?

Incorrigible
Jul 21, 2016 - 4:54pm

Premium on Physical

Why not just buy a silver futures contract and take delivery at basically spot? Don't you automatically make about $500 on that right away on 1,000 ounce contract?

bilambiljet
Jul 21, 2016 - 4:49pm

Top 10

Another beautiful sunrise here in QLD. Coffee and a listen to a Turd & a Turk.

SteveW
Jul 21, 2016 - 4:40pm

How do I get bitgold?

Click on the ad plastered on the front page!

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