A Labor of Love from The Golden Jackass

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As per tradition here at TFMR, our pal Jim Willie stopped by to celebrate the 3-day holiday weekend of Labor Day in the U.S. You should be sure to carve out some time to give this audio a thorough listen.

I decided to change the format a bit for this show. Instead of a list of questions for The Jackass to answer, I thought it would be fun to just simply give him some general topics and then just let him ride a stream of consciousness to wherever his big brain leads him.

Those three topics could be loosely described as:

  • The Fed/Bonds/Derivatives/NIRP/EU Banks. This is the first 20 minutes or so.
  • The G20 meeting in September/The IMF SDR inclusion of the yuan in October/gold. This evolves over the next 15-20 minutes.
  • International rejection of US treasuries/The future of the dollar/Gold-backed bonds/Gold-backed trade notes. This is the final 25 minutes.

So, anyway, have fun listening. I tried to keep my input to a minimum as most subscribers here at TFMR already know what I think on most of these issues. These podcasts are designed to give you access to what The Jackass thinks, instead.




Orange's picture

@safety Dan

scroll down to the video on the Iceman. Self healing guru. Quite amazing. Everybody can learn the skill.


Edit: Alien Eyes, you might appreciate it as well. Wim developed this technique after his wife committed suicide and he was dealing with his emotions.

benque's picture

Did the Earth move for you?

Not me.  If it did for you, why not tell us about it....and NO, I'm not prying into your personal life; just looking for perspective on the US Midwest earthquake (5.6 richter?)

onesong's picture


did you feel the quake?

imfd's picture


Damn that was funny, permanent hearing loss, laughed so hard I almost forgot to hat tip, many thanks mate !

Fred Hayek's picture

Wow, Craig

It's rare to hear one interviewee on a program like the X22 Spotlight eviscerate a previous interviewee (Harry Dent) the way you did.

JQuest's picture

@ Did the Earth move for you?


Kansas City, KS


Safety Dan's picture

U.S. CDC Giving Itself

U.S. CDC Giving Itself Unconstitutional POWERS To Round Up And Detain Citizens En Masse Anytime, Anywhere And Throw Away The Key


Untitled (219)

‘The U.S. Centers for Disease Control and Prevention literally has overstepped its authority in proposing to grant itself powers that obviously negate any rights U.S. citizens thought they had by issuing the Proposed Rule “Control of Communicable Diseases” on August 15, 2016 wherein CDC will self-invest itself with the power to apprehend healthy people en masse and detain them indefinitely with NO process of appeal!

That mammoth proposed rule is published in the Federal Register [Federal Register Number: 2016-18103] online at this website. Before you read it, I suggest taking a very stiff shot of vodka or scotch, because you won’t believe what you read that is being proposed for what is supposed to be a non-communist country and its people, the USA!’

Read more: U.S. CDC Giving Itself Unconstitutional POWERS To Round Up And Detain Citizens En Masse Anytime, Anywhere And Throw Away The Key

Safety Dan's picture

@ Orange

Interesting about ICE man. More interest in some of the others. Great article and vids. Enjoyed the older video. 

tyberious's picture

Harry Dent

He deserved it!

Joseph Warren's picture

The World Didn't End . . .

when Rome fell, during the hyperinflation of Weimar Germany, after the 1929 Crash, or the fall of Imperial Japan, Nazi Germany, and the former USSR. Life went on in the places affected (for those who survived those events). Life found a way.

On the other hand, - it wasn't just "the same ole', same ole'" afterwards either.

Great events Do occur. And, often those events impact people's lives in ways they never imagined.  Panic is counterproductive. And so is passivity and denial.

P.S. - personally I think a lot of things would be solved if people saw through the phony made up outta Nothing 'debt' scam and told the banksters to 'Bite Me'. Then throw them in prison. Then free up creativity that produces Real Wealth. Its quite insane that people would be fooled into destroying ourselves.

tyberious's picture

Gold And Silver – Fiat

Gold And Silver – Fiat “Dollar” Says Gold And Silver Will Struggle


tyberious's picture

Jumping Ship: Two Central

Jumping Ship: Two Central Banks Just Printed Billions In Paper Currency… And Immediately Bought Gold Mining Stocks With It

shtfplan.com / Mac Slavo / September 2nd, 2016

When former Federal Reserve Chairman Ben Bernanke was questioned by Ron Paul during a 2011 monetary policy report, he famously told the Congressman that gold is not money and the only reason central banks hold it is because of “long-term tradition. ”

Bernanke’s comments have since been cited by financial pundits as expert advice on why precious metals investments should be considered no different than other traditional investments like equities or bonds. Suggesting they may be a safe haven asset or that there are thousands of years of evidence supporting the claim that gold and silver are money are often laughed at and marginalized.


tyberious's picture

A Blast From The Past

tyberious's picture

Silver Miners’ Q2’16

Silver Miners’ Q2’16 Fundamentals

zealllc.com / Adam Hamilton / September 2, 2016 

The silver miners’ stocks have enjoyed an epic year, skyrocketing higher with silver’s new bull market. At best since mid-January alone, some of these elite stocks had actually septupled! Naturally such extreme gains beg the question of whether they can possibly be fundamentally justified. The recently-released second-quarter financial and operational results of the top silver miners offer much insight on this.

Back in mid-December leading into the Fed’s first rate hike in 9.5 years, silver was pounded to a dismal 6.4-year secular low. Sentiment was overwhelmingly bearish, the breeding ground of major bottomings. Indeed silver soon started climbing with its primary driver gold heading into 2016. As usual silver got off to a slow start, with traders skeptical until gold rallied far enough and long enough to entice them back.

In Q1’16 silver really lagged gold, with a weak 11.7% advance to gold’s 16.1%. Once silver bulls get underway in earnest, silver tends to amplify gold’s upside by 2x to 3x. And that already started happening in Q2’16, which saw silver surge 21.4% higher on a mere 7.4% gold rally! This acceleration is what ignited silver stocks. Was their buying fueled purely by greed, or did it have real fundamental underpinnings?

This crucial question for investors couldn’t be addressed until mid-August, when silver miners’ Q2’16 results were fully released. Publicly-traded companies in the US are required by the Securities and Exchange Commission to report their earnings four times per year. The deadline for filing is 45 days after quarter-ends. I first looked at gold miners’ Q2 results, then gold juniors’, and now it’s silver miners’ turn.

Silver mining is a tough business geologically and economically. Primary silver deposits, those with enough silver to generate over half their revenues when mined, are quite rare. Most of the world’s silver ore formed alongside base metals or gold, and their value usually well outweighs silver’s. According to the venerable Silver Institute, only 30% of 2015’s global mined supply came from primary silver mines!


AlienEyes's picture


I felt it in Bentonville. No doubt about it being a shaker, either.

Turd Ferguson's picture



I had no idea that Dave had just had Snakeoil Harry on as a guest. Now I feel kind of bad for laying into him.

Response to: Wow, Craig
indiana rod's picture


Mickey's comment that he bought AG on Friday is a confirmation that I did the right thing buying AG calls on Thursday.

You never say a trade can't miss but paying $0.80 for an October 13 call seems like a sure thing.

Also, Mickey need not worry about Hillary imposing a transaction tax. She will not be elected. These polls are a sham. Trump will be elected in a landslide. No way will the most corrupt candidate to ever run for president be elected. I don't believe God would punish the great U. S. A. that much.

tyberious's picture

Who's next!


from InfoWars:

Millions rise up against socialism

Anti-socialist protesters flooded Venezuela’s capital in one of the largest mass protests against President Nicolas Maduro’s rule in over a decade – and one of the largest protests in world history.

Chanting “this government will fall,” millions rallied across Caracas to demand a recall referendum against Maduro amid the crippling economy in the OPEC country.

Read More

JQuest's picture

Peter Schiff 9/3/2016 (Audio)

Fred Hayek's picture

Analysis of a hit piece

Today's Wall Street Journal has an article that I'd like to take the time to look at in some depth.  It's at the link below:


Curiously, this article has two different headlines in the physical paper and on line.  The edition that you can hold in your hand has the already ominous title "The Perils of Home Gold in Your IRA".  The online version goes a paranoid delusional step further with "Want to Keep Gold in Your IRA at Home?  It's Not Exactly Legal".

Let's see what it says.

Advertisements this summer have claimed that people can invest their tax-free retirement accounts in gold and store it at home.  But the IRS has issued a stern warning against the move.

This is already a bit odd.  Is it actually illegal to do so?  Why didn't it just say that if it is?  And if it is, what are guys like Will Lehr and Gus Demos at Perpetual Assets doing making a business of it.  My god, are they offering their services while on the lam?  The article continues.

The internet and radio pitches suggest that people can invest funds from their individual retirement accounts in gold coins and bullion and store the metals at home or in a safe deposit box, away from stock market collapses and government intrusion.  One ad, for Hartford Gold Group, shows a smiling couple near an open safe containing gold bars and the text "Your Gold, Your Hands, Your Control."  Others urge consumers to "Start Your Home Storage Gold IRA" and "Store IRA metals wherever you choose, even in your own home."

Experts on "alternative asset" IRA, which hold investments other than traded securities, are highly skeptical of this strategy . . .

I stop here to note the very precise line walked by this article.  Notice that the very title of the internet version says this is illegal but the first paragraph has the IRS stating only that it warns citizens about this.  And now we have experts who presumably know the law in their particular field merely skeptical.   The article continues:

. . . are highly skeptical of this strategy.  In such holdings, "the result is one the IRA rules are intended to prevent - which is that the account owner possesses tangible personal property belonging to the IRA," says Amiram Givon, a lawyer with GCA Law Partners in San Francisco.

I guess we can all breathlessly wait for Amiram Givon to speak out against the tax treatment of all the family trusts which are effectively used as property of one or another trustee.  But maybe the resultant asphyxiation wouldn't be a good.  As Mr. Givon is probably aware, the gold is held by an LLC.  The individual is holding that gold for the LLC, much as the trustee of a rich family's trust is supposed to be keeping up a mansion for the trust not just for him or herself of course.   At any rate, notice again that it's not said that this is not legal.  A party who simply been quoted as saying he doesn't think this is the intent of the law.  Okay.  Fine.  The article continues:

The Internal Revenue Service says it "warns taxpayers to be wary of anyone claiming that precious metals held in your IRA can be stored at home or in a safe deposit box."

Okay, we should be wary.  Why?  Because it's illegal?  If it is, why don't they say that?  This is really a brilliantly worded little statement if you want discourage something but know you officially can't.  The article continues:

As is often true of such maneuvers, the tax law isn't entirely clear in this area, giving advocates room to operate.  As written, the law prohibits investments of IRA assets in "collectibles", such as antiques, artwork, wine or gems.  That leaves room for IRA investments in a wide variety of alternative assets including real estate, untraded securities, tax liens and even fishing rights. 

The law specifically allows IRA investments in certain U.S. gold, silver or platinum coins and in gold, silver, platinum or palladium bullion quality bars.  Details are in IRS Publication 590A and Section 408(m)(3) of the code.

Those two consecutive paragraphs are amazing in their incongruity.  This is how you know you're reading a hit piece.  We begin with more aspersions.  Hey, these guys are operating in some murky gray area.  If you try to do this, you could have the feds at your door!  Oh, and then we're told that, actually, it's specifically allowed under the law with a citation of the regulations.   What the fuck?!  What the fucking fuck?!  Does tax lawyer Amiram Givon not know this?  Why is the IRS giving stern warnings if they know this?  What the hell was the point of the denigrating tone of the beginning of the article and the aspersions of illegality if the practice is explicitly allowed?  Is the idea to officially cover yourself by mentioning the truth but precede it with 5 times as much attack so that the impression on the casual reader will be to create wariness?  The article continues:

Putting coins and bullion into an IRA is often more involved and expensive than making typical investments.  It can be hard for investors to find sponsors that offer physical gold or silver as an investment option along with traded securities.  Neither Vanguard Group nor Charles Schwab Corp. offers direct investments in physical metals.

Fees are also typically higher than those for investments in traded securities.  At Fidelity investments, which offers IRA investments in permitted coins and bullion, commissions range from 2.9% to 0.99% to buy coins and 2% to 0.75% to sell, compared with $7.95 to buy a stock.

Of course you're paying nothing to those guys each year that you hold unlike a lot of funds they'd like to sucker you into.  The article continues:

Fidelity also charges a quarterly storage fee of 0.125% of the asset's value which includes insurance.  IRA sponsors usually require physical metals to be held at a qualified storage firm to ensure compliance with tax rules.  Jon Potts, a managing director at Delaware Depository in Wilmington, which stores precious metals for many purposes, including IRAs, says the firm does not allow IRA owners to withdraw or even look at bullion or coins in their accounts without a notification from the IRA custodian, such as Fidelity.  

Such requirements bother a segment of IRA owners who want to invest in physical metals because "they don't trust government regulated entities like depositories," says Timothy Schubert, the owner of Blue Diamond Documents LLC in Glendale, Ariz. who provides paperwork for home storage of IRAs.

Advocates of IRAs containing precious metals stored at home or in bank safe deposit boxes believe another approach is valid.  It involves having an IRA own a limited liability company that uses the IRA's funds to buy permitted precious metal coins or bullion.  The IRA owner is also the manager of the LLC owned by the IRA.

The idea of having Fidelity or any other such company hold your gold or silver for you is insane.  What sensible person would choose to own an asset which serves as insurance against the demise or regulatory capture of someone like Fidelity and have it held by . . . Fidelity?  The article goes on:

Augusta Precious Metals, which is based in Beverly Hills, Calif., and advertises a Home Delivery IRA, has posted opinion letters from eight attorneys across the country that generally support home or safe deposit box IRA storage of precious metals.   A disclaimer from the firm says it doesn't "provide legal, tax, or investment advice."  The head of the Augusta Precious Metals wasn't available for comment.

This is more smarmy hit piece stuff.  It's a metals dealer not a law firm.  The apparent intention of the last sentence is to create some sort of negative vibe about this without citing anything at all wrong with what they're doing.  Why don't they comment, huh?  What do they have to hide?  And what did they know and when did they know it?

We continue:

Several of the letters say that such a structure enables the IRA's owner to store precious metal coins owned by the LLC in a number of places, even at home -- although some note the IRA owner could have to prove to the IRS that he didn't benefit from the assets in any way.  They also conclude that bullion would need to be held in a safe deposit box owned by the LLC.

Uh, the IRS can jump down anyone's throat and make them prove just about anything.  And a quick perusal of the Perpetual Assets web site where they promote the use of such IRAs, I find that they advocate buying gold and silver eagles not bullion.  If there is a different storage requirement for bullion then it's eliminated by not storing bullion, isn't it?  We continue:

Warren Baker, an attorney in Seattle who specializes in alternative asset IRAs for high net worth clients at Fairview Law Group, believes this logic is flawed, especially for bullion held in IRAs.  "If the bank is only aware of the LLC and not the IRA then it can't be acting as a trustee," he says.

Mr. Schubert, who isn't an attorney but prepares documents for LLCs holding precious metals, believes the strategy is appropriate, adding his business is "fantastic".

Well, Warren Baker may or may not be right but it's quite obvious how to deal with his expressed worry.  Buy coins and not bullion.  Big deal.  If the time ever comes to sell you'll have a hell of a lot more flexibilty with 100 one ounce coins than with a single 100 ounce bar.  And I've got disappointing news for everyone who thought that Perry Mason himself slaved over every document that their lawyers prepared for you.  He didn't.  His secretary did most/nearly all of it and he parachuted in at the end and took a look at it and signed it.  I'm a civil engineer and I've prepared documents that lawyers then put their name on.  I've watched my boss dictate over the phone to lawyers the wording of how they should write documents.  The actual touching of pen to paper or typing on a keyboard by an attorney is not nearly as magical as some would lead you to believe.   Finally:

The current advertisers fo home storage gold IRAs on internet and radio are more cautious.  Like Augusta Precious Metals, they typically warn clients that they don't provide legal advice and that customers should consult outside advisers.

Sanford Mann, CEO and owner of Hartford Gold Group in Los Angeles, sayst of his customers, "We simply sell them the metals and they make the choice about where to keep it.  We don't need or want to know."

The first line is a real smarmy prick move.  Mr. Schubert says this investment strategy is "appropriate" and is then quoted as saying his business is "fantastic", meaning that he's got a lot of customers.  The writer then goes on to play off the word "fantastic" as though Schubert had made utopian representations in regard to the strategy but he was only describing the status of his business.

Sound Money Minnow's picture


Thanks for forwarding Adam Hamilton. I think he is a pretty good source of info. I was going to do the forward myself. Thanks for looking out for everyone.


By the way, as much as I disliked Trump, as I am a Cruz fan, listening to his recent stuff I guess I almost have to pull the lever for him. No way I can even think of the skank opposing him.


boomer sooner's picture

Quake in flyover

Rocking pretty good here, Norman, OK (75 miles south of Pawnee, near Stillwater).  7:03 am.  Still in bed but rousing and the whole house shaking.  Ceiling fan swinging and my wife's antique dresser has a big mirror that was waving.  Lasted about 29 seconds with a couple of after shocks.

Ya, ya, Sooners sucked today!  Come on Aggie's!

rxman's picture



Thanks I needed that

rxman's picture

Oops nothin

Maybe it will wake up some of Dent's flock between the difference in paper vs fizz in lake bottom. 


rxman's picture

Amen Indiana Rod

The rainbow promise from our Creator has been tarnished. Disgusting that humanity is on a path of self destruction. 


Mickey's picture

Indiana rod

when I sold AG I replaced the position with options. Net i am ahead and i also bought options. Thus if we get a good rebound before nov expiry i am in better shape than before except i have some taxes to pay.

on the ira gold at home, i have an ira custodied at Delaware depository.  Thought about the home ira through checkbook ira. I think the irs has some standing in its position. 

But whats the downside? The key is having possession. Taxes should be secondary. 

I am over 70 so i need not worry about early wd penalty. If not for the cost and work i would have already moved to this ira. I will likely just have my gold and silver coins delivered to me this year in a taxable transaction

tyberious's picture


Thanks! Happy Labor Day all!

BillD's picture

G-20 chat with Xi moonlight stroll ...

Read this... ... Still, the leaders both stressed they were willing and able to work collaboratively. Xi, speaking before the meeting, said China wanted no confrontation with the U.S. and hoped to maintain a sustainable relationship.   then read The Art of War

Fred Hayek's picture

And why might you want a precious metals IRA?

Well, here's a piece by Will Lehr of Perpetual Assets noting that we're seeing more stories about 401K restrictions and wondering if those restrictions won't be used to quietly herd all the sheeple (whether they want or not) into an ever more restricted list of funds which have ever more requirements to hold U.S. treasury bonds.


tyberious's picture

U.S. treasury bonds.

Somebody's got to buy (donate)!

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