A2A with Andy Hoffman of Miles Franklin


Due to the timely nature of this discussion, we thought we'd take the unusual step of making this audio immediately and publicly available. Please be sure to carve out some time to give it a thorough listen.

Andy was very generous with his time today and our conversation ranged from politics to the stock market to gold. With all of the changes and dramatic market moves that have occurred over the past 48 hours, the timing of this A2A webinar could not have been better.

Thanks for listening,



Nov 10, 2016 - 3:00pm



Island Teal
Nov 10, 2016 - 3:01pm

2nd or 3rd

good A2A !!!

Nov 10, 2016 - 3:17pm


Day off.

Nov 10, 2016 - 3:18pm


In the dr's office. Keep Stacking4th?

Nov 10, 2016 - 3:31pm

Claim the 5th

5 alive

Nov 10, 2016 - 3:41pm


Over the past two hours, the Long Bond rate has surged from 2.90% to 2.95%. With the Comex now closed, this has forced gold to fall nearly 1% over the same time period.

Nov 10, 2016 - 3:43pm

Dimon and Treasury secretary

Fox business said bull bullshit.

Nov 10, 2016 - 3:58pm

Was reminded of this today

With bonds in free fall at long rates up from 2.1% to 2.95% in four months, it made me think of Santa's Pillars. Many oldtimers will recall this from about 10 years ago. It was always Pillar #5 that we hadn't crossed yet.

Nov 10, 2016 - 4:22pm

Christmas got cancelled today...

Well, this was a rather harsh day... Shoulda woulda coulda gotten out a couple of weeks ago!

Eating way to many lotus flowers and couldn't leave the casino when every one else was headed for the doors...

Love you Turd, you really do have the best site on the Wild Wild Web.

Dr. P. Metals
Nov 10, 2016 - 4:29pm

JNUG $0.91 cents

split adjusted.

Nov 10, 2016 - 4:42pm

Is the election of Trump a sea change?

like the election of Reagan?

Nov 10, 2016 - 4:51pm

Trump Secretary of Treasury

Jeb Hensarling a favorite son of Texas.


Nov 10, 2016 - 4:57pm

gold/silver attack tomorrow?

The bloodbath in the HUI/pm stocks is signaling a major hit on the pm's tomorrow. Turd will disagree but Harvey Organ and are in accord. As usual I hope I am wrong.

Nov 10, 2016 - 5:15pm

Villified Deplorables

We the Great Silent Majority, the working class, are deplorable. We build the roads, bridges, skyscrapers and cars. We fight and die in the wars that the oligarchs have determined would be profitable to them. We pay the vast majority of all taxes. We have one to three jobs, working as many as 80 hours and six days a week. We feed most of the world. We still get up on Sunday, go to church, and donate any meager excess we might have to those less fortunate than us. Most of us have never seen Europe or Hawaii and never will. We get worn out at a relatively young age and go to our graves early.

We are racists, homophobes, rednecks and hicks. We are uneducated and unsophisticated. We are conservative and Christian. We are now, by God, going to take our country back.

We are Deplorable!

I salute all of you.......

Nov 10, 2016 - 5:17pm

Miners Attacked versus Indian Gold Demand

It sucks that mining shares got hit hard today but India has MASSIVE gold demand right now. I find it hard to believe the banker scum can push it down much lower. The new Muslim gold laws will bring another 1.6 billion new customers into gold assets very soon.

Nov 10, 2016 - 5:45pm

Obama legacy?

How about a presidential pardon for Edward Snowden?

And if not, is Donald Trump truly enough of a patriot to do so upon taking office?

Who really cares about the constitution? How is that for a 'litmus test'?

Nov 10, 2016 - 5:47pm

O Lord, let it be

how 'bout this?

does this make yur day?

Trey Gowdy for Attorney General? O Happy Daze~!!

Video unavailable
Nov 10, 2016 - 5:54pm

Now, let's start an internet rumor

Now, let's start an internet rumor. Whadda slam-dunk combo this would be.

Gowdy for AG, with Judge Jeanine Pirro for FBI Director? We know Comey is dead-man-walking, so let's shoot for the whole wad, while we got a chance.

This video has nothing to do with the rumor, it's just fun to watch....you know what I mean........

Video unavailable

Nov 10, 2016 - 5:59pm

chart from ZH

This is precisely what we've been discussing, beginning with yesterday's podcast.

Dollar strength effects China and all emerging markets. Back in January, this eventually led to steep selloff in the US stock market. It's happening again. Or will The Fed and other CBs be able to keep the levitation going?

Nov 10, 2016 - 6:00pm

Those are excellent points

Lets hope that this level of fundamental rationality eventually supports the paper price.

Nov 10, 2016 - 6:15pm


Whoever is appointed must be allowed to prosecute crimes...criminally. Not a bunch of civil settlements. If given a free hand to run the Justice Dept according to statutes, Wall Street goes to jail. If not allowed to do the job, just appoint another Wall Street Civil Defense attorney and collect bailout funds from the banks and shareholders, and hold in the Justice Dept accounts and give nothing to victims. Trey Gowdy may not be the guy.

Nov 10, 2016 - 6:17pm

Cook County Soda Tax

we know govts need more money badly--all in pretty soon taxes wil be 100% of earnings.

Cook Cty today passed its 1 cent an ounce soda tax.

When a 67 ounce bottle of "soda" is on sale you can buy it for $1.00 or 1.25 each. That bottle now adds 2 cents sales tax plus 67 cents soda tax--the up charge on a 1 buck bottle is going to be 69%.

I buy a 17 oz bottle for 42 cents that now goes up to 59 cent only 35 % more.

McDonalds sells a large cup for a buck--I think its 33 ounces--that buck will now go for 1.33 PLUS an 11% tax in Chicago. Restaurants charge full tax of 11%+, while groceries charge 2%.

The vote was divided--democrats for republicans against, teh board president, democrat, broke the tie.

Cook Cty needs the money--those using SNAP-the food stamp program, are exempt from the soda tax.

All in all, the dems acted stupidly. When the sales overall drop cook cty wil come up far shorter on revenues.

Chicago already has a sales tax of 11.25%--there are internet taxes and a host of other fees IE netflix special 10% tax), and Chicago has to find a way to fund pensions.

how do we spell austerity?

is it possible to have cumulative taxes of over 100%?

These folks idea of a forecast is to punch a higher tax rate into a spreadsheet, and voila, the answer to our debt problems.

The tax is forecast to raise 250 million a year. The budget for the county is 4 billion. The county revenues already comes from property taxes and sales taxes and gas taxes and utility taxes.

If it moves or not, tax it.

in 1969 illinios balanced its books with no income tax and a combined 4% sales tax. Today we have a 3% income tax and 11% sales tax and cannot balance budgets.

It is a microcosms of the US--Il and Chicago go broke first.

I am sure President Trump, who did not come close to winning Illinois, will be pleased to help IL and Chicago.

Nov 10, 2016 - 6:46pm

GLD lost 13.35 tonnes of paper pet rock

SLV lost 41 tonnes today.

Nov 10, 2016 - 6:58pm

@Turd Re: Rick Rule

If I recall correctly, Rick Rule has stated on numerous occasions that gold will really start to move once big money starts moving out of treasuries...

Craig, would you be so kind as to raise this matter with the Admiral tomorrow?

I remain optimistic, and am once again thinking about which miners to load up on.

HUI 180? Bring it!

Nov 10, 2016 - 7:09pm


Great question

Nov 10, 2016 - 7:18pm


Japan's applied every monetary stimulus possible for the last three decades to boost their economy and create inflation.

My question is...Did they try fiscal stimulus?...Infrastructure projects, etc?

Nov 10, 2016 - 8:17pm

Answering my own question (with google help)

Yes, Japan has tried everything, including fiscal stimulus tree times.

2013....20.2 trillion yen (210 billion dollars)

April 2014...5.5 trillion yen

December 2014...3.5 trillion yen.

Currently they are trying 28.1 trillion yen of fiscal stimulus for their economy.

Nov 10, 2016 - 8:24pm
Nov 10, 2016 - 8:34pm

For what it`s worth

I have been following Erik Hadik, a cycles chap, for a year or two, and his forecasts for PMs has been uncannily accurate and had I acted upon what he predicted, I would be up about 4x what I am now. Still, that is water under the bridge, but he is predicting one last drop in gold to a lower low than we have seen since July of 2016, but probably higher than the lows of December 2015. Since he has been right for the last year or two, and TFs warning re the T bills suggesting a potential plunge for gold, we might all be well advised to brace for a buttock clenching, and hopefully short lived, plunge.

Nov 10, 2016 - 8:55pm

AIJ you were talking about fishing....

...and saying they can't "fix" that?

Well, sorry to say think again:

updated June 06, 2014 at 6:38 AM

FLINT, MI -- Yes, you can fish in downtown Flint.

"We have a really fantastic resource that runs right through our downtown. A lot of people don't know it's there. If they do, they're scared of it. It's a wonderful river," said Rebecca Fedowa, director of the Flint River Watershed Coalition, which is putting on the first fishing tournament in downtown Flint Saturday, June 7.

"We want to raise the profile of the river and the fact that it's this huge recreational amenity right here in our downtown," she said.


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