An Interesting Discussion with James Turk

74

Earlier today, we had the opportunity to get caught up with James Turk, legendary founder of GoldMoney. Besides giving us an update on the global precious metal markets, James also provided some background information on an important new venture he has started called Lend & Borrow Trust Company.

Detailed information on Lend & Borrow Trust can be found at the website. Please take a few minutes to look it over: https://lendborrowtrust.com

Over the course of this call, James gives his views on several important topics, including:

  • the current supply/demand equation for metal at the wholesale level
  • how/if the uptick in base metal prices is impacting silver
  • global sovereign gold demand and how this relates to the demise of dollar hegemony
  • his views on the events in Catalonia and how this could impact the EU

And, of course, we conclude with a detailed discussion of Lend & Borrow Trust and how this unique, new company is positioned to alter the peer-to-peer lending environment while at the same time providing unique new options for precious metal holders around the globe.

Thanks again to James for his time to today and thanks to everyone for giving this a thorough listen.

TF

  74 Comments

TF Metals fan
Oct 6, 2017 - 4:21am

No solver manipulation?

Interesting thoughts based on data stating that JPM cs are not manipulating the silver physical market. I look forward to a response.

https://monetary-metals.com/thoughtful-disagreement-with-ted-butler/

I do believe that todays markets are not free, if one only looks at the price of gold vs $/JPY. But this is a different matter.

TF Metals fan
Oct 6, 2017 - 6:13am
ratioarbitrage
Oct 6, 2017 - 7:57am

Weiner's challenge challenged

Just posted on his comments thread:

"If this theory is correct and there is regularly an ample supply of distressed sellers who have insufficient cash for margin, players requiring physical metal on a regular basis (such as sovereigns, industrials) would be incentivised to buy only from them and only during these moments of distress. Physical deliveries would abound on the futures market, while the spot market offering no such opportunities would be shunned. This is the opposite of what actually happens; little metal is taken off the COMEX while industrials, sovereigns, large investors use London.

If, on the other hand, your cash-poor, scared investors are standing across the table from metal-poor, scared price managers, *on a regular basis*, then a condition similar to what we actually see would result."

***

It will be interesting to see how he responds. I am quite happy to be proven wrong if perhaps the numbers do not add up.

cavalier
Oct 6, 2017 - 8:05am

People buy stocks to get away from fiat currency

James said that we are seeing a global movement away from fiat currencies. People would rather own things than IOUs. Look at the stock market. His view was that one of the reasons that the stock market is rising is that people are exiting the dollar. It is better to own exxon or newmont than have dollars in the bank.

Thank you Turd for providing us with access to people such as James Turk.

lakedweller2
Oct 6, 2017 - 8:29am

Market Manipulation

When the Regulators "stand down" in the face of obvious market irregularities, there is market manipulation amd cortuption.

Docdhj
Oct 6, 2017 - 8:33am

Jobs..... right

Isn't life great..... Expected: 90,000 Actual: a LOSS of 33,000

And Gold and Silver is down! Imagine what would have happened if we beat 90,000 jobs!

WHAT A FRAUD THE FINANCIAL MARKETS HAVE DEVOLVED TO!

canary
Oct 6, 2017 - 8:40am

The Average Hourly Earnings...

0.5% (expectations 0.3%...last month 0.1%).

Hillsie
Oct 6, 2017 - 8:41am

minus 33,000 Jobs = a doozie

Watch out for that first step, it's a doozie
Mickey
Oct 6, 2017 - 8:49am

jobs etc

july and aug revised down by 51k

but the detail shows 900k increase in employed

full time up by 900k

part time up 100k

birth death down 50k

knowing we had a hurricane issue , they "cleaned house"

SPX premarket down a whopping .15%

all this is telling me is we are in bigger trouble than even we beleive.

scoremore
Oct 6, 2017 - 8:49am

WTF...

Fucking joke.

Docdhj
Oct 6, 2017 - 8:56am

USD/JPY

Craig is totally on it! Worse job number in 7 years..... HUGE MISS..... USD/JPY surges on the "news"..... gold & silver down..... Dow futures flat.

Watching Fox Business News is like watching Baghdad Bob with tanks rolling in from the background! "This number is negative because of the hurricanes let's move on." Hey what about the revision downward of 51,000 in July.... what hurricane lead to that??? This from the same geniuses who were predicting a beat of the 90,000 jobs added 5 minutes before. What a FRAUD this is!!!

Mickey
Oct 6, 2017 - 8:56am

example of the gaming

for 18 months the restaurants own survey shows lower traffic, sales and staff--while BLS showed increases----todays report from govt showed a 100k+ decline in restaurant jobs-- its been averaging , roughly, 10k a month up

so next month, after this clean up, look for a great number and nothing mentioned about hurricanes.

we are dealing with bad devious people in government

Mickey
Oct 6, 2017 - 8:58am

as pointed out above

we have a complicit ignorant media, but on the other hand, most of the population believes what the hear.

scoremore
Oct 6, 2017 - 9:02am

Was this put to effect this morning?

Look at the USDJPY react the complete opposite of what you would believe....

https://www.zerohedge.com/news/presenting-exchange-stabilization-fund-5-...

lund175
Oct 6, 2017 - 9:14am
lund175
Oct 6, 2017 - 9:16am
lund175
Oct 6, 2017 - 9:20am

Easy to follow

Really simple and very easy to follow story on the decline of the empire

Great article for a friend, wife, husband etc

https://www.zerohedge.com/news/2017-10-04/failing-empire-part-2-de-dollarisation-china-and-russias-plan-petroyuan-gold


Oct 6, 2017 - 9:20am

this week with Eric

When Eric is "fed up" and cynical about it all, it's probably a good time to buy a little.

Remember our old adage about buying some when things look the worst...

https://soundcloud.com/sprottmoney/sprott-money-news-weekly-wrap-up-10617

lakedweller2
Oct 6, 2017 - 9:21am

What?

Monthly employment down but unemployment gets better. Participation rate improves. Prior months employment better than reported and gain in wages. None of that makes sense.

edit: did I read all this wrong.

canary
Oct 6, 2017 - 9:23am

Don't waist any crisis (hurricanes)....

Use it for your advantage...Clean the Unemployment Report accumulated mess....so you can continue cheating for longer.

MrOnline
Oct 6, 2017 - 9:33am

Look it all makes sense guys

we are living in the Twilight Zone

Twilight Zone intro.

Words of wisdom:
If you are hungry than start fasting.
If you are wet pour a bucket of water over your head to get dry.
If you don't have money go and buy something.
If people lose jobs than unemployment goes down.
War is fastest way to peace.
Debt is prosperity.
Gold is rock like any other.

AGXIIK
Oct 6, 2017 - 9:36am

Guaranteed prediction for next month BSBLS

Job creation will drop because of the Las Vegas shooting.

It's effect on tourism, hotel, restaurant and entertainment was 'chilling'.

The affected businesses saw traffic drop 6.3% in October.

Forget about manipulations in the birth death model.

A new factor; the Wounded to Dead ratio, is a new metric now used, based on the Chicago mortality model

Morbid? Yes. Useful? No.

But these people will use anything to lie cheat and steal so long as the short attention span theatrics spewed by MSM still holds the American people in its thrall.

This is just a guess but given how virtually nothing short of a nuke in Nu Yawk Times Square would jostle the stawk market, we won't be treated to honestly by this government until this government is no mas

MrOnline
Oct 6, 2017 - 9:43am

Let me try again

I think I got it now. They expected 90k jobs, right. Well you see they made a small glitch. It was supposed to be -90k jobs expected. So -33k is 57k jobs better than expected. Is it now more clear why gold/silver are down? It`s simple math and science!

All we can do is laugh at this BS. No way if I am letting them ruin this nice Friday. Stay strong friends!

pabste
Oct 6, 2017 - 9:44am
scoremore
Oct 6, 2017 - 9:44am

Hey we should just be happy it wasn't -100k

Then the USDJPY would be at 115!


Oct 6, 2017 - 9:46am
remup181
Oct 6, 2017 - 9:46am

thanks for the advice

When Eric is "fed up" and cynical about it all, it's probably a good time to buy a little.

Well I bought a little for my stack today, thanks

Libero
Oct 6, 2017 - 9:47am

If there were a reason to crash the metals right now

this contra indicated response to the jobs report would be it. All the reasons for PM's to get strong have occurred and yet they are down. This will be digested and then the amount of downside (not all that bad considering) will be evaluated and then... the metals will turn and go higher and we will all be happy once again.

ReachWest
Oct 6, 2017 - 9:59am

Crap

There's nothing more to say. Far too many years of this nonsense.


Oct 6, 2017 - 10:00am

fwiw

CDS now in the support area that we've drawn for weeks between $16.20 and $16.40

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