A2A with Simon Mikhailovich of Tocqueville Bullion Reserve

72

Earlier today, we were able to visit with a new guest for our webinar series, Simon Mikhailovich of Tocqueville Bullion Reserve. Simon was full of terrific information and insights so I strongly encourage you to carve out some time to give this a listen.

Among the topics covered over the course of this 45-minute discussion:

  • What might be the global impact of President Trump's new tariff plan?
  • What lies ahead in 2018 for global interest rates and the US dollar?
  • Might global central banks move one day to officially revalue gold significantly higher?
  • How does the global gold supply/demand equation look at present?
  • And a whole lot more!

Again, there's a bunch information packed into this audio so please be sure to give it a thorough listen. Thanks again to Simon for spending time with us and we look forward to visiting with him again sometime soon.

TF

  72 Comments

billhilly
Mar 8, 2018 - 11:28pm

from ZH...

  • Friday, March 9
  • 08:30 AM Nonfarm payroll employment, February (GS +210k, consensus +205k, last +200k); Private payroll employment, February (GS +200k, consensus +195k, last +196k); Average hourly earnings (mom), February (GS +0.3%, consensus +0.3%, last +0.3%); Average hourly earnings (yoy), February (GS +2.8%, consensus +2.8%, last +2.9%); Unemployment rate, February (GS 4.0%, consensus 4.0%, last 4.1%): We estimate nonfarm payrolls rose 210k in February, compared to a consensus forecast of +205k. Our forecast reflects warmer weather and unseasonably light snow in the month of February. Following a fourth 4.1% reading in a row, we estimate the unemployment rate edged lower to 4.0% in February as the underlying job growth trend likely remained strong; labor market perceptions improved, and initial claims continued to decline. For average hourly earnings, we estimate a +0.3% month-over-month gain (with risks tilted to the downside) and +2.8% from a year ago, reflecting favorable calendar effects.
  • 10:00 AM Wholesale inventories, January final (consensus +0.7%, last +0.7%)
  • 12:45 PM Chicago Fed President Evans (FOMC non-voter) speaks: Chicago Federal Reserve President Evans will give a speech on economic conditions and monetary policy at an event titled “The Fed’s Return to Normalcy” at the Manhattan Institute in New York.
sam020
Mar 8, 2018 - 11:31pm

Why do you have sun glasses on?

Turd

In the picture why do you have dark sun glasses on?

billhilly
Mar 8, 2018 - 11:37pm

GIANT catfish caught...

...can you even imagine hooking something like this ???? I wonder how it would taste.

Angler Benjamin Grunder struggles to hold on to the catch-of-a-lifetime after hooking a record-breaking catfish.

Benjamin Grunder holding his 286lbs record-breaking monster catfish

The 8ft 8ins whopper took more than 45 minutes to land

Benjamin, 37, thought his hook had snagged a submerged tree when the monster fish went for his bait, such was the colossal weight of it.

He quickly realised it was a big fish and spent a gruelling 45 minutes reeling it towards the banks of the River Po in Italy.

German Benjamin estimated the 8ft 8ins Wels catfish - the largest freshwater fish in Europe - at a whopping 286lbs or 20st.

Although the catch broke the existing record on the Po by 6ozs it is unofficial as it wasn't weighed on scales.

https://www.thesun.co.uk/news/5749689/angler-reels-in-monster-20st-catfi...

sam020
Mar 8, 2018 - 11:42pm

please pig dollar please go down

pig dollar I beg you to crash now. you are hitting 50 day so time to say good bye to your head fake rally.

sam020
Mar 8, 2018 - 11:48pm

From the wayback machine

When I was still anonymously known only as Turd, the sunglasses were a part of the “disguise”.

Texas Sandman
Mar 9, 2018 - 12:28am

silver volatility

When bollinger bands squeeze, you subsequently get a breakout. Put another way, high volatility follows low volatility... DOH!!!

Currently those bands are indeed squeezed to the point a breakout or breakdown is likely. You shouldn't assume the breakout will be higher, however. Honestly, if I were trading, not stacking I'd just go with the move above or below the bands.

The COT is bullish, but as we've seen that can't preclude a move the other way as a fakeout move first.

Are we going to 18? Maybe. Are we going to 15? Maybe. Flip a coin.

infometron
Mar 9, 2018 - 12:38am

David McAlvany is on fire

It is hard to find a more knowledgeable, intelligent, and articulate voice on the internet these days than David McAlvany. He is totally on fire in his weekly commentary with Kevin Orrick.

https://mcalvanyweeklycommentary.com/trump_tariff_putin_china/

He's a walking encyclopedia.

The range of his thinking is breath-taking.

Craig had him on an A2A a few years ago.

It would be a treat to have him back.

infometron
Mar 9, 2018 - 12:59am

Bitcoin getting bit again tonight

back to an 8-handle

infometron
Mar 9, 2018 - 1:54am

@billhilly Re catfish

Good grief!

How is that guy going to be able to exaggerate?!

Ozymandias
Mar 9, 2018 - 2:41am

Change in LBMA auction reporting

Everyone here might want to read the link below that Infometron and Craig posted about the long delay in posting the auction prices for gold and silver. After reading it, then start thinking about how that relates to the launch of the petro-yuan and the flow of gold out of China. In my addled brain at this time of the morning I can imagine the scenario where this actually would be the launch of true price discovery!!

https://www.zerohedge.com/news/2018-03-08/lbma-alchemy-and-london-gold-a...

Thomas More
Mar 9, 2018 - 5:12am

LBMA rule changes

At the risk of sounding completely off the wall - there is another important event on April 1st.

It is Easter Sunday! It would be difficult to prove, but some market making dates coincide with religious holidays. I will tell you my story. On Sunday September 14th 2008, I was at Lourdes where the Pope Benedict XVI celebrated the mass. The 14th of September (each year) is the date that the church celebrates The Holy Cross. Since I live quite far from Lourdes I stayed overnight with some friends at a religious community. The next morning, driving home, I turned on the radio to hear what the MSM would have to say about the papal visit, which was a resounding success. All that I could hear was about the markets crashing, Lehman Bros etc. to my disappointment - and later my attention.

February 2nd - the beginning of this downdraft in stocks was the celebration of the Presentation - characterized by light - we light the candles of our baptism before the mass starts. It is the day to honour those who enter religious orders. It was the day that Mr Trump gave his approval to release the memo - and the last employment number.

Listing all these dates with market events, I risk sounding a bit like Bo Polny. But one last one for today - from memory the USA attacked Iraq (the second war) on a Sunday - I was furious that the Jewish influence within the government forbade that the attack start on the Sabbath (Saturday). It was also the celebration of Saint Joseph, March 19th.

So maybe Easter of this year will also be an important day for humanity?

HugoBoss
Mar 9, 2018 - 6:12am

A2A

Morning Turd,

Excellent interview. For a long time I've been thinking 'we really need an insider' to comment on the precious metals, as we've been very fortunate to have so many informed and educated external commentators on A2A. My take is Simon Mikhailovich maybe as close as we get to a gold 'insider', so please may I say thank you for taping and broadcasting this interview for our benefit.

HugoBoss
Mar 9, 2018 - 6:12am

A2A

Morning Turd,

Excellent interview. For a long time I've been thinking 'we really need an insider' to comment on the precious metals, as we've been very fortunate to have so many informed and educated external commentators on A2A. My take is Simon Mikhailovich maybe as close as we get to a gold 'insider', so please may I say thank you for taping and broadcasting this interview for our benefit.

Orange
Mar 9, 2018 - 7:33am
lakedweller2
Mar 9, 2018 - 8:26am

LBMA Delayed Price Setting

That just doesn't sound like it is being set in a market, but by a few bankers behind closed doors. Markets are bid/ask at the time the market is open, between buyers and sellers of physical.

Markedtofuture
Mar 9, 2018 - 8:30am

Mt. Gox Trustee's Bitcoin Rigging Operation EXPOSED!! (Bix Weir)

There is something much bigger behind the manipulation in the price of Bitcoin...something BIG is on the way!

https://www.youtube.com/watch?v=qqdCVle7zD4&

@Goldfinger Mt. Gox trustee has liquidated 40,000 BTC so far and each time there has been a wallet transfer into the trading account #Bitcoin has fallen soon thereafter: https://cdn.ceo.ca/1da51j1-Mt._Gox_Bitcoin_sales.png+ Market clearly bracing for further liquidations and nobody wants to step in until the big seller is done.

lakedweller2
Mar 9, 2018 - 8:39am

USD/JPY

45 degree march all night. Bogus +313,000.

Labor participation rate 63%. ??

fluxplus
Mar 9, 2018 - 8:44am

Haha

Strong COT but banks are stronger. Nothing can stop these guys. Only physical demand and shortage.

lakedweller2
Mar 9, 2018 - 8:46am

Average Work Week

34.5 hours. Takes 30 hours to get benefits. Sounds mostly part time labor.

Businesses taking tax savings toward stock buy backs, dividends and capital expenditure.

lakedweller2
Mar 9, 2018 - 8:47am

20Yr

Moved over 2.9%

Docdhj
Mar 9, 2018 - 8:47am

Garbage In : Garbage Out

So we have another garbage in: garbage out Fake" data" day.... Maria Bartiromo.... "This is huge.... this is a blow out number " Oh .... ok.... so expected jobs gains were 205,000..... fake number reported..... gain of 313,000...... one little problem..... 125,000 of those jobs "added" were due to the bogus birth/death model not including other seasonal adjustment additions.

prior to the data dump it was ALL going to be about wage growth.... "it will be 2.9 % gain just like last month"..... sorry... number came in at 2.6%...... so now we will see the market initially rise by 150 points to feed the Fake "data" and of course gold and silver will get throttled. Happy first Friday of the month Ground Hog day !

Dave

lakedweller2
Mar 9, 2018 - 8:48am

10 Yr

Moved over 2.9%

canary
Mar 9, 2018 - 8:51am

No inflation pressure

Average hourly earnings...Prior 0.3%........Expectation 0.2%........Actual 0.1%.

No pressure on Fed to rise rates 4 times this year.

Blackwatersailor
Mar 9, 2018 - 8:53am

Repeating History

This is a repeat of history. The new LBMA rules are an indication that the end of their power is in their sight. If you work under the cover of the dark. Others will eventually stop working with you. They can't see what your doing, trust (honesty) becomes scarce. When you work under the light where everyone sees your actions, everyone is reassured and works beside each other. This is a reinforcement for us all to purchase physical.

lakedweller2
Mar 9, 2018 - 8:53am

Doc

I guess it is in the "too hard" category for our politicians to be "unbought".

Mickey
Mar 9, 2018 - 8:58am

wierd jobs number

we know auto sales were down 2.3% in Feb, Housing down, and yesterday the restaurant survey came out lamenting another down month in traffic and jobs. autos are 19% of retail sales, restaurants 9%.

Goods trade deficit is up.

whats doing well?

watch GDP now revised back to 5%

lakedweller2
Mar 9, 2018 - 8:58am

Increase In Construction

I guess starting new houses in the Northeast after two once in a lifetime storms and a northeaster.

edit: All the businesses washed away hired new part time people.

Silvio's Zipper
Mar 9, 2018 - 8:59am

Thanks for the memory, Orange

I tried to get that video banned but I don't seem to have the same influence that I used to have.

AGAU
Mar 9, 2018 - 9:02am

Bitcoin shenanigans

wondering what AndyH is thinking now that it seems Bitcoin can be schlopped, battered and rogered just like the metals?

THe dirtbag bankers etc will always find a way to slither under the skin of any thing that can turn a profit , cryptos included, if they cannot figure a way to infect their target host, they will kill it off !!

NONE OF THE SO CALLED TERRORISTS CAN HOLD A CANDLE TO THE DAMAGE THESE CENTRAL BANKERS HAVE INFLICTED ON THE WORLD OVER THE LAST HUNDRED YEARS


Mar 9, 2018 - 9:25am

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