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Thursday Conversation - Steve St. Angelo

A discussion of energy, production costs and precious metal prices.


Longtime friend of TFMR, Steve St. Angelo of the SRSrocco Report, joins us today for an insightful and informative Thursday Conversation.

As is the usual format, I primarily asked Steve to address three specific concerns:

  1. The crude oil market and how this current price plunge may impact not only inflation expectations but the entire US economy.
  2. The input costs of the average gold and silver miner and how falling energy prices can impact production costs and quarterly earnings.
  3. Global retail precious metal demand trends and how prices impact physical demand.

I think you'll find this podcast to be quite interesting and I encourage you to give it a thorough listen. When you're finished, you should be sure to check out the SRSrocco Report including this great new article with embedded video that Steve just posted yesterday: https://srsroccoreport.com/gold-silver-the-markets-whats-next-for-2019/



Dec 7, 2018 - 1:57pm


What i see is that tax-loss selling is well under way and there are buyers jumping in (like myself) whenever a really good deal pops up. The great deals will happen throughout the month.

Dec 7, 2018 - 12:56pm

KL Jan 18 / 2019 22.50 strike

Im still holding these and they are now profitable. I am tempted to hold these until Jan in hope for start of end year / Jan rally. Any Thoughts? The Sprott interview and consensus about the end of year rally is leaning me to hold. My weakness is knowing when to sell. Im the type of guy to just loose everything from holding and wishing for the best. The Sprott interview and consensus about the end of year rally and upcoming KL news release is leaning me to hold. Wish you all the best!

Dec 7, 2018 - 11:07am

A little "Christmas Cheer" for Turdistan?

Hilarious Trump Christmas Parody “It’s The Most Wonderful Time in 8 Years” - Dana Kamide
Dec 7, 2018 - 10:12am

Not just that

I've read those stories of being paid to take gas, too. And, across the line in New Mexico, where regulations are less cumbersome, huge amounts of gas is going to the flare. It's too bad that there aren't storage facilities or liquefaction plants available (or adequate pipelines to get the oil out of there).

Dec 7, 2018 - 10:10am
Angry Chef
Dec 7, 2018 - 9:58am

"I Know Where All The Bodies Are Buried": Clinton Foundation...

...CFO Spills Beans To Investigators


Oh my...this guy needs to listen to this. Otherwise he may have one of those unfortunate accidental suicides.

Dec 7, 2018 - 9:53am

prices popping

Note, too, that palladium has regained all of yesterday's losses.

Dec 7, 2018 - 9:43am


average weekly hours down 0.1 hours-sounds like nothing, huh?

with 156 million said to be working, that's a lot of hours lost-15.6 million per week-with average workweek at 34.5 hours----that's the equivalent of ~450,000 workers -

my guess is that a lot of xmas jobs added at 8 hours a week. those hours can go up or down depending on how busy the business is.

also just wondering why if retailers need staff just in case, why not offer OT hours???

will be interesting to see CBO report today or early next week on payroll tax receipts for Oct and Nov-with all the jobs added and roughly a 3% wage inflation, the payroll taxes should be solidly up.

Payroll taxes we all remember are based on amounts paid to employees, the 7.65% tax withheld for Soc Sec and Medicare, matched by employer. Separate from income taxes withheld.

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Dec 7, 2018 - 9:22am
Angry Chef
Dec 7, 2018 - 9:20am

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Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

Key Economic Events Week of 4/6

4/8 2:00 ET March FOMC minutes
4/9 8:30 ET Producer Price Index
4/10 8:30 ET Consumer Price Index

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

Key Economic Events Week of 3/2

3/2 9:45 ET Markit Manu PMI
3/2 10:00 ET ISM Manu PMI
3/2 10:00 ET Construction Spending
3/4 8:15 ET ADP employment
3/4 9:45 ET Markit Service PMI
3/4 10:00 ET ISM Services PMI
3/5 8:30 ET Productivity & Unit Labor Costs
3/5 10:00 ET Factory Orders
3/6 8:30 ET BLSBS
3/6 10:00 ET Wholesale Inventories

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