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Thursday Conversation - Willem Middelkoop

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Our old friend Willem Middelkoop is a commodity fund manager, geo-political analyst and best-selling author. With all that's going on in the world, we were definitely overdue for this conversation.

As with all Thursday Conversations, I asked Will to focus on three primary topics:

  • The US$ liquidity issues and the impact of the surging US debt
  • De-dollarization and the likelihood of a new "Plaza Accord" and/or gold revaluation
  • The historic undervaluation of precious metals and commodities and how a shift in global asset allocation would impact his fund and its investments

But be sure to listen to the entire podcast as we close with a discussion of Hong Kong, the great potential of silver and a mention of the Maine Potato scandals of the 1970s. http://www.newenglandhistoricalsociety.com/the-great-maine-potato-war-th...

Please be sure to check out the site for Willem's fund and, while you're there, you can download a free copy of "The Big Reset", his terrific book that was originally published in 2014. Willem is also a great follow on Twitter.

Thanks for listening!

TF

  51 Comments

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Mickey
Oct 11, 2019 - 8:50am

I forgot to add lack of integrity

Eg, besides govt and banks, boeing, tesla, that kind of stuff which runs rampant thru corporations. Been there, saw it especially with the second wave of boomers who were MBAs looking for short term performance at the cost of long term sustainability.

Mickey
Oct 11, 2019 - 8:09am

I am blowing off steam

Because I have seen this nonsense for 17 years now. Nobody seems to care about the real and underlying problems.

such as the reason why we have tariff talks is we are not competitive with China. Japan, Vietnam, Taiwan, et all on costs and regulations.

or our out of control deficits and wide use of leverage and algo trading.

could keep going but you know what I mean.

my kids and grandkids will pay dearly for all this. The boomer, in particular Clinton and Bush allowed all this to occur. Some by being corrupt, some by incompetence, some by having no backbone to fight it.

no wonder when someone like Trump comes along, he gets no help, and rather, others protecting their turf. All sides of the aisle and media.

I now understand why Trump is so tough with his style--people pay attention and might hear whats going on, otherwise he has no platform from which he can be heard, thanks to a complict media.

Angry Chef
Oct 11, 2019 - 8:00am

Will Fed Make Trump A New Herbert Hoover?

This is worth a few minutes of your time. When the FED is closed and brought under the arm of the Treasury. Then you"ll know when you've begun to take back control of the Country. The rest is nonsense.

http://www.informationclearinghouse.info/52374.htm

Mickey
Oct 11, 2019 - 7:57am

And I remember when

Brexit was great for PM.

Mickey
Oct 11, 2019 - 7:43am

Is gold Really down

15 from overnight high, while USD is down, and an Iranian tanker hit and Dow up 300.

was there an overnight breakthrough in tariff talks?

or did we suddenly balance the budget and fix banks.

Geeze.

hindsight101
Oct 11, 2019 - 4:54am

See this weekly chart of SLV (silver ETF)

Following the Thursday interview I had to pull up this weekly chart, especially after the on point words regarding is potential, or at least that of Silver...

https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=5&mn=6&dy=0...

The technicals clearly say "this is a market in correction mode with downside consolidation ahead." $15.50 is a 50% pullback....maybe there is no intention or chance to get in when it is comfortable; maybe never one is comfortable buying derivatives of actual silver, and that it has to be bought now when the charts say still overbought.

I will just have to buy some of the Sprott ETF which I believe will be the big beneficiary of everything the guest spoke about.

Now to the story about the May Maine Potatoes....I speculated in that market, actually made some money, was out before the contract closed. Them babies were hot...Commodities seemed easy after that experience. 1976

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

eastofwest
Oct 11, 2019 - 12:21am

Oh for crying out loud ...

The Trump Presidency is a Military Operation ... If the Fake Congress tries to impeach ... The Tanks will roll in DC ... If pushed Patriots in the Military will aprrehend the Deep State ...

imfd
Oct 10, 2019 - 11:10pm

Soft coup

A soft coup is a coup that happens over a period of time as opposed to a hard coup which usually happens in a 24-48 hour period. Since Trump has been elected, the left and factions of the right have done nothing other than try to have him removed. A coup ends in 2 ways, the government is overthrown, or the unelected masses take over. Either way, it does not usually end up well for the leader of the losing side. Be careful what you might wish for, Trump was elected, Clinton was not. As ye sew so shall ye reap, overthrow this election and it will be a long time before America has a meaningful election again.

Ben StackinMontross515
Oct 10, 2019 - 11:02pm

KL was downgraded from buy to neutral

by some "smartest guys in the room" investment banksters nobody has heard of going by "Roth Capital Partners"... they have a web site with some pictures of millennials. The KL research is not there, I found this on Fidelity. Anyway, they downgraded and lowered the PT from $53 to $50.

Analyst Actions: Roth Capital Downgrades Kirkland Lake Gold to Neutral From Buy, Price Target Lowered to $50 from $53

BY MT Newswires
— 11:29 AM ET 10/10/2019

11:29 AM EDT, 10/10/2019 (MT Newswires) -- Kirkland Lake Gold ( KL


Loading...

) has an average rating among analysts of hold, with an average price target of $54.

Price: 45.93, Change: -1.71, Percent Change: -3.59

allenb
Oct 10, 2019 - 10:37pm

excellent

Thanks Turd.

I really enjoyed that one. Lots of good questions and very interesting info.

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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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