Tom welcomes back Matthew Pipenburg from Von Greyerz Gold Switzerland for another thoughtful swap-fest. They began by discussing the ongoing conflict in Ukraine and its impact on military spending, which has diverted resources away from domestic priorities like healthcare and education. They pointed out that many countries are facing significant debt issues, leading to a shift away from the US dollar as the primary reserve currency. This trend has increased interest in gold as an alternative asset for reserves. The role of gold was a key topic, with Matthew noting that while revaluing gold could offer short-term benefits but it wouldn’t resolve the underlying debt crisis. Central banks, especially those in BRICS countries, have been increasing their gold holdings as a strategic reserve, reflecting growing doubts about fiat currencies. Matt criticized high military spending relative to domestic investments in the US, arguing that this imbalance is unsustainable. They also talked about central bank operations and market manipulation. Quantitative easing has led to market distortions and bubbles, while market manipulation risks eroding trust in financial systems. The conversation turned to global shifts, with BRICS countries gaining influence through their increased use of gold as a reserve asset. Tom highlighted the likelihood of significant market corrections due to high valuations and economic instability. Finally, Matthew emphasized the need for informed, fact-based discussions rather than partisan debates, urging critical thinking about government policies and encouraging engagement with diverse viewpoints from contrarian sources like Jeffrey Sachs. Time Stamp References:0:00 – Introduction0:43 – Peace & Euro War Drums17:53 – Cold War & Rationality26:30 – Trump & The Liberal Shift29:00 – Negative Real Rates34:18 – Capital Controls & CBDCs37:49 – Cognitive Dissonance?41:25 – Yellen & Short Term Debt45:53 – Adjustment Period52:23 – Gold Going Mainstream?58:04 – Revaluing U.S. Gold1:02:02 – U.S. Gold Holdings?1:08:15 – Canadian Leadership1:10:30 – Conclusion & Wrap Up Talking Points From This Episode The world faces significant economic challenges, including high debt levels, shifting reserve currencies, and the weaponization of financial instruments. Gold is increasingly seen as a safer asset in uncertain times, with central banks diversifying their reserves. There’s an urgent need for balanced, fact-based discussions to address complex economic and geopolitical issues. Guest LinksX: https://x.com/GoldSwitzerlandWebsite: https://goldswitzerland.com/Website: https://vg.goldArticles: https://signalsmatter.com/Book (Amazon): https://tinyurl.com/pvpfmy8c Matthew Piepenburg is a Partner of Von Greyerz and the author of the popular book, “Rigged to Fail”. Matt is fluent in French, German, and English. He is a graduate of Brown (BA), Harvard (MA), and the University of Michigan (JD). His widely-respected reports on macro conditions and the changing behavior of risk assets are published regularly at SignalsMatter.com.

In this podcast episode of Palisades Gold Radio, your host Tom Bodrovics welcomes back Michael Oliver from Momentum Structural Analysis. A length discussion on the outlook for silver and gold, stock market trends, and broader economic factors ensues. Oliver explains his $250 target for silver as realistic, noting historical precedents where silver outperformed gold during bull markets. He highlights the spread between silver and gold, emphasizing that silver could reach 2% of gold’s price, a significant move from its current level of around 1.13%. This would translate to a substantial increase in silver prices if gold rises significantly. Oliver believes gold will lead the way up but notes silver and gold miners may outperform due to their lower valuations relative to gold. He shows charts indicating gold’s strength against the S&P 500, with gold currently at about 45% of the index compared to a peak of 60%. Gold’s momentum remains strong despite minor pullbacks. Oliver warns that the stock market bubble is set to burst. He expects asset managers to shift funds into gold and related assets as the market weakens. The gold miners index (XAU) is undervalued compared to gold, suggesting significant potential gains once investors begin to reallocate capital. Oliver discusses the dollar’s potential decline, noting a critical momentum level that could signal a broader downtrend. A weaker dollar would likely boost commodities and gold, though he cautions against tying this directly to political factors like Trump’s policies. Reflecting on his book on anarcho-capitalism, Oliver suggests a shift away from statism toward market-driven solutions. He speculates that events like the stock market crash could catalyze significant policy changes, including tax reforms or central bank abolition. Time Stamp References:0:00 – Introduction0:34 – Silver & Targets6:25 – Flight To Gold vs S&P9:33 – Gold Weekly Momentum12:17 – Equities & Bubbles16:18 – The Decline Grind?18:18 – XAU & Miners24:06 – Equity Selloff & Metals27:16 – Dollar Effects & Momentum33:30 – WTI Crude & Economic Reality38:25 – Cuts & Changes in Nations44:40 – Pain Points as Catalysts?48:18 – Large Long-Term Trends51:10 – DOGE & Ayn Rand54:06 – Wrap Up Guest Links:Website: http://www.olivermsa.com/Twitter: https://twitter.com/Oliver_MSAAmazon Book: https://tinyurl.com/y2roa7p5Free Report email: michaeloliver@olivermsa.com Email MSA above, and they will send you this week’s report for free, which covers many of the topics from this interview. J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, headquartered in New York City’s Battery Park. He studied under David Johnston, head of Hutton’s Commodity Division and Chairman of the COMEX. In the 1980s, Mike began to develop his proprietary momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth. In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology. In 1992, the Financial VP and head of Wachovia Bank’s Trust Department asked Mike to provide soft dollar research to Wachovia. Within a year, Mike shifted from brokerage to full-time technical analysis. He is also the author of The New Libertarianism: Anarcho-Capitalism.

Tom welcomes back Chris Rutherglen to take a very deep dive into a few gold charts. Chris is a PhD Scientist/Engineer, Level 3 CFA, and Publisher of the Gold Investor Research Substack. Chris explains how the long-term outlook for gold prices involves several key factors that influence its trajectory over time. One important aspect is the mid-cycle level of gold, which reflects the balance between the amount of gold available above ground and the overall money supply. When the money supply increases, this can raise the mid-cycle level, potentially leading to higher gold prices. Currently, gold is trading above this mid-cycle line, suggesting that a correction downward might be possible in the near term. Chris shows his charts for the debt-to-money supply ratio. Historically, this ratio has remained relatively stable at around 2.5% from the 1920s up until the late 1970s. However, after the financial crisis of 2008, it began to rise and has been declining since then. If this downward trend continues, it could drive gold prices higher as more money would be needed to support existing debt levels. Looking at long-term historical patterns, there is a suggestion that gold might reach a high point around $8,000 to $10,000 in the early 2030s. This projection is influenced by ongoing monetary expansion and economic conditions that favor safe-haven assets like gold. Despite these indicators Chris, expects predicting the future of gold prices with certainty is challenging due to a variety of factors, including inflation rates, global political and economic events, and policies set by central banks such as the Federal Reserve. Key elements to watch include quantitative easing measures and the levels of government debt, both of which play significant roles in shaping the growth of the money supply and their impact on gold demand. Time Stamp References:0:00 – Introduction1:04 – Timeframes & Cycle Lengths7:52 – Long End Curve?11:58 – Levels and Zones21:00 – Gold Mid-Cycles Levels24:04 – Cycles & Calendar Periods30:15 – Probabilities & Targets32:35 – Gold & Equities Pullback33:42 – S&P GDP Ratio + CPI37:03 – Gold & Inflation42:35 – Gold Silver Ratio44:46 – Silver Price Outlook46:55 – Silver Timing & QE’s51:16 – HUI Miners Vs. Gold54:15 – Major Miner Charts1:00:43 – Patience & Majors Costs1:07:30 – Long-Term Gold Timeline1:10:42 – All Sector Debt/US M21:18:12 – Wrap Up Guest Links:Twitter: https://x.com/CRutherglenSubstack: https://giresearch.substack.com Chris Rutherglen is a private investor whose primary occupation is in science & engineering with a focus on novel semiconductor devices for microwave and mm-wave applications. He began investing in the precious metal space in 2003 and has done well following a value-oriented investment approach. Although he has never been employed in the finance/investment field professionally, he did complete level 3 of the Chartered Financial Analyst (CFA) program in 2011. Chris has a BS in physics from the California Institute of Technology and a Ph.D. in Electrical Computer Engineering from the University of California, Irvin

Tom welcomes back Jan Nieuwenhuijs to explore the dynamics of the global gold market and its implications for global monetary systems. Key topics include the movement of gold from London to Comex, driven by concerns over tariffs and geopolitical shifts. Jan explains that this flow reflects both physical arbitrage and strategic reshuffling of gold reserves, with banks moving gold into the U.S. for potential future use or resale in Asia. The discussion also delves into the lack of transparency around U.S. gold audits, particularly at Fort Knox. Jan highlights issues with the auditing process, noting that compartments have been reopened multiple times without proper justification, raising questions about the integrity of the audits. He argues for an independent audit to ensure accountability and reassurance regarding the nation’s gold holdings. Another significant point is the valuation of U.S. gold reserves at $42 per ounce, a relic from the Bretton Woods era aimed at demonetizing gold. Jan suggests that revaluing gold could unlock substantial funds but warns this would be inflationary. He also touches on the role of gold in China’s financial strategy, noting that while official reports understate their purchases, they are actively accumulating gold to diversify away from the dollar. The conversation concludes with Jan emphasizing the importance of tracking central bank gold buying and developments in alternative payment systems like the BRICS M-Bridge, which could challenge the dollar’s dominance. Time Stamp References:0:00 – Introduction0:54 – Tariffs & LBMA Flows5:30 – Gold Demand & Lease Rates9:01 – Import Code Changes10:30 – U.S. Gold Reserve Audits20:14 – Time Req’d to Audit21:37 – Encumbrance Concerns24:35 – $42 U.S. Gold Valuation26:36 – U.S. Dollar Vs. Gold29:09 – Revaluing & Funding32:10 – Sovereign Wealth Fund?33:25 – Uncertainties & Credit37:50 – Deleveraging & Dollar41:00 – Eastern Perspective44:32 – China’s Gold Holdings46:30 – Gold & Dollar Flight49:49 – Concluding Thoughts51:30 – Wrap Up Guest Links:Twitter: https://x.com/JanGold_Website: https://moneymetals.com Originally a sound engineer in the Dutch movie industry, Jan Nieuwenhuijs has devoted the last decade to in-depth gold market research. His commentary and analysis has earned him international recognition as a top expert on the Chinese gold market, the COMEX futures market, the London Bullion Market, and the Turkish gold market. At Money Metals, he writes about the international monetary system, central bank gold policies, the mechanics of the global gold market, the gold price, and economics in general.

Tom welcomes back Martin Armstrong from Armstrong Economics for a discussion on the never ending news cycle. Martin begins by reflecting on the current political landscape, comparing it to the challenges faced during the first Trump administration. Armstrong highlights how President Trump has learned from past mistakes, particularly in assembling a cabinet that is not tied to the “deep state.” This shift, Armstrong argues, is crucial for enacting meaningful reforms. The conversation then turns to government waste and corruption, with Armstrong referencing specific examples of misallocated funds, such as support for a transgender opera in Columbia. He emphasizes the importance of transparency and accountability, especially given the staggering levels of debt that governments worldwide are accumulating. Armstrong warns that the current system is unsustainable and that a reckoning is inevitable when buyers for new debt no longer exist. Armstrong also delves into the global reserve currency status of the US dollar, explaining how its dominance emerged post-World War II. He discusses the manipulation of economic indicators, such as CPI adjustments, to hide the true state of fiscal health. Armstrong’s firm has successfully forecasted economic trends and events, including Brexit, by focusing on raw data rather than political narratives. The interview then shifts to geopolitical tensions, particularly the conflict in Ukraine. Armstrong critiques the handling of the crisis, arguing that it is being used as a diversion from deeper economic problems. He suggests that the war serves the interests of certain European leaders who seek to weaken Russia and strengthen their own power. Armstrong also touches on the potential consequences of tariffs and trade policies under Trump, warning against the risks of contagion in global markets. He further discusses the Epstein files controversy, suggesting that the case is more about political manipulation than mere scandal. Armstrong posits that Epstein’s activities were likely part of a broader espionage or blackmail scheme involving high-profile individuals. Finally, Armstrong offers advice to listeners, urging them to pay attention to developments in Europe and the flow of capital during times of conflict. He emphasizes the importance of understanding global economic trends and avoiding the pitfalls of mainstream media narratives. The interview concludes with a call for critical thinking and awareness of the complex interplay between politics, economics, and global security. Time Stamp References:0:00 – Introduction0:34 – Trump & News Cycle3:18 – Government Waste7:52 – Leadership & Information12:12 – Trump & Mkt. Optimism?18:30 – Resource Deals & Peace23:10 – Europe Preps for War30:43 – Capital Flight & War35:08 – European Basket Case36:34 – U.S. ‘Monetization’42:53 – Creation of the Fed47:00 – Fed Can’t Stop Inflation49:12 – A Global Perspective53:05 – Trump & Tariff Impacts57:50 – Canada – U.S. Takeover?1:01:43 – Epstein Honey Trap1:09:37 – Watch Europe & Ukraine1:13:20 – Wrap Up Guest Links:Website: http://armstrongeconomics.comTwitter: https://x.com/strongeconomicsFacebook: https://facebook.com/martin.armstrong.167Amazon Book: https://tinyurl.com/ybtrslr9 Martin Armstrong is the Owner and Researcher for the website Armstrong Economics. He is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed. At age 13, Armstrong began working at a coin and stamp dealership in Pennsauken, New Jersey. After buying a bag of rare Canadian pennies, he became a millionaire in 1965 at the age of 15. He continued to work on weekends through high school, finding the real-world exciting, for this was the beginning of the collapse of the gold standard. Martin became captivated by this shocking revelation that there were not just booms and busts, but also peaks and valleys that would last centuries. Armstrong progressed from gold coin investments to following commodity prices for precious metals. In 1973, he began publishing commodity market predictions as a hobby, and in 1983 Armstrong began accepting paid subscriptions for a forecast newsletter. “In Armstrong’s view of the world where boom-bust cycles occur like clockwork every 8.6 years, what matters is his record as a forecaster. He called Russia’s financial collapse in 1998, using a model that also pointed to a peak just before the Japanese stock market crashed in 1989. These days, as the European sovereign-debt crisis roils markets worldwide, he reminds readers of his October 1997 prediction that the creation of the euro “will merely transform currency speculation into bond speculation,” leading to the system’s eventual collapse.” His Website Armstrong Economics offers a unique perspective intended to educate the public and organizations on the global economic and political environment’s underlying trends. Their mission is to research historical cyclical trends.

Lawrence Lepard, Founder of Equity Management Associates and author of "The Big Print," sheds light on America’s monetary issues. He discusses how the shift away from the gold standard in 1971 led to inflation and wealth inequality. Lepard advocates for sound money principles, emphasizing gold, silver, and Bitcoin as crucial solutions. He also critiques the government’s misleading inflation metrics and the Fed's policies that favor the wealthy. His insights highlight the urgency for public engagement and political action to address the impending debt crisis.

John Titus, creator of the Best Evidence YouTube channel and a critic of the Federal Reserve, shares his insights on the repercussions of the banking crisis in March 2023. He discusses how the Fed's pandemic policies led to instability in banks like Silicon Valley Bank due to large, uninsured deposits. Titus expresses concern over escalating U.S. federal debt and the unsustainable cycle of borrowing. He highlights the need for transparency in monetary policy and warns against the implications of central bank independence under the current administration.

John Williams, founder of Shadow Government Statistics and expert economist, discusses the troubling disconnect between market optimism and the underlying economy during the Trump administration. He critiques manipulated metrics like GDP and CPI, revealing how they're designed to downplay true inflation rates. Williams warns of potential hyperinflation and a dollar collapse, highlighting gold's significance as a barometer of economic health. He predicts ongoing inflation and the likelihood of a market crash or recession in the near future.

Eric Yeung, a former contract manufacturer turned gold investor, dives into the tumultuous gold market. He highlights alarming delays in LBMA gold deliveries, stretching from days to months, prompting a surge in demand for physical gold at COMEX. Yeung reveals that large institutions, possibly linked to the U.S. government, are pushing this demand. The conversation also touches on the role of gold-backed ETFs like GLD and suggests potential disruptions in arbitrage trading due to these shortages, leading to a looming ‘short squeeze’.

Francis Hunt, a seasoned trader with 30 years of experience known as "The Market Sniper," dives into the complexities of market timing for gold and silver. He discusses how bullish and bearish sentiments can shift across different time frames. Hunt shares his technical analysis techniques, including head-and-shoulder patterns, to pinpoint market movements. He advocates for gold as a strong long-term investment hedge against economic instability while addressing the potential of silver and platinum. Hunt also raises critical concerns about societal challenges in the face of financial crises.