
Tom Bodrovics welcomes back Tavi Costa of Crescat Capital to discuss the potential for a bull market in precious metals, particularly gold and silver. They believe that the current undervaluation of the metals and mining industry, coupled with various macroeconomic trends, presents an attractive investment opportunity. Tavi highlights the potential for increased M&A; activity in the gold mining sector and the importance of finding major discoveries in the juniors. They also discuss the potential impact of ESG policies and green agendas on gold production.



Tavi Costa suggests that silver is worth paying attention to, citing factors such as increased imports from India and declining production from Peru and Mexico. He sees silver as a monetary and inflationary hedge.



They discuss the macroeconomic indicators pointing towards a potential recession, as well as potential opportunities in the commodity space.



Tavi Costa offers insights into the Argentine and Brazilian economies and suggests potential solutions to currency and investment issues in Brazil.



Time Stamp References:0:00 - Introductions0:33 - Bullish Technicals2:45 - Confirmation Levels6:00 - Majors & Mine Reserves9:23 - Miners Diversifying?11:32 - Mining Seasonality13:26 - Capital Rotation16:24 - Setup For Silver Miners18:00 - India Silver Imports19:38 - Fundamentals Vs. Technicals23:00 - Commodities to Equity Ratio28:23 - Commodities & Inflation33:20 - U.S. Bond Issuances38:10 - Inverted Yield Curve41:30 - Recession & Soft Landings43:45 - Politics in Argentina49:08 - Inflationary Eras51:38 - Wrap Up



Talking Points From This Episode




* Tavi discusses the opportunity for investors in the metals and mining industry.



* Macroeconomic developments and market changes indicate a potential recession in the near future, and further inflation appears to remain an issue.



* The cost of capital will be an important question if inflation remains high, and that in five to ten years, the changes in the market will be more obvious.




► Twitter: https://twitter.com/TaviCosta► Twitter: https://twitter.com/Crescat_Capital► Website https://crescat.net► Instagram: https://www.instagram.com/tavicostamacro/



Otavio ("Tavi") Costa is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. He built Crescat's macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors.



His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil.



Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

Tavi Costa: Gold is About to Explode Higher Through a Triple Top

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Tom welcomes economist John Williams, the founder of Shadow Government Statistics to the show. Williams shares his background in economics and economic modeling, which led him to scrutinize government statistics due to their potential inaccuracies. He became particularly concerned with employment data revisions and manipulation. Despite improvements, he remains skeptical about inconsistencies' impact on forecasting accuracy.



Williams discusses the misrepresentation of inflation through changes in reporting methodologies, such as the Consumer Price Index (CPI). This underreporting of inflation affects cost-of-living adjustments and pension payouts, leaving retirees facing significant financial challenges. The pandemic exacerbated these issues with distorted CPI reporting.



He also criticizes the current economic situation's representation through GDP growth rates, which may not accurately represent underlying economic conditions. Inflation can lead to an increase in reported real GDP without actual sales growth. The excessive money supply injected into the economy during the pandemic is another major contributor to inflation.



Despite attempts to control inflation through interest rate hikes, the economy has suffered negative growth in critical sectors like retail sales, industrial production, housing, and employment. The Federal Reserve prioritizes the banking system over the economy, making high interest rates more beneficial for banks than for consumers. The historically large disparity between Gross Domestic Product (GDP) and Gross Domestic Income (GDI) further highlights a weak economy.



John predicts that despite rising GDP, there is a potential worsening in the next six months with underlying economic downturn and potential high or even hyperinflation. He advises holding precious metals like physical gold and silver as a hedge against inflation and preserving purchasing power during these uncertain times. Gold has been an effective hedge against inflation over the last 40 years, although it can also be manipulated.



Williams believes that the Federal Reserve will continue to intervene with monetary policies despite their inflationary effects. He encourages listeners to visit shadowgovernmentstats.com for more information and to contact him directly at johnwilliams@shadowstatts.com. His website was recently taken down, but the old site remains accessible for background information.



Talking Points From This Episode




* Government statistics, particularly inflation data, can be manipulated and underreported, leading to inaccurate economic representations.



* The Federal Reserve's priority is keeping the banking system afloat rather than addressing underlying economic issues, causing negative consequences for consumers.



* The Gross Domestic Product (GDP) may not accurately represent economic conditions as it can be artificially boosted by inflation and government interventions.



* Precious metals like gold serve as a hedge against inflation and help preserve purchasing power during uncertain economic times.




Time Stamp References:0:00 - Introduction0:38 - Background in Business4:15 - Models Being Redefined12:08 - Inflation Reporting17:26 - Releases & Revisions25:25 - Redefining Everything33:12 - Inflation Vs. GDP35:37 - Inflation Causations37:36 - Money Supply Measures46:56 - Real Economic Outlook50:39 - Gold - Inflation Hedge52:35 - Fed & The Next Crisis54:53 - Debt to GDP & Rates59:15 - Wrap Up



Guest Links:Website: https://shadowstats.comE-Mail: johnwilliams@shadowstats.com


John Williams: Hyperinflation and Depression – The Hidden Truth Within Our Economic Data


Tom welcomes back Steve St. Angelo of the SRSrocco Report for a discussion on the economics of Bitcoin mining, focusing on the lifespan and economic viability of Bitcoin mining hardware. According to St. Angelo, major US Bitcoin miners Marathon and Riot account for significant portions of global hash rate production, with Bitcoin mining consuming approximately 1-2% of US electricity. However, Bitcoin miners' hardware depreciates rapidly; while they last five years, they become almost obsolete in two years, producing only around 90% of their total Bitcoin output by that time.



St. Angelo discusses the implications of this rapid depreciation on sustainability and profitability, raising concerns about underreported depreciation costs, which can mislead investors. To fund the capital expenditure required to replace these miners, companies issue large amounts of shares, leading to significant dilution for existing shareholders.



The conversation also touches on the potential use of stranded energy for Bitcoin mining but expresses concerns about its scarcity as energy demand grows. St. Angelo compares this to the gold mining industry, where inflation caused by government actions impacts production costs. He argues that the high depreciation rate and underreporting of these costs in the Bitcoin mining industry could lead to significant financial challenges.



Marathon and Riot's claims about not needing to issue further shares for growth remain uncertain. Steve expresses concerns regarding Bitcoin's energy consumption compared to gold mining and its unsustainability due to the need for continuous miner replacement. Despite his criticism of Bitcoin, he acknowledges that some investors are avid supporters. He emphasizes physical metals like gold as a higher quality collateral due to their durability and lack of ongoing energy consumption.



Additionally, Steve discusses trends in Gold Exchange-Traded Funds (ETFs) inflows and outflows between Western countries and Asia, particularly China. While there have been significant net outflows from Western Gold ETFs for several years, Eastern countries like China have experienced substantial increases in their Gold ETFs due to central banks' large-scale gold purchases. The West's potential shift towards real assets like gold is suggested, given the risks associated with US Treasuries and money market accounts. However, acquiring gold with potentially devalued dollars presents a challenge for Western investors.



Talking Points From This Episode




* Steve discusses Bitcoin mining's rapid hardware depreciation, its impact on profitability, and sustainability concerns.



* Marathon and Riot's Bitcoin mining operations face significant underreported depreciation costs.



* Gold ETF trends: Eastern countries' surge in gold purchases versus Western net outflows.




Time Stamp References:0:00 - Introduction0:44 - Economics of BTC Mining?4:10 - Mining Economics & Charts13:30 - Hash Rates & New Hardware17:07 - Share Dilution Solutions19:34 - Underperformance & CAP-Ex25:30 - All-In Costs & Mining27:56 - Electricity Consumption30:40 - End to End Depreciation37:17 - Bitcoin Value & Time38:35 - Comparing Mining Industries41:37 - Gold Mining Total Costs44:08 - Bitcoin Vs. Gold48:30 - Chinese Gold ETF Flows53:10 - Wrap Up



Guest Links:Website: https://srsroccoreport.com/Twitter: https://twitter.com/SRSroccoReportYouTube: https://www.youtube.com/channel/UCED7G7CZfqdSV9zttlr1M_g



Independent researcher Steve St.

Steve St. Angelo: Zombie Mining Companies Drain Shareholder Wealth


In this engaging episode of Palisades Gold Radio, your host Tom Bodrovics welcomes Dave Bradley, a pioneering figure in the Bitcoin world. Known as Canada's strongest and best-looking Bitcoin entrepreneur, Dave is the founder of the first Bitcoin store, co-founder of Bull Bitcoin, and a board member of Bitcoin Well.



They explore the intersection of gold and Bitcoin against the backdrop of growing awareness regarding monetary debasement and the rise of freedom movement communities.



Dave emphasizes the importance of distinguishing between money and investments, considering gold as a store of value rather than money. Many investments have taken on characteristics of money due to debasement and muddling risk-adjusted returns. He shares concerns over increased risk tolerance among individuals due to rampant central bank money printing.



The conversation delves into the emergence of alternative cryptocurrencies, which Dave views as companies competing with a protocol rather than contenders to Bitcoin's decentralized form of money. Despite over 10,000 altcoins, most have failed to capture significant value or market cap. Dave shares his personal journey of discovering Bitcoin in 2010 and the missed opportunities that came with it, including regretful sales in the early days.



The discussion covers Bitcoin's potential as a form of money, surpassing gold in terms of divisibility, ease of verification, and digital nature that makes it more practical for transactions. Dave notes that Bitcoin has a role to play during times of censorship. In the future role Bitcoins role will likely to continue to strengthen as traditional monetary policies falter. Dave concludes by inviting listeners to attend the Bitcoin Rodeo conference for valuable insights on real-world applications of Bitcoin.



Time Stamp References:0:00 - Introductions0:40 - Freedom Groups & Sound Money3:34 - Money Vs. Investments5:30 - Exchange Risks & Fraud10:47 - Alt Coins & DeFi12:14 - His Bitcoin Background16:17 - Lessons Learned18:40 - The Unbalanced Portfolio21:28 - Property Rights Erosion22:42 - Bitcoin Vs. Gold29:00 - Store of Value Vs Use31:18 - A Permissionless System32:45 - Grassroots Markets34:45 - Trucker Protest & Gov't37:05 - Counterparty Risk39:58 - Excess Energy & Solutions44:19 - Bitcoin Mining Business46:30 - The Future of Bitcoin?51:25 - ETFS & Paper Promises?55:05 - Wrap Up



Talking Points From This Episode




* Dave views gold as a store of value and Bitcoin more as decentralized money, surpassing gold's divisibility, ease, and digital nature for transactions.



* Bitcoin serves as backup currency during traditional monetary policy falters; government has limited control over Bitcoin wallets during events like protests.




Guest links:Bitcoin Conference: https://BitcoinRodeo.comPromo: $71 Off Tickets to the Bitcoin Rodeo. Use Code: "Gold"Website: https://BitcoinBrains.comTwitter: https://twitter.com/BitcoinBrains



Dave Bradley is widely known as the Strongest and Best Looking Bitcoin Entrepreneur in Canada. After getting into bitcoin in 2010, Dave founded the world's first physical bitcoin store in 2013. Dave later went on to co-found the iconic bitcoin company, Bull Bitco

Dave Bradley: The Debasement of Currency Has Perverted All Inventive Systems

Robert Bryce: How the Green Promise is Making the West Poorer


Tom welcomes back Adrian Day, CEO of Adrian Day Asset Management to discuss the business aspects of the mining industry.



Adrian stresses the importance of understanding a company's financial situation beyond initial disappointments, using Barrick Gold as an example of a company with a history of optimistic production estimates leading to missed targets but effectively managing these issues. He emphasizes the significance of cost metrics like per ounce operating costs and all-in sustaining costs (AISC) for evaluating mining companies' profitability and efficiency.



The conversation touches upon the challenges faced by mining operations, such as equipment failure, geopolitical risks, maturing mines, and hurdles common to every operation. Fortuna is used as an example of a company whose significant zinc production should be considered in evaluating its revenue distribution among different metals.



Adrian discusses the disconnect between gold prices and mining stocks, attributing it to gold's strong performance amidst central banks and Chinese investors seeking safe havens and the broad stock market's strength. Despite potential risks, such as a pause or reduction in buying by central banks and a negative macroeconomic environment, Adrian highlights the opportunity presented by undervalued gold stocks.



The speaker also touches upon exploration expenditures and their importance in discovering new deposits despite the increasing difficulty of finding them. In his investment strategy, Adrian emphasizes investing in senior miners and major royalty companies during the current market cycle due to their undervalued status and likelihood to move first when the gold sector takes off.



The conversation concludes with a discussion on economic stress in financial systems caused by excessive debt accumulated during periods of ultra-low interest rates, with maturing low-interest loans causing strain for households and corporations between 2024 and 2026. Adrian emphasizes the undervaluation of gold mining companies considering gold prices and their margins.



Time Stamp References:0:00 - Introduction1:16 - Miners & Missed Targets6:43 - All-In-Costs Metrics9:47 - Production Misses14:39 - Risks & Juridiction18:50 - Valuing Poly Deposits20:55 - Gold Price & Miners26:17 - Closing The Gap?30:19 - Mergers & Timing Cycles33:16 - Companies & Exploration36:12 - Portfolio Strategies39:37 - Royalty & Streaming42:16 - Low Premiums on Metals46:20 - Silver & Sentiment47:47 - OTC Purchases & Reports50:28 - Consumers & Metrics53:00 - Biggest Stress Points57:30 - Long-Err-Term Bonds?1:02:48 - Wrap Up



Talking Points From This Episode




* The financial situation of mining companies, even those with initial disappointments, should be thoroughly understood for long-term investment opportunities.



* Barrick Gold serves as an example of managing production misses effectively.



* Cost metrics like per ounce operating costs and all-in sustaining costs are crucial for evaluating mining companies' profitability and efficiency.



* Various factors that have led to a disconnect between gold prices and mining stocks, presenting opportunity for undervalued gold stocks.




Guest Links:Website: https://adrianday.com/



Adrian Day is considered a pioneer in promoting the benefits of global investing in the United Kingdom. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opp...

Tavi Costa: Gold is About to Explode Higher Through a Triple Top

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