Physical Gold Fund Podcasts

Topics Include: *Underlying economic indicators continue to worsen *Covid19 Update *USD strength indicators *USD Index *Commercial shorts in gold *Time spans for 3x and 2x gold price in last bull run *All other currencies had already pushed through the the all time high, USD has only now confirmed *Global interest rates are some of the lowest in history *Gold is up 28.9% YTD *Why many financial advisors are negative about physical gold

Topics Include: *Monetary policy normalization has failed *Fed Balance sheet may grow to as high as $20T *All frameworks of normalcy in managing monetary policy have been sacrificed *The economic recovery from the economic crash in early 2020 could take years *MMT is no longer weird theory and is more likely to be implemented *There has already been massive inflation in asset prices *Inflation dynamics and psychology *The wealth disparity gap is driven by our monetary system *The effect of increased institutional demand for gold, portfolio allocations *USD Strength and Brent Johnson’s milkshake *We are entering a phase where the general public is investing in gold *$14T of debt is trading at negative yield and why a portion of this can move into gold *Institutional capital moving into gold could have a substantial impact on *USD/Gold price *Satoshi Nakamoto created Bitcoin with a mindset of looking at it as digital gold *Why recessions are not only important but necessary and healthy *The Gold/Beer Ratio *High correlation of beer drinkers to people in the gold industry (this is real science here) *Ronnie’s projection of $4800 gold by 2030

Topics Include: *Covid-19 Stay-At-Home update *US Unemployment Claims have exceeded 26m over the last 5 weeks *Why a "V" shaped economic recovery is unlikely *The first crash (wave down) in equity prices has been the most violent in many years *If this economic crisis were a baseball game, we would still be in the first inning *Current equity market rally is likely a "suckers rally" *Patterns from the last Great Depression include: Destruction of businesses in the middle of the supply chain *End user prices to rise *First order producers to fail *Farmers go bankrupt, lose farms *Rise and Fall of Empires *US empire in Decline *China empire on the rise *During decline of empires other rising nations test the declining empires strength *US Warships ordered to open fire on any Iranian vessel coming close to US Vessels *Why we are on the path to the next worlds reserve currency *How the coming negotiations for the next currency system will be done by sovereigns, and whoever has the largest stockpiles of physical gold will have the greatest negotiating leverage *Why central banks shifted from net sales to net buys of physical gold *How the physical reality of physical markets versus futures markets can diverge during crisis *How the problem in the oil complex is the opposite of the gold complex - there is not enough storage space for oil, while delivery of gold has been constrained *Scenario where gold could go no-offer, forcing gap ups in price *US Energy independance, barring government subsidy, is dependant on an oil price above $35/bbl

Topics Include: *Gold transfers into China through Russia *How the US Dollar is moving towards losing its status as the world reserve currency *The rise and fall of empires *Full spectrum warfare *Why it may not be not possible to accurately estimate China's physical gold reserves *How policies during the French yyperinflation resembles "Modern Monetary Theory" *The demonization of free speech that disagrees with other ideologies *How social conditioning is affecting discussions of inflationary consequences *How the Federal Reserve embarking on a junk bond buying voyage is reminiscent of the French Hyperinflation *Unemployment numbers are likely higher than reported *The Federal Reserve publicly saying they can print an unlimited amount of money pushing people towards a loss of trust in the USD *Break down of supply chains are being projected to cause shortages in food supply and potential civil unrest *How the economic consequences of the shutdown over coronavirus may be worse than the effects of the disease itself *MMT violates basic natural laws and disconnects human from labor, removing all incentive *Honest money versus fiat

Topics Include: *Covid-19 Coronavirus and Global Financial Crisis II Update *How do discern where to find truth *Why when living history is lost, it is on the current generation to make the same mistakes *Physical gold and silver metals complex globally is sold out *Making sense of what assets still make sense *The current economic meltdown is not because of coronavirus - the system was already in a state ready for an event to cause the meltdown *Younger people may not have seen real capitalism for the duration of their entire lives *Kondratieff Wave *Roughly 50 year crash cycle and debt forgiveness 'jubilee'- no sowing and reaping and people return to their families *Socialist policies being put forward during crisis *World is going into compulsory lockdown *Why purchasing power of fiat currency goes down over time *What is hyperinflation *US Treasury yield curve has dropped below 1pct for first time in history *Global coordinated central bank easing *VIX (Fear index) spiking *Oil price wars, Russia vs OPEC *Disconnect between gold price and price of gold *US Treasury Secretary announces checks cut directly to US citizens *Trillions of USD stimulus announced by the US Federal Reserve *DOW/Gold Ratio *Defense Protection Act - US Factories On Wartime Production *Why US Oil Shale producers will be going bankrupt *Covid-19 in 148 countries *Implications of Swiss refineries shutting down for two weeks *Gold anchoring a portfolio *Fabrication bottlenecks are not metal shortages *Swiss refinery shutdown impacting gold availability globally *Gold/Silver Ratio *Why people will seek gold and silver to preserve purchasing power as the USD crashes in value *The velocity at which people realize USD losing value will start out slowly and then increase rapidly *How the residual anger over covid19 and the GFCII can lead to war *How the financial system was already in a critical state waiting for a catalyst to set off the chain reaction *Why capital is rushing into USD and US Treasuries, and will eventually flow into gold *What is Exter's Pyramid *MMT and infinite money creation *How the entire global financial system is constructed on a base layer of gold *What could lead to permanent breakdowns in the supply chain of all nations *Practical steps people can take

Topics Include: *History of gold – Nixon tariffs, and closing the gold window *Investment case for gold *Why US debt to GDP ratio and increasing debt load creates a systemic problem with specific outcomes, all of which indicate an allocation to gold may be prudent *How low gold sentiment in western markets may indicate a key buying opportunity *Physics properties of gold, and why gold is a truly non-correlated means of storing wealth that is indestructible *Why Physical Gold Fund uses Switzerland as a core component of the logistics and safety chain for the fund’s gold *Physical Gold Fund vaulting protocols and governance *Refinery Operations *Gold market historical performance, current technical indicators and outlook

Topics Include: *Implications of the USMCA between the US, Canada, and Mexico *The importance of Robert Lighthizer’s role in US trade negotiations *Update on tensions between Russia and Ukraine *Russia’s “buffer states” of outlying countries *How Russia’s gas pipelines running through Ukraine are critical infrastructure *Why Russia purchasing close to 30 tons of gold per month is a strategic move *How a decentralized permissioned ledger cryptocurrency sponsored by Russia and or China and settled in physical gold could be the next system used by sovereigns to settle net trade balances without using the US dollar *Why Switzerland could be an ideal location to settle net payments in gold *Update on Saudi Arabia stability, succession, and world relations *Thoughts on the G20 upcoming meetings and trade negotiations *Update on Fed monetary policy and interest rates

Topics Include: *Cyberwarfare Update – Chinese embedding hacking chips onto server mother boards used in American Industry and Department of Defense Systems at the factory level *Why infrastructure will be most likely targets for cyberwarfare *How cyber financial-warfare versus financial systems, stock markets, banks is an evolving and real threat *How physical gold is resilient versus cyber financial-warfare *IMF Global Financial Stability Report *How markets are over 90% automated trading, and there are no human market makers available to stabilize falling markets *Total official gold adjusted upwards for Central Bank buying. Eurozone countries now buying gold may be signaling important shift in Central Bank behavior *Gold requires no counter-parties to retain its value, all other currencies rely on counter parties *Game Theory on Future Monetary System Based On A Sovereign Issued Crypto Currency: Permissioned Distributed Ledger sponsored by China / Russia / IMF, Digital Coin tied to the SDR for measure of value, net of payments settled in Physical Gold

Topics Include: *US Dollar Hegemony *Why the US Dollar is considered the world reserve currency *US Dollar as global trade settlement currency *Tools of financial warfare - how the United States controls the majority of currency flows around the world *How the US Dollar Payment system works *How SWIFT works *Secondary market sanctions at a business level *Sovereign reactions to US Financial Warfare *Future alternative payment systems

Topics Include: *USD/Gold and SDR/Gold were highly correlated up until Oct 1st 2016 *Oct 1st 2016 Chinese Yuan added to the SDR basket *Since Oct 1st 2016 SDR/Gold trading tightly in a range of 875 to 925 *Why market operations by a central bank would explain SDR/Gold staying in such a tight band *Possible actors conducting open market operations to maintain SDR/Gold *Reasons actors may be interested in maintaining SDR/Gold *Expansion required in SDR may be aided by a sovereign or supra-sovereign controlled distributed ledger / blockchain *Timetables and implications for gold investors

Topic Include: *On the In Gold We Trust report ( @IGWTreport ) by @RonStoeferle and @MarkValek *The New Axis of Gold - How emerging market central banks are accumulating gold and what it means *Conversation with the former head of the IMF, John Lipsky *Why Russia buying gold for 38 consecutive months is a strategic move *US is engaged in financial warfare with China, Russia, Iran, and North Korea *How and why targets of US sanctions are working on alternatives to the US dollar system *A game theory scenario on a Chinese/Russian controlled permissioned distributed ledger with a government issued token backed by physical gold *Why some institutions are buying physical gold, changing from paper gold allocations to physical gold allocations

Topics Include: *Update on gold markets *New phase of financial warfare with Iran *Financial system chokepoints *US Dollar payments system *SWIFT transfers and third party influence *How the US uses dollar payments leverage to control non US transaction *How Inflation turns people against government and increases probability of civil unrest, limits government options *How the current situation with converging factors in Iran, China, Russia, can lead to a disturbance in the gold markets and dollar payments system

Topics Include: In this episode of the gold chronicles, our entire discussion is focused on the common objections to owning gold, and using a gold standard for monetary policy. *There is not enough gold to support finance and commerce *The gold supply doesn't grow fast enough to support economic growth *Gold has no yield *Gold causes depressions and panics, particularly the great depression *Gold has no intrinsic value *Gold is a Barbarous Relic - John Maynard Keynes

Topics Include: *Update on 3rd Great Gold Bull Market *Proper portfolio allocation when it comes to gold *The difference in mindset between investors that are trying to accumulate wealth, versus investors who have wealth and are trying to protect it *Gold as insurance versus investment *Currency Wars *Trade Wars *Moving jobs from outside the US, into the US *North Korea Update

Topics Include: *How BLS jobs data largely being mis-read by financial media *Why all current narratives in the financial media are missing the true causes of early Feb US stock markets correction *Why Atlanta Fed analysis is more of a nowcast than a forecast *Why exploding sovereign debt and debt to GDP ratio are critical to market stability in the next few years *How student loans are a $1.5T problem with a significant default rate *What the two critical confidence boundaries are, and how they might be crossed *3 Yr playbook - not a forecast but a potential scenario *Why the idea that Central Banks dont need capital would be challenged in a collapse of confidence

Topics Include: *Central Banks have bought more gold than UST’s since 2013 *Why we are potentially on the cusp of a new set of rules for the international monetary system *Financial elites with the IMF and the Fed have said that the international monetary system is incoherent…there is no anchor *What Central Banks shifting from net sellers of gold, to net buyers of gold is signalling *Why the United States has not sold any significant amount of gold since 1980 *History of the US influencing other sovereigns to sell their gold reserves *Significance of Central Banks now buying gold as preparation for a new set of rules for the international monetary system *Why gold may be in the first stages of a new multi-year secular bull market

June 2017 Interview with Jim Rickards Part 1 topics: *In depth look at potential risks of cryptocurrency *Why cryptocurrencies are still in their infancy and are not yet comparable to gold, US dollars, or other currencies *Why ICO’s and crypto currencies are not protected from government regulation or enforcement *How most cryptocurrency ICO’s are not compliant with ... Read moreThe Gold Chronicles Ep:70 Pt 1 Jim Rickards and Alex Stanczyk

Welcome to Global Perspectives, a new podcast featuring some of the sharpest minds in the world. We delve into the key concerns, opportunities, mindset, and practices of some of the most successful professional money managers, entrepreneurs, and world class personalities today. This episodes special guest is Willem Middelkoop. Topics Include: *Financial assets versus real assets ... Read moreGlobal Perspectives Episode 5 : March 2017 Interview with Alex Stanczyk and special guest Willem Middlekoop

*Financial assets versus real assets *Central banks east of London are buying and repatriating gold *China and Russia are preparing for the next phase of the international monetary system by buying gold *Why the world is in need of substantial deleveraging, and needs a new monetary anchor *How technology developments in energy and transportation are leading to breakthroughs that will completely disrupt current paradigms *Central Bank governers comments on gold being the worlds premier currency

Welcome to Global Perspectives, a new podcast featuring some of the sharpest minds in the world. We delve into the key concerns, opportunities, mindset, and practices of some of the most successful professional money managers, entrepreneurs, and world class personalities today. This episodes special guest is Ronald Stoeferle. Part 2 Topics Include: *Inflation happens in three ... Read moreGlobal Perspectives Episode 4 : February, 2017 Interview with Alex Stanczyk and special guest Ronald Stoeferle Part 2

Welcome to Global Perspectives, a new podcast featuring some of the sharpest minds in the world. We delve into the key concerns, opportunities, mindset, and practices of some of the most successful professional money managers, entrepreneurs, and world class personalities today. This episodes special guest is Ronald Stoeferle. Part 1 Topics Include: *Quantitative Easing (money ... Read moreGlobal Perspectives Episode 3 : February, 2017 Interview with Alex Stanczyk and special guest Ronald Stoeferle Part 1

*Quantitative Easing (money printing) does not seem to be working. The market knows that the Central Banks at some point will lose control of the situation. *Recent as well as historic evidence shows that command economies do not work *The most important price in the market, the interest rate is being manipulated by Central Banks and is the root cause of market volatility *Low interest rate policy, to zero interest rate policy, to negative interest rate policy and its impact on gold *The zero-interest rate trap is adding fragility to the global system *Fatal long term consequences of zero interest rate policy for institutional investors and society itself *Monetary inflation is working as a tax where some are benefitting to the detriment of others *Central banks are still a long way from normalization. This has a strong effect on the fragility of the market. *Natural systems mimic financial systems in many ways, and shows us that trying to control it is a fool’s errand *What the Austrian School of economics is, and why it matters *Inflation happens in three stages. Monetary inflation, then asset price inflation, then finally comes velocity of money and price inflation in the regular economy *Three types of people observing the economy and where this is going to lead *Bond market yields in the US relative to Eurozone *Anti-fragility and which assets may thrive in an increasingly fragile market *Why gold is one of the most liquid assets / currencies on earth *The global debt situation will resolve in time. Which pathways can this take. *Focusing on the big picture, and ignoring the daily noise

Welcome to Global Perspectives, a new podcast featuring some of the sharpest minds in the world. We delve into the key concerns, opportunities, mindset, and practices of some of the most successful professional money managers, entrepreneurs, and world class personalities today. This episodes special guest is Brent Johnson of Santiago Capital. Topics Include: *Why quantitative ... Read moreGlobal Perspectives Episode 2 : February, 2017 Interview with Alex Stanczyk and special guest Brent Johnson

Welcome to Global Perspectives, a new podcast featuring some of the sharpest minds in the world. We delve into the key concerns, opportunities, mindset, and practices of some of the most successful professional money managers, entrepreneurs, and world class personalities today. This episodes special guest is Brent Johnson of Santiago Capital. Topics Include: *Two of ... Read moreGlobal Perspectives Episode 1 : February, 2017 Interview with Alex Stanczyk and special guest Brent Johnson

Topics Include: *A brief summary on Brents latest presentation Don Yuan *Stock and flow of the money supply: why the FLOW is so essential *In a debt based monetary system where all money is loaned into existence, all loans have interest attached to it. *Anywhere from 10-12 trillion is loaned into existence *Velocity of money has been on a downward slope for 16 years *How "Regulatory creep" will continue to effect the banking system *How money market funds work *Observations on the phenomenon of "Too big to fail" banks *More info on the velocity of money *Velocity of money is closely tied to psychology *How the market bailed the fed out *psychology behind central banks raising and lowering rates *How Trump will effect the market *Why Trumps policies could be inflationary *Is itpossible for a strong dollar to lead to an inflationary environment? *How a strengthening dollar could cause its own demise

Topics include: According to the IMF, gold is the only Case of a financial asset with no counter party liability Gold will not default like some other financial assets could during a liquidity crisis Over 30% of the bond market is now negative interest rate bearing, with over $7.9 Trillion at negative yield and gold is looking more attractive The meme that gold is a bad investment because it produces no yield does not stand up under scrutiny, all forms of money generate no yield unless invested A modest allocation of a portfolio to gold acts as a diversifier and a truly non-correlated asset Gold is not subject to hacking or cyber warfare Gold is truly non-correlated There is a physical market for gold, regardless of what financial markets are doing Gold protects against sovereign risks such as rapid currency devaluations, examples Russian Ruble, Brazilian Real It’s a hard asset with no counterparty risk, and it has excellent liquidity compared to other hard assets, such as real estate. Gold has almost a 24-hour, very deep, and highly liquid market Criteria when evaluating vaulting jurisdictions Political stability, economic stability, rule of law, history of confiscations, precious metals industry infrastructure, strategic defenses Switzerland as a vaulting jurisdiction Long standing relationships in the precious metals industry in Switzerland Switzerland is the core of the precious metals industry, and is a solid foundation for liquidity globally Reasons for electing non-bank vaulting Rule of Law matters regarding gold as a financial asset or physical property

Topics include: *About the London Bullion Market Association (LBMA) - What is it? *LBMA Standards have been used globally as the benchmark standard for gold and silver bullion *Details on members of the LBMA, Bullion Banks, Refineries, Security Logistics *The role of the LBMA, and the importance of understanding what it does *LBMA is a standards body that establishes uniformity in purity and form factor to provide a framework for global trade in gold *Understanding the Good Delivery lists *How refineries become LBMA accredited refineries *What are LBMA referee refineries *Where the members on the Good Delivery lists are located *Understanding the Chain of Integrity *How gold enters the system *Advantages of having the entire history of custody for gold *Understanding "clearing risk" in gold funds *Unique positioning of the Physical Gold Fund

Topics include: *Why trying to correlate physical flows with the price can be misleading *On-going tightness in the physical gold markets *There is less liquidity in the physical market *The physical tightness of flow is reflected in the price "not at all" *As long as the spot market is settled with cash settlement, the physical flows are not determining price *If investors dealing in cash markets begin to take delivery, the physical is just not around *The current pricing mechanism can continue indefinitely unless investor behavior changes to taking delivery versus cash settlement *The gold price has "no correlation to the physical market" *If this behavior changes (to taking physical delivery) it could become dramatically dangerous *Gold is moving in one direction from west to east with small exceptions over the last year *90% of the refinery's business is currently supplying demand from the east (India, China) and 10% to western markets *China has imposed a new standard on the LBMA good delivery system of 1 kilo, 999.9 fineness *400oz bars being melted and refined to 1 kilo 999.9 fine bars and shipped into China are coming out of London and particularly the ETF's such as GLD *In the next gold upleg, scrap may not be readily available - overall scrap has decreased remarkably *Declining investment in the mining sector and geo-political issues affecting mining viability will unavoidably reduce gold supply moving forward *The danger of less supply moving forward is more likely than the comfort of more supply

May 30, 2014 Interview with Anglo Far-East’s Managing Director Philip Judge comments on two decades of experience with gold custody in Switzerland, and the “10 Key Custody Jurisdictional Safeguards” when it comes to precious metal vaulting.