Welcome to Macro Voices

Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss:

• How are stocks rallying to new all-time highs amidst the ongoing pandemic?

• Stimulus into real economy – will this still support the stock market?
• How far Bond Yields could go
• Financial repression and inflation outlook
• Inflation may be good in the beginning but for how long?
• Benefits of inflation on the stock market

• Perspectives on commodities including Copper and agriculture
• Gold vs. Bitcoin
• Is there a strategy to evade financial repression?

Download the podcast transcript: [Click Here]

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Erik Townsend and Patrick Ceresna welcome Mike Green to MacroVoices. Erik and Mike discuss:

• Are we finally headed toward a global digital currency?

• Benefits of secure digital bearer asset currency 
• Lack of discussion regarding the adoption of the technology behind Bitcoin
• Will the governments eventually accept the use of cryptocurrency?
• CBDC – Central Bank Digital Currency
• Why some large institutions are buying Bitcoin as store of value 

• Bitcoin vs. Ethereum

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. Erik and Luke discuss:

• Is this the beginning of the end for the U.S. dollar as the global reserve currency?

• Relative decline to other fiat currencies or loss of purchasing power?
• Democratic control of the Senate – how does this affect yields?
• When will deficits start to matter?
• How do you translate the current state of the dollar into investment strategies?
• Bitcoin vs. Gold

• Are we finally at a point of runaway wage & price inflation?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• Saudi Arabia’s production cut decision and what this means
• Will U.S. shale industry recover?
• Expected decline in demand in oil
• Analysis of current comparative inventory report
• Pandemic and U.S. consumption recovery – what does this mean for gasoline?
• Perspectives on previous prediction of a big decline in U.S. production in Q1
• Can OPEC compensate for loss of U.S. production?
• Lag times between getting the rig started to actual oil production and what this means
• Price vs. Comparative inventory yield curve

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Art will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Ronald Stoeferle and Grant Williams to MacroVoices. Erik and the panlists discuss:

• How to trade a fiat currency debasement
• Hedging or trading inflation
• Gold, silver, platinum and palladium 
• Hard assets like real estate including farmland
• Copper and iron ore and the battery metals
• Energy as an inflation hedge

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Erik Townsend and Patrick Ceresna welcome Ronald Stoeferle and Grant Williams to MacroVoices. Erik and the panelists discuss:

• Fiat currency debasement
• Yellen, MMT and debasement, how could it play out differently
• Commodities and different ways to hedge
• Cryptocurrencies, Bitcoin and its role as a debasement hedge

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Erik Townsend and Patrick Ceresna welcome Kyle Bass to MacroVoices. Erik and Kyle discuss:

• All-time highs despite the pandemic – are we shifting into a new paradigm?
• Impending inflation and how to trade it 
• Is gold still the best hedge against fiat debasement?
• Is the bond bull market finally done and are we headed toward negative yield?
• Negative yields in Europe – will this recover as inflation begins?
• How will Biden administration change the macro outlook?
• Implications of electrification of the economy
• Will Singapore be replacing Hong Kong as the financial center in Asia?
• Perspectives on crypto currencies

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Update on President Trump may start his own news network
• Why Trump running a news network may be more powerful than being the President 
• Upcoming meeting of the electors – how will this impact President Trump’s actions
• What would Trump News Network look like?
• Possible pardoning for Julian Assange and Edward Snowden and its implications
• Perspectives on inflation 
• Outlook on digital currencies 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• DXY reaching multi-year lows – is this the beginning of the dollar crash?
• Basics of US dollar crash and related Treasury market destruction
• Has quantitative easing been successful?
• Japanese Inflation & QE – Is US monetary policy following the Japanese model?
• Lower indication in inflation indices despite excessive liquidity
• Is the U.S. dollar’s global reserve currency status being threatened?
• Perspectives on MMT

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeff will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• Has the market  priced in the vaccine news?
• How does this translate into the stock market
• Shift to secular inflation or return to deflation?
• Where is the stock market headed from here?
• Will US Treasury will go negative on 10yr or will they stay at zero?
• Treasuries vs. Gold

Download the podcast transcript: [Click Here] 

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Perspective on recent rally in market amidst the pandemic and U.S. Elections

• Spike in COVID cases, are things going to get worse before it gets better?
• Would expectation of more government stimulus lead to lower yields?
• Likelihood of secular inflation due to more money printing and more deficit spending
• Challenges ECB is facing with insolvent countries borrowing at low yields?
• Will foreign policies reverse under Biden administration?

• Is U.S. fracking industry facing a major threat from Biden administration energy policy?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• All-time highs in the stock market despite the pandemic – what cycle does this reflect?
• What cycle is driving the recovery?
• How to manage cycle risks
• What does USFIG (U.S. Future Inflation Gauge)suggest comes next?
• When to expect secular inflation based on leading indicators
• What cycles tell us about the recent upside in the stock market

Download the podcast transcript: [Click Here]

MacroVoices #218 Lakshman Achuthan: What cycles teach us about what to espect post-Coronavirus

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Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

• Perspectives on MMT and how it affects the gold market
• How far are we in the gold bull market cycle
• What would change the investment mindset on gold with MMT on the horizon?
• Why investors need to consider currency conversion factor when investing in gold
• What is in store for the natural resources sector?
• Opportunities in gold mining vs. copper mining
• Asset allocation in natural resources sector

Download the podcast transcript: [Click Here]

Katusa Research Special Offer: 42% off Marin Katusa's Natural Resource Investing Newsletter 

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Tian Yang to MacroVoices. Erik and Tian discuss:

• Inflation driven commodity super cycle – when will it happen?
• When will  consumer price inflation starts?
• How to manage your portfolio to prepare for inflation
• COVID-19 pandemic impacts on prices
• How to position for commodity super cycle
• How to approach different commodity sectors for allocation
• Outlook on precious metals

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Tian will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Stephanie Kelton to MacroVoices. Erik and Stephanie discuss:

• Why using taxes to pay for government spending is a myth
• If the government can print money, why are taxes still necessary?
• What measures does MMT use to overcome inflation risk?
• Debunking the myth that the future generation will have to pay for the current national debt
• Risk of dilution in value of dollars due to government money printing
• Constraints of MMT

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and guest co-host Kevin Muir welcome Mike Alkin & Guy Keller to MacroVoices. Erik, Mike and Guy discuss:

• Future of nuclear power industry
• How big is the Uranium mining industry post-Fukushima
• Collapse of market capitalization of Uranium mining
• How Uranium market works
• Investment opportunities in Uranium market

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and the guests will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Perspectives on recent Presidential debate
• Supreme court legal precedent
• Doespolitical uncertainty in the U.S. create an opportunity for China?
• Accuracy of polls and how investors should consider them

• Possible outcomes and what that would mean for the markets
• Possibility of Donald Trump launching a news network

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and this week's guest host Kevin Muir will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• Update on Art’s 2020 U.S.oil production narrative
• How big of a decline in production should we expect?
• Supply in demand imbalance – where is oil price headed from here?
• What investors should look for in anticipation of resumption of normal demand
• What level of demand to expect post-crisis?
• Decreasing price sensitivity to changes in comparative inventory 
• Will we ever get back to pre-crisis consumption levels?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Art will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Is the bond bull market finally coming to an end?
• Possibility of negative rates
• Secular shift from disinflation toward inflation
• US dollar outlook – beginning of a secular decline?
• Perspectives on gold and equity markets
• Impact of monetary policy on liquidity

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Jim Bianco

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Prognosis on the U.S. Presidential Election
• Why the Republicans have not yet folded on the next relief package?
• Vicious circle from lower confidence to higher unemployment
• What would a contested election mean for the markets?
• U.S. dollar outlook
• Possibility of U.S. Real Yields to collapse

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Juliette will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Mike Green to MacroVoices. Erik and Mike discuss:

• Active vs passive investing dynamics
• Is QE what’s driving the stock market and how does MMT fit in
• Will MMT bring runaway inflation and what are the implications?
• Is the bond bull market coming to an end?
• What investors should look out for during a period of hyperinflation
• Outlook on gold
• Potential risks and threats of U.S. dollar losing its reserve currency status
• Perspectives on digital currency 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. Erik and Luke discuss:

• Is this the beginning of the big move down for the US dollar?
• Why the US will have to what Luke calls “print the mostest” in the dollar endgame
• What does “printing the most” entail?
• What is the catalyst that would bring a secular decline of the dollar?
• US fiscal condition – accelerate borrowing and spending, where are we headed from here?
• Perspective on the soaring S&P500, what does this mean?
• Outlook on Gold
• Perspectives on how the US Presidential election outcome will impact the markets

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Brent Johnson to MacroVoices. Erik and Brent discuss:

• What is next for the U.S. Dollar?

• Will the change in monetary system provide a viable alternative to the dollar?
• S&P 500 breaking out to the upside – what comes next?
• Soaring stock market – is this driven by central banks buying stocks using cash from QE?
• Outlook on gold and commodities
• Can U.S. Treasuries see negative yields?

• Perspectives on the upcoming U.S. Presidential election

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Brent will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• New all-time highs in the stock market despite the pandemic – what does this mean?
• Jesse’s perspectives on Mike Green’s thesis about passive investment strategy
• Is the retail mania driven by the Fed?
• Perspectives on stock split and still rising TSLA
• Is the bond market the key to stop the Fed’s frivolous money printing
• Is this the beginning of the end for US dollar?
• Outlook on Gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Vincent Deluard to MacroVoices. Erik and Vincent discuss:

• Shortcomings of 60/40 portfolio and its implications
• Why secular inflation is on the horizon and what would it look like?
• Generational gap in wealth – what policies will bridge that gap?
• U.S. Dollar – is this the beginning of the end?
• Outlook on European economy and markets
• Why inflation still hasn’t happened
• Perspectives on gold and precious metals 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Vincent will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Has Jim really changed his views and turned bullish?
• Coronavirus crisis update
• V-bottom recovery in the stock market does not equal v-bottom recovery in the economy
• FED’s balance sheet expansion – where is it headed, what’s the endgame?
• MMT – what are the risks and how does it unfold?
• Fixed income markets – outlook on bond yields
• Devaluation of the US dollar and the possibility of it losing its reserve currency status
• Outlook on Gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• 2008 Recession and QE, how it differs from other recessions
• Diminishing economic growth
• Perspectives on Ben Bernanke’s and other central banker’s performance in the aftermath of 2008 recession
• Debunking the idea of central banks being central
• Banks are shrinking – bank stocks are reflecting risks
• Primary components of the global monetary system and how they work

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We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Jeff will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

• How to navigate the current environment of escalating civil unrest and the social divide
• Rise of MMT – how close are we and what should we expect?
• How long will the central bank balance sheet expansion continue?
• The global recession – how does it compare to recessions in the past and how long will it last?
• Outlook on Gold
• Changing political climate in Hong Kong and its impact on US/China relations
• Perspectives on the impact of the upcoming US Presidential election

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Erik Townsend and Patrick Ceresna welcome Lyn Alden to MacroVoices. Erik and Lyn discuss:

• U.S. Deficit was already growing pre-COVID19 crisis
• Current employment dislocation compared to 2009
• Is the Fed's monetary policy what's driving the V-shaped recovery in stock prices?
• Fed's policy to inject more liquidity into the real economy and its implications
• Will Monetary Policy 3 lead us to consumer price inflation risk?
• Gold vs. Money supply and real interest rates
• Possible impact on the markets from the upcoming U.S. Presidential election

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Lyn will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Hugh Hendry to MacroVoices. Erik and Hugh discuss:

• "Put Joe Rogan in Charge of the Fed! - The Dawn of Chaos"
• Perspective on the stock advance relative to money supply expansion
• Balance sheet expansion of the Fed and other central banks
• Which direction will this monetary policy take?
• Wealth inequality
• Implementation of MMT and devaluing the dollar - is this a good idea?
• Hugh's journey from hedge fund manager to property investor

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Perspective on market strength, despite the resurgence of COVID19 cases
• How to current market situation translates to the CTA positioning 
• Equity market outlook
• How does volatility complex play into the current equity market?
• Bond market outlook – secular end of a 40 year event?
• The impact of rising civil unrest and upcoming election will have on the markets

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We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Charlie will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

SPECIAL POST GAME GUEST- Talking Options with Convexity Maven Harley Bassman

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Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. Erik and Harley discuss:

• Impact of COVID19 on recession – was it the cause or catalyst?
• Perspective on declining population and workforce
• Possibility of risk parity unwind
• Portfolio positioning in current market 
• Policy risk on spread trading
• Are we headed toward secular inflation and what does that entail?
• Inflation vs. bond market 

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We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Harley will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• OPEC+ Production cut and the spring rally
• Flaws in the assumption that shut-in oil wells
• Decline rates – how does it work?
• Forecast on oil production – will it go up and what’s next?
• How much is the industry and its production hedged?

• Unaccounted for oil – why is there so much of it?
• Is the storage crisis really over?
• Recent recovery - are we back to pre-crisis consumption?

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Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. Erik and Diego discuss:

• How to interpret the strong market action despite the pandemic and civil unrest
• What’s next for US Dollar?
• Recent downside move in Gold – is this the time to buy? 
• Perspectives on the rapid recovery in oil prices
• Shift from deflation to inflation/stagflation – how long will this take?
• False diversification
• Likelihood of a risk parity unwind and its risks 

MacroVoices #190 Diego Parrilla: They'll change the rules to bail out the system 

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Erik Townsend and Patrick Ceresna welcome Vikram Mansharamani to MacroVoices. Erik and Vikram discuss:

• What kind of recovery should we expect post-COVID19?
• Increasing civil unrest – what could that mean for investors?
• Will this “work from home” trend continue even after the crisis is over?
• What are the least obvious implications of this crisis?
• Impacts of the crisis on businesses and supply chains moving forward
• US/China geopolitical relations
• Perspective on the US dollar as the world reserve currency
• Implications of a secular shift from deflation/stagflation to inflation

Pre-order THINK FOR YOURSELF By Vikram Mansharamani 

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Erik Townsend and Patrick Ceresna welcome Ronald Stöferle to MacroVoices. Erik and Ronald discuss:

• Is now the time to focus on secular shift in precious metals?
• Secular shift to inflation or stagflation – what would that mean for precious metals?
• How does this pandemic compare to the recession of 2008
• The impact of weak commodities on precious metals
• Can gold substitute for bonds in portfolios?
• Impacts of strong USD on gold
• Perspectives on mining stocks
• Outlook on silver
• Bitcoin vs. Gold
• Are we due for a technical correction?

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• What kind of recovery should we expect post-COVID19?
• Is this the top of the bear market rally or will we test new all-time highs again?
• Has the central banks largesse gone as far as it can go?
• Are we heading from secular deflation to secular inflation?
• Will the west’s indebtedness lead to “Japanification” 
• US dollar losing its reserve currency status – what would that entail?
• Gold outlook post-crisis
• Can all fiat currencies be devalued at the same time?

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Erik Townsend and Patrick Ceresna welcome Dr. Ben Hunt to MacroVoices. Erik and Dr. Hunt discuss:

• Three narratives of Coronavirus crisis

• Is the recent monetary & fiscal response to COVID-19 leading us from deflation to inflation? 
• Will the Federal Reserve Act have to change?
• Frontline Heroes- how did it start and how can others help?

     Donate to Frontline Heroes  

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• What cycle should we focus on amidst the crisis

• 3D’s of recession: Depth, Diffusion, Duration
• Exogenous shock factors: how is this recession different than others? 
• Based on historic cycles, what should we expect next?
• What can we learn from economic cycles as we try to get out of deflation?
• Is coronavirus crisis becoming a catalyst to a US/China “cold war”? 

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Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt to MacroVoices. Erik and Dr. Hunt discuss:

• Core thesis on interest rates and inflation
• Constraints on zero bound interest rates in the US

• How do you invest in this zero bound interest rate environment?
• How to interpret FED policy on inflation
• Perspectives on the FED bailing out the high yield market
• Will the Federal Reserve be allowed to print money?

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• General market outlook
• Will the Fed put a floor on the stock market?
• Is the government’s response to COVID-19 crisis leading to secular inflation?
• Investment strategy to navigate ongoing market volatility
• Bond yields - is there really a zero lower limit?
• Impacts of COVID-19 crisis on emerging market equities
• Impending friction between US/China and its economic implications

Download the podcast transcript: [Click Here]

Rosenberg Research 

30-Day Free Trial to Rosenberg Research 

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Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. Erik and Eric discuss:

• Was the market dislocation inevitable or was it caused by the Coronavirus?
• Will there be even worse economic downturn due to governments bail-out policies?
• Risk-hedge long-vol portfolio management strategies
• The concept of trend following: how is it used?
• What are the consequences of the recent record-setting monetary stimulus?
• What limitations will central banks face if we move into a secular inflation environment 
• What are the major implications of the current economic state?

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Erik Townsend and Patrick Ceresna welcome Josh Crumb to MacroVoices. Erik and Josh discuss:

• Current opportunities in gold market
• What is the range of possible prices for gold market
• Gold-Oil ratio: will the gold prices get brought down with oil?
• Important economic signals come from where people are hedging
• Is oil price constraining the gold price despite recent central bank policy actions
• What are the physical dislocations in the gold market due to COVID-19 impact?
• Is there a disconnect forming between physical and paper price of gold?
• Outlook on digital currency 
• Possibilities of global digital reserve currency 

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Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss:

• This week’s unlimited QE by the FED and its implications
• Comparison of exogenous shocks vs. recession
• Are stocks and bonds both starting to sell off?
• Are treasuries moving up due to the FED buying up bonds?
• U.S. government’s reaction COVID-19 crisis and how will it impact asset markets

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Update on the COVID-19 
• The impact of the virus on the economy and markets
• Systemic risks to markets and impact on dealers
• Has the FED put has expired?
• Should the markets be shutdown, and what is the alternative?
• Breaking of the stock vs. bond correlation 
• Credit risks and the future impact on high yields 

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SPECIAL POST GAME GUEST- Kevin Muir

The MacroTourist 

Kevin Muir Macro Tourist: Governments Are Panicking 

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Erik Townsend and Patrick Ceresna welcome Axel Merk to MacroVoices. Erik and Axel discuss:

• COVID-19 driving bonds to new all-time highs 
• What’s contributing to US Dollar breakdown?
• Why are treasury yields crashing and will it continue?
• What is the threshold for zero-bound treasury yield?
• Is it time to short high-yield and what are its risks?
• Perspectives on possible bail-out for shale oil producers
• Impacts of the COVID-19 crisis on the upcoming presidential elections
• Outlook on gold and gold mining shares
• FED’s emergency cut – what’s next? 

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Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• Is COVID-19 the catalyst that changed the direction in the market?
• FED stimulus – how long will this bounce last?
• How much downside is expected in order to take excess buying out of the market
• Upside in the market caused by central bank response – what happens next?
• Will inflation return in the near future and what are its systemic risks
• Asset allocation strategy to accommodate the return of inflation
• Current buying opportunities in value investing 

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Erik Townsend and Patrick Ceresna welcome Francesco Filia to MacroVoices. Erik and Francesco discuss:

• 50-Year swap rate in negative territory
• Why the US treasury bond is no longer an investment and its systemic implications
• The upcoming daily liquidity crisis and it means for the market
• Complexity-based systemic risk alerts and tools to manage risks
• How to translate these concepts into actionable strategies
• Why is flash-crash is likely to happen
• Perspectives on economic impacts of COVID-19

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Erik Townsend and Patrick Ceresna welcome Ralph Delguidice to MacroVoices. Erik and Ralph discuss:

• What are some knock-on implications of the US Treasury bond?
• Difference between Government money market funds vs. Prime money market funds
• Why treasury and investment grade bond demand flows will remain solid
• Declining German bunds in circulation
• The growing USD funding gap
• What are LCRs and why are they falling?
• The US treasury demand impact of Dodd Frank
• Knock-on implications as treasuries no longer being suitable as investments
• What are the implications of systemic risks?

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• 2020 Demand growth
• How oversold is the price of oil
• Over-reaction to Coronavirus effect on world oil demand?
• Flattening term structure in oil
• Comparing Brent and WTI 12-month spreads
• C.I. yield curve

 

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SPECIAL POST GAME GUEST- Kevin Muir: Tesla's epic parabolic rise and blow-off top

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Erik Townsend and Patrick Ceresna welcome Julian Brigden and Dr. Chris Martenson to MacroVoices. Topics for discussion with Julian include:

• Does liquidity inflation asset prices
• Correlations between monetary policy and financial conditions
• Repo not QE? 
• Parabolic rise in equities not sustainable

Topics for discussion with Dr. Chris Martenson include:

• Will nCoV turn out to be worse than the 2003 SARS epidemic?
• What is Asymptomatic Transmission and R-naught; what are their significances?
• How should we be thinking about the Case Fatality Rate for nCov?
• How will nCoV impact the markets?

Download the podcast transcript: [Click Here]

Visit the MI2 Partners website

Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss:

• Why we should expect a credit crisis
• What countries will be affected by the systemic banking crisis and what are its potential risks
• What to expect for international capital flows 
• MMT and “helicopter money”- will it lead to inflation or deflation? 
• US duration risk – be prepared for the rules to change
• Implications and ramifications of helicopter money
• Negative interest rates - what to expect 
• Outlook on gold
• How to prepare for runaway inflation
• Perspectives on US/China trade war 

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Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

• Civil unrest and global social degradation
• Is inflation the key to the global geopolitical situation?
• Unicorn companies – collapse of WeWork, is Tesla next?
• Will MMT eventually lead to runaway inflation and what are its implications
• Recent rise in gold – is it time to change strategies?

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Big Picture Trading Chart Book January 16 2020 

VIDEO: Grant Williams, Marin Katusa, Brent Johnson, Patrick Ceresna, Cal Everett - Big Gold Panel - Silver & Gold Summit 2019 

VRIC 2020 Keynote Presentation by Patrick Ceresna - Promo Code : MACRO100

VRIC Vancouver Resource Investment Conference 2020  

Katusa Research Special Offer: 42% off Marin Katusa's Natural Resource Investing Newsletter 

Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

• Outlook on gold - Is the recent breakout a false alarm?
• How to manage market view vs. long term strategy
• Update on Nevsun investment
• Comparison between individual stock investing vs. GDX, GDXJ performance
• Private placements and how it works
• Investing in mCloud
• Upcoming VRIC – what to expect 

Katusa Research Special Offer: 42% off Marin Katusa's Natural Resource Investing Newsletter 

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Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

• Knowledge doubling curve
• Collection and monetization of personal data 
• Ephemeralization- what does it mean and what are its consequences?
• Rise of E-sports : is there an investment opportunity?
• Catalysts that will bring central bank dominance over financial markets to an end
• Privacy and voluntary total surveillance
• AR: Augmented Reality – how does it work and what are its implications and consequences
• Generation Z vs. baby boomers and underfunded social security
• Autonomous vehicles – how will it change the future?

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• IEA’s forecast of oil glut in 2020
• Perspectives on Mark Gordon’s thesis – age of peak oil to age of abundance
• Unaccounted for oil
• CoT chart – pick up in open interest, what does that mean?
• Oil price outlook
• Comparative inventory system 
• Strategies for investing in oil
• Reasons behind increasing DUC’s 

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Views on Zoltan Pozsar’s theory of repo dislocation
• Perspective on the Fed
• Is QE4 imminent?
• Negative yielding sovereign debt - what’s next?
• Perspectives on the next economic downturn
• What is on the horizon for the bond market 
• Consequences of negative yielding debt going to no-bid
• Outlook on fixed income market

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