Macro Voices Podcasts

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

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Francesco 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 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?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ralph 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:

• 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

 

 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 this 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- 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]

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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 

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 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?

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).

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 

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).

Click here to register for access to supporting materials.

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?

Download the podcast transcript: [Click Here]

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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 

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 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 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

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jim 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 Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Perspectives on the latest FOMC meeting
• Is China a part of reflation equation?
• Perspectives on inflation
• Will ECB hike or the Fed lower to zero in 2020?
• Expectations of fiscal responses to macroeconomic challenges
• Translating the macro views to trading strategies
• Outlook on US equities 
• US/China trade deal news driven move in the market – should we take it seriously?
• 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 Juliette 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- Jeff Snider

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Erik Townsend and Patrick Ceresna welcome Mark Gordon to MacroVoices. Erik and Mark discuss:

• Inventory is not what drives the price
• Hubbert’s peak –regime change from the age of peak oil to the age of abundance
• Has conventional production reached its peak?
• Shale oil vs. offshore oil
• Why “the day of reckoning” will happen soon
• Electric vehicles – declining sales and outlook going forward
• Possible impacts the recession will have on oil prices

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Mark 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 Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

• Electric Vehicles – where is the energy coming from?
• Is “nuclear renaissance” imminent?
• What is going to be the mode of power in the future and how will it be delivered
• Replacing petroleum and what impact it has on geopolitics
• Changing roles of Russia and China in geopolitics

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeffrey 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 Peter Boockvar to MacroVoices. Erik and Peter discuss:

• Global macro outlook 
• Will US get to negative interest rates?
• The recent back-up in yields - is this a trend reversal or a correction
• Inevitability of inflation and its effects on central banks
• Is this the end of the bond bubble?
• Perspectives on Christine Lagarde, ECB and Brexit
• Outlook on US/China trade negotiations
• Fed’s “insurance” cuts– what’s next?
• Portfolio positioning strategies 
• Gold-Silver ratio and portfolio allocation in precious metals.

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 Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Perspective on late cycle dynamics
• Update on the steepener narrative 
• Cross asset momentum reversal and what is coming next?
• CTA position estimating model – how does it work?
• Equity and bond market outlook
• Significant upside potential in VIX – could it be the next blow-up event?
• Gold outlook – is it time to buy?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book 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).

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Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. Erik and Keith discuss:

• Q4 2019 Macro themes–What is next? 
• Inflation or stagflation – is time to own gold?
• What is next for the Chinese economy?
• Outlook on US dollar
• Equity markets – FOMO vs. deteriorating earnings expectations
• Perspective on the market melt up
• Labor share of income and corporate margins
• Long short pairs trade in software industry

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Keith 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 Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Perspectives on the latest FOMC meeting
• Treasury market - is it time to go long?
• Next FOMC meeting forecast
• Short term and long term views on Gold - is it time to buy?
• Outlook on US dollar
• Christine Lagarde and ECB - what's next for Euro currency
• Outlook on global and US equity markets
• Perspectives on the Chinese credit expansion

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 Diego Parrilla to MacroVoices. Erik and Diego discuss:

• Contrarian investment thesis – the energy world is flat vs. the anti-bubbles
• Concept of Anti-Bubble
• Monetary Policies without limits, what’s next?
• Term premia, credit risk, equity risk and liquidity premia
• Limits of negative rates
• Gold, treasuries and insurance
• Balanced portfolios and portfolio construction

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Diego 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 Pomboy to MacroVoices. Erik and Stephanie discuss:

• Late economic cycle – what’s next?
• Perspective on the expansion of the FED’s balance sheet
• Significance of the recent liquidity shock
• Discretionary spending, revolving credit and retail sales
• Inventories to sales ratio, outlook on profits
• Divergence between corporate profits and S&P
• Outlook for the 4th Quarter 
• Perspectives on MMT
• Is it finally time to short junk bond market?
• Outlook on Gold

 We strongly recommend that you download the chart book that accompanies this episode, as Erik and Stephanie 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).

Download the podcast transcript: [ Click Here ]

SPECIAL POST GAME GUEST- Rick Rule

Strategies for participating in gold equities bull market

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

• Economic and liquidity leading indicators
• Growth slowdown and risks of a recession
• US/China trade war and its implications on the markets
• Translating economic signals into market decisions
• Impacts of Europe/ECB on global market system
• Tail hedges and the risks in the market
• Perspectives on global dollar shortage and the repo market
• Possibilities of QE in Q4
• Recent divergence in value and growth
• Outlook on emerging markets

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).

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Amir Adnani

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