Peter Schiff, head of SchiffGold, Euro Pacific Capital, and Euro Pacific Gold Fund (EPGFX) joins the show from his vacation office in tropical Crypto-Rico, where air conditioning service, not heating is the chief concern today. Part I. of the talk includes key topics: PMs, US Equities Bear Market, Crude Oil and general commentary on the US economy. The guest / host outline their thoughts on how to "Make America Great Again," via a coordinated revamp of the current tax structure and encouraging private charities over programs to revitalize the more efficient charity network. For instance,The design set forth by the original Scottish Church charities for widows / orphans over 250 years ago, remains a most productive charitable system. Part II of the discussion involves an in-depth debate on the merits / challenges facing cryptocurrency market investors, slated for next week Our guest notes that gold reached a bear market nadir in 2015 and is building a base for a new bull run. Conversely, the US equities market could be entering bear market territory. Given that an economic downturn is overdue by several years, both the guest and host concur, 2019 will likely register two quarters of declining US GDP, registering an official recession for the first time in one decade. The big wild card remains the upcoming G-20 showdown between the US PODUS and China’s Jinping. The G-20 summit takes place in Argentina, where leaders will negotiate to resolve trade tensions. The United States is currently on track to impose tariffs on 25 percent on $200 billion of Chinese imports on Jan. 1 from 10 percent currently, unless U.S. concerns are resolved at the summit. China, a large gold buyer, has suffered economically from tariffs, in particular industrial manufacturers and suppliers. Whereas US pundits note that the balance of power in the trading arena has been so skewed against the US for so many decades that tariffs might be necessary to bring key plays to the negotiations table. Market watchers hope for improved relations between the two global economic superpowers, which would likely put a floor under equities and soften investors resolve to procure risk-on assets. In related news, investors continue to pour funds into the The SPDR Gold ETF (GLD) as a hedge against what could be a new bear theme in US equities. GLD has seen a surge in assets over the last month; the largest gold ETF received $600 million, a sizable one month increase. The head of GLD, George Milling-Stanley, vice president and head of gold strategy at State Street Global Advisors noted the ETF recorded big interest from investors in October due to rising market volatility, with $472.3 million in inflows for the calendar month, according to one media outlet. Elsewhere, the Fed is approaching the end of its rate tightening cycle, with the ECB announcing plans to begin quantitative tightening that has not dampened investors’ appetite for US dollars, at least for the time being just as many markets priced to near perfection for at least 12 months, against the backdrop of employment and inflation at multi-decade lows. Today the Fed Chairman Powell gave a key speech on the latest FOMC meeting minutes. Current FFF contracts at the CBOE indicate Fed policymakers will hike rates once more this year, next month and at least 3 three more hikes in 2019. The discussion includes the potential for a future stampede into the PMs markets with trillions of dollars in pensions funds under represented and less than a fraction of one percent of funds directed to the yellow metal (First noted by friend of the show, Nick Barisheff of Bullion Management Group, who is recovering from an illness; please forward get-well messages to Marty, M.Nicandro@bmg-group.com). Key takeaway - the guest and host concur, gold is building a base that will likely culminate in new record prices, from $2,000 - $5,000 and under extreme runaway market conditions, $10,000+.

Listeners are encouraged to attend his Cancer Charity Goal and Financial Seminar, free to the public in Chapel Hill NC, October 20-21! Several dozen have donated at merkinvestments.com/FightCancer - thank you!
An investment seminar in Chapel Hill, NC, on Saturday, October 20: merkinvestments.com/WalkTheTalk
A race! We are challenging others to join Sunday October 21: merkinvestments.com/race

Figure 1.1. Dr. William von Hippel & Joe Rogan - New Book "The Social Leap" Brilliant Psychological / Anthropological / Behavioral Research. (Caveat: controversial and adult material, 21+ only; presented for intellectual content).