Often wrong, never in doubt. – Bill Fleckenstein

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Fleck's Thoughts

Ask Fleck

Q: For those who may not have seen it, the link to Stanley Druckenmiller's recent webinar with the ECNY recently that was widely quoted from in the media.

ECNY Events - Stanley Druckenmiller

Q: Here’s the full Druck talk...

ECNY Events - Stanley Druckenmiller

Q: I am an executor who is charged with delivering physical precious metals to out of town beneficiaries. How does one do this? UPS and buy insurance? Thanks,

Q: Comment: As a new member, I wanted to say what an added value it was for me when your readers recommend podcast they listened to and found helpful.
I actually found your service because of your podcast that you did a month ago. Thanks for all you do and thanks to your very smart readers, I am stepping up my knowledge of what is going on around me.

Q: Fleck,
Had a call with an Admin. Assistant at my company about a project. We started chatting and she started talking about how the Fed is debasing the currency, she thinks Trump will bring Shelton into the Fed and we are going to go on he gold standard, and how she has been investing in silver (since gold is too expensive) and some cryptos (ugh!). But....it was stunning to hear someone like her talking like this. I see what you mean when psychology changes. Not sure if this is indicative of a market top or not. Assume not since most everyone else I know never mentions these things.

Q: Here's more info about companies' undisclosed paid touts on Seeking Alpha: SEC targets fake stock news on financial websites. I have some experience with Seeking Alpha, as well, and I know they have tried to crack down on this since. But they should have done it long before, and it's probably impossible to completely stop.

Q: "David Rosenberg bluntly told attendees Monday at John Mauldin’s Virtual Strategic Investment Conference 2020 that the stock rallies in recent weeks ignore reality and don’t recognize that the United States is likely entering a depression, facing double-digit unemployment for at least three years, secular changes in consumer spending and saving, and deflation followed by stagflation."
David Rosenberg Says the Bulls Are in Fantasyland

Q: Gold and miners breaking out left, right and centre.

Kirkland Lake seems a laggard.

Do you know of anything in particular why this should be so, or is there potential for 'catch up'? (I initiated a position this afternoon, so expecting the latter).


Q: How does Michael Oliver do it? His trigger numbers for silver have been spot on. Big thanks for telling us about his terrific service.

Q: Morgan Stanley issued a trade recommendation yesterday for GDX and GDXJ. Thought that was worth noting...

Q: is there a reason silver is up so sharply? Didn’t expect this instant gratification!
I ain’t complaining as I bgt more PAAS and PSLV yesterday

Q: Bill, regarding negative interest rates, I think one alternative if it ever comes to that is to open up a Treasury Direct account, which is run directly by the US Treasury Department. There is one security in it called “Zero-Percent Certificate of Indebtness”, which is essentially cash, but it is actually a security issued by the Treasury that has the same standing as other treasury securities. Parking money there also means you don’t have to worry about FDIC insured limits with banks. Again, it is a last resort, and there is no gurantee the Treasury won't suspend issuance of the Zero C&I when the Fed goes negative interest rate, but this thing is probably the last to go as a nominal cash alternative. Not a lot of people are aware of the existence of this Treasury-run program, but it is actually a very nice website. You can link your bank account to the your TreasuryDirect account and you can buy other treasury securities and savings bonds.


About TreasuryDirect

Learn More About Zero-Percent Certificate of Indebtedness