Craig Hemke – When Money Dies – The Coming Stagflationary Recession

Craig Hemke, Founder and Editor of TF Metals Report, joins us for a discussion on the key macroeconomic drivers he’s watching that are continuing to feed the stagflation backdrop as it relates to inflation, high energy prices, a slowing economic growth outlook, and changes coming the labor markets. 


Craig highlights some passages from the book, “When Money Dies” by Adam Fergusson, and recommends it to people concerned about where the economic health and fiscal trends may be heading. The discussion covers a number of macro factors like the Fed’s policy tug-of-war between fighting inflation and collapsing the markets, the true impacts of the rising energy sector, how higher input costs will affect corporate earnings and employment, and how an ongoing stagflationary recession may underpin longer-term intrinsic value in hard assets like gold and silver.



Click here to visit Craig’s site, TF Metals Report.


Your Masters of The Universe at the Federal Reserve would like you to believe that they have inflation under control and they can solve the problem through a few hikes of the fed funds rate. This is foolhardy and today let’s look at just one problem that they cannot fix.


If you’ve traveled by car recently, you’ve likely noticed that highest gasoline and diesel prices on record. It looks something like this:

    Jun 02, 2022 02:37 PM

    FREAKY FRIDAY……………. Again…………………. have fun boyz……….

      Jun 02, 2022 02:40 PM

      Hi OOTB – Yes, tomorrow is likely to be another Freaky Friday indeed. Never a dull moment… 🙂

      I’m interested to see if many of the precious metals, base metals, and uranium mining stocks that surged today can hang onto some of the pricing progress that they clawed back for the weekly close.

        Jun 02, 2022 02:30 PM

        Hi EX……………..
        Glad you are keeping everyone informed………… I have been reading most of your comments…..
        There is a lot of great info you put out…….. Someday more will appreciate your hard work.
        The PM sector is still the place to be………. JMO
        The Sheeple might wake up someday… Nah….. hopeful thinking……. lol 🙂
        I will continue to RANT, in the ORPHAN SECTION……. until dismissed… 🙂
        Fifth time is a charm………… lol. Have a great one…… 🙂

          Jun 02, 2022 02:13 PM

          Thanks for those kind words OOTB, and yes, I try to share good information for consideration here with the KER crew, but absolutely appreciate all the other contributors, such as yourself, keeping us all better informed (even from over in the orphan section) 🙂

          To your point, it sure would be nice if more of the sheeple awakened, but that typically only comes from knowledge, breaking free of the patterns of social conditioning, and being willing to go to the root of where many beliefs and ideologies come from in the first place. Easier said than done for many people, and most are simply willing to ignore those kinds of things = ignorance.

          Well, keep on ranting sir, keep sharing the information, and keep on keepin’ on. Cheers! 😉

    Jun 02, 2022 02:43 PM

    Money, Banking, and the Federal Reserve

    Mises Media

    “Thomas Jefferson and Andrew Jackson understood ‘The Monster’. But, to most Americans today, ‘Federal Reserve’ is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates.”

    “Dedicated to Murray N. Rothbard, steeped in American history and Austrian economics, and featuring Ron Paul, Joseph Salerno, Hans Hoppe, and Lew Rockwell, this extraordinary documentary is the clearest, most compelling explanation ever offered of the Fed, and why curbing it must be our first priority.”

    “Alan Greenspan was not, we’re told, happy about this 1996 blockbuster. Watch it, and you’ll understand why. This is economics and history as they are meant to be: fascinating, informative, and motivating.”

    Jun 02, 2022 02:01 PM was taken down in China long time ago so he’s doing something right.

      Jun 02, 2022 02:20 PM

      Yeah, Lew is solid voice of reason, insights, and free thought, so I can see why China would not be a fan of his.

    Jun 02, 2022 02:24 PM

    Alfonso Peccatiello – The Fed Put Is Simply Not Here and They Can’t Rescue This Market

    Stansberry Research – Jun 1, 2022

    Normally when bond yields drop, investors have inferred this is positive for the NASDAQ and bitcoin, “but in reality, we are seeing the opposite,” says Alfonso Peccatiello, author of The Macro Compass.

    “Risk premia is widening,” he tells our Daniela Cambone, and investors are looking to be compensated more for risky assets. “The Fed put is not here,” Peccatiello states, and they cannot rescue markets due to improper conditions to apply it. He illustrates what the Federal Reserve has been precisely looking for to slow down the economy, comparing the unevenness between mortgage rates for everyday citizens and treasury yields. “Copper has started to wobble a bit,” but agricultural commodities have continued to rise, which signals an alarm,” he continues.

    Jun 02, 2022 02:54 PM

    Lots of folks ripping on Silver and the Silver mining stocks lately.

    Well, today was a good example of how they also can outperform on the upside when we see a little positive sentiment return to the sector. Got silver producers?


    Symbol – Silver Producers – Daily Change %

    EXK Endeavour Silver Corp. +15.91%
    AGX.V Silver X Mining Corp. +13.64%
    AYA.TO Aya Gold & Silver Inc. +12.41%
    GATO Gatos Silver, Inc. +11.94%
    GGD.TO GoGold Resources Inc. +11.79%
    GSVR.V Guanajuato Silver Company Ltd. +11.11%
    MAG Mag Silver Corp. +10.52%
    AG First Majestic Silver Corp. +10.45%
    IPT.V Impact Silver Corp. +10.45%
    CDE Coeur Mining, Inc. +10.36%
    APM.V Andean Precious Metals Corp. +9.38%
    HL Hecla Mining Company +9.11%
    AXU Alexco Resource Corp. +8.88%
    EXN Excellon Resources Inc. +8.70%
    SVM Silvercorp Metals Inc. +8.60%
    PAAS Pan American Silver Corp. +8.60%
    FSM Fortuna Silver Mines Inc. +8.24%
    AUMN Golden Minerals Company +7.98%
    USAS Americas Gold and Silver Corporation +7.86%
    SMTS Sierra Metals Inc. +7.60%
    SSRM SSR Mining Inc. +7.54%
    ASM Avino Silver & Gold Mines Ltd. +6.38%
    GPL Great Panther Mining Limited +6.16%
    SCZ.V Santacruz Silver Mining Ltd. +4.94%
    BCM.V Bear Creek Mining Corporation +4.21%
    HOC.L Hochschild Mining plc +1.73%

      Jun 02, 2022 02:34 PM

      Silver Supply Diminishing As Demand Poised To Blossom

      Reuters | June 1, 2022

      “In a new Sprott Silver Report, Maria Smirnova, MBA, CFA, dug deep into silver’s interesting supply and demand situation, noting that it is historically undervalued when compared to gold.”

      “With supply trends likely unable to keep up with longer-term demand, silver has some compelling fundamentals that could make it a smart pick in today’s market environment.”

      “Silver bullion put up big numbers in 2020, gaining 47%. Since then, it has been in a holding pattern. Silver has been stuck in the range of $22 and $28 per ounce since 2021, with an average price of $25.14. It has not performed as well as gold of late, largely due to the fact that silver is more prone to be affected by volatility.”

      Smirnova noted that “Although the risk-off tenor of the moment may be a headwind for short-term silver pricing trends, over the longer term, we believe silver supply constraints will become more relevant in the face of sustained, growing demand.”

        Jun 03, 2022 03:38 AM

        Here’s a Silver explorer that is continuing to hit on press release after press release…. drill hole after drill hole.


        (VZLA) Vizsla Silver Extends High Grade Mineralization at Southern End of Napoleon, Intersecting 2,098 G/t AgEq over 4.30 Metres

        June 2, 2022

    Jun 02, 2022 02:20 PM

    It was also nice to see a lot of green on the screen in the Uranium stocks today.

    Symbol – Uranium Stocks – Daily Change %

    UEC Uranium Energy Corp. +18.03%
    URG Ur-Energy Inc. +13.68%
    LEU Centrus Energy Corp. +12.52%
    CUR.V Consolidated Uranium Inc. +10.55%
    FSY.TO Forsys Metals Corp. +10.34%
    UUUU Energy Fuels Inc. +9.79%
    AEE.AX Aura Energy Limited +9.76%
    FCU.TO Fission Uranium Corp. +9.33%
    RDM.AX Red Metal Limited +8.89%
    BSK.V Blue Sky Uranium Corp. +8.82%
    NXE.TO NexGen Energy Ltd. +8.36%
    SYH.V Skyharbour Resources Ltd. +8.24%
    BOE.AX Boss Energy Limited +7.87%
    ISO.V IsoEnergy Ltd. +7.86%
    LAM.TO Laramide Resources Ltd. +7.69%
    GLO.TO Global Atomic Corporation +7.43%
    LTBR Lightbridge Corporation +7.24%
    UROY Uranium Royalty Corp. +6.80%
    EU.V enCore Energy Corp. +6.78%
    WUC.CN Western Uranium & Vanadium Corp. +6.52%
    URNM Sprott Uranium Miners ETF +6.50%
    92E.AX 92 Energy Limited +6.36%
    MGA.TO Mega Uranium Ltd. +6.25%
    DYL.AX Deep Yellow Limited +5.71%
    UEX.TO UEX Corporation +5.56%
    AAZ.V Azincourt Energy Corp. +5.56%
    AEC.V Anfield Energy Inc. +5.56%
    URA Global X Uranium ETF +5.34%
    GXU.V GoviEx Uranium Inc. +5.00%
    DNN Denison Mines Corp. +4.96%
    CCJ Cameco Corporation +4.90%
    FUU.V Fission 3.0 Corp. +4.76%
    ACB.AX A-Cap Energy Limited +4.76%
    STND.V Standard Uranium Ltd. +4.17%
    EPM.AX Eclipse Metals Limited +4.00%
    VMY.AX Vimy Resources Limited +2.63%
    PWM.V Power Metals Corp. +2.56%
    BMN.AX Bannerman Energy Ltd +2.38%
    FIND.V Baselode Energy Corp. +1.90%
    U-UN.TO Sprott Physical Uranium Trust Fund +1.89%
    NLR VanEck Uranium+Nuclear Energy ETF +1.88%
    GGG.AX Greenland Minerals Limited +1.67%
    ERA.AX Energy Resources of Australia Ltd +1.67%
    MKA.V Mkango Resources Ltd. +1.47%
    AGE.AX Alligator Energy Limited +1.43%
    QRC.V Queen’s Road Capital Investment Ltd. +1.33%
    API.CN Appia Rare Earths & Uranium Corp. +1.28%
    1164.HK CGN Mining Company Limited +1.25%
    CVV.V CanAlaska Uranium Ltd. +1.22%
    GCL.L Geiger Counter Limited +0.63%

      Jun 02, 2022 02:27 PM

      Experts Indicating Uranium Prices and Demand Could Continue Its Bullish Run

      Financial News Media – Jun 01, 2022

      “In 2021, the price of Uranium reached the highest levels since 2014, driven by numerous external factors. As a key component of nuclear energy, investors continue to bet on increasing demand for uranium as the world looks towards alternative energies. Throughout the year, the uranium spot price rose from around $30 to $42.05 a pound, an increase just shy of 40%.”

      “Put together, these factors contributed to a rally between 1 January and 31 March, as the price of uranium nearly doubled from $30.20 to $58.20 a pound, according to data from Cameco. As of 5 April, Uranium was trading at $56.70 a pound, a value increase of approximately 83% year on year.”

      “One analyst commenting on the uranium price forecast for 2022 suggested that the ore’s price could head up to as high as $200, before a 50% retraction to the $100 mark. Another analyst has a more conservative estimate of $70 per pound. The 12-month uranium price forecast at Trading Economics is estimated to reach a value of $66.17. Uranium could continue its bullish run, according to, partially due to an aggressive buying spree by the Sprott Physical Uranium Trust, which increased its holdings by 10% throughout February 2022 alone.”

      Jun 04, 2022 04:54 AM

      Sold CGN Mining(1164.HK) some time ago after it sold 1B shares to another state owned enterprise at a substantial discount to market value. And then issued a press release saying it was a good deal for all shareholders. It owns pieces of very good uranium mines around the world but it’s not for the benefit of common shareholders.

    Jun 02, 2022 02:30 PM

    Gold Price Rises On Dollar Slump, Weak Private Payroll Data | June 2, 2022

    “Gold prices rose over 1% on Thursday, coinciding with a dip in the US dollar and discouraging private payroll data for the month of May. Spot gold was up 1.3% to $1,869.67 per ounce by 12:20 p.m. ET, its highest in nearly a month. US gold futures also gained 1.3%, trading at $1,873.30 per ounce in New York.”

    “Meanwhile, the US dollar index fell by 0.5%, slipping off a one-week high reached during Wednesday’s session. The latest data from payroll processing firm ADP showed that job creation at companies decelerated to the slowest pace of the pandemic-era recovery in May.”

    Jun 03, 2022 03:37 AM

    Just an incredible exchange between you two….Outdoes Kitco interviews in terms of earnestness and lack of edited thoughts….5 star….Thank you EX…🎯🔊

    i am going to be more comfortable entering miners even if not real great entrance…glta

      Jun 03, 2022 03:43 AM

      Very much appreciated Larry. Glad you enjoyed the exchange with Craig & I. Ever upward!

      Jun 03, 2022 03:32 PM

      Agree Larry but you can’t beat that short music clip at the end of David Lin’s interviews
      ..Gonna make her mine..

    Jun 03, 2022 03:51 AM

    Eric Nuttell is on BNN at noon EDT, an excellent energy analyst.

      Jun 03, 2022 03:13 AM

      Thanks for sharing that Dan. I’ve listed to Eric Nuttell before and he’s a solid thought leader in the energy space, and that seems to be one area of the economy that has bucked the trends over the last year and continued plowing higher. I’ve had a few oil & nat gas plays for the journey over the last year, but not nearly enough in my portfolio.

    Jun 03, 2022 03:22 AM

    To the points Craig & I discussed in the interview above regarding stagflation and that the only component missing from the 1970s (high inflation, runaway energy prices, slowing or “stagnant” economic growth, and escalating unemployment) was the labor side of things.

    We had pondered if we’d start seeing more layoffs in the quarters to come as companies’ bottom line margins get squeezed due to inflationary pressures and rising prices/costs. This eventual culling of the working herd seems quite likely, as companies will need to cut their bottom line and do things more efficiently moving forward, likely with more stripped down staffs. However, many of the generalists we bring on the show or that I read in the main stream media are still living in the recency bias of the last few years where the labor markets have been strong, and where many companies were perpetually hiring. As with all things in flux and that change… old ideas die hard.

    Well, the recent small business numbers showed that they were, in fact, starting to cut and layoff workers, which is NOT a surprise. Here’s another bell ringing this morning with Tesla pairing off 10% of it’s staff, so the final component of stagflation has arrived. (despite all the naysayers). It really wasn’t that difficult to see all these forces and eventual outcomes building up a few years ago, and these trends were going to play out anyway, long before we had the scapegoats of the pandemic or war in Ukraine to try an explain them away.


    Tesla Shares Dip On Elon Musk’s Plans To Cut Workforce

    Lora Kolodny – Fri, June 3 2022

    “Tesla shares dipped about 6% on Friday after news that CEO Elon Musk plans a hiring freeze and 10% job cuts at his electric vehicle and renewable energy company.”

    Reuters reported late Thursday on an e-mail Musk sent to Tesla executives saying he had a “super bad feeling” about the economy and called for the job cuts.

    Jun 03, 2022 03:36 AM

    I see nothing has interrupted the long term intervention pattern. The improbable alternating day pattern continues with Friday completing the zeroing out of the Canadian gains on Monday when the US markets were closed. Yesterdays gains are todays losses. We can conclude that the action is US driven.

    Jun 03, 2022 03:41 AM

    (BNCH) (BNCHF) Benchmark Drills 54.60 Metres of 3.73 g/t Gold Equivalent, Including 9.60 Metres of 19.39 g/t Gold Equivalent at the Dukes Ridge Deposit

    June 2, 2022

    Jun 03, 2022 03:44 AM

    (SKE) Skeena Resources Completes Acquisition of QuestEx and Concurrent Sale of Assets to Newmont

    June 1, 2022

    Jun 03, 2022 03:39 AM
    Jun 03, 2022 03:42 AM

    GDX:GLD pullback near speed line and Fibonacci resistance…