| Keith Weiner | PhD, CEO & Founder, Chairman of the Board | Leadership Team | Keith Weiner is an economist who is a leading authority in the areas of gold, money, and credit and has made important contributions to monetary theory. He is also an entrepreneur who specializes in businesses that solve hard problems. Before Monetary Metals, he founded DiamondWare, a software company that developed 3D voice technology, sold to Nortel in 2008. He is the President of the Gold Standard Institute USA. He earned his PhD from the New Austrian School of Economics. |
| Jeff Deist | Chief Risk Officer | Leadership Team | Jeff spent ten years as president of the Mises Institute, where he wrote hundreds of articles and delivered countless speeches on topics of monetary policy, gold, and central banking. Prior to that he worked on Capitol Hill as Chief of Staff for Congressman Ron Paul. He previously worked as an attorney in law firms and public accounting firms specializing in private equity, mergers & acquisitions, and tax. Jeff holds degrees in law and taxation. |
| John Flaherty | Chief Operating Officer | Leadership Team | Throughout his career, John has excelled in operational leadership roles in the fields of commercial construction management, real estate development and education. In his recent role as Director of Real Estate Development for BASIS Independent Schools, John was responsible for developing a national portfolio of elite private schools. He has a bachelor’s degree in civil engineering from Arizona State University and pursued graduate studies in economics at the University of Arizona. |
| Nathan Lucas | Chief Financial Officer | Leadership Team | Nathan Lucas has over 25 years as an accounting professional. After graduating with a Bachelor of Commerce (Major Accounting & Economics) from Monash University, he was admitted to the Institute of Chartered Accountant in Australia whilst working in the audit division of Ernst & Young. Nathan has worked in a variety of senior finance roles including guiding a start-up to IPO, extensive experience in ERP system implementation as well as being CEO and founder of an Accounting Software business. |
| Miranda Werstiuk | Chief Revenue Officer | Leadership Team | Miranda has over 30 years’ experience in finance for the resources sector. She has worked across the spectrum of transaction mechanisms (equity, debt, and alternative financing), with a focus on complex structuring for creative and mutually beneficial solutions. She has relationships with private and public corporate issuers, as well as high net worth individual and institutional investors. Miranda regularly contributes to conferences including PDAC, 121 Mining, Mining Indaba, Mines & Money London, IMARC, and CIM. She is Chair of the Program Advisory Group for planetGOLD, which seeks to eliminate mercury used by artisanal and small gold miners, as well as being a long-standing participant and committee member of WIM Toronto. |
| Dickson Buchanan, Jr | Chief Commercial Officer | Leadership Team | Prior to joining Monetary Metals, Dickson served as Senior Broker and Director of International Development at SchiffGold, where he helped a wide range of investors to obtain a strategic allocation into gold and silver both domestically and abroad. He received a Master‘s in Economics from King Juan Carlos University in Madrid, Spain where he studied under renowned Spanish economists Jesús Huerta de Soto and Juan Ramón Rallo. |
| KC Sparks | Chief Technology Officer | Leadership Team | A graduate of The Ira A. Fulton Schools of Engineering at ASU, KC is a value-driven technology expert with a proven record for developing and implementing robust software solutions that enhance profitability, efficiency, and redundancy. He has led initiatives resulting in SOC 2 compliance, optimized infrastructure and deployment workflows, and ensured optimal prioritization and execution of software strategies aligned with the intricate demands of the financial sector—all while fostering a culture of ownership, empowerment, and collaboration among his growing team. His evolution from Lead Software Engineer to Chief Technology Office reflects his commitment to excellence and deep understanding of software development. |
| Addison Quale | Vice President Relationship Management | Leadership Team | Addison concentrated in economics at Harvard University and came to embrace libertarian thought while studying for a Master of Divinity at Gordon-Conwell Theological Seminary. Addison worked as a precious metals specialist at SchiffGold, with additional work experience at Cambridge Associates, a Boston based investment consulting firm. |
| Mark Pey | Director of Strategic Relationships | Dubai office | Leadership Team | Mark brings significant experience across financial services, technology, and digital physical gold management to Monetary Metals. His career background includes roles as Financial Services Industry Manager, Microsoft Corporation, where he ran Microsoft's financial services practice across Australia, New Zealand, and 'English speaking Asia' (Singapore and Hong Kong). He was also Vice President, J.P. Morgan American Century, where he ran institutional investment sales for some of their largest clients including Intel Corporation. Lockheed-Martin, and Bechtel Corporation. |
| Jeffrey Rhodes | Managing Director Business Development, Middle East and Asia | Leadership Team | A leading expert in the international precious metals market, Jeffrey is widely recognized as 'The Godfather of Gold Leasing.' For over 45 years, he served major financial institutions, including Credit Suisse, HSBC, Standard Bank, and StoneX. He founded Rhodes Precious Metals Consultancy DMCC in 2013, was appointed as Principal Consultant to Goldstrom Pte in 2022, and in 2025, he was named the CEO of Goldstrom Advisory DMCC. He's played a prominent role in the development of the Dubai Multi Commodity Centre, and he's been a member of Dubai’s Gold Advisory Group since its inception in 2003. He was a Chairman of the Public Affairs Committee of the LBMA, during which time he founded its popular trade magazine, The Alchemist. |
| Andrew Senior | Vice President Strategic Relationships | Leadership Team | Andrew is a creative entrepreneur with experience in investor engagement, commercial partnerships, and scalable growth strategies. With a career spanning decades and continents, he has founded and scaled several successful ventures, including Skuuudle, IT247.com, and Marsland Holdings—and raised over £65 million in capital across various funding rounds. He has led international expansion efforts across the US, China, and Russia, has advised C-level teams on fintech, pricing automation, & emerging tech, and drove strategic partnerships and investment initiatives at Glint Pay. |
| Hiren Chandaria | Managing Director, Middle East and Asia Operations | Leadership Team | Hiren Chandaria is a seasoned precious metals executive with over two decades of experience in gold investment, structured finance, and market development. He helped structure India’s first and largest gold savings fund, which won CNBC’s “Most Innovative Fund” award, while another fund he managed was ranked Bloomberg’s best-performing gold fund globally. A CFA Charterholder and Sloan Fellow of London Business School, Hiren leads Monetary Metals’ expansion across the Middle East and Asia. |
| Jim Brown | Director | Board of Directors | Jim lives in Jackson Hole and manages the Justice Brown Family Office. His finance career includes ten years as a stockbroker and 20 years as partner and portfolio manager at Brandes Investment Partners of San Diego. Prior to his finance career, he was an Air Force instructor pilot and an airline pilot. Jim is a Chartered Financial Analyst, holds an MBA from Harvard Business School and a BS in political science from the United States Air Force Academy. |
| Simon Guenzl | Director | Board of Directors | Simon Guenzl has over 30 years of experience in finance, including over 20 years in private-markets investing. His experience includes advising on mergers & acquisitions at several leading Wall Street investment banks, making venture-capital investments in start-ups, and investing in private-equity and venture-capital funds on both a primary and secondary basis. He holds a law degree from the University of Western Australia and an MBA from the Wharton School of Business. |
| Ronald P. Stöferle | Advisor | Board of Advisors | Ronnie is managing partner of Incrementum AG and responsible for Research and Portfolio Management. Upon graduation, he joined the Research department of Erste Group, where he published his first “In Gold We Trust” report in 2007. The report has become one of the benchmark publications on gold, money, and inflation. Since 2013, he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie. In 2014, he co-authored the book “Austrian School for Investors” and in 2019 “Die Nullzinsfalle” (The Zero Interest Rate Trap). He is a member of the board of Tudor Gold, a Canadian exploration company, and an advisor to Matterhorn Asset Management, a global leader in asset preservation in the form of physical gold stored outside the banking system. |
| Mark Valek | Advisor | Board of Advisors | Mark is fund manager and partner of Incrementum AG. His passion is to apply interdisciplinary thinking to investment. He is particularly fascinated with the Austrian School of Economics, monetary history, and the foreseeable paradigm shift in the monetary system. Prior to the establishment of Incrementum AG, he was with Raiffeisen Capital Management for ten years, most recently as fund manager in the area of inflation protection and alternative investments. He gained entrepreneurial experience as co-founder of Philoro Edelmetalle GmbH. Since 2013, he has held the position as reader at scholarium in Vienna, and he also speaks at Wiener Börse Akademie. In 2014, he co-authored the book “Austrian School for Investors”. |
| Brent Johnson | Advisor | Board of Advisors | A globally recognized macroeconomic professional with over 25 years of financial markets experience, Brent is the CEO of Santiago Capital. Previously he served as Managing Director at BakerAvenue, a $2.5 billion wealth management practice where he advised several of the firm’s largest clients. Prior to that, he worked almost a decade in the private client group at Credit Suisse. Brent is widely known for his “Dollar Milkshake Theory” and speaks frequently on macroeconomics, currencies, and precious metals. |
If I understand correctly, the basis/cobasis is simply a measure of the spread between spot au/ag and the futures contract prices. If so, then why use two terms for what is essentially the same metric? Why not just say the spread is +/-X%? Also, is there a way for the layman to track this spread online — preferably charted as illustrated above?
You got some negative comments on Jim Sinclair’s website from Dan Norcini. Way to go! It shows you are touching a nerve. No one knows everything. This is just one indicator. There was not much doubt that prices were going to fall. If you’re going to tell me different, my question to you is why don’t you and the Doc own all the gold and silver in the world?
Tyonker, allow me to explain something to you. I but gold and silver regularly. Recently, i made a sizeable gold purchase. From reading Keith’s analysis regularly, I leaned the charts were strongly suggesting silver correction. Normally, I wouldn’t sell my silver for 31.90 because, amongst other reasons, it wasn’t profitable enough. But, i learned from him that I could buy and sell silver in terms of gold. That gave me the understanding that I could sell that silver, in essence, to cover that gold purchase I’d just made.
So I sold my silver to pay for gold. Then silver dropped the next day and eventually sunk to mid $28. I repurchased $10k silver for a friend and picked up another $7k for me.
Ok, so I’ve worked special arrangements. Got the good at 1% under, sold silver to cover it at 4% over spot (31.90). Then bought back in at $29.70. Had I not read Keith’s articles, etc, it would have never occurred to nee to buy/sell silver in terms of gold rather than dollars.
ps. The order of the transactions is flexible. Silver could be used in advance for the intent of twitching gold OR hold can be purchases then silver sold to cover.
Its very interesting for a guy like me who is not a money/numbers guy but appreciates intelligent ways of doing things. ;)
Best wishes
E
until you take delivery, you’re no different than everybody else who gambles in the pm market. you buy for us$, sell for us$ and end up with more us$, or whatever fiat you operate with.
I get that one may purchase gold for silver or vice versa, unfortunately I don’t have any special purchase arrangements to be able to ignore premia. Yes this is a strategy that has potential, nontheless silver and gold both being down you might at times increase your holdings of one or the other metal but still decrease you overall purchasing power, would you agree?
So what We have to do With Silver ?
Buy , Hold or Sell
Personally, I think silver is going to really this week
Actually I didn’t get this sentence.
“Personally, I think silver is going to really this week”
My question is to get Your opinion on the Silver.
silver is going “Down” or “UP” for the 3 month perspective and also for 1 year perspective.
Actually I didn’t get this sentence.
“Personally, I think silver is going to really this week”
My question is to get Your opinion on the Silver.
silver is going “Down” or “UP” for the 3 month perspective and also for 1 year perspective.
the fed is printing trillions to goose the market, the banks are manipulating libor rates, cb’s are rigging fx markets, pegging currencies to each other, there are dark pools and shadow banking schemes, naked derivative bets; but somehow this tiny pm market is pure of all the fraud out there. like the banks wouldnt print gold fiat iou’s they can default on, would they? and, of course, all the gld/slv etf’s have the metal. . unencumbered. right? i dont get it.
Hi ex. This probably won’t help but some of your concerns are a bit misplaced. Your comment on libor rigging, even for 1/8th percent, is well taken but some of the other problems aren’t so dire.
Central banks aren’t pegging their currencies and that is what is allowing this “race to the bottom”. Nobody (except maybe China) is pegging. Everyone is trying to devalue against everyone else.
I’m not to sure what you mean by banks printing unbacked gold fiat I.O.Us. If you have an example that would be helpful.
As for the metals ETFs, especially the large one’s, they are third-party audited regularly and no discrepancy has ever been found. The same is true of the large (multi-billion dollar) vaulting organizations like GoldMoney and Bullion Vault. You can chose not to believe it but no evidence to the contrary has ever surfaced, just vague mutterings from folks who have no data.
I was involved with the futures market as both a trader, CTA and the owner of a brokerage firm. I can tell you from experience that about 95%+ of the horror stories you hear (like the Comex warehouses are empty and they are going to default) have no basis in fact. The other 5% are badly distorted and usually based on a misunderstanding of how the exchanges work. Do as much research as you can but get objective *facts*, not unfounded rumors, and then decide how to handle your funds. You’ll sleep better.
Fine commentary, Jim. One thing that struck me in this recent ‘race to the bottom’ particularly with the Yen is how this time their mere threat of intervening has had a much more dramatic impact than on previous occasions in the past 3 years where they actually did manually sell Yen vs. X (Euro/USD, etc.) What amazed me about ferocity of this particular move leads me to believe there are some very powerful forces behind the move, like Soros and others of hid kind.
Trade wisely, all. Fiat cannot exist forever.
Jim, that is a good, and informed reply
Thank You
If I understand correctly, the basis/cobasis is simply a measure of the spread between spot au/ag and the futures contract prices. If so, then why use two terms for what is essentially the same metric? Why not just say the spread is +/-X%?
To compare to other sources of interest income in the market?? Kieth?
Dennis: whether it is possible to decarry gold profitably (positive cobasis) is not the same thing as saying it is not possible to carry profitable (negative basis)–both can be negative.
tyonker: “all the gold in the world” has a nice ring to it… *yeah* that’s the ticket! :)
ex nihilo: this is not about claiming there is no fraud, or what banks would or would not do. One common allegation is that the banks sell futures naked. The data does not support that claim.
JimT: Thanks your comments. One day I’d like to write a piece about the empty warehouse. In short, if someone buys a gold bar, sells a future against it, and leases it out in the meantime. The warehouse would be empty, but is this fraud?
Research: yes, it is important to be able to compare basis to the Treasury bill of the same duration. Also see my reply above.
So if the cobasis theory is correct, the charts are saying there is room for silver to fall relative to gold even though they probably will rally. I don’t have any experience with the basis/backwardation contango other than to have noted them in the past. Is it likely that gold’s rally will be more in percentage terms? If we are in the early stages of the rally isn’t that more likely? Does anyone have a recommendation of a safe place to allow for this kind of swapping?
Quick note on warehousing. The warehouse simply acts as a transit stop between sellers and buyers. Sellers who are delivering move gold into a warehouse and it is then turned over to the buyer who can move it out or leave it there and pay for storage. A better question is what if I sell a future and have NO physical gold? Is that fraud? No, that is the way 99% of all futures transactions are structured. Deliveries are very rare and usually only occur between banks settling accounts with each other. The futures market is a place for speculators. It is all about betting on the price. Arbs keep it aligned with the physical market but it is not in itself a market for physicals. Folks fixate on the futures market far too much. It can be a very useful indicator of current market sentiment and the supply situation, however.
One more quickie. The other side of the futures market is, of course, commercials which do have (or will have) physical possession. For them the futures market provides a hedging function. Most folks on this site that trade in futures probably belong to the speculator group and that’s who the previous comment was addressed to.
One more quickie. The other side of the futures market is, of course, commercials which do have (or will have) physical possession. For them the futures market provides a hedging function. Most folks on this site that trade in gold futures probably belong to the speculator group and that’s who the previous comment was addressed to.
tyonker: please contact us using the form linked at the top of the page.