Palisade Radio

Stijn Schmitz welcomes back Steve Hanke back to the show. Steve Hanke is a Professor of Applied Economics at Johns Hopkins University. Hanke highlights the two major wars—the U.S.-Israel conflict with Iran and the Ukraine war—as critical disruptors of global commodity flows. He notes that the Strait of Hormuz is effectively closed, with Iran controlling it, and the Houthis threaten the Red Sea chokepoint, severely constricting crude and refined product supplies. Russia's cutoff of diesel exports and domestic fuel shortages compound the strain. Oil markets are in backwardation, with spot prices above futures, signaling dangerously low inventories that have cushioned prices so far but are nearing depletion. Hanke warns that once physical inventories run out, oil prices could spike dramatically, potentially later this summer. He advises going long on oil, especially major producers, as a straightforward trade for most investors. On gold, Hanke maintains a bullish outlook, projecting a peak around $6,000 per ounce based on historical ratios to real disposable income. He attributes recent pullbacks to dollar strength and rising interest rates but sees central bank buying as a fundamental driver. He also discusses the pressure on the Fed to monetize debt, which could fuel inflation and support gold. The conversation shifts to the broader commodity supercycle, fueled by deglobalization, underinvestment, and the need for larger precautionary inventories. Copper and tungsten are identified as clear bullish plays due to supply deficits. Hanke notes that high diesel prices are squeezing mining and agriculture, potentially raising output prices. He also touches on dollarization, recommending developing countries adopt the U.S. dollar to expand its use rather than de-dollarize. The interview concludes with Hanke emphasizing the importance of money supply growth as the key determinant of nominal GDP and inflation. Timestamps: 00:00:00 – Introduction 00:01:05 – Key Developments on Radar 00:04:58 – Oil Predictions vs Reality 00:10:53 – Inventory and Flow Analysis 00:14:40 – Crack Spreads and Refining 00:16:27 – Demand Destruction Dynamics 00:20:51 – Anticipated Oil Price Spike 00:22:32 – Long Oil Opportunity 00:27:37 – Gold Bull Market Outlook 00:29:38 – Central Bank Buying Drivers 00:45:54 – Concluding Thoughts Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 Amazon Book: https://www.amazon.com/Capital-Interest-Waiting-Controversies-Additions/dp/3031633970 E-Mail: mailto:hanke@jhu.edu Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China's International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal's Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk's Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor's Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan's Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. Prof. Hanke has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universität Liechtenstein, the Universidad San Francisco de Quito, the Free University of Tbilisi, Istanbul Kültür University, Varna Free University, and the D.A. Tsenov Academy of Economics in recognition of his scholarship on exchange-rate regimes. Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris.

Stijn Schmitz welcomes Rory Johnston to the show. Rory Johnston is a Commodity Market Research Specializing in Oil and Gas. Johnston describes an unprecedented period of volatility in oil markets, where the supply-demand balance swung radically within a single month. Following a ceasefire in the Strait of Hormuz, a surge of previously stranded tankers created a temporary mini-glut, flipping market structures from severe backwardation into contango. However, this glut proved fleeting as inbound empty tankers, initially driven by the most risk-tolerant owners, have dried up, leaving Gulf loadings constrained by available shipping capacity. Consequently, supply is tightening aggressively again. The most significant factor absorbing the supply shock is China, which swung its crude imports down by five million barrels per day without clear economic damage domestically. Johnston explores speculative explanations, including massive refined product stock releases, a coal-to-petrochemical feedstock switch, or a geopolitical understanding with the US. He also suggests China may be using the crisis as a successful dry run for weathering a potential blockade in a Taiwan conflict scenario. This swing, totaling roughly half a billion barrels, dwarfs the collective releases from IEA member states. Beyond crude, the refined products market, particularly diesel, is critically tight. Diesel crack spreads have soared to staggering levels, driven by drone attacks damaging Russian refineries, prior damage in the Middle East, and China slashing product exports. Johnston clarifies that strategic petroleum reserves function as a supply boost, not passive inventory, and that operational tank minimums at hubs like Cushing primarily affect regional price differentials to discourage exports, not trigger infinite crude spikes. He concludes that the overriding vulnerability is refining capacity, which is easy to target and hard to defend, making North American facilities a potentially valuable geopolitical safe haven in the current drone warfare era. Timestamps: 00:00:00 – Introduction 00:00:29 – Guest Rory Johnson Introduction 00:01:06 – Energy Supply Demand Dynamics 00:04:30 – Mini-Glut and Market Flip 00:07:45 – Hormuz Traffic and Tankers 00:10:44 – China Import Swing Explained 00:15:00 – China Inventory Releases Analyzed 00:20:45 – Western SPR and Inventories 00:25:30 – Commercial vs Strategic Stocks 00:29:00 – Global Oil Deficit Calculation 00:34:00 – Refining Capacity Tightness 00:42:00 – Product Shortages and Prices 00:48:00 – Refinery Investment Outlook 00:52:50 – Concluding Thoughts Guest Links: Substack: https://www.commoditycontext.com/ X: https://x.com/Rory_Johnston Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, host of the Oil Ground Up podcast, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. He is a leading voice on oil market analysis, advising institutional investors, global policy makers, and corporate decision makers. His views are regularly quoted in major international media including the Financial Times, New York Times, Wall Street Journal, Bloomberg News, Reuters, BNN Bloomberg, CBC, and Financial Post, and he frequently appears on numerous market and industry podcasts (e.g., Bloomberg's Odd Lots, Hidden Forces, etc.). Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank where he set the bank's energy and metals price forecasts, advised the bank's executives and clients, and sat on the bank's senior credit committee for commodity-exposed sectors.

In this special multi-guest episode filmed on the floor of the 2026 Rule Symposium, industry veterans share contrarian views amid a healthy pullback in precious metals. Gold and silver sit 30-50% off highs, creating “fire sale” prices for quality names while central banks quietly stack physical gold and currencies face ongoing debasement. 13 Featured experts: Adrian Day, Rick Rule, Brien Lundin, Dr. Nomi Prins, Tavi Costa, Jeff Phillips, Matthew Piepenberg, Robert Quartermain, Brent Cook, Rob McEwen, Sean Roosen, Shawn Khunkhun, and Willem Middelkoop Key takeaways:Best setup in years: ultra-low valuations, extreme negative sentiment, cashed-up juniors & developers in safe jurisdictions.Focus areas: pure-play silver miners, copper (supply deficit + electrification), uranium, permitted gold developers, royalty/prospect generators.Rick Rule: invest in yourself first—knowledge + relationships beat hot tips.Long-term secular bull remains intact; producers generate massive free cash flow at current prices; expect M&A.Volatility is normal—buy quality while fear is high. Perfect primer for resource investors seeking high-conviction ideas from the conference. Find Out More About Palisades Goldcorp, Canada’s Leading Junior Resource Investment Company:► Website: https://palisades.ca Timestamps:00:00:00 – Introduction00:00:35 – Rick Rule – Invest in Yourself00:04:55 – Brent Cook – Quality Projects00:07:20 – Jeff Phillips – Healthy Pullback00:09:44 – Dr. Nomi Prins – Silver & Confidence00:12:14 – Matt Pipenburg – Buying Opportunities00:16:54 – Robert Quartermain – Dakota Gold00:20:03 – Rob McEwen – Macro Commodities Outlook00:24:45 – Sean Roosen – Liquidity & Energy – Hard Assets00:30:09 – Shawn Khunkhun – Good Valuations00:31:52 – Willem Middelkoop – The Big Picture00:35:00 – Tavi Costa – Rate Hikes & Geopolitical Drivers00:39:00 – Adrian Day – Sentiment & Opportunity00:42:09 – Brien Lundin – Debt, Deficits, Metals & Mining00:43:05 – Rick Rule Wrap Up

Stijn Schmitz comes to you from the Rule Symposium in Boca Raton, Florida. Rick Rule begins by emphasizing the importance of investing in oneself through knowledge and relationships, arguing that this foundational step precedes successful capital allocation. He notes that the easy money in commodities has been made, but the “sure money” lies ahead, particularly in gold. Rule explains that gold maintains purchasing power, having increased at 8% compounded nominally in US dollars over 26 years, while he predicts the US dollar could lose 75% of its purchasing power in the next decade. He highlights that precious metals currently represent only 0.5% of US savings assets, far below the four-decade mean of 2%, suggesting a potential fourfold demand increase if reversion occurs. Turning to oil, Rule describes a structural supply deficit due to chronic underinvestment in sustaining capital, amounting to roughly a trillion and a half dollars. He contrasts this with temporary disruptions, warning that the coming shortage will require massive capital input and cannot be quickly resolved. On silver, he shares his recent speculative strategy: he sold silver after a hyperbolic price spike, reallocating to physical gold, oil stocks, and silver equities, which he views as offering better risk-reward profiles. Rule also discusses the mining sector, cautioning that rising input costs Timestamps: 00:00:00 – Introduction 00:00:25 – Investing in Yourself 00:02:10 – Contrarian Investing Approach 00:03:50 – Gold Purchasing Power 00:06:00 – Gold Market Share Reversion 00:09:20 – Conditions to Sell Gold 00:11:00 – 1970s Inflation Parallels 00:12:30 – Rising Mining Costs 00:15:20 – Palisades Gold Corp 00:16:20 – Junior Mining Optionality 00:21:00 – Silver Speculation Strategy 00:24:50 – Silver Miners Valuation 00:26:20 – Oil Underinvestment Issues 00:37:50 – BattleBank Services 00:43:40 – Concluding Thoughts Guest Links: X: https://x.com/@realrickrule Website: https://ruleinvestmentmedia.com YouTube: https://www.youtube.com/@RuleInvestmentMedia Classroom: https://ruleclassroom.com Battle Bank: https://battlebank.com Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors. Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water.

Stijn Schmitz welcomes Dr. Nomi Prins back to the show. Dr. Prins is the Founder of Prinsights Global and she’s a regular writer on her Substack. The discussion opened with Dr. Prins identifying the most significant investment opportunities in a market she sees as distorted by exaggerated paper selling. She argued that silver presents the greatest potential due to a historic disconnect between its heavily traded paper price and a persistent six-year physical supply deficit. Despite price volatility driven by algorithmic and ETF trading, demand for physical ounces from industry, particularly from Asia for solar applications, remains insatiable. Pure-play silver miners, which remain highly profitable even at current price levels, are therefore positioned as attractive opportunities. The conversation shifted to uranium, where a different dynamic prevails. Uranium prices have held a new, high platform level due to utility companies securing long-term contracts well above the spot price, a sector lacking a significant futures market. Consequently, uranium miners have underperformed the commodity itself, creating a clear re-rating opportunity for stocks. For gold, Dr. Prins highlighted that its bull case is supported by sustained central bank buying, particularly in Asia and the Middle East, as nations seek independence from dollar-based monetary policy. She noted that over the long term, gold has significantly outperformed inflation, purchasing power, and treasuries. With major producers sitting on large cash reserves and facing their own supply constraints, well-managed junior developers in favorable jurisdictions with high-grade assets are becoming prime targets for acquisition, offering significant upside. On the oil and gas sector, Dr. Prins observed that markets have normalized to a stable trading range after war-related spikes. This stability, combined with the ongoing need to replenish depleted strategic petroleum reserves globally, supports current price levels. She pointed to specific opportunities in regions like South America, where companies are producing the right grade of crude, often offering high dividends to supply U.S. refineries historically reliant on heavier oil. Her firm's strategy focuses on identifying these macro-driven distortions and vetting junior companies through rigorous analysis of management and jurisdictional stability. Timestamps: 00:00:00 – Introduction 00:00:36 – Market Opportunity Overview 00:02:49 – Uranium Investment Opportunities 00:04:25 – Silver Supply Gap Analysis 00:09:18 – Gold Market Dynamics 00:11:34 – Central Banks and Gold 00:13:13 – Gold Performance vs Inflation 00:14:50 – Junior Miner Selection Criteria 00:15:54 – Oil Market Normalization 00:19:22 – Oil Quality and Investments 00:21:03 – Recommendations Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

Stijn Schmitz welcomes Tavi Costa back to the show. Tavi Costa is the Founder and CEO of Azuria Capital. Tavi outlines a bullish macro view for precious metals, arguing that the recent sell-off in gold and silver presents a compelling accumulation opportunity within a secular bull market. He notes that gold itself is down 25 to 30 percent, while quality producers have corrected 40 to 50 percent, leaving them technically oversold. He favors large, well-established miners such as Agnico Eagle and Newmont as liquid ways to play this window over the next six to twelve months. Silver is also in an accumulation phase, though he cautions against fixating on a single price entry point. Copper, which has remained resilient near all-time highs, is expected to surge dramatically once current headwinds fade, offering significant operating leverage in the mining equities. Costa emphasizes the strategic role of energy in a resource portfolio, describing it as an efficient hedge for metals investors. He highlights the historically low weighting of energy in the S&P 500 and points to structural demand drivers like data centers, electrification, and onshoring. Natural gas, in his view, is the only near-term solution to meet this demand, given the longer timelines for nuclear or renewables. He sees opportunities in midstream assets and in Latin America, where excess energy supply could attract strategic partnerships. The conversation also touches on agricultural commodities, which Costa believes are consolidating in a pattern similar to oil before its breakout. Regarding critical minerals, Costa expresses skepticism, calling the sector a “disease” marked by misallocated capital. He warns that institutional money chasing small markets like rare earths often overlooks poor business fundamentals, and he advises focusing instead on copper, gold, and silver, which offer clear structural demand and supply constraints. He distills his investment approach into three pillars: metals and mining, energy, and Latin America. Costa is currently in the process of launching a fund and shares his research on Substack, with a formal announcement expected soon. Timestamps: 00:00:00 – Introduction 00:00:29 – Current Market Opportunities 00:01:04 – Gold and Silver Outlook 00:02:53 – Finding Quality Opportunities 00:06:55 – Oil & Gas Potential 00:09:30 – Natural Gas Demand Drivers 00:12:07 – Critical Minerals 00:14:50 – Copper Highs & Outlook 00:17:17 – Concluding Thoughts Guest Links: X: https://x.com/tavicosta LinkedIn: https://www.linkedin.com/in/otavio-tavi-costa-76368628 Substack: https://tavicosta.substack.com Otavio (“Tavi”) Costa is the Founder and CEO of Azuria Capital LLC. He invented a macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors. His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

Stijn Schmitz interviews Adrian Day at the 2026 Rule Symposium. Adrian Day is CEO of Adrian Day Asset Management and Manager of the EuroPacific Gold Fund. Adrian observes a significant opportunity in the resource sector, noting that gold and silver equities are trading at valuations near all-time lows, compounded by deeply negative sentiment. He points out that bullish sentiment for gold has plummeted to single digits, even hitting zero percent on one occasion, creating what he views as an exceptionally lopsided and contrarian setup. While acknowledging that gold bullion cannot be valued using traditional discounted cash flow models, he argues it is undervalued on an inflation-adjusted basis and relative to global debt and money supply, suggesting the current cycle has a long way to run before any potential overshoot. Day emphasizes that key indicators for market tops are primarily sentiment-driven, such as overwhelming bullish media coverage, unsolicited stock tips from the public, and lines forming outside bullion dealers. Harder data points include accelerating flows into gold ETFs and the emergence of premiums on physical products. For investors new to or underweight the sector, he recommends buying across the spectrum, highlighting that even the largest, most conservative royalty and streaming companies are trading at historically low multiples. When evaluating junior exploration companies, his focus is overwhelmingly on the quality of the management team and the strength of the balance sheet, with the specific mineral property being the least important factor. He stresses the importance of management with a relevant track record and the presence of large, supportive, long-term shareholders who can ensure access to capital during difficult markets. For mid-tier producers, he prefers companies with diversified assets in concentrated jurisdictions to mitigate single-mine risk. Briefly touching on other commodities, Day notes that oil and gas stocks have dramatically underperformed the broad market this year and have not retreated significantly from recent highs, though he is waiting for lower entry prices. He also sees potential in thermal coal projects serving Asian markets, where energy security has become a paramount concern. Timestamps: 00:00:00 – Introduction 00:00:36 – Gold Opportunities and Sentiment 00:05:51 – Bull Bear Sentiment Indicators 00:10:05 – Transition to Gold Miners 00:17:06 – Mergers Acquisitions in Mining 00:20:07 – Evaluating Management Teams 00:22:43 – Oil and Gas Outlook 00:27:10 – Thermal Coal Investment Potential 00:28:47 – Concluding Thoughts Guest Links: Website: https://adrianday.com/ Adrian Day is considered a pioneer in promoting the benefits of global investing in the United Kingdom. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders. His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010). Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad. He is a popular speaker and is frequently invited to lecture at financial conferences and seminars around the world. His pleasures include fine dining, reading (especially history), and the opera.

Stijn Schmitz welcomes Michael Gentile to the show. Michael Gentile is Strategic Investor & Co-Founder, Bastion Asset Management. Gentile remains very bullish on precious metals, maintaining a five-to-ten-year investment horizon. He argues that short-term volatility in gold and silver does not alter the long-term macro thesis driven by unassailable U.S. debt levels. With U.S. debt approaching $40 trillion and interest expenses potentially consuming 40% of government revenues, Gentile sees currency debasement as the only path forward, which favors gold. He notes that while central bank buying has driven gold's rise from $1,350 to over $4,000, mainstream investors still allocate only 1-2% of portfolios to gold, leaving significant room for a second wave of demand that could turbocharge prices. Gentile highlights a historic opportunity in gold equities, where producers are generating record free cash flow due to expanding margins—from $400 to $2,000 per ounce—while tech company free cash flow dries up. This undervaluation extends to junior miners, where he focuses on resource-stage companies with assets that can realistically become mines. He seeks companies trading at $20-$50 per ounce in the ground that could be acquired for $300-$500 per ounce as majors deploy their high margins. He stresses that most juniors will never become mines, so rigorous asset selection is critical. Beyond gold, Gentile discussed his first royalty investment in Silver Crown Royalties, attracted by its pure silver focus, cost-of-capital advantage, and ability to monetize byproduct silver from gold mines. He sees copper as having strong long-term supply-demand dynamics but finds better value in junior copper developers with buildable assets. He avoids niche commodities like tungsten due to unpredictable long-term pricing and stays away from short-term trading in oil and gas or fertilizer inputs, preferring deep, broad markets. Gentile announced a European roadshow in October, including a London conference featuring his top 20 portfolio companies. Timestamps: 00:00:00 – Introduction 00:01:05 – Bullish on Precious Metals 00:03:21 – Impact of Middle East Conflict 00:08:53 – US Government Debt Analysis 00:13:48 – Gold Trend & Value 00:15:40 – Gold Producers Opportunity 00:19:12 – Why Juniors Provide Leverage 00:24:52 – Recent Big Investments 00:30:10 – Silver Crown Royalties Position 00:34:47 – Silver Thesis 00:38:42 – Critical Minerals like Tungsten 00:42:33 – Oil and Gas Outlook 00:46:06 – Copper Market Analysis 00:51:15 – Coal and Other Commodities 00:56:21 – Roadshow and Newsletter Guest Links: LinkedIn: https://www.linkedin.com/in/michael-gentile-01028552 Website: https://www.bastion-am.com/ Mining & Metals European Roadshow: https://saturdaymorningmining.subscribepage.io/ Michael Gentile, CFA is Founding Partner & Senior Portfolio Manager at Bastion Asset Management. Before founding BAM, Michael was Vice President and Senior Portfolio Manager at Formula Growth Ltd for over 17 years. Michael co-managed the FG Alpha Fund (US SMid equity market neutral) between 2012 and 2018, co-managed the FG Focus Fund (US SMid long short strategy) between 2014 and 2018. Since leaving FG in 2018, Michael has been very successful investing in the gold sector also acting as Strategic Advisor and Director for several companies in the natural resource sector. Michael graduated with Great Distinction from the John Molson School of Business (Concordia University) with a Bachelor of Commerce (Finance) and received the Calvin Potter Fellowship from Concordia's Kenneth Woods Portfolio Management Program. He also holds the Chartered Financial Analyst designation (CFA)

Stijn Schmitz welcomes Clem Chambers to the show. Clem Chambers is Author, Journalist and Founder/CEO of ADVFN. The discussion begins with current market volatility: gold is down roughly 30% from its January peak, and oil has cratered 40% from its March high. Chambers identifies the AI space as the major action now, though it recently corrected, and sees the previous gold rally as driven by fears of a China-Taiwan conflict, which has likely been postponed. He argues that gold's price peak roughly a year out from a potential invasion window, and the sacking of Chinese generals suggests the army resisted such plans, removing that immediate geopolitical bid. He now sees a better floor for gold around $3,500 when inflation, not war, becomes the dominant driver. Chambers emphasizes a transformative global shift: America is abandoning globalization for “re-localization” and must reindustrialize to compete with China, especially in AI. He coins the phrase “electricity is destiny,” noting China has 250% more electricity, but America is now having a “Sputnik moment” and must go all-in on energy and AI or lose democracy. This energy build-out—nuclear, fossil fuels, infrastructure—creates massive long-term investment themes, though lags and government intervention pose risks. He is particularly bullish on platinum and palladium, noting tiny annual supply, Russian and South African geopolitical risks, and that much of the production is destroyed by catalytic converters, leaving no net accumulation. On precious metals, Chambers advises a 2.5–5% portfolio allocation, dollar-cost averaging into physical gold or ETFs, but warns miners behave irrationally and are difficult to understand. He also notes gold has a small inflationary overhang from 3,200 tons of annual mine supply. For viewers, Chambers highlights his free investment platform ADVFN, which offers real-time UK and soon US pricing with advanced tools, and his Substack and YouTube channel where he shares contrarian market thinking. The interview closes with the reminder that active economic participation puts investors on the upward leg of the K-shaped economy. Timestamps: 00:00:00 – Introduction 00:01:03 – Market Volatility and A.I. 00:09:40 – US-China Economies & Taiwan 00:14:15 – Reindustrialization Strategy 00:22:10 – Reserve Currency Debate 00:28:17 – Gold Supply Inflation 00:35:14 – Energy Dominance Thesis 00:40:09 – Platinum/Palladium Plays 00:43:30 – Energy Complex & Peace Deals 00:51:07 – WTI Price & Disruptions 00:57:00 – Concluding Thoughts Guest Links: Investment Platform: https://anewfn.com/ Website: https://www.clemchambers.com/ X: https://x.com/@clemchambers LinkedIn: https://uk.linkedin.com/in/clem-chambers-756145196 Clem Chambers is an author, journalist and founder/former CEO of ADVFN, Europe's leading stocks and markets website. He is General Partner of Ylem Capital clem@ylem.capital. A sought after media commentator, Clem is a regular guest on major television networks including CNBC (US, Europe, Asia, Arabia), Al-Jazeera, BBC, BNN and Fox News. He has recently started ANewFN, providing tools for private investors. Clem writes for Seeking Alpha, Forbes and Engineering and Technology magazine and has written Nikkei BP, the Gulf News and The Scotsman as well as specialist trading and business publications Risk AFRICA, Traders and Your Trading Edge. He has written investment columns for Wired Magazine, which described him as a ‘Market Maven'. Clem's first thriller novel ‘The Armageddon Trade' was published in 2009, followed by ‘The Twain Maxim' in 2010, ‘Kusanagi' in 2011 and ‘The First Horseman' in 2012. The fifth installment in the Jim Evans Saga, ‘The Shrine’, was published in January 2016 as an Amazon Kindle single. In November 2018, Clem won Journalist of the Year in the Business Market Commentary category in the State Street UK Institutional Press Awards. The awards recognise outstanding performance in institutional financial services reporting in the UK. He was shortlisted in 2016 and 2017 as Columnist of the Year (Business Media) in the PPA Awards for his column in E&T Magazine, The Institution Of Engineering & Technology, and in June 2017 won silver in the Tabbie Awards for his Money and Markets column in the same publication.

Stijn Schmitz welcomes Doug Casey to the show. Doug Casey is a Bestselling Author, Speculator, Founder of Casey Research, and Voluntarist Philosopher. The conversation opens with an analysis of the disconnect between geopolitical turmoil, specifically the disruption of oil flows through the Strait of Hormuz, and equity markets trading near all-time highs. Casey argues the recent de-escalation between the U.S. and Iran is likely temporary, as the core dispute between Israel and Iran remains unresolved. Despite this volatility, he remains bullish on oil, favoring oil and gas stocks due to their low representation in the market and high dividend yields, a sentiment he backs with his own investment strategy. Casey introduces his thesis of a “Greater Depression,” a period of declining real standards of living masked by a debt-fueled financial economy. He contrasts the struggling real economy, burdened by consumer and government debt, with the booming stock market, suggesting the current stability is unsustainable. Looking at long-term trends, he posits that all commodities historically trend toward zero in real terms as technology advances. However, he notes that commodities are currently the cheapest asset class compared to grossly overvalued stocks, bonds, and real estate, making them especially attractive. The discussion shifts to gold and silver, which Casey treats primarily as savings vehicles, noting the 55-year bull market is still intact. While he believes gold is no longer a great speculation at current prices, he finds mining stocks to be exceptionally undervalued, driven by industry-wide unpopularity and neglect from institutional investors. He extends this bullishness to agricultural commodities and fertilizers, deeming corn ultra-cheap and noting natural gas, a key input for urea, is also priced at a bargain in North America. For speculation, he expresses a strong preference for private placements and warrants in smaller, entrepreneur-led companies. The conversation concludes with a grim outlook for U.S. fiscal health, predicting rising interest rates driven by unsustainable deficits and a bond market that will eventually slip the Federal Reserve's control. Timestamps: 00:00:00 – Introduction00:01:02 – Oil Market Geopolitics and Prices00:06:57 – Oil Inventories and Demand Outlook00:09:06 – Debt Economy and Greater Depression00:11:03 – Electrification and Nuclear Future00:14:27 – Long-term Commodity Price Trends00:16:21 – Agricultural Commodities Discussion00:21:34 – Fertilizers and Natural Gas00:25:30 – Potash, Phosphate, & Sulphur00:28:21 – Gold and Silver as Savings00:33:20 – Mining Stocks and Value00:40:00 – Mining Sector Companies00:44:00 – Investment Strategies and Placements00:47:26 – Other Commodities Opportunities00:49:48 – Guest Projects and Resources Guest Links: YouTube: https://www.youtube.com/channel/UCEJR3OAeHBNz7aGtFRZXArQ Doug Casey’s Take: https://internationalman.com Amazon Novels: https://tinyurl.com/an3uxhc Book ‘The Preparation’: https://tinyurl.com/theprepa Best-selling author, world-renowned speculator, and libertarian philosopher Doug Casey has garnered a well-earned reputation for his erudite (and often controversial) insights into politics, economics, and investment markets. Doug is widely respected as one of the preeminent authorities on “rational speculation,” especially in the high-potential natural resource sector. Doug’s most recent book, “Assassin,” can be found on Amazon. He has been a featured guest on hundreds of radio and TV shows, including David Letterman, Merv Griffin, Charlie Rose, Phil Donahue, Regis Philbin, Maury Povich, NBC News, and CNN; has been the topic of numerous features in periodicals such as Time, Forbes, People, and the Washington Post. Doug has lived in 10 countries and visited over 175. Today you’re most likely to find him at La Estancia de Cafayate (Casey’s Gulch), an oasis tucked away in the high red mountains outside Salta, Argentina.

Stijn Schmitz welcomes back John Feneck to the show. John Feneck is the CEO of Feneck Consulting Group. The discussion opens with the critical tungsten supply crunch, where China's recent export restrictions, including cutting off Japan, highlight a severe imbalance. John notes that the U.S. has not produced tungsten since 2015, while 85% of global supply comes from China, Russia, and North Korea, posing risks for defense and technology. He sees potential in advanced North American projects, and mentions growing U.S. government interest in securing domestic production. On precious metals, he views the recent sharp correction in silver and gold as a medium-term buying opportunity, with silver likely to hold around $50 after its parabolic rise, and gold's long-term bullish case supported by large bank price targets despite near-term rate-hike uncertainties. He favors producers Silverco and Americas Gold and Silver for their strong plans and management conviction. Turning to copper, near all-time highs, John highlights the supply constraints from long permitting timelines and names Power Metallic, backed by 17 billionaires and exceptional drill results, and PTX Metals, which offers low-cost copper with a pending uranium spin-off. In critical minerals, he mentions Esport Critical for its rare earths, uranium, and copper assets, and First Tolerium for its innovative thermoelectric technology with potential defense and drone applications, showcased at the upcoming DARPA competition. John concludes by describing Feneck Consulting Group's decade-long track record of providing actionable insights, real-time email updates, and investor conferences, emphasizing the value of independent, non-herd thinking in resource investing. Timestamps:00:00:00 – Introduction00:00:42 – Tungsten Market Overview00:02:47 – Global Supply Challenges00:04:06 – North American Tungsten Projects00:07:15 – Defense Applications Importance00:11:55 – Precious Metals Transition00:13:50 – Silver Price Analysis00:16:40 – Gold Market Outlook00:19:00 – Mining Stock Investments00:22:30 – Copper Sector Opportunities00:25:00 – Attractive Producers?00:31:10 – Rare Earths and Emerging Tech00:35:05 – Feneck Consulting Group Guest Links: X: https://x.com/feneckconsult YouTube: https://youtube.com/feneckcommoditiesreport LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport E-Mail: mailto:john.feneck@yahoo.com Website/Newsletter: https://www.feneckconsulting.com/ Ticker’s Discussed:Gold: Triumph Gold (TSXV:TIG, OTCQB:TIGCF), Norsemont Mining (NOG, NRRSF). Silver: Silverco Mining (TSXV:SICO, OTCQB:SICOF), Americas Gold & Silver (USA, USAS). Tungsten: Guardian Metal Resources (NYSE:GMTL, OTCQB:GMTLF), Western Star Resources (CSE:WSR, OTCQB:WSRIF), Spartan Metals (W, SPRMF). Copper: Power Metallic (PNPN, PNPNF), PTX Metals (TSXV:PTX, OTCQB:PANXF). Special Situations: First Tellurium (FTEL, FSTTF), Eastport Critical (EVI, EVIIF). John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch's global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers). Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He's delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott's precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector's volatility. In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he's a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.

Stijn Schmitz welcomes Trader Ferg to the show. Trader Ferg is a Full-time Trader and the Author of the Trader Ferg Substack. Trader Ferg shares his current market views, highlighting several contrarian opportunities built around long-term, underappreciated assets. He remains bullish on scarce resources like thermal coal, where tight supply and Asian demand support high-quality names, though pure-play options are limited. In energy, he sees an asymmetric upside and prefers long-dated options on integrated trading houses like Shell, leveraging torque to Brent and LNG while benefiting from volatility through their opaque but highly profitable trading arms. He also points to offshore engineering and oil services as an underinvested niche with rock-bottom valuations, already showing outperformance and strong earnings visibility. A key theme is the shift toward resilient, capital-light business models. Trader Ferg is particularly enthusiastic about emerging market exchange operators, which he views as inflation-protected, high-margin plays that have been out of favor due to a strong US dollar but are poised for a decade of growth as global capital flows rotate. In gold, he sees a structural bull market driven by de-dollarization and central bank buying, though near-term consolidation is likely after flushing out speculative tourists. He advocates a patient, long-horizon approach, cautioning against short-term futures and binary geopolitical bets, which have historically been unprofitable for him. Instead, he emphasizes buying cheap, hated assets with robust free cash flow and letting time and volatility work in his favor. Throughout the discussion, he stresses the importance of stress-testing assumptions, learning from mistakes, and focusing on durable trends rather than short-term noise, insights he regularly shares through his Substack. Timestamps: 00:00:00 – Introduction 00:00:52 – Current Market Opportunities 00:02:44 – Exchange Operators Theme 00:04:27 – Oil Services and Offshore 00:08:24 – Oil Market Supply Dynamics 00:17:19 – China Flexibility in Energy 00:25:45 – Hormuz & Concerning Timlines 00:27:07 – Fertilizers Agriculture and Sulfur 00:29:08 – Sulphur Supply Thoughts 00:32:37 – Thermal Coal Supply Demand 00:44:00 – Gold Market and Producers 00:45:55 – Long Term Inflation Strategies 00:50:33 – Exchange Operations 00:52:50 – Concluding Thoughts Guest Links: Substack: https://traderferg.substack.com/ X: https://x.com/trader_ferg Trader Ferg is a Full-time trader for going on 8+ years now. He has a habit of hanging out in hated corners of the market that are considered uninvestable. He enjoys sharing his research and thoughts about possible trades and markets.

Stijn Schmitz welcomes back Colonel Douglas Macgregor to the show. Douglas is a Retired U.S. Army Colonel and a Decorated Combat Veteran. In their discussion, Macgregor assesses the leaked 14-point MOU between Iran and the United States as an admission of strategic defeat, signaling that Iran has emerged victorious from the conflict. He emphasizes that the war is not over, predicting Israel will soon resume its offensive, prompting an Iranian counterattack and forcing President Trump to reengage militarily, albeit briefly, before ultimately disengaging. Macgregor argues that the United States was doomed to lose due to Iran's mastery of integrated surveillance and strike capabilities, which render traditional naval and air superiority ineffective without robust ground forces, a capability he claims the U.S. currently lacks. Shifting to economic implications, Macgregor advises a focus on energy, metals, minerals, fertilizer, and food as the only secure investments in the current climate, dismissing AI and SpaceX as speculative bubbles. He warns that the Strait of Hormuz remains at risk, ensuring oil prices will surge again as global demand outpaces supply, with countries racing to build strategic reserves. The depletion of the U.S. Strategic Petroleum Reserve and the potential for further conflict will drive inflation and economic instability, likening the coming effects to a tsunami. He foresees a structural reset where American military hegemony retreats, leading to the collapse of artificial state boundaries in the Middle East and the rise of Iran and Turkey as dominant regional powers, which will reshape alliances and likely end Israel’s long-term viability. Macgregor also discusses the financial front, projecting that gold will reemerge as the ultimate reserve currency, with prices potentially reaching $10,000, while Bitcoin may serve as a transactional alternative to the dollar. He underscores that the geopolitical shifts will redirect American focus inward, forcing a painful but necessary reorientation toward domestic prosperity and core industries. Overall, his analysis presents a bleak near-term outlook marked by military defeat, economic disruption, and profound global realignment. Timestamps: 00:00:00 – Introduction 00:00:45 – Iran US MOU Assessment 00:06:00 – Energy Metals Commodity Focus 00:08:50 – Oil Prices and Reserves 00:11:50 – Rise of Iran & Turkey 00:20:14 – Trump Pressures & MOU 00:23:30 – Gold and Bitcoin Outlook 00:27:56 – U.S. Strategic Petro Reserve 00:31:38 – Sulphuric Acid, Urea, & Ag. 00:34:47 – Use of Ground Forces? 00:37:08 – Gold In A Tsunami 00:38:50 – Purchasing Power Gold & BTC 00:40:01 – Substack and Final Remarks 00:42:11 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army's largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor's recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on force design. In 2019, Transformation under Fire was selected by Lt. Gen. Aviv Kohavi, Chief of the Israeli Defense Force (IDF), as the intellectual basis for IDF transformation. His fifth book, Margin of Victory: Five Battles that Changed the Face of Modern War from Naval Institute Press is available in Chinese, as well as, English and will soon appear in Hebrew. In 28 years of service Macgregor taught in the Department of Social Sciences at West Point, commanded the 1st Squadron, 4th Cavalry, and served as the Director of the Joint Operations Center at SHAPE during the 1999 Kosovo Air Campaign for which he was awarded the Defense Superior Service medal. In January 2002, at Secretary of Defense Donald Rumsfeld's insistence the USCENTCOM Commander listened to Colonel Macgregor's concept for the offensive to seize Baghdad. The plan was largely adopted, but assumed no occupation of Iraq by U.S. Forces. Macgregor has also testified as an expert witness before the Senate and House Armed Services Committees and appeared as a defense analyst on Fox News, CNN, BBC, Sky News and public radio. He is fluent in German.

Stijn Schmitz welcomes back Bill Holter to the show. Bill is a Precious Metals Expert and a metals Broker. Holter warns that the global economy faces a unique and dangerous combination of hyperinflation and deflation occurring simultaneously, a scenario where the cost of living rises rapidly while asset prices fall. He attributes this to the world's unprecedented debt levels and rising interest rates, which reduce borrowing capacity and crush asset values. Central banks, he argues, cannot allow deflation given the massive debt overhang and will eventually devalue fiat currencies, much like the U.S. did in the 1930s. This environment makes gold uniquely valuable, as it preserves purchasing power during both inflation and deflation. Holter sees recent weakness in gold as partly driven by its use as a funding source for major IPOs, including SpaceX, and by emerging market economies selling gold for liquidity. Despite the pullback, he views current prices as an attractive entry point, particularly for silver, which he believes is heavily manipulated through paper contracts and naked shorts. He expects a failure to deliver in silver, citing a six-year structural deficit and soaring demand, which would then shatter trust in gold futures and the entire derivatives complex. On portfolio strategy, Holter advises a heavier allocation to silver due to the elevated gold-to-silver ratio, suggesting it will outperform on a percentage basis. His core recommendation is to hold whatever amount one cannot afford to lose in physical gold and silver, emphasizing their lack of counterparty risk. He also advocates owning mining stocks for leverage, noting they are now more profitable than ever as gold prices rise faster than input costs. However, he cautions investors to take physical possession of share certificates to avoid broker insolvency risk and to diversify geographically across majors, intermediates, and juniors. Holter dismisses platinum group metals as too industrial and not monetary, urging a focus solely on gold and silver for the turbulent times ahead. Timestamps: 00:00:00 – Introduction 00:00:56 – Monitoring interest rates 00:01:34 – IPOs draining gold liquidity 00:03:04 – Higher rates causing deflation 00:05:17 – Debt service crisis emerging 00:09:08 – Melt-up scenario discussion 00:11:01 – Gold correction and entry 00:13:44 – Strait of Hormuz disruption 00:15:00 – Food supply and price risks 00:15:50 – Equity market overvaluation 00:20:45 – Silver failure to deliver risk 00:23:30 – Portfolio allocation advice 00:26:25 – Gold, Miners, and Leverage 00:28:14 – Platinum Metals & Rhodium Guest Links: Facebook: https://facebook.com/groups/jsmineset/ Website: https://billholter.com E-Mail: mailto:bholter@proton.me Bill was a stockbroker for 23 years and a branch manager for 12. He retired and moved his family out of the U.S. to Costa Rica in late 2006. He returned to Texas in 2011. He was a contributor to GATA since 2007 and began writing for Miles Franklin from 2012 to 2015. He then joined with Jim Sinclair and the Holter/Sinclair collaboration from 2015-2022. Bill is a precious metals expert and broker, he clears through Miles Franklin.

Stijn Schmitz welcomes Florian Grummes to the show. Florian Grummes is the Founder and Managing Director of Midas Touch Consulting. Florian remains bullish on oil and gas, viewing energy equities as still undervalued despite recent price consolidation. He anticipates a severe oil price shock by late summer or early autumn, driven by ongoing supply disruptions from Middle East tensions, critically low inventories, and a disconnect between Western paper markets and physical demand. He notes that while demand destruction may eventually occur, the immediate risk is a sharp price spike as shortages intensify. Florian also warns that the AI-driven stock market bubble is nearing a peak, comparing it to past speculative manias, and expects a significant correction that could trigger a liquidity crunch. This environment complicates the Federal Reserve's position, as it cannot easily lower interest rates amid persistent inflation and may even be forced to raise them, further stressing the economy. In precious metals, Florian sees gold in a secular bull market, driven by its role as a neutral reserve asset and ongoing central bank buying. However, he notes that gold and silver are currently in a correction phase, with silver potentially pulling back toward the $50 level before the next leg up. He remains a long-term silver bull due to its industrial and monetary demand, but cautions that short-term pain is likely. Mining stocks have sold off sharply, with sentiment extremely bearish. Florian advises patience, waiting for signs of capitulation and contrarian buy signals before aggressively adding positions. He emphasizes the importance of quality companies and recommends holding cash-flow-generating dividend payers, particularly in oil, to weather potential market turmoil. Overall, he sees a complex, volatile period ahead, but believes the longer-term trends for commodities and precious metals remain intact. Timestamps: 00:00:00 – Introduction 00:01:20 – Oil and Gas Equities Outlook 00:03:45 – Oil Bull Market Analysis 00:06:10 – Middle East Supply Disruptions 00:10:05 – Impending Oil Price Shock 00:13:50 – Energy Market Resilience? 00:15:00 – Specific Interesting Plays 00:17:20 – AI Bubble and Market Risks 00:21:52 – Fed Rates and Inflation Pressures 00:27:08 – Gold Role in Debasement 00:36:00 – Remonitization of Metals? 00:39:45 – Thesis Around Silver 00:43:05 – Gold Miners & GDX 00:48:42 – Quality Miners & Uncertainty 00:51:05 – Midas Touch Consulting Guest Links: Website: https://www.midastouch-consulting.com X: https://twitter.com/FlorianGrummes Substack: https://substack.com/@midastouchconsulting Telegram: https://t.me/MidasTouchConsulting Free Newsletter: http://eepurl.com/d5Euf LinkedIn: https://www.linkedin.com/in/floriangrummes/ Seeking Alpha: https://seekingalpha.com/author/florian-grummes Facebook: https://www.facebook.com/Midastouchconsulting Florian Grummes is an independent financial analyst, advisor, consultant, mentor, trader & investor as well as an international speaker with more than 30 years of experience in financial markets.  Florian is the founder and managing director of his company Midas Touch Consulting, which is specialized in trading & investments as well as consulting, analysis & research with a focus on precious metals, commodities and digital assets. Via Midas Touch Consulting he is publishing daily and weekly gold, silver, bitcoin & cryptocurrency analysis for his numerous international readers. Florian is well known for combining technical, fundamental/macro and sentiment analysis into one often accurate conclusion about the markets.

Stijn Schmitz welcomes Francis Hunt back to the show. Francis Hunt is known as a Renegade Trader, Analyst, and Founder of The Market Sniper. Hunt observes that the South Korean KOSPI index has surged an extreme 291% in just over a year, driven almost entirely by two stocks—Samsung and SK Hynix—amid the AI boom. This narrow advance mirrors the concentrated gains in the NASDAQ but is even more pronounced. Despite the export revenues from these tech giants, the Korean won is weakening, which Hunt attributes to foreign investors withdrawing profits and domestic retail investors piling in on record margin, a classic “Shushan boy” setup. He believes a currency crisis looms for South Korea, exacerbated by higher energy import costs that deplete dollar reserves. These energy cost pressures are part of a broader stagflationary environment that Hunt argues is intentionally manufactured. He contends stagflation enriches billionaires who hold assets while impoverishing the middle class and blue-collar workers through higher living costs and eventual job losses. This, he says, socializes costs and devalues debt for the wealthy, while governments later turn to predatory taxation, such as capital gains levies, to strip further value from citizens. In this context, Hunt maintains that precious metals—gold, silver, and platinum—are the prime beneficiaries. While gold and silver have experienced a corrective pause after an enormous run-up, he views the three-wave selling pattern as a healthy reset within a long-term bullish structure. His technical target for silver stands at $333, derived from a falling wedge pattern on the quarterly chart, which he expects will resume once the current consolidation resolves. Hunt advises concentrating wealth in monetary metals rather than diversifying across commodities like copper or lithium, which may rise nominally but lag in real gold-ounce terms. He notes the gold-silver ratio could see a short-term squeeze upward but remains structurally bearish long-term. For miners, he suggests selectivity, as rising energy costs have pressured some, though those with growing ounce profiles remain attractive. Timestamps: 00:00:00 – Introduction 00:00:40 – World Volatility and Market Trends 00:01:40 – South Korea AI Trade Setup 00:08:47 – South Korea Currency and Charts 00:25:09 – Long-Term Silver Thesis 00:27:33 – Precious Metals Market State 00:30:03 – Sectors and Inflationary Pressure 00:32:03 – Nasdaq Vs. Gold Predictions 00:35:00 – Equity Valuation Setup 00:36:10 – Short-Term Gold Outlook 00:44:30 – Gold & Silver Long-Term Thesis 00:55:40 – Copper & Other Commodities 01:00:30 – Market Sniper Wrap Up Guest Links: X: https://x.com/themarketsniper X: https://x.com/thecryptosniper Website: https://themarketsniper.com YouTube: https://www.youtube.com/user/TheMarketSniper Francis is a trader, first and foremost. Unlike most educators in the trading space, Francis walks the walk and talks the talk, with 30 years of experience trading his personal capital on various markets and instruments. Through this passion for trading and his relentless study of markets and economic theory, he uses the Hunt Volatility Funnel trading methodology, a systemized approach, to answer the critical question: What is the next most profitable trade? He believes the actual price of an asset is the most accurate reflection of all the factors that influence it. Practical technical analysis, the study of price action over time, is needed to formulate profitable trade ideas. Indeed, with all the market manipulation and high-frequency trading operations currently in play, technical analysis is all that can be relied upon when it comes to formulating future price trends. A trained eye can often spot such manipulative practices, as is the case with HVF traders. Therefore, the HVF methodology is based purely on technical analysis. Francis is passionate about sharing his knowledge and understanding of markets by utilizing his HVF trading methodology. With entertaining anecdotes and the careful guidance of his students, he has already trained a large community of hundreds of traders and helped them transform from complete newbies to seasoned trading professionals. He genuinely loves sharing his knowledge and strategies with others who are committed to finding freedom through trading. Plus, teaching strengthens his trading abilities while helping to build a vibrant community of successful traders.

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. The discussion opens with a broad assessment of global economic headwinds, including the ongoing blockage of the Strait of Hormuz and rising bond yields. Dr. Prins explains that even a hypothetical resolution to the strait crisis would not immediately ease supply backlogs, keeping oil prices elevated and contributing to persistent inflation. She notes a significant dislocation between struggling economic confidence and stock markets reaching all-time highs, fueled by large asset funds and cash waiting on the sidelines. The conversation shifts to the beneficiaries of supply disruptions, where Dr. Prins sees value in oil producers outside the Middle East, such as those in Colombia, which can bypass the strait. She then highlights uranium as a critical, underappreciated story, emphasizing that nuclear energy's role in powering data centers and AI creates surging demand against a backdrop of severely constrained supply, with new mines taking up to 18 years to develop. This supply deficit, she argues, makes current uranium prices appear very low. Addressing inflation and central bank policy, Dr. Prins anticipates that while short-term rates will likely remain unchanged, the Federal Reserve may increase long-term bond purchases, effectively reawakening quantitative easing to manage debt servicing costs. She believes this will not significantly stimulate the broader economy but that real growth will come from hard assets and commodities like copper and silver, which are essential for electrification and in structural deficit. On gold, she remains bullish, citing its stability and the fact that central banks now hold it as their top reserve currency, viewing it as a long-term diversifier. She maintains a year-end gold price target of $6,000. The interview concludes with Dr. Prins pointing to significant investment opportunities in junior mining, particularly in copper, uranium, and rare earth elements, for investors who can look past current geopolitical volatility. Timestamps: 00:00:00 – Introduction 00:00:41 – Global Economy Headwinds 00:01:08 – Strait of Hormuz Disruptions 00:03:20 – Oil Price Outlook 00:06:30 – Oil Producer Opportunities 00:09:43 – Uranium Energy Security 00:13:00 – Commodity Supply Shortages 00:18:28 – Fuel Shortages 00:20:40 – Inflation and QE Outlook 00:26:46 – Gold Market Stability 00:31:33 – Mining Sector Investments 00:35:00 – Concluding Thoughts Guest Links: X: https://x.com/nomiprins Website: https://nomiprins.com Substack: https://prinsights.substack.com Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money. Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.

Stijn Schmitz welcomes Chris Vermeulen to the show. Chris Vermeulen is Founder & Chief Investment Officer, The Technical Traders. Vermeulen begins by analyzing the current equity market, noting that while stocks are grinding higher, the rally is not broad-based but concentrated in tech, small caps, and micro caps, which he sees as a sign of underlying weakness. He suggests the market may be entering a euphoric, parabolic phase, potentially triggered by upcoming IPOs like SpaceX, but warns this could end in a sharp correction and a major market top. Using Fibonacci extensions, he projects significant upside for the NASDAQ but remains cautious about the rally’s sustainability. Shifting to commodities, Vermeulen explains his preference for stable, trending assets over volatile, headline-driven ones like oil, which he avoids due to geopolitical noise. He expresses similar concerns about the agricultural sector, seeing it as a crowded trade where heavy public interest and high volume may indicate distribution rather than further upside. His most detailed analysis focuses on precious metals, where he forecasts a substantial near-term pullback for gold and silver. His Fibonacci analysis points to a potential drop in gold to $3,600 and a 46% decline in silver from current levels, which he views as a painful reset for latecomers before the next major bull cycle begins. He views gold miners as the same correlated trade, warning against over-concentration. Vermulen advocates for his “asset revesting” strategy, rotating capital into assets in confirmed uptrends and stepping aside when trends weaken. He emphasizes discipline, risk management, and avoiding emotional attachment to assets like physical gold, which he notes costs money to hold and can underperform for years. His focus remains on equities for now, waiting for a clearer entry point in precious metals after an anticipated sell-off. Timestamps: 00:00:00 – Introduction 00:00:52 – Market Opportunities Radar 00:02:20 – Equities Current Trends 00:02:41 – Rally Breadth Concerns 00:04:00 – Index Selection Discussion 00:06:25 – Fibonacci Technical Analysis 00:11:20 – Bubble and Melt-Up Debate 00:12:30 – Oil Market Disruptions 00:17:10 – Agricultural Commodities View 00:22:31 – Gold Price Predictions 00:28:27 – Silver Miners Analysis 00:35:59 – Copper & Chris’s Approach 00:37:20 – Concluding Thoughts Guest Links: Website: https://thetechnicaltraders.com/ X: https://x.com/TheTechTraders Chris Vermeulen is the Founder & Chief Investment Officer of The Technical Traders and the visionary mind behind Asset Revesting. In his book Asset Revesting – How to Exclusively Hold Assets Rising in Value, Profit During Bear Markets, and Continue Building Wealth in Retirement, he lays out this investment framework. Chris launched his financial career at 16, parlaying his knack for trading and risk management into funding his final year of college, where he earned a business diploma in operations management. By his twenties, he had achieved financial independence as a full-time entrepreneur and trader. After a setback—blowing up a trading account—Chris dedicated himself to treating trading as a business, completing the Trading Strategy Mastery and Trading Is Your Business courses. A technical analysis expert, he devises systematic methods to spot market opportunities and control portfolio risk, rejecting traditional buy-and-hold approaches that cling to depreciating assets. His efficient asset allocation models balance short- and long-term strategies to minimize drawdowns and consistently outperform benchmarks. Those seeking reliable capital preservation and growth turn to his proven techniques.

Stijn Schmitz welcomes Adrian Day to the show. Adrian Day is CEO of Adrian Day Asset Management & Manager of EuroPacific Gold Fund. Day sees the recent weakness in oil as a potential buying opportunity, particularly if a peace deal triggers a further short-term drop. He argues that beyond temporary disruptions, the underlying supply picture is bullish because oil has been chronically underinvested for years. With US shale production peaking and no clear new major source of global supply to meet consistent demand growth, he views a sustained move above $150 per barrel as a plausible base case. He is waiting for exaggerated drops in oil stocks to build positions, favoring companies with strong balance sheets. Broadening the discussion to the wider commodity complex, Day notes that resource stocks are near 100-year lows relative to the equity market. He identifies a long-term cycle shift where foreign markets are beginning to outperform the US after 15 years of underperformance, a trend he expects to continue for years. This rotation out of large-cap US tech into international value creates opportunities in deeply undervalued markets like the UK, Hong Kong, and Singapore. Regarding precious metals, Day believes gold and gold stocks currently offer the best risk/reward. Central bank and institutional buying remains price-agnostic and robust, driven by a strategic desire to diversify away from the dollar. While short-term interest rate narratives have held back some buyers, he argues that an eventual peace deal would allow rate cuts, which is very positive for gold. Valuations across royalty companies and mid-tier producers are historically attractive on free cash flow metrics. He advises clients with existing large allocations to hold firm, while those new to the sector should consider building substantial positions. Overall, Day sees gold as the best commodity to own now, even as other hard assets may eventually begin to outperform within the broader cycle. Timestamps: 00:00:00 – Introduction 00:00:43 – Oil Supply Disruption Analysis 00:02:51 – Oil Price Projections Scenarios 00:11:05 – Oil Producers Valuations Review 00:15:47 – Fertilizer and Commodity Disruptions 00:21:45 – Gold and Silver Stocks Outlook 00:23:00 – Foreign Markets Outperformance Trends 00:30:30 – Gold Risk Versus Reward 00:39:00 – Gold Miners Valuations Discussed 00:47:40 – Silver Market Analysis Today 00:49:30 – Commodity Super Cycle Thesis 00:55:00 – Coal and Supply Security 00:57:30 – Concluding Thoughts Guest Links: Website: https://adrianday.com/ Adrian Day is considered a pioneer in promoting the benefits of global investing in the United Kingdom. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders. His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010). Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad. He is a popular speaker and is frequently invited to lecture at financial conferences and seminars around the world. His pleasures include fine dining, reading (especially history), and the opera.

Stijn Schmitz welcomes Gary Savage to the show. Gary Savage is Retired Entrepreneur, Investor, and President of Smart Money Tracker Premium. Gary Savage opened the discussion by assessing the current stock market, noting that while it may be entering a final parabolic bubble phase, particularly in semiconductors, warning signs like a diverging banking index and Hindenburg Omens suggest increasing danger. He cautioned that chasing these final gains risks a severe crash. The conversation then shifted to precious metals, where Savage believes gold and silver bottomed in March and are now in the advancing phase of a new intermediate cycle, albeit with frustrating, erratic momentum. He explained that the recent correction, rather than a continued parabolic surge, has returned the market to a “wall of worry” phase. This development, while slower, is healthier for the secular bull market, potentially extending it for several more years and allowing for much higher ultimate price targets, such as $15,000 gold, compared to a shorter, more volatile parabolic blow-off. He advised that buying physical metal is sound at any time for long-term holders, but warned that trading is difficult in the current volatile consolidation, which can easily shake out leveraged positions. Regarding miners, he expects them to rise with gold but believes physical silver may ultimately outperform mining ETFs due to the absence of company-specific risks. On energy, Savage suggested waiting for a potential peace deal in the Middle East to drive oil prices back down to test the upper $60s breakout level before considering a long position, as he anticipates a larger commodity bull cycle will eventually push oil above its all-time high. He linked this outlook to a broader inflationary cycle, predicting the Fed will eventually cut rates and print money, exacerbating inflation and fueling hard assets. He concluded by noting his Smart Money Tracker service is currently closed to new subscribers, as he only opens access near market bottoms. Timestamps: 00:00:00 – Introduction 00:00:50 – Stock Market Bubble Concerns 00:02:22 – Equity Market Breadth Issues 00:03:48 – Precious Metals Cycle Outlook 00:05:57 – Gold Silver Correction Analysis 00:12:20 – Wall of Worry Phase 00:14:20 – Gold Patterns & Conflict 00:19:43 – Buying Physical Metals Advice 00:23:07 – Gold Miners and Leverage 00:28:19 – Oil Market Opportunity 00:31:32 – Inflation Cycle Outlook 00:33:58 – Smart Money Tracker Update Guest Links: X: https:/x.com/garysavage1 Blog: https://blog.smartmoneytrackerpremium.com/ YouTube: https://www.youtube.com/channel/UCgiNs7gCxEvgBE1HHvoOKTQ/videos Website: https://smartmoneytrackerpremium.com/login/ Gary Savage is a retired entrepreneur living in Las Vegas. He has been investing in stocks and commodities for 15+ years. Gary is a self-made multi-millionaire and attributes his financial success to savvy investments made in owning/selling several businesses, real estate, and, more recently, the stock market. He is also a national Judo, powerlifting, and Olympic weightlifting champion and world record holder. Gary holds national titles in 3 different sports and continues to challenge himself as an avid rock climber, and recently his newest endeavor bowling (two perfect 300 games so far). Gary’s renown as a recognized trading/investment expert in the areas of precious metals, stock market, oil, and currency markets is demonstrated by his numerous internationally published articles in these market areas: Kitco, 24hGold, Gold-Eagle, Investing, 321Gold, Keyport, SilverSeek, TFMetalsReport, FuturesMag, ResourceInvestor, Silver-Phoenix, BayStreetBlog, BeforeItsNews, ETFDailyNews, TalkMarkets, JuniorMiningAnalyst, MarketOracle.UK, SafeHaven, GoldSeek, Mining, CommodityOnline, SilverMarketNewsOnline, StreetWiseReports, and InvestingNews. Gary publishes the Smart Money Tracker, a daily and weekend market newsletter available online by subscription only, at a very modest price. This subscription-only site provides Gary’s in-depth daily commentary and chart analysis of numerous markets, including the stock, precious metals, oil, and currency markets.

Stijn Schmitz welcomes Art Berman to the show. Art Berman is known as the energy realist and he paints a dire picture of the global energy situation, describing the Strait of Hormuz disruption as an unprecedented crisis with no historical precedent. He likens the world economy to a human losing 20% of its blood supply daily, explaining that while the West hasn’t felt immediate effects due to drawing on oil inventories, these savings will soon run out, and the lag will hit hard. Discussing supply numbers, Berman clarifies that roughly 15 to 20 million barrels per day of crude and refined products normally flow through the strait, but the effective loss is reduced to around 10 million barrels by bypass pipelines, still a catastrophic bleed-out. Berman outlines scenarios, starting with an unrealistic best case where everything resolves by June 1st, yet logistical hurdles like de-mining, insurance, and tanker queues mean oil wouldn’t flow until late 2026 at the earliest, leaving the world with no supply replenishment for months. His base case is that the Strait of Hormuz never returns to normal flows, as Iran has no incentive to relinquish the immense geopolitical leverage it now holds. He emphasizes that the U.S. is not truly energy independent, importing 6.5 million barrels of heavy crude daily because domestic light oil cannot substitute for the diesel and jet fuel the economy requires. Production restarts would be fraught with technical problems, and investor confidence in the region is permanently shattered. Berman stresses the irreversible nature of these events, comparing them to personal betrayals or missed opportunities—stabilization may occur, but the world will never return to 2025 economic norms. He notes that credible analysts predict global oil storage could hit operational limits by late July, with price spikes to $150-$160 possible before demand destruction tempers them. He highlights the unprecedented rate of supply loss, 99 times faster than any previous oil shock. Despite the bleakness, Berman finds hope in the crisis forcing necessary behavioral changes and a reevaluation of humanity's planetary footprint. Timestamps: 00:00:00 – Introduction 00:00:49 – Strait of Hormuz Disruption Significance 00:03:59 – Inventory Drawdown Effects 00:11:01 – Missing Barrel Estimates 00:16:44 – Best Case Recovery Scenario 00:27:37 – Base Case Permanent Blockade 00:28:39 – United States Energy Impact 00:32:33 – Crude Oil Quality Differences 00:45:12 – Long Term Geopolitical Outlook 01:05:40 – Storage Inventory Limits 01:25:29 – Concluding Thoughts Guest Links: Website: https://artberman.com X: https://x.com/aeberman12 Art Berman isn’t your run-of-the-mill energy consultant; he’s a full-blown disruptor in a realm riddled with myths. With 40 years in petroleum geology and an intriguing twist – a degree in Middle Eastern history – Art slices through energy complexities with academic rigor and market savvy. Forget what you thought you knew. This man’s comparative inventory approach is a guiding light for traders, investors, and policymakers. And he doesn't just spend his time consulting. Art is an adjunct lecturer at the University of Houston, your go-to expert witness, and an electrifying keynote speaker who doesn’t mince words. In a sector awash with misinformation, Art’s your source for gut-punching, data-backed truths. His clientele spans from ambitious investors to globe-spanning corporations, all seeking decisions steeped in reality, not fantasy. Love him or hate him, one thing is certain: Art Berman is an undeniable force in the energy sector. Away from the charts and graphs, Art enjoys Baroque music and psychology and spending family time with his wife, kids, grandkids, and his dog, Lily. So, are you ready for the unvarnished truth? Look no further.

Stijn Schmitz welcomes back Simon Hunt to the show. Simon is a consultant on the global economy, China, and the copper industry. The discussion opens with the ongoing disruption in the Strait of Hormuz and its profound implications for global energy supplies. Hunt explains that Saudi Arabia is attempting to broker a new regional architecture involving China, Russia, Pakistan, and Turkey, partly in response to Iran's demonstrated military capabilities. He assesses only a fifty percent chance of success, warning that even if a ceasefire is reached, reopening the strait to normal traffic could take months, and oil stockpiles in Asia, Europe, and America may be exhausted by mid-July. This supply crunch, he argues, makes a global recession nearly certain by year-end, deepening significantly in the following year. The conversation shifts to China's strategic positioning. Hunt notes that China anticipated American geopolitical moves and has diversified its energy sources through pipelines from Russia and Kazakhstan, alongside massive domestic coal and renewable capacity. This allows China to withstand the Hormuz closure indefinitely, unlike Western nations. The discussion then turns to the evolving global monetary order, where Hunt describes a BRICS-led effort to create a multipolar system anchored in physical gold. He details China's construction of Shanghai Gold Exchange vaults in Saudi Arabia and Hong Kong, enabling trade settlement in non-G7 currencies convertible to gold. While he sees gold prices reaching double-digit thousands in five years, he cautions that America is unlikely to revalue its gold reserves and warns of potential government confiscation during crises. On commodities, Hunt challenges the prevailing supercycle narrative, calling it premature. He predicts that a deep recession will cause physical demand to collapse, outweighing current supply constraints. He specifically highlights copper, noting that NVIDIA's shift to photonics could eliminate copper from data centers by 2028, undermining a key demand thesis. Strategic stockpiling of critical minerals by governments will eventually follow, but processing capacity remains a bottleneck controlled by China. Timestamps: 00:00:00 – Introduction 00:01:00 – Middle East Conflict Origins 00:03:46 – New Gulf Security Architecture 00:06:05 – Oil Supply Disruption Impacts 00:08:06 – Straits of Hormuz Reopening 00:08:37 – China Trump Trade Dynamics 00:12:25 – Oil Prices Futures Disparity 00:14:14 – Fertilizer and Food Crisis 00:16:10 – BRICS Monetary System Shift 00:22:51 – Bond Yields and Instability 00:25:02 – Recession Outlook and Assets 00:30:40 – Commodity Supercycle Analysis 00:33:00 – Concluding Thoughts Guest Links: E-Mail: mailto:simon@shss.com Website: https://simon-hunt.com/ Report: https://www.theinstitutionalstrategist.com/products-and-services/frontline-china/ Simon Hunt began his career in 1956 in Central Africa as a PA to the Chairman of Rhodesian Selection Trust, one of the two large copper companies in what was then Northern Rhodesia, now Zambia. In 1961, he came back to London and joined Anglo American Corporation of South Africa as a PA to one of the Board Directors, followed by being part of a small sales and marketing team for copper. From there, he helped start up a new copper development organization, CIDEC, financed by copper producers, which he then joined, focusing on conducting end-use studies of copper in Europe. He then went into the City to gain financial experience and founded Brook Hunt in 1975. He was instrumental in setting up the company’s cost studies and end-use analyses. Simon appeared as material witness and consultant in two ITC anti-dumping cases in 1978 and 1984, winning both at the commission level. He has spent 2-4 months every year in China since 1993, and until a few years ago would be visiting some 80 wire and cable and brass mill factories across the country every year. He now restricts these factory visits to a smaller number, all of which he has known for many years. Simon also spends many weeks each year traveling around Asia. The focus of the company’s services is on the global economy, including the changing geopolitical and financial structures, China’s economy and its copper sector, and then the global copper industry as each part is interconnected. Simon is the author of the “Frontline China Report Service,” which is marketed by the TIS Group. The Service provides regular reports on China’s economy, politics, and financial outlook. Simon established this company in January 1996.

Stijn Schmitz welcomes Mining Stock Monkey to the show. The discussion centers on navigating the current commodity cycle with a disciplined, downside-protection-first approach. He emphasizes that while structural tailwinds like electrification, AI infrastructure, and global poverty reduction support a broad commodities bull market, selectivity is critical. He starts by identifying historically cheap commodities—where low prices eventually cure low prices by curbing supply and boosting demand—and then evaluates individual companies on their risk-reward profiles. Nickel tops his list, but he exclusively seeks high-grade nickel-sulfide deposits, avoiding laterite projects due to severe environmental and human rights concerns in Indonesia. Potash also appears cheap, with BHP's delayed and over-budget Jansen mine potentially discouraging new supply; he notes producers like Nutrien and Mosaic, though he favors royalty exposure through Altius Minerals. In oil and gas, equities are undervalued at spot prices, but the futures curve points to a sharp decline, making him cautious. He prioritizes protecting against large losses, explaining that avoiding a 75% drop is far more valuable than chasing outsized gains. On precious metals, he views the gold bull market as mature after a decade-long run, yet acknowledges that endless money printing and the weaponization of the dollar could drive prices infinitely higher. He is reducing exposure to riskier gold miners and favors royalty companies like Royal Gold, citing its superior margins, built-in growth, relative undervaluation, and potential S&P 500 inclusion as key downside protections. Silver, however, raises concerns: a parabolic chart pattern and the fact that over a billion rural Asians hold silver as savings could trigger massive selling if they cash in on recent price spikes, potentially flooding the market. He also briefly notes that thermal coal's chart resembles a classic bottoming pattern worth investigating. Timestamps: 00:00:00 – Introduction 00:01:06 – Commodities Bull Market Outlook 00:03:40 – Identifying Cheap Commodities 00:06:37 – Attractive Commodities Nickel Oil 00:08:08 – Oil Equities and Supply Risks 00:09:50 – Downside Protection Strategy 00:16:03 – Potash Market Analysis 00:21:44 – Nickel Sulphide Deposits 00:25:40 – Gold Markets Currently 00:30:52 – Miners & Risk/Reward 00:36:12 – Finding Value In Miners 00:42:07 – Junior Explorers & Developers 00:47:05 – Silver Market Thoughts 00:53:57 – Thermal Coal 00:54:48 – Concluding Thoughts Guest Links: YouTube: http://www.youtube.com/@MiningStockMonkey Website: https://miningstockmonkey.com/products/vip X: https://x.com/miningstockguy Substack: https://miningstockmonkey.substack.com Jordan is an independent resource investor and the founder of Mining Stock Monkey. He shares his personal portfolio, dynamic valuation models, and in-depth research with a growing audience of serious investors. His approach is uncompromisingly independent: no corporate sponsors, no investment banking fees, and no hidden agendas. Jordan invests his own capital and transparently shares exactly what he is buying and selling, along with the proprietary valuation models and research that drive his decisions. If you're an asset manager, family office, or high-net-worth investor looking for authentic, high-conviction resource opportunities, you can access Jordan's real-time portfolio and join a private community of like-minded investors here: https://miningstockmonkey.com/products/vip

Stijn Schmitz welcomes Michael Oliver to the show. Michael Oliver is Momentum Structural Analysis MSA. Oliver argues that a major government bond crisis is quietly underway, driven by unsustainable debt levels in the US and other developed nations. He contends that the T-bond market is on the verge of breaking down to new price lows, an event largely ignored by mainstream financial media but one that could trigger a panic. This looming crisis, he believes, will force central banks into aggressive money printing to defend government bonds, which in turn will act as rocket fuel for gold and silver. Oliver explains that gold's long-term rise is not due to transient geopolitical uncertainty but rather the ongoing degradation of fiat currencies through relentless monetary expansion. He sees the stock market as bloated and in the process of forming a major top, similar to the dot-com and mortgage crisis peaks. When equities eventually falter, capital will flee into hard assets, propelling precious metals into a vertical, “wet bar of soap” phase where everyone scrambles to buy. Silver, which recently broke out of a 50-year price range, is poised for dramatic gains. Oliver projects a move to $300–$500 per ounce, representing hundreds of percent in returns, vastly outpacing gold. He also highlights precious metals miners as an especially attractive opportunity, noting their historically low valuations relative to gold and their potential to double rapidly once they break out on a relative performance basis. Beyond precious metals, Oliver sees a broader commodity supercycle emerging, with oil, grains, and base metals all in technical positions to advance significantly. He advises a long-term, non-leveraged approach to the commodity complex as an asset class shift unfolds. Overall, Oliver's momentum-based analysis points to an imminent, explosive revaluation of hard assets, urging investors to position themselves before the government bond crisis becomes front-page news. Timestamps: 00:00:00 – Introduction 00:00:41 – Gold and Fiat Money Dynamics 00:03:09 – Government Bond Crisis Warning 00:03:43 – T-Bond Technical Analysis 00:08:46 – Structural Bond Market Trends 00:20:02 – Gold Bull Market Cadence 00:32:37 – Silver Price Forecast 00:37:36 – Silver Outperformance Potential 00:41:16 – Precious Metals Miners Outlook 00:46:48 – Selecting Individual Miners 00:50:23 – Broader Commodity Opportunities 00:54:42 – Closing and Resources Guest Links: Website: http://www.olivermsa.com/ X: https://twitter.com/Oliver_MSA Amazon Book: https://tinyurl.com/y2roa7p5 Email: mailto:michaeloliver@olivermsa.com Email MSA above, and they will send you this week’s report for free, which covers many of the topics from this interview. J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, headquartered in New York City’s Battery Park. He studied under David Johnston, head of Hutton’s Commodity Division and Chairman of the COMEX. In the 1980s, Mike began to develop his proprietary momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth. In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology. In 1992, the Financial VP and head of Wachovia Bank’s Trust Department asked Mike to provide soft dollar research to Wachovia. Within a year, Mike shifted from brokerage to full-time technical analysis. He is also the author of The New Libertarianism: Anarcho-Capitalism.

Stijn Schmitz welcomes Doomberg to the show. Doomberg is Head Writer For The Doomberg Team and Creator of the Doomberg Substack. The podcast explores the current geopolitical and energy landscape, focusing on the ongoing conflicts in the Middle East and potential global power dynamics. Discussing the current energy market disruptions, Doomberg suggests that while the Strait of Hormuz closure is significant, the market has been surprisingly stable. He estimates the potential oil supply disruption at around 8 million barrels per day, significantly lower than some analysts’ predictions. The sophisticated oil markets have absorbed these challenges, with China potentially playing a crucial role by releasing strategic reserves and managing supply. The conversation delves into a potential grand geopolitical bargain that might be discussed in the upcoming meeting between Trump and Xi in Beijing. Doomberg speculates about a potential realignment of global interests, including a settlement of the Ukraine conflict on terms favorable to Russia, ceding Taiwan to China’s sphere of influence, and dividing Middle Eastern and Arctic territories among major powers. Regarding the US dollar and global economic shifts, Doomberg argues that we’re moving towards a multipolar or potentially Chinese-dominated unipolar world. He sees the sanctions against Russia after Crimea as the beginning of a new world order, with China and Russia challenging US global dominance. The discussion highlights the United States’ significant natural gas advantage, with the country producing 110 billion cubic feet per day and poised to become a major LNG exporter. Doomberg emphasizes the potential for North American energy dominance, particularly through clean and abundant natural gas. Looking forward, Doomberg suggests a potential multipolar world with the US focusing on its Western Hemisphere, China gaining prominence, and Russia finding its place. He remains cautiously optimistic about a potential diplomatic resolution to current global tensions, while acknowledging the complexity of geopolitical negotiations. Timestamps: 00:00:00 – Introduction 00:00:38 – Oil Supply Disruption Assessment 00:03:54 – China’s Oil Stockpiling Role 00:05:02 – Oil Price Mechanics Explained 00:10:24 – Supply Shortage Estimates 00:12:52 – Strait Reopening Impact 00:15:20 – Trump-Xi Meeting Significance 00:17:54 – Grand Bargain Outlines 00:22:45 – US Western Hemisphere Focus 00:26:30 – Fading Oil Spike Strategy 00:31:03 – Fertilizers and Commodity Impacts 00:34:53 – Helium Just-In-Time 00:36:16 – OPEC & the Petrodollar 00:39:20 – Geopolitical Shifts and Gold 00:46:46 – Unipolarity Outcomes 00:53:46 – Euro Hydrocarbon Resources 00:56:37 – Concluding Thoughts Guest Links: Substack: https://doomberg.substack.com X: https://x.com/DoombergT Website: https://doomberg.com Doomberg is the anonymous publishing arm of a bespoke consulting firm providing advisory services to family offices and c-suite executives. Its principals apply their decades of experience across heavy industry, private equity, and finance to deliver innovative thinking and clarity to complex problems.

Stijn Schmitz welcomes Luke Gromen to the show. Luke Gromen is President and Founder of Forest For The Trees. Luke explores unprecedented global economic and geopolitical shifts, focusing on massive commodity supply disruptions and transforming monetary systems. He highlights several critical trends: the largest commodity supply flow disruption in history, unprecedented levels of globalization, sovereign debt, and market valuations. He argues that current global tensions, particularly around the Strait of Hormuz, could trigger significant economic challenges. The potential closure of strategic maritime routes could lead to dramatic supply chain breakdowns, potentially causing localized famines and massive economic disruptions. Gromen suggests that while the US dollar will remain widely used, it will no longer be the primary wealth storage mechanism. China is strategically positioning itself by establishing yuan-gold settlement systems and offshore clearing banks, effectively creating a multi-currency framework with gold as the pivotal settlement asset. Geographically, Gromen sees varied outcomes for different regions. He believes the United States has geographical advantages but warns against urban living during this transition. Europe appears most vulnerable, while Asian countries like China, Japan, and South Korea are potentially well-positioned to benefit from these shifts, particularly given their engineering capabilities and demographic dynamics. Regarding commodities, Gromen anticipates a generational trend favoring strategic metals like copper, silver, nickel, rare earths, and uranium. He predicts that future commodity trades will increasingly require value-for-value exchanges, moving away from paper-based transactions. The underlying theme is a fundamental restructuring of global economic systems, driven by supply chain fragilities, geopolitical tensions, and the need for more resilient, productivity-focused economic models. Gromen suggests this transition will likely involve significant inflation and economic recalibration, with gold playing a central role in the emerging monetary landscape. Timestamps: 00:00:00 – Introduction 00:00:44 – Unprecedented Energy Disruption 00:02:48 – Globalization and Debt Levels 00:05:00 – Equity Valuations Warning 00:07:20 – Market Pricing Liquidity 00:09:01 – Supply Chain Breakdowns 00:10:28 – Disruption Lag Effects 00:12:15 – Oil Policy Miscalculations 00:15:27 – Geopolitical Trade-offs 00:21:50 – Hubris vs Strategy 00:28:33 – China’s Strategic Benefits 00:33:56 – Monetary Order Shift 00:39:52 – Gold’s Reserve Role 00:45:06 – Future Debasement & Gold 00:49:46 – Regional Economic Outlooks 00:56:10 – Commodity Generational Trends 01:00:12 – New section Guest Links: X: https://x.com/lukegromen Website: https://fftt-llc.com/ Luke Gromen began his career in the mid-1990s in Research at Midwest Research before moving over to institutional equity sales and becoming a partner. While in sales, Luke was a founding editor of Midwest’s widely-read weekly summary (“Heard in the Midwest”) for the firm’s clients. He aggregated and combined proprietary research from Midwest with inputs from other sources. In 2006, Luke left FTN Midwest to become a founding partner of Cleveland Research Company. At CRC, Luke continued to work in sales and edit CRC’s flagship weekly research summary piece (“Straight from the Source”) for the firm’s customers. In 2014, Luke left Cleveland Research to found FFTT, LLC (“Forest for the Trees”), a macro/thematic research firm catering to institutions and individuals that aggregates a wide variety of macroeconomic, thematic, and sector trends in an unconventional manner to identify investable developing economic bottlenecks. Luke also provides strategic consulting services for corporate executives. He is a graduate of the University of Cincinnati and received his MBA from Case Western Reserve University and earned the CFA designation in 2003.

Stijn Schmitz welcomes back Colonel Douglas Macgregor to the show. Mr. Macgregor is a retired U.S. Army Colonel and a decorated combat veteran. In this in-depth discussion, Macgregor provides a critical analysis of the current geopolitical situation, focusing on the ongoing conflict in the Persian Gulf and its profound global economic implications. Macgregor argues that the current war has created a catastrophic disruption in global maritime trade, with commercial ship traffic through the Strait of Hormuz down by over 90%. This disruption is causing severe economic challenges, including potential famines, skyrocketing energy prices, and significant supply chain disruptions. He predicts oil prices could reach $150-$200 per barrel, which would have devastating economic consequences. The colonel is particularly critical of the U.S. approach to the conflict, suggesting that the war is primarily driven by Israeli interests rather than vital U.S. strategic objectives. He believes the strategic initiative has passed to Iran, which can absorb more punishment and endure more economic pain than the United States. Macgregor emphasizes the critical importance of resource sovereignty, arguing that countries must now focus on securing their own critical mineral supplies, refining capabilities, and energy infrastructure. He sees this conflict as a transformative moment that will fundamentally reshape global economic and geopolitical relationships, potentially accelerating the de-dollarization process and China’s economic rise. The discussion highlights the urgent need for a diplomatic solution to stop the conflict, warning that continued military operations will only exacerbate global economic challenges. Macgregor suggests that the world needs to move towards a new approach of international cooperation, focusing on practical economic survival rather than military confrontation. Ultimately, Macgregor believes the current crisis will force nations to rethink their economic strategies, prioritize resource security, and develop more resilient and self-sufficient economic models. Timestamps: 00:00:00 – Introduction 00:00:40 – Iran Campaign Prediction Review 00:00:40 – Iran War Phases Clarified 00:03:02 – Strait of Hormuz Closure 00:03:44 – Global Economic Catastrophe Warning 00:04:41 – Resource Sovereignty Essential Now 00:06:53 – Markets Manipulation and Warfare 00:09:00 – Revolution in Warfare 00:10:33 – Concealing War Strategic Disaster 00:13:00 – Trump’s Strategic Dilemma 00:16:43 – Commodity Investments Shift 00:20:26 – Gold Reserves De-Dollarization Trends 00:24:00 – War Duration and Oil Disruptions 00:30:10 – China & Oil Refining 00:36:43 – Western Reindustrialization 00:40:30 – US Reorganization Critical Minerals 00:44:20 – Reindustrialization and Direction 00:46:04 – Strategic Metal Concerns 00:49:35 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army's largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor's recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on force design. In 2019, Transformation under Fire was selected by Lt. Gen. Aviv Kohavi, Chief of the Israeli Defense Force (IDF), as the intellectual basis for IDF transformation. His fifth book, Margin of Victory: Five Battles that Changed the Face of Modern War from Naval Institute Press is available in Chinese, as well as, English and will soon appear in Hebrew. In 28 years of service Macgregor taught in the Department of Social Sciences at West Point, commanded the 1st Squadron, 4th Cavalry, and served as the Director of the Joint Operations Center at SHAPE during the 1999 Kosovo Air Campaign for which he was awarded the Defense Superior Service medal. In January 2002, at Secretary of Defense Donald Rumsfeld's insistence the USCENTCOM Commander listened to Colonel Macgregor's concept for the offensive to seize Baghdad. The plan was largely adopted, but assumed no occupation of Iraq by U.S. Forces. Macgregor has also testified as an expert witness before the Senate and House Armed Services Committees and appeared as a defense analyst on Fox News, CNN, BBC, Sky News and public radio. He is fluent in German.

Stijn Schmitz welcomes Grant Williams to the show. Grant Williams is Financial Advisor, Portfolio & Strategy Advisor, and a Co-Founder of Real Vision. In this wide-ranging discussion, Williams explores the potential transformation of the global monetary system, highlighting significant shifts in geopolitical and economic dynamics. He argues that the world is experiencing a fundamental reordering of monetary power, with the US dollar’s global dominance potentially eroding due to factors like sanctions, increasing government debt, and diminishing international trust. Williams suggests that gold could emerge as a critical stabilizing asset during this transition, potentially serving as a temporary anchor for a new monetary system. He emphasizes that countries are increasingly losing confidence in the US dollar, with many gradually reducing their dollar reserves and turning to alternative assets like gold. This trend isn’t necessarily a deliberate choice, but a natural response to systemic uncertainties. The conversation delves into the concept of a “fourth turning” – a generational framework that suggests periodic massive societal transformations. Williams sees the current global environment as consistent with this model, characterized by significant economic and geopolitical upheaval. He believes we’re transitioning from an era of virtual financial abstractions to a world focused on tangible assets and real value. Regarding investment strategies, Williams recommends a patient approach to commodities. He suggests focusing on essential resources like oil, copper, and other critical minerals, noting that we’re likely entering a long-term commodity bull market. He advises investors to conduct thorough research, understand commodity dynamics, and be prepared for a potentially slower, more deliberate investment landscape. Williams also cautions against complacency, arguing that the era of guaranteed government bailouts and easy monetary policies may be ending. He encourages investors to re-examine their assumptions, be open to new perspectives, and recognize that historical investment strategies might not work in this emerging economic environment. Timestamps: 00:00:00 – Introduction 00:01:02 – Monetary Order Shifts 00:05:25 – Commodity Disruptions Impact 00:10:45 – Bailout Trust Erosion 00:13:49 – Gold Performance Analysis 00:16:31 – Global Reserve Changes 00:22:00 – Gold Standard Revival 00:24:10 – Geopolitical Considerations 00:27:00 – Gold & Fiat Printing 00:29:31 – Fourth Turning Cycles 00:35:45 – Commodity Investment Strategies 00:42:00 – Patience in Bull Cycles 00:44:10 – Commodities Outperformance 00:48:33 – North America Resource Risks 00:52:56 – Concluding Thoughts Guest Links: Website: https://grant-williams.com Website: https://vongreyerz.gold/ X: https://x.com/ttmygh Grant Williams, much to his dismay, has logged over 35 years in finance. During that time, he's lived and worked in seven major financial centres from London to Sydney, building the kind of network that many others can only dream about. He began his career in the Japanese equity market in the mid-1980s, before a three-year posting to Tokyo ensured he had a ringside seat as the twin bubbles in equities and real estate burst simultaneously and spectacularly at the end of 1989. After a short stint back in London, Grant relocated once again, this time to New York, where he spent 7 years. Subsequent postings have taken him to Hong Kong, Sydney, Singapore, and the Cayman Islands. Currently, he is a senior advisor to Von Greyerz in Switzerland, and a portfolio and strategy advisor to Vulpes Investment Management in Singapore. Back in 2014, Grant's ambition to bring the most intelligent, engaging, and original people in finance to a wider audience led him to co-found Real Vision, an on-demand internet-based financial media platform. Grant's twin Real Vision interview series, In Conversation With… and On The Road raised the bar for financial content – engaging and educating viewers in equal measure and helping them learn the secrets behind a group of extraordinary investors' success. Long before Real Vision, however, Grant was guiding people around the fringes of finance with his regular newsletter, Things That Make You Go Hmmm…, a publication which, from humble beginnings as a daily note to a few friends and colleagues, has grown into one of the most widely-read financial publications in the world.

Stijn Schmitz welcomes Don Durrett to the show. Don Durrett is Author, Investor, and Founder of Goldstockdata.com. In this comprehensive interview, Durrett provides deep insights into the current economic landscape and his perspective on gold and silver investments. Durrett argues that the global economic system is fundamentally unsustainable, characterized by what he calls “voodoo economics” and modern monetary theory’s approach of continuous money printing. He believes the United States is trapped in a “doom loop” of increasing debt and economic challenges, which creates a compelling case for precious metals investments. Drawing from his two decades of investing experience, Durrett explains his investment philosophy using a pyramid approach. He recommends building a foundation with physical metals, then progressively adding ETFs, major mining companies, mid-tier producers, and finally high-risk exploration stocks. His current portfolio contains 165 stocks, with an expectation of generating a seven to ten-fold return. Durrett is particularly bullish on gold, projecting prices potentially reaching $7,000 and expecting the current bull market to continue through 2028. He anticipates a “fair trade” scenario where gold’s value crosses the S&P 500’s value, indicating a significant market transformation. His investment strategy focuses on finding stocks with exceptional leverage and potential, particularly those that could provide 20x returns at higher metal prices. Regarding the current market, Durrett sees significant opportunities in precious metals miners, especially those with potential for substantial growth. He’s not overly concerned with current production costs, instead focusing on a company’s potential valuation at higher gold and silver prices. He believes many investors and Wall Street are underestimating the potential of gold and silver mining companies. Through his website Goldstockdata.com, Durrett aims to provide investors with comprehensive data and educational resources to help them make informed investment decisions in the precious metals sector. Timestamps: 00:00:00 – Introduction 00:00:41 – Market Overview & Bull Case 00:03:29 – Economic History and Voodoo Economics 00:08:37 – MMT Origins and Doom Loop 00:11:32 – Current Correction Buy Opportunity 00:12:54 – Geopolitical War Impacts Analysis 00:25:45 – Fear Trade and Gold Targets 00:31:18 – Miners & Bull Markets 00:37:04 – Investment Approaches 00:41:44 – Pain Point and Diversification 00:48:35 – Royalty Companies Evaluation 00:51:23 – Goldstockdata.com Overview Guest Links: X: https://x.com/DonDurrett Website: https://www.goldstockdata.com Substack: https://dondurrett.substack.com Amazon Books: https://www.amazon.com.mx/How-Invest-Gold-Silver-Complete/dp/1427650241 Blog Posts: https://seekingalpha.com/author/don-durrett#regular_articles YouTube: https://www.youtube.com/user/Newager23 Don Durrett received an MBA from California State University Bakersfield in 1990. He has worked in IT-related positions for 20+ years. He has been a gold investor since 1991, with a focus on Junior Mining stocks since 2004. Realizing the value of investing in gold and silver and noticing the lack of available material for first-time investors, Don set out to provide information. First, he wrote a book, How to Invest in Gold & Silver: A Complete Guide with a Focus on Mining Stocks. He followed up the book with a website (www.goldstockdata.com) to provide data, tools, and analysis for gold and silver stock investors. His gold and silver mining stock newsletter is widely regarded as one of the best. He is a frequent guest on financial podcasts and a contributor to SeekingAlpha.com.

Your host, Stijn Schmitz welcomes back Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. This discussion centers on global economic disruptions, particularly in commodity markets and energy sectors, stemming from geopolitical tensions in the Middle East. Dr. Thornton highlights the significant impact of potential oil and gas supply disruptions, estimating that 15-20% of global supply might be affected. Timestamps: 00:00:00 – Introduction 00:01:05 – Global Economy Uncertainty 00:04:10 – Middle East Disruption Impact 00:04:57 – Stock Market vs Oil Discrepancy 00:06:52 – Supply Chain Byproducts Effects 00:11:13 – Oil Cutoff Long-term Consequences 00:14:33 – Global Pain Points Analysis 00:22:38 – Reshoring vs Free Trade 00:31:26 – Natural Gas Opportunities North America 00:39:08 – Unleashing US Resource Potential 00:43:43 – Petrodollar System Cracks 00:50:25 – Gold Settlement Currency Role 00:56:03 – Gold & Fiat Currencies 01:02:42 – Concluding Thoughts Guest Links: Website: https://mises.org X: https://x.com/DrMarkThornton E-Mail: mailto:mthornton@mises.org YouTube: https://www.youtube.com/results?search_query=mark+thornton+minor+issues Book-Hayek: https://mises.org/library/book/hayek-21st-century-essays-political-economy Dr. Mark Thornton is a Senior Fellow at the Mises Institute and formerly held the Peterson-Luddy Chair in Austrian Economics. He hosts the podcasts Minor Issues and Unanimity and is Book Review Editor of the Quarterly Journal of Austrian Economics. His books include The Economics of Prohibition, Tariffs, Blockades, and Inflation, The Bastiat Collection, and The Skyscraper Curse. He has served on multiple editorial boards, taught economics at several universities, and worked as Assistant Superintendent of Banking and adviser to Alabama Governor Fob James. He holds degrees from St. Bonaventure University and Auburn University and has debated the “War on Drugs” at the Oxford Union. Dr. Thornton has been featured in major outlets such as The Economist, Forbes, New York Times, Wall Street Journal, and USA Today, along with numerous international and regional newspapers. His commentary appears regularly on the Mises Institute's platforms and on programs such as Boom-Bust, the Tom Woods Show, and the Scott Horton Show.

Stijn Schmitz welcomes backBob Moriarty back to the show. Bob is an author, the founder of 321 Gold, and a former marine fighter pilot. In this wide-ranging interview, Moriarty provides a critical geopolitical analysis of the current tensions in the Middle East, particularly focusing on the conflict involving Iran, Israel, and the United States. Moriarty argues that the conflict with Iran has been planned for 40 years and is fundamentally a voluntary war driven by Israel’s strategic interests. He emphasizes that Iran does not have a nuclear weapons program and that the current situation represents an extremely dangerous geopolitical moment. The disruption of the Strait of Hormuz has significant global implications, potentially affecting oil supplies, fertilizer distribution, and global trade. The discussion extensively covers the economic ramifications of these geopolitical tensions. Moriarty predicts severe consequences, including potential food shortages, fuel scarcity, and disruptions in medical supply chains. He suggests that the world is transitioning from a debt-based economic system to a resource-based system, with countries like China and Russia strategically positioning themselves. A key theme of the conversation is the role of gold in the global financial system. Moriarty views physical gold and silver as insurance policies against financial chaos and believes the world will inevitably return to a gold standard out of necessity. He points out that the United States is already exporting non-monetary gold as a means of international settlement. Moriarty is highly critical of current leadership in the United States and Israel, arguing that there are no “adults in the room” capable of finding a rational solution to the ongoing conflicts. He warns that if the current situation continues unresolved, the world could face catastrophic economic and humanitarian consequences. Timestamps: 00:00:00 – Introduction 00:00:55 – Geopolitical Chessboard Analysis 00:04:33 – Iran’s Fight for Survival 00:09:30 – Israel and Iran Vulnerabilities 00:14:30 – Petrodollar and Middle East Peace 00:18:46 – Companies with Benefits? 00:21:21 – Strait of Hormuz Blockade 00:23:20 – The Role of Gold 00:28:35 – Hyperinflation Scenario 00:33:35 – Hidden US Casualties Revealed 00:36:32 – Oil, Inflation, & Efficency 00:39:21 – Fertilizer and Supply Disruptions 00:44:05 – Curent Political Leadership 00:50:09 – Gold as Financial Insurance 00:53:35 – Fuel Bail-Outs 00:54:30 – 321 Gold & Books Guest Links: Website: http://www.321gold.com Amazon: https://www.amazon.com/Robert-Moriarty/e/B01A9I4TJU?ref=sr_ntt_srch_lnk_3&qid=1599932580&sr=8-3 Bob Moriarty founded 321gold.com with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind, and nuclear energy. Both sites feature articles, editorial opinions, pricing figures, and updates on both sectors' current events. Previously, Moriarty was a Marine F-4B and O-1 pilot, with more than 832 missions in Vietnam. He holds fourteen international aviation records.

Stijn Schmitz welcomes Steve Hanke, Professor of Applied Economics at Johns Hopkins University, to discuss global economic trends, monetary policy, and the emerging commodity super cycle. The professor’s outlook suggests a complex economic landscape with potential for significant disruption, driven by monetary policy, geopolitical tensions, and structural changes in global trade and commodity markets. Hanke emphasizes the critical importance of money supply as a key indicator of economic activity and inflation, noting that the United States is currently experiencing an accelerating money supply that will make controlling inflation challenging. The discussion highlights several significant global economic dynamics, particularly focusing on commodity markets and geopolitical tensions. Hanke argues that the world is entering a commodity super cycle characterized by underinvestment, supply chain disruptions, and precautionary inventory building. The ongoing conflict in the Gulf region and disruptions to global trade have further complicated commodity markets, with potential oil prices ranging from $100 to $350 per barrel depending on supply constraints. Geopolitically, Hanke suggests that Russia and China are emerging as significant winners in this environment, while the United States has potentially weakened its global position through its actions. He dismisses concerns about de-dollarization, arguing that the US dollar remains the dominant global currency with limited realistic alternatives. On inflation, Hanke predicts continued upward pressure due to monetary policy loosening, commercial bank lending growth, and federal reserve actions. He emphasizes that inflation is fundamentally a monetary phenomenon, driven by increases in money supply rather than isolated economic events. Regarding commodities, Hanke identifies several sectors poised for growth, including critical materials like lithium and vanadium. He recommends investors be “long everything” in the commodity space, noting significant price increases in various exotic commodities. Timestamps: 00:00:00 – Introduction 00:00:52 – Key Economic Metrics 00:02:00 – US Money Supply Acceleration 00:03:58 – China’s Inflation Challenges 00:04:56 – Commodity Supply Disruptions 00:05:30 – US Tariffs and Sanctions 00:07:13 – Iran War and Strait Closure 00:11:55 – Iranian Economy 00:12:45 – Oil Price Scenarios 00:13:10 – Commodity Super Cycle Thesis 00:17:00 – Oil Supply Impacts 00:20:44 – Market Complacency on Risks 00:24:06 – Winners and Losers Analysis 00:25:12 – China’s Economy 00:27:55 – De-Dollarization Myths 00:30:36 – Gold’s Geopolitical Role 00:33:15 – Supply Shocks & Infrastructure 00:37:20 – Inflation and Money Supply 00:41:40 – Treasury Demand & Inflation 00:46:40 – Bank Lending & Money Supply 00:48:28 – Commodity Picks & Wrap Up Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 Amazon Book: https://www.amazon.com/Capital-Interest-Waiting-Controversies-Additions/dp/3031633970 E-Mail: mailto:hanke@jhu.edu Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China's International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal's Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk's Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor's Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan's Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. Prof. Hanke has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universität Liechtenstein, the Universidad San Francisco de Quito, the Free University of Tbilisi, Istanbul Kültür University, Varna Free University, and the D.A. Tsenov Academy of Economics in recognition of his scholarship on exchange-rate regimes. Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris.

Stijn Schmitz welcomes Rory Johnston to the show. Rory Johnston is Commodity Market Research who specializes in oil and gas. This episode delves into the complex dynamics of the current oil market crisis stemming from the closure of the Strait of Hormuz, exploring the profound implications for global energy supply and geopolitical tensions. Johnston provides a detailed analysis of the current oil market situation, highlighting that approximately 20 million barrels of oil per day typically transit through the Strait of Hormuz, with about 13 million barrels currently disrupted. Despite this massive supply shock, oil prices remain surprisingly low, which Johnston attributes to several factors, including market resilience, slow-moving commodity markets, and complex geopolitical negotiations. The discussion reveals the potential devastating consequences of prolonged strait closure, particularly for developing countries. While advanced economies might absorb price increases, many regions in the global south could experience complete fuel shortages, causing significant economic and humanitarian challenges. Johnston predicts that if the situation continues, demand destruction will become inevitable, potentially forcing prices to astronomical levels. Interestingly, the conversation also explores the nuanced motivations of key players like the United States, Iran, and Israel. Johnston suggests that Iran potentially benefits from prolonging the conflict, while the United States appears increasingly desperate to reach a resolution. He believes the crisis will likely conclude with Iran gaining some recognized control over the Strait of Hormuz. Johnston’s base case scenario anticipates the strait potentially reopening by mid-May, but warns that the market will require months to rebalance. The cumulative oil supply loss could reach over 1.2 billion barrels, fundamentally altering the global oil market’s dynamics. He emphasizes that what was previously an oversupplied market will likely transform into a tighter, potentially higher-priced environment. Timestamps: 00:00:00 – Introduction 00:00:48 – Strait of Hormuz Basics 00:01:55 – Supply Rerouting Efforts 00:02:57 – Total Supply Losses 00:06:09 – Replacing Lost Production 00:08:46 – Demand Destruction Scenario 00:11:15 – Price Reaction Analysis 00:19:23 – Trump’s Market Interventions 00:23:43 – US Treasury Intervention? 00:25:24 – Regional Shortage Timelines 00:30:41 – Global South Impacts 00:32:20 – War Incentives Discussion 00:41:40 – Iran, Trump, & Israel 00:46:11 – Base Case Outlook 00:51:56 – Refinery Fire Concerns 00:55:54 – Wrap Up Guest Links: Substack: https://www.commoditycontext.com/ X: https://x.com/Rory_Johnston Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, host of the Oil Ground Up podcast, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. He is a leading voice on oil market analysis, advising institutional investors, global policy makers, and corporate decision makers. His views are regularly quoted in major international media including the Financial Times, New York Times, Wall Street Journal, Bloomberg News, Reuters, BNN Bloomberg, CBC, and Financial Post, and he frequently appears on numerous market and industry podcasts (e.g., Bloomberg's Odd Lots, Hidden Forces, etc.). Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank where he set the bank's energy and metals price forecasts, advised the bank's executives and clients, and sat on the bank's senior credit committee for commodity-exposed sectors.

Stijn Schmitz welcomes back legendary investor and speculator Rick Rule to the show. Rick discusses the current commodity landscape, with a particular focus on energy, geopolitical tensions, and investment opportunities. He provides insights into the oil market, highlighting significant supply challenges and potential disruptions. He notes that global underinvestment in sustaining capital, particularly in the energy sector, could lead to substantial price increases in the coming years. The ongoing conflict in the Middle East has further complicated the energy market, with potential long-term implications for global supply chains. Regarding commodities, Rule discusses opportunities in helium, fertilizers, and precious metals. He emphasizes the importance of long-term thinking in commodity investments, particularly in the agricultural sector, where demographic shifts will continue to drive demand. On gold, Rule presents a compelling case for holding the metal as a savings instrument, arguing that not holding gold is “irresponsible.” He views gold as a critical asset that maintains purchasing power and provides liquidity during economic uncertainties. Rule provides nuanced perspectives on investment strategies, particularly in natural resource sectors. He highlights the potential in junior mining exploration, noting that while the sector as a whole destroys capital, the top 10% of companies can generate significant value. His approach emphasizes thorough research, patience, and a willingness to hold investments through volatile periods. The discussion also touches on geopolitical risks and investment opportunities in less-explored markets. Rule suggests that Western investors often overestimate political risks in unfamiliar regions and underestimate risks in seemingly stable markets like the US and Canada. Throughout the conversation, Rule demonstrates his characteristic blend of macroeconomic insight, speculative wisdom, and pragmatic investment philosophy. Timestamps: 00:00:00 – Introduction 00:01:00 – Oil Supply Disruptions 00:02:54 – War Impact on Prices 00:04:22 – If War Ends Scenario 00:05:18 – Long-term Underinvestment 00:06:20 – Historical Oil Parallels 00:08:20 – Oil Equities Valuation 00:09:54 – Producer Opportunities Overview 00:17:03 – Other Commodities Disrupted 00:22:58 – Fertilizers and Potash 00:28:50 – Gold’s Portfolio Role 00:33:00 – Gold & Emerg. Selling 00:35:20 – Silver and Miners 00:38:20 – Hated Places 00:40:49 – Precious Metals Miners 00:44:00 – Junior Explorers Value 00:47:10 – Developers 00:49:10 – Wrap Up & Conference Guest Links: X: https://x.com/@realrickrule Website: https://ruleinvestmentmedia.com YouTube: https://www.youtube.com/@RuleInvestmentMedia Classroom: https://ruleclassroom.com Battle Bank: https://battlebank.com Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors. Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water.

Stijn Schmitz welcomes Colonel Douglas Macgregor to the show. Douglas is a retired U.S. Army Colonel & Decorated Combat Veteran. In a comprehensive analysis, Macgregor provides a dire assessment of the current geopolitical and economic landscape, focusing on the potential escalation of conflict in the Middle East and its global implications. Macgregor warns of a severe global crisis emerging from ongoing tensions, particularly highlighting the devastating impact on the global energy and fertilizer markets. He explains that approximately 15-20 million barrels of oil have been removed from the market, and 35% of global fertilizer production has been disrupted. This disruption could lead to widespread food shortages, potential famines in the global south, and significant economic challenges for countries worldwide. The discussion centers on the potential for a massive air and missile campaign against Iran, which Macgregor believes could be catastrophically counterproductive. He argues that Iran has substantially rebuilt its military capabilities, with an estimated 45-50,000 drones and 15-20,000 ballistic and cruise missiles, supported by improved air defense systems from China and Russia. Macgregor critically examines the motivations behind the potential conflict, suggesting it stems from Israeli demands and pressure from what he calls the “Zionist billionaire class.” He emphasizes the potential economic consequences, including a possible global recession or depression, disruptions in shipping, and severe energy shortages. The conversation also delves into broader economic implications, including the potential death of the petrodollar, resource nationalism, and the importance of hard assets like gold and silver. Macgregor strongly advises investors to prepare for challenging times by investing in tangible assets and maintaining cash reserves. Ultimately, he calls for rational leadership to prevent a potential humanitarian disaster, warning that the current trajectory could lead to significant global instability and economic upheaval. Macgregor’s analysis presents a stark and sobering view of the current geopolitical and economic landscape. Timestamps: 00:00:00 – Introduction 00:00:38 – Welcoming Colonel McGregor 00:01:02 – Iran War Ceasefire Analysis 00:01:53 – Global Energy Complex Crisis 00:02:36 – Fertilizer Shortage Famine Risk 00:04:35 – Diesel Supply Europe Challenges 00:07:09 – Petrodollar System Collapse 00:09:16 – Trump Israel Iran Demands 00:13:00 – Iranian Defense Blockade Issues 00:15:08 – Upcoming Air Missile Campaign 00:20:09 – Infrastructure Destruction Escalation 00:22:01 – Global Recession Depression Warnings 00:25:13 – Gold Silver Investment Urgency 00:27:49 – Oil Market Reality Discrepancy 00:34:53 – Resource Nationalism Sovereignty Path 00:45:26 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army's largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor's recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on force design. In 2019, Transformation under Fire was selected by Lt. Gen. Aviv Kohavi, Chief of the Israeli Defense Force (IDF), as the intellectual basis for IDF transformation. His fifth book, Margin of Victory: Five Battles that Changed the Face of Modern War from Naval Institute Press is available in Chinese, as well as, English and will soon appear in Hebrew. In 28 years of service Macgregor taught in the Department of Social Sciences at West Point, commanded the 1st Squadron, 4th Cavalry, and served as the Director of the Joint Operations Center at SHAPE during the 1999 Kosovo Air Campaign for which he was awarded the Defense Superior Service medal. In January 2002, at Secretary of Defense Donald Rumsfeld's insistence the USCENTCOM Commander listened to Colonel Macgregor's concept for the offensive to seize Baghdad. The plan was largely adopted, but assumed no occupation of Iraq by U.S. Forces. Macgregor has also testified as an expert witness before the Senate and House Armed Services Committees and appeared as a defense analyst on Fox News, CNN, BBC, Sky News and public radio. He is fluent in German.

Stijn Schmitz welcomes Dr. Stephen Leeb to the show. Dr. Stephen is Author and Founder of Leeb Capital Management. In this wide-ranging discussion, Leeb provides a comprehensive analysis of the global economic landscape, focusing on commodities, geopolitics, and the potential role of gold in reshaping the international monetary system. Leeb argues that the world is at a critical juncture, with natural gas and gold emerging as key strategic assets. He highlights the United States’ unexpected advantage in liquefied natural gas (LNG) and suggests that cooperation, rather than conflict, is the path forward for global economic stability. The conversation then delves into the declining status of the US dollar and the potential for a gold-backed monetary system, with China and Russia playing significant roles in this potential transition. Stephen emphasizes the critical shortage of fundamental commodities, particularly copper and silver, and the need for sustainable energy solutions. Leeb warns that a shortage of any major critical commodity could lead to severe economic consequences, underlining the importance of international cooperation in resource management. A central theme of the conversation is the potential for gold to serve as a unifying monetary force. Leeb views gold as more than just a commodity, describing it almost as a spiritual bridge between beauty and materiality. He suggests that countries adopting a gold standard have historically performed exceptionally well, and that gold could be instrumental in creating a more cooperative global economic system. Leeb is particularly critical of current geopolitical tensions, especially between the United States, China, and Russia. He advocates for a collaborative approach, arguing that cooperation is the key to addressing global challenges in resource scarcity, technological innovation, and economic development. Timestamps: 00:00:00 – Introduction 00:00:50 – Iran War Economic Impact 00:01:22 – LNG US Strategic Advantage 00:03:41 – Petrodollar System Origins 00:04:45 – Natural Gas Byproducts Value 00:08:47 – End of Petrodollar Era 00:11:21 – Europe’s Economic Crossroads 00:13:41 – Global Cooperation Imperative 00:18:07 – Gold Monetary System Role 00:21:03 – Oil Price Discrepancies Explained 00:24:50 – Market Manipulation Concerns 00:25:52 – China’s Gold Wealth Strategy 00:50:11 – Commodity Supercycle Potential 00:52:04 – Sustainability and Resource Scarcity 00:64:81 – Concluding Thoughts Guest Links: Website: https://tti.kartra.com/page/AboutTTI Substack: https://drstephenleebphd.substack.com/ Website: https://www.stephenleeb.com/ X: https://x.com/DrStephenLeeb Book Sample: https://read.amazon.com/sample/126044127X?clientId=share Dr. Stephen Leeb is a recognized authority on the stock market, macroeconomic trends, and commodities, especially oil and precious metals. As Chairman and Chief Investment Officer of Leeb Capital Management, Dr. Leeb combines his knowledge of macro-economic trends and current market conditions with detailed information about specific companies he follows to guide the Committee's investment decisions. Stephen Leeb is a financial author, wealth manager, and publisher of a family of investment newsletters. He has been a recurring guest on CNN, Fox News, NPR, Bloomberg, and many others through the years. Leeb was also said to be one of the country's foremost financial experts, with Charlie Gasparino in 2016 recommending Leeb as a good candidate for Federal Reserve Chairman. Leeb earned a B.S. in Economics from the Wharton School of Business. He also earned a Master's in Mathematics and a Ph.D. in Psychology from the University of Illinois. He authored research papers on psychology and statistics in the peer-reviewed journal Psychological Reports. Stephen Leeb is married and lives in New York City, New York. Leeb has written nine books on macroeconomic trends, finance, and investment, including the New York Times Best Sellers. Stephen's recent book Red Alert was awarded the 2012 Axiom Business Book Awards silver medal in the International Business/Globalization category.

Stijn Schmitz welcomes David Skarica to the show. David Skarica is Contrarian Investor and the Founder of Profit From Pessimism. In this wide-ranging discussion, Skarica offers insights into current market dynamics, focusing on gold, commodities, and investment strategies. Skarica views the current gold market as part of a long-term macro trend that began in 1999, with potentially another four to six years of growth ahead. He attributes this potential to global debt levels, which have reached unprecedented heights. Central bank buying and potential retail investor interest are additional factors supporting gold’s trajectory. While gold has already seen significant appreciation, Skarica believes we are only in the first or second stage of its bull market in terms of pricing. Regarding mining stocks, Skarica is particularly interested in smaller miners near production or with strong cash flow potential. He sees opportunities in junior mining companies that can potentially increase their market capitalization significantly. His investment approach focuses on finding undervalued companies with asymmetric risk-reward profiles, preferring to make concentrated bets on a handful of carefully selected investments. Stijn also explores energy markets, with Skarica noting potential opportunities in oil, natural gas, and even renewable energy sectors. He suggests that the ongoing geopolitical tensions and increased energy demands from technological developments like AI could support higher energy prices and create investment opportunities. Skarica’s investment philosophy emphasizes contrarian thinking, patience, and seeking value in overlooked or undervalued assets. He warns against over-concentration in any single investment and recommends diversification across sectors and careful position sizing. Timestamps: 00:00:00 – Introduction 00:00:42 – Market Volatility Overview 00:01:49 – Precious Metals Bull Market 00:03:54 – Opportunities in Miners 00:07:48 – Gold as Ultimate Hedge 00:08:47 – Central Bank Buying 00:11:13 – Debasement and Debt 00:16:22 – Bull Cycle Analysis 00:20:29 – Gold Majors Valuation 00:24:14 – Junior Miners Strategy 00:33:54 – Oil Energy Outlook 00:43:13 – LNG Natural Gas Plays 00:50:42 – Concluding Thoughts Guest Links: X: https://x.com/DavidSkarica Website: https://profitfrompessimism.com YouTube: http://www.youtube.com/@profitpess David Skarica had an interest in financial markets at an early age. At the age of 16, he read the small booklet “The Plague of the Black Debt”, by James Dale Davidson, which was given to him by his uncle. David was always a sports stat nut, loving football, hockey and baseball stats, which lead to David becoming intrigued with economics and markets. David is such an avid Football and Las Vegas Raiders fan — his principal in grammar school was Bernie Custis, who was the late Raiders owner Al Davis’ roommate at Syracuse University, and the first ever African American quarterback in college and pro football history — that he also runs his own football vlog, Raiders Greats, which discusses great Raiders player of the past. He also is a soccer fan who supports Leeds Utd., as his father was born in Leeds, England. In 1996, at the age of 18, David became the youngest person on record (that he knows of anyhow) to obtain the Canadian Securities Course (CSC) license to trade investment securities. In the late 1990s, David felt that the market was becoming another epic bubble similar to the bubble of the 1920s, so he decided at the tender age of 20 to write his first book, Stock Market Panic!, which was published in 1998. Over the next decade, gold soared from $250 an ounce to nearly $1900, while the S&P 500 lost value. In the same year that this book was published, he decided to start his newsletter, Addicted to Profits. The newsletter's name was a spin on Robert Palmer's famed song Addicted to Love. The irony was Robert Palmer recorded this song in the Bahamas ay the famous Compass Point Recording Studio, and David himself would end up moving to the Bahamas in 2005 (another Irony about David moving to the Bahamas is that his mentor Sir John Templeton also resided there).

Stijn Schmitz welcomes back Josef Schachter to the show. Josef is Founder of Schachter Asset Management Inc. The discussion centers on the significant disruptions in the global oil and gas market caused by recent geopolitical conflicts in the Middle East. Schachter provides a comprehensive analysis of the current energy landscape, highlighting the potential long-term implications of supply constraints and infrastructure damage. According to Schachter, the conflict has already removed approximately 14 to 16 million barrels of oil from daily production, with strategic petroleum reserves and shadow fleet inventories currently offsetting the supply shock. He anticipates that if the war continues, oil prices could reach $80-$90 per barrel by year-end, with potential risks of prices climbing to $150-$180, which could trigger significant demand destruction. They discuss the broader implications for the energy sector, with Schachter emphasizing that the current environment presents attractive opportunities for investors. He recommends focusing on companies with large reserve life indices, low operating costs, and attractive valuations. Specifically, he highlights Canadian energy companies in natural gas and oil sands sectors as promising investments. Schachter notes that the energy landscape has fundamentally changed since March 1st, with companies now needing to focus on growth strategies. He believes the sector is still in early stages, comparing it to being on the fourth hole of a golf course, with significant potential for future development. Companies with strong balance sheets and the ability to capitalize on higher commodity prices will be best positioned. The conversation also touches on potential demand impacts, with Schachter suggesting that prices above $150-$180 per barrel could trigger severe economic consequences, potentially leading to demand reduction that would stabilize prices. He recommends investors carefully evaluate energy companies, looking at metrics like finding and development costs, operating efficiency, and management’s equity stake. Ultimately, Schachter believes the energy sector offers significant long-term investment potential, particularly for those willing to be patient and strategic in their approach. Timestamps: 00:00:00 – Introduction 00:01:05 – Long-Term Conflict Implications 00:04:04 – Geopolitical Risks and Escalation 00:05:09 – Oil Price Dynamics Forecast 00:08:18 – Futures Curve Analysis 00:10:18 – Supply Shortage Timeline 00:11:24 – Energy Sector Investments 00:13:19 – Infrastructure Damage Assessment 00:16:35 – US Geopolitical Oil Strategy 00:18:14 – Historical Price Parallels 00:21:29 – Stock Valuation Opportunities 00:25:13 – Iran War Possibilities 00:29:20 – Attractive Oil Gas Picks 00:32:38 – Canadian Oil & Gas 00:35:41 – Oil & Gas Producers 00:40:32 – Assessing Companies 00:45:58 – Concluding Thoughts Guest Links: Website: https://schachterenergyreport.ca Subscription Discount for Palisade Listeners, $100 off the first year of our subscription, use coupon code “POD100” https://schachterenergyreport.ca/subscriptions/ Josef Schachter is a 40+ year veteran of the Canadian Investment Management Industry, Josef Schachter has experienced several exceptional and turbulent global economic and stock market cycles. With his primary focus in the stock market and the energy sector, Josef is able to weave global political, economic and monetary issues with current energy data into a compelling story of what's going on, what is to come, and why. Josef is a frequent guest on Michael Campbell's Podcast ‘Mikes Money Talks' and other podcast and radio shows and is often quoted in the media. He is a regular Guest Speaker at the annual World Outlook Financial Conference in Vancouver and he delivers presentations to various companies and organizations. For several years, he was a frequent and notably colourful commentator on BNN Bloomberg's Market Call. Josef provided Oil and Gas research to Maison Placements Canada geared to their institutional clients for 15 years ending April 2017, and was acknowledged as the first analyst in Canada to predict the Oil Price Plunge of 2014. Prior to establishing his firm Schachter Asset Management Inc. in 1996, Josef was the Chief Market Strategist at Richardson Greenshields, a Director of RGCL and a member of its Investment Policy Committee. He holds a Chartered Financial Analyst designation and is a past Chairman of the Canadian Council of Financial Analysts.

Stijn Schmitz welcomes Lobo Tiggre to the show. Lobo Tiggre is the founder of the Independent Speculator. The discussion explores the current state of commodities markets, with a particular focus on precious metals, energy, and geopolitical dynamics. Tiggre provides a nuanced perspective on the gold market, emphasizing that despite recent volatility, the long-term outlook remains positive. He argues that gold trading around $4,500-$4,700 is still a strong position, and the current correction should be viewed with perspective. The fundamental drivers for gold remain intact, including de-dollarization trends and global economic uncertainties. Regarding silver and platinum group metals, Tiggre believes they will not be left behind in the broader precious metals rally. He notes that silver is particularly volatile and can present unique buying opportunities during market corrections. For uranium and copper, he maintains a strongly bullish long-term outlook, viewing them as critical energy metals with structural supply constraints. The conversation delves into the geopolitical landscape, with Tiggre discussing how current global tensions are accelerating trends like de-dollarization and creating potential opportunities in various commodity markets. He emphasizes the importance of disciplined investing, advocating for a “buy low, sell high” approach and maintaining cash reserves to capitalize on market corrections. Timestamps: 00:00:00 – Introduction 00:01:05 – Market Volatility Discussion 00:04:14 – Gold Bull Market Fundamentals 00:06:59 – War’s Impact on Gold 00:09:30 – US Dollar Reserve Status 00:12:37 – Oil Market Complacency 00:20:14 – Disrupted Commodities Overview 00:21:16 – Silver Supply and Demand 00:27:02 – Gold Miners Risk Reward 00:32:45 – Copper Long-Term Outlook 00:38:32 – Nickel and Coal Thesis 00:41:09 – Uranium Investment Opportunities 00:45:59 – Wrap Up Guest Links: Website: https://independentspeculator.com X: https://x.com/duediligenceguy Facebook: https://www.facebook.com/louis.james.965580/ LinkedIn: https://www.linkedin.com/in/lobotiggre/ Lobo Tiggre, aka Louis James, is the founder and CEO of Louis James LLC, and the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James.” While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey. Although frequently mistaken for one, Mr. Tiggre is not a professional geologist. However, his long tutelage under world-class geologists, writers, and investors resulted in an exceptional track record. A fully transparent, documented, and verifiable track record is a central feature of the IndependentSpeculator. Mr. Tiggre will put his own money into the speculations he writes about, so his readers will always know he has “skin in the game” with them.

Stijn Schmitz welcomes back John Feneck to the show. John is CEO of the Feneck Consulting Group. In this in-depth discussion, Feneck shares insights into critical minerals, defense metals, and investment opportunities across various sectors. John is particularly bullish on tungsten, highlighting that China currently produces about 81% of the world’s tungsten supply, creating significant potential for Western mining companies. Feneck specifically recommends two companies as promising tungsten-focused investments. He notes the critical mineral space is receiving substantial government attention, with the US dedicating $112 billion to support critical mineral development. The geopolitical landscape, particularly tensions with China and ongoing conflicts, further underscore the importance of diversifying mineral supply chains. In the silver market, Feneck maintains an optimistic outlook. He currently holds an 18% portfolio position in silver and suggests the metal has significant upside potential. Regarding gold, Feneck believes there’s still substantial room for growth. Major banks like JP Morgan, Bank of America, and Goldman Sachs are maintaining forecasts between $5,500 and $6,000, indicating continued confidence in the sector. The discussion also touches on broader market dynamics, including potential sector rotation away from technology and AI stocks. Feneck emphasizes the importance of understanding market volatility and being prepared for potential short-term pullbacks. Timestamps: 00:00:00 – Introduction 00:01:00 – Defense Metals Outlook 00:03:05 – Tungsten Stock Picks 00:06:42 – Tungsten Supply Pricing 00:09:00 – Silver Defense Applications 00:10:30 – Portfolio Performance Highlights 00:12:55 – Silver Premium Dynamics 00:15:00 – Silver Miners Opportunities 00:19:06 – War Black Swan Impact 00:20:31 – Oil Energy Investments 00:22:10 – Oil Related Products 00:23:36 – Rare Earth Elements 00:25:23 – Gold Bull Market Views 00:29:03 – Miner Valuations 00:32:08 – Upcoming Conferences Details 00:34:00 – Concluding Thoughts Guest Links: X: https://x.com/feneckconsult YouTube: https://youtube.com/feneckcommoditiesreport LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport E-Mail: mailto:john.feneck@yahoo.com Website/Newsletter: https://www.feneckconsulting.com/ Conference: https://topshelf-partners.com John Feneck’s upcoming conferences: May 17 to 19, 2026 = Grand Hyatt, Washington, DC May 20 to 22, 2026 = Four Seasons, Fort Lauderdale, FL Both events are invitation only. If interested, please email John at john.feneck@yahoo.com no later than April 15. Go to “events” then “Washington DC or Florida”, then “companies” to see who has been invited on the event website: https://topshelf-partners.com/ . Investors can attend in person, or virtually. Ticker’s Discussed:Western Star Resources (WSRIF, WSR), Triumph Gold (TIGCF, TIG), Gold equity ETFs (GDX, GDXJ), Silver Equity ETFs (SLVP, SILJ), Silver47 Exploration (AAGAF, AGA), Guardian Metal Resources (GMTLF, GMET.L (US ticker will soon uplist to NYSE as “GMTL”)), Paramount Gold (PZG), Denarius Metals (DNRSF, DMET). John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch's global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers). Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He's delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott's precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector's volatility. In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he's a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.

Stijn Schmitz welcomes a new guest to the show David Woo. David is a Macro Analyst and Former Wall Street strategist. In this wide-ranging interview, Woo provides insights into the current geopolitical and economic landscape, focusing on the ongoing conflict in the Middle East and its potential implications for global markets. Woo argues that the current war represents the first proxy conflict between the United States and China, with Iran playing a strategic role. He suggests that the conflict’s outcome could significantly impact global dynamics, particularly concerning oil trade and maritime control. Specifically, he highlights the potential for China to resist US control of the Strait of Hormuz, drawing parallels to historical conflicts like Japan’s attack on Pearl Harbor. Regarding gold, Woo offers a nuanced perspective. He explains that gold’s recent performance has been more closely correlated with stock market movements, driven largely by retail investor behavior rather than traditional fundamental drivers like inflation or de-dollarization. While he remains long-term bullish on gold, he believes the metal’s short-term performance is more tied to broader market sentiment. On oil markets, Woo is fundamentally bearish, citing massive global production increases from non-OPEC producers like Ghana, Venezuela, Brazil, and the United States. He anticipates oil prices will eventually collapse, particularly once the current conflict resolves. He also sees potential opportunities in defense-related sectors, believing increased military spending is likely in the conflict’s aftermath. Woo’s analysis extends to broader geopolitical trends, including the potential reshaping of global economic relationships. Timestamps: 00:00:00 – Introduction 00:00:40 – Guest Introduction and Welcome 00:03:30 – Gold’s Correlation with Stocks 00:06:38 – Retail Investors Driving Gold 00:10:54 – De-dollarization and Inflation Trends 00:13:00 – China’s Gold Buying Impact 00:15:17 – Energy Outlook 00:19:22 – Iran Off-Ramp? 00:21:56 – War Outcomes and Military Spending 00:23:00 – Conflict Outcomes 00:25:00 – Hormuz in Dire Straits? 00:27:15 – Proxy War with China 00:30:30 – Petrodollar System Status 00:32:57 – Oil Futures Curve Analysis 00:34:22 – Oil Demand 00:37:30 – Short-Term Approach 00:38:33 – Rare Earth Metals 00:41:00 – His Book and Gold Guest Links: Website: https://davidwoounbound.com X: https://x.com/Davidwoounbound YouTube: https://www.youtube.com/@DavidWooUnbound Formerly Head of Global Interest Rates and former senior Wall Street strategist, David built his reputation by challenging consensus thinking — calling Trump’s 2016 election, the post-COVID rebound, and major macro inflection points before they happened. One of the most respected macro strategists on Wall Street, today he brings that same independent, data-driven analysis directly to retail investors — free from institutional bias, groupthink, and agendas. He is joined by John Hopkinson, PhD, a mathematician trained at MIT, who translates David’s macro vision into precise, actionable trading strategy — complete with stock selections, targets, and stop levels published every week.

Stijn Schmitz welcomes back Trader Ferg to the show. Trader Ferg is a Full-time Trader & Author of the Trader Ferg Substack. In this wide-ranging discussion, Trader Ferg shares his insights on several critical commodity markets and geopolitical developments, focusing primarily on coal and corn as compelling investment opportunities. Regarding coal, Trader Ferg argues that the conflict in the Red Sea and disruptions to LNG infrastructure have created a structural shift that will drive thermal coal prices higher. He highlights the significant damage to LNG trains and the resulting long-term supply constraints, particularly for European energy markets. With European gas storage at historic lows and alternative supply routes limited, coal becomes an increasingly attractive alternative. Ferg expects thermal coal prices to potentially reach the low $200 per ton range, driven by Asian cooling demands and European energy needs. For corn, Trader Ferg sees significant potential due to fertilizer supply disruptions caused by conflicts in the Red Sea. The timing coincides with critical planting seasons, which could create acute shortages and price volatility. He prefers playing corn through options, citing the attractive volatility and low cost of entry compared to traditional equity plays. The conversation also explores broader macroeconomic trends, including the potential for gold to re-emerge as a settlement currency between nations. Ferg believes we’re witnessing an acceleration of de-dollarization, with countries like Russia exploring gold-based settlement mechanisms with Asian trading partners. On precious metals, Ferg remains bullish, viewing the current pullback as a temporary setback in a longer-term bull market. He anticipates continued inflationary pressures and potential monetary expansion will ultimately support gold and other commodity prices. Throughout the discussion, Trader Ferg emphasizes his investment philosophy of identifying underappreciated, cyclical commodities with structural tailwinds and asymmetric potential for significant price appreciation. Timestamps: 00:00:00 – Introduction 00:00:33 – Welcoming Guest Furgerskullen 00:01:05 – Spotlight on Coal Opportunities 00:02:03 – LNG Supply Disruptions Analysis 00:04:49 – Europe’s Russian Gas Ban 00:09:57 – Thermal Coal Demand Revival 00:17:15 – Fertilizer Shortages Hit Grains 00:23:12 – Precious Metals Bull Market 00:30:31 – Gold as Settlement Currency 00:32:50 – Platinum Group Elements Update 00:38:30 – Oil Market Dynamics Discussion 00:45:16 – Helium Export Vulnerabilities 00:48:40 – Concluding Thoughts Guest Links: Substack: https://traderferg.substack.com/ X: https://x.com/trader_ferg Trader Ferg is a Full-time trader for going on 8+ years now. He has a habit of hanging out in hated corners of the market that are considered uninvestable. He enjoys sharing his research and thoughts about possible trades and markets.

Stijn Schmitz your host welcomes Gary Wagnar to the show. Gary Wagnar is Executive Producer of TheGoldForecast.com. In this detailed discussion about gold markets, Wagnar provides a comprehensive technical analysis of current gold trading conditions, highlighting significant market movements and potential future trajectories. Currently, gold is experiencing notable volatility, with prices dropping below $5,000 per ounce. Gary emphasizes the importance of the 50-day moving average as a critical technical indicator, noting that breaking below this level suggests a potential pivot from a bullish to a bearish market trend. He attributes the recent price decline primarily to the Federal Reserve’s decision to maintain current interest rates, which has dampened gold’s performance. Despite the short-term bearish outlook, Wagnar remains cautiously optimistic about gold’s long-term prospects. He points out that gold has still gained 16% over the past year, which is a significant performance compared to other commodities. The ongoing geopolitical conflicts and potential inflationary pressures from rising oil prices could provide future support for gold prices. Wagnar also discusses his technical analysis approach, particularly his preference for Japanese candlestick charting, which he believes offers superior visual insights into price movements compared to traditional Western bar charts. He uses Fibonacci retracement levels to identify potential support and resistance points, currently suggesting that gold could find support around $4,677 if the current downward trend continues. Timestamps: 00:00:00 – Introduction 00:00:45 – Market Volatility Overview 00:01:00 – Compelling Trading Setups 00:01:07 – Gold Technical Breakdown 00:01:43 – Geopolitical Conflict Impacts 00:02:40 – Federal Reserve Influence 00:04:51 – Gold Yearly Performance 00:05:30 – Miners Disparity Analysis 00:10:06 – Bull Market Cycle Position 00:10:15 – Candlestick Chart Techniques 00:27:19 – Long-Term Bull Outlook 00:33:39 – Oil Spike Inflation 00:37:23 – Silver Market Leverage 00:45:44 – Guest Service Details 00:53:36 – Concluding Thoughts Guest Links: Website: https://thegoldforecast.com X: https://x.com/TheGoldForecast Gary S. Wagner is the executive producer of TheGoldForecast.com – a daily video newsletter covering precious metals. He has been a technical market analyst for over 35 years. Since 2010 he has been a regular analyst for Kitco News, where he authors daily commentary “Hawaii 6-O”. He has written for Stocks & Commodities Magazine, Futures Magazine, Street, and Barons. He has been a speaker for many financial seminars like Dow Jones Financial Symposium or Futures West. Gary S. Wagner coauthored a book “Trading Applications of Japanese Candlestick Charting” a John Wiley publication. He also co-developed a software application for market forecasting called the “Candlestick Forecaster”. Considered as one of the first computer programs to recognize and identify Candlestick patterns. He was mentored by many great technical analysts like John Bollinger and Larry Williams.

Stijn Schmitz welcomes Jeffrey Christian to the show. Jeff is the Managing Partner of the CPM Group. In this comprehensive discussion, Christian provides nuanced insights into the current state of precious metals, global economics, and geopolitical dynamics. Regarding gold, Christian argues that the market is in a long-term secular upward trend, with the current bull market potentially 60-70% through its cycle. He emphasizes that gold serves as a financial asset, a safe haven, and a portfolio diversifier. While acknowledging concerns about global deficits and debt, Christian suggests these issues are not as catastrophic as some analysts claim, pointing out that economic systems have historically adapted to significant financial challenges. The discussion explores broader economic trends, including de-globalization, reduced international trade, and potential decoupling of the world economy from the United States. Christian highlights the complex dynamics of central bank and sovereign wealth fund gold purchases, noting a critical distinction between monetary reserve acquisitions and investment-driven purchases. On silver and other precious metals, Christian describes a more specialized and volatile market compared to gold. He provides detailed insights into market dynamics, including arbitrage opportunities, industrial demand, and regional variations in trading. The conversation also delves into geopolitical risks, particularly the ongoing conflict in the Middle East and its potential implications for oil markets and global trade. Christian warns of potential economic disruptions, suggesting that a combination of factors could lead to a recession, including challenges in private equity, technology sectors, and international trade relationships. Timestamps: 00:00:00 – Introduction 00:00:52 – Gold Long-Term Cycle 00:04:26 – Bull Market Drivers 00:07:46 – De-globalization Effects 00:11:32 – Middle East Conflict 00:15:14 – Gold’s Safe Haven Role 00:20:33 – Retail Investor Participation 00:23:10 – Miners & Gold Disparity 00:24:47 – Silver Market Dynamics 00:28:32 – East Vs. West Prices 00:33:10 – Precious Metals Outlook 00:37:54 – Global Energy Crisis 00:42:08 – Dire Straits 00:43:54 – Supply Chain Concerns 00:48:13 – Recession Precious Metals 00:53:15 – Recession Risk & Liquidity 00:54:14 – CPM Group Overview Guest Links: X: https://x.com/CPMGroupLLC Website: https://www.cpmgroup.com/ Questions E-Mail: mailto:info@cpmgroup.com YouTube: https://www.youtube.com/c/CPMGroup/videos Jeffrey Christian is the Managing Partner of the CPM Group. He is considered one of the most knowledgeable experts on precious metals markets, commodities in general, and financial engineering, using options for hedging and investing purposes. He is the author of Commodities Rising 2006. Jeffrey Christian has been a prominent analyst and advisor on precious metals and commodities markets since the 1970s, with work spanning precious metals, energy markets, base metals, agricultural markets, and economic analysis. The company was founded in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co and its commodities trading arm, J. Aron & Company. He has advised many of the world’s largest corporations and institutional investors on managing their commodities price and market exposures and providing advisory services to the World Bank, United Nations, International Monetary Fund, and numerous governments.

Stijn Schmitz welcomes David Hunter to the show. David Hunter is Chief Macro Strategist with Contrarian Macro Advisors. David provides a comprehensive macro outlook that anticipates a significant market transformation in the coming years. He believes the current market is in the late stages of a 43-year secular bull market, with a potential melt-up phase that could see the S&P 500 reaching 9,500 by mid-year or Labor Day. However, he warns of an impending “bust” that could result in an 80% market decline, potentially worse than the 2008-2009 financial crisis. Hunter’s analysis suggests a complex economic landscape where initial deflationary pressures will give way to potentially hyperinflationary conditions by the early 2030s. He anticipates central banks will be slow to respond to the economic downturn, potentially requiring up to 20 trillion in quantitative easing to stabilize the system. The federal balance sheet could expand from the current 6.5 trillion to as much as 30 trillion. Regarding asset classes, Hunter recommends a strategic approach to capital preservation. He believes the current investment mantra of “time in the market” will be insufficient and investors should consider carefully timing their exit from markets. He expects significant opportunities in commodities and industrial sectors, with potential dramatic price increases in oil, copper, and precious metals. For gold specifically, Hunter forecasts a potential rise to $6,800 this year and potentially $20,000 by the early 2030s. He views gold as a potential hedge against the massive economic restructuring he anticipates. His outlook extends to a potential systemic financial reset between 2033-2035, which he describes as the end of an 80-90 year economic supercycle. Hunter emphasizes that while the coming economic transformation will be challenging, it will also create new investment opportunities, particularly in industrial and commodity sectors. He advises investors to remain flexible and prepared for significant market disruptions. Timestamps: 00:00:00 – Introduction 00:00:45 – Market Volatility Overview 00:02:52 – Melt-Up Scenario Explained 00:05:03 – Interest Rates Outlook 00:08:10 – Inflation and Money Supply 00:10:26 – Bust Phase Predictions 00:11:35 – Asset Performance Melt-Up 00:13:33 – Post-Melt-Up Recession 00:20:37 – Middle East Conflict Impact 00:24:20 – Oil Price Forecasts 00:27:10 – Investment Strategy Advice 00:38:03 – Gold and Commodities Future 00:42:50 – Gold During the Bust 00:44:06 – US Dollar and Gold Role 00:51:01 – Concluding Thoughts Guest Links: X: https://x.com/DaveHcontrarian David is Chief Macro Strategist with Contrarian Macro Advisors. He is an investment professional with 25 years of investment management experience and 21 years as a sell-side strategist with robust macroeconomic analysis and portfolio management expertise. His strong macro capabilities, combined with a contrarian philosophy, have allowed him to forecast economic cycles and spot market trends well ahead of the consensus. Intellectually honest, independent thinker comfortable with charting a course apart from the crowd.

Stijn Schmitz welcomes Martin Armstrong to the show. Martin Armstrong is CEO & Chairman of Armstrong Economics Ltd. In this wide-ranging interview, Armstrong provides deep insights into global geopolitical and economic dynamics, focusing on current international tensions, monetary systems, and future economic trends. Armstrong argues that the current geopolitical landscape is far more complex than many analysts understand, particularly regarding conflicts in the Middle East and potential global tensions. He emphasizes that the neoconservative movement has significantly influenced US foreign policy, often without fully comprehending the long-term consequences of their actions. He specifically critiques interventions in Iraq, Iran, and other regions, suggesting that these actions frequently create more instability than they resolve. Regarding the global monetary system, Armstrong believes significant changes are coming. He suggests that gold is increasingly being viewed as a neutral asset by countries like China, who are accumulating it as a hedge against potential conflicts. While he doesn’t anticipate a traditional gold standard, he sees gold playing a crucial role in international trade settlements, potentially rising to $10,000 by 2032. Armstrong is particularly critical of current government debt strategies, predicting a potential sovereign debt crisis. He argues that governments historically default through various mechanisms, including war, currency devaluation, or simply refusing to honor previous debt. The United States’ reserve currency status, he explains, stems not just from government policy but from its robust consumer economy and deep financial markets. Looking forward, Armstrong sees continued geopolitical uncertainty, rising oil prices, and potential conflicts, particularly involving Russia and China. He warns that sanctions and current diplomatic strategies are counterproductive and that true global peace requires economic integration rather than isolation. Timestamps: 00:00:00 – Introduction 00:01:05 – Decade-Long Economic Trends 00:02:29 – Neocon Endless Wars 00:03:42 – Sovereign Debt Crisis 00:04:17 – Gold’s Rise Factors 00:04:53 – Forecasting Model History 00:08:51 – Pre-War Capital Flows 00:09:57 – Middle East Religious Risks 00:21:00 – Short-Term Oil Outlook 00:22:57 – Gold’s Geopolitical Role 00:30:46 – US Dollar Future 00:37:28 – Sovereign Default Mechanics 00:44:25 – Concluding Thoughts Guest Links: Website: https://armstrongeconomics.com X: https://x.com/strongeconomics Facebook: https://www.facebook.com/martin.armstrong.167 Amazon Book: https://tinyurl.com/ybtrslr9 Martin Armstrong is the Owner and Researcher for the website Armstrong Economics. He is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed. At age 13, Armstrong began working at a coin and stamp dealership in Pennsauken, New Jersey. After buying a bag of rare Canadian pennies, he became a millionaire in 1965 at the age of 15. He continued to work on weekends through high school, finding the real-world exciting, for this was the beginning of the collapse of the gold standard. Martin became captivated by this shocking revelation that there were not just booms and busts, but also peaks and valleys that would last centuries. Armstrong progressed from gold coin investments to following commodity prices for precious metals. In 1973, he began publishing commodity market predictions as a hobby, and in 1983 Armstrong began accepting paid subscriptions for a forecast newsletter. “In Armstrong’s view of the world where boom-bust cycles occur like clockwork every 8.6 years, what matters is his record as a forecaster. He called Russia’s financial collapse in 1998, using a model that also pointed to a peak just before the Japanese stock market crashed in 1989. These days, as the European sovereign-debt crisis roils markets worldwide, he reminds readers of his October 1997 prediction that the creation of the euro “will merely transform currency speculation into bond speculation,” leading to the system’s eventual collapse.” His Website Armstrong Economics offers a unique perspective intended to educate the public and organizations on the global economic and political environment’s underlying trends. Their mission is to research historical cyclical trends.

Stijn Schmitz welcomes Douglas MacGregor to the show. Douglas is a retired U.S. Army Colonel and Decorated Combat Veteran. In this in-depth discussion, MacGregor provides a critical analysis of the current geopolitical tensions in the Middle East, particularly focusing on the conflict involving Iran, Israel, and the United States. MacGregor argues that the current military strategy against Iran is fundamentally flawed, with no clear purpose or achievable end state. He suggests that the United States and Israel are attempting to destabilize Iran, but this approach is unlikely to succeed. The colonel emphasizes that Iran’s primary goal is simply to survive, while the U.S. would need to completely conquer the nation – an impossible task given Iran’s size and resilience. The conversation delves into the broader economic implications of the conflict, particularly its impact on global oil markets and supply chains. MacGregor predicts significant economic disruption, with oil prices potentially exceeding $100 per barrel and widespread increases in commodity prices. He highlights the critical importance of resource sovereignty, emphasizing the need for nations to control their fuel, food, fertilizer, and defense supply chains. A key theme of the discussion is the potential acceleration of de-dollarization and the emergence of a new global financial system. MacGregor suggests that the United States and Israel are essentially “fighting against the future” by resisting these inevitable economic shifts. He points to the growing influence of BRICS nations and the increasing interest in alternative currency systems, potentially backed by gold or a basket of precious metals. MacGregor concludes with a stark warning about the destructive nature of current geopolitical strategies, arguing that these “pointless wars” are counterproductive and potentially catastrophic. He calls for more measured, strategic approaches to international relations and economic development, emphasizing the need for stability, long-term planning, and cooperation between governments and private sectors. Timestamps: 00:00:00 – Introduction 00:00:56 – Middle East Assessment 00:01:32 – Strategic Goals Discussion 00:02:55 – Oil Dependency Impacts 00:04:52 – Global Economic Shutdown 00:07:28 – Logistics and Escalation 00:09:01 – Lack of Planning 00:11:32 – Israel’s Internal Problems 00:13:00 – Oil Markets Analysis 00:16:16 – Conflict Motivations Explored 00:20:05 – Emerging Alliances Support 00:26:27 – Reshoring Supply Chains 00:39:12 – Gold Currency Future 00:42:04 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army's largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor's recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on force design. In 2019, Transformation under Fire was selected by Lt. Gen. Aviv Kohavi, Chief of the Israeli Defense Force (IDF), as the intellectual basis for IDF transformation. His fifth book, Margin of Victory: Five Battles that Changed the Face of Modern War from Naval Institute Press is available in Chinese, as well as, English and will soon appear in Hebrew. In 28 years of service Macgregor taught in the Department of Social Sciences at West Point, commanded the 1st Squadron, 4th Cavalry, and served as the Director of the Joint Operations Center at SHAPE during the 1999 Kosovo Air Campaign for which he was awarded the Defense Superior Service medal. In January 2002, at Secretary of Defense Donald Rumsfeld's insistence the USCENTCOM Commander listened to Colonel Macgregor's concept for the offensive to seize Baghdad. The plan was largely adopted, but assumed no occupation of Iraq by U.S. Forces. Macgregor has also testified as an expert witness before the Senate and House Armed Services Committees and appeared as a defense analyst on Fox News, CNN, BBC, Sky News and public radio. He is fluent in German.

Stijn Schmitz welcomes back Adrian Day to the show. Adrian Day is the CEO of Adrian Day Asset Management and Manager of the EuroPacific Gold Fund. The discussion centers on the current state of gold, silver, and global commodities markets, with Day providing deep insights into current investment trends and opportunities. Day remains bullish on gold, citing historical market cycles and key buyers like central banks and Tether. He notes that central banks are actively diversifying away from the US dollar due to concerns about government profligacy and potential asset weaponization. The trend of dollar reserve reduction has been ongoing for years, accelerated by events like the confiscation of Russian central bank assets. Regarding silver, Day sees potential but with more risks compared to gold. He highlights a genuine physical deficit in the silver market and increasing demand from sectors like solar panel manufacturing. However, he cautions that high prices might incentivize manufacturers to seek more efficient alternatives. In the broader commodity complex, Day finds significant value opportunities. He points out that commodities are trading near 100-year lows relative to financial assets, with underinvestment in sectors like oil, gas, and copper creating potential for price appreciation. He emphasizes the long lead times for new commodity projects and the challenges of rapidly increasing production. Day’s investment approach focuses on global markets, with a current preference for reducing US exposure and exploring opportunities in markets like Britain, Singapore, and Hong Kong. He remains particularly interested in gold mining stocks, especially mid-tier producers in stable jurisdictions. Timestamps: 00:00:00 – Introduction 00:00:50 – Bullish Case for Gold 00:01:58 – Gold Market Cycles 00:04:04 – Central Bank Buying Reasons 00:10:27 – Tether Gold Stablecoin 00:14:10 – Dollar Reserve Decline 00:18:08 – Gold Settlement Potential 00:22:33 – Silver Market Insights 00:30:20 – Commodity Value Opportunities 00:38:20 – Gold Mining Investments 00:45:24 – Other Commodities Analysis 00:50:53 – Oil and Gas Plays 00:53:52 – Concluding Thoughts Guest Links: Website: https://adrianday.com/ Adrian Day is considered a pioneer in promoting the benefits of global investing in the United Kingdom. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders. His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010). Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad. He is a popular speaker and is frequently invited to lecture at financial conferences and seminars around the world. His pleasures include fine dining, reading (especially history), and the opera.

Stijn Schmitz welcomes the return of the Market Sniper himself Francis Hunt to the show. Francis is a Renegade Trader, Analyst, and the Founder of The Market Sniper. Hunt discusses the ongoing precious metals bull market, emphasizing that the current market is in the early stages of a significant economic transformation. He argues that the world is experiencing a fundamental shift away from fiat currency and towards sound money principles, with gold and silver positioned as critical assets for capital preservation. The discussion centers on the broader economic context of a debt and fiat bubble that is gradually collapsing. Hunt suggests that we are witnessing a long-term process of monetary debasement that began with the establishment of the Federal Reserve in 1913. He believes the current economic environment is characterized by systemic fraud and manipulation, with central banks and governments actively working to obscure the true economic reality. Hunt is particularly bullish on gold and silver, projecting significant price increases in the coming years. He anticipates a potential gold-silver ratio reaching single digits, which would represent a dramatic shift from current levels. Moreover, he warns about the dangers of digital currencies and tokenization, viewing these as attempts to strip individuals of financial privacy and asset ownership. Francis is critical of traditional investment assets like stocks and cryptocurrencies, arguing that they are fundamentally underperforming when measured against gold. He sees gold as the ultimate benchmark for preserving wealth during this period of economic transformation. Hunt also discusses potential opportunities in mining stocks, particularly silver miners, while cautioning about jurisdiction-specific risks. He recommends a diversified approach that includes physical precious metals, strategic mining investments, and potential options strategies. Ultimately, Hunt’s message is one of preparation and strategic positioning. He encourages investors to focus on capital preservation, understand the broader economic trends, and be prepared for significant market disruptions in the coming years. Timestamps: 00:00:00 – Introduction 00:00:46 – Bull Market Confirmation 00:01:29 – Recent Gold Correction 00:08:19 – Technical Volatility Analysis 00:13:43 – Cross Currency Insights 00:20:45 – Fiat Debt Bubble 00:22:08 – Bitcoin Digitization Critique 00:27:30 – Silver Market Targets 00:28:24 – Nasdaq vs Gold Rebasement 00:37:04 – Timeline and Speed 00:42:36 – Miners Leverage Opportunities 00:48:56 – Concluding Thoughts Guest Links: X: https://x.com/themarketsniper X: https://x.com/thecryptosniper Website: https://themarketsniper.com YouTube: https://www.youtube.com/user/TheMarketSniper Francis is a trader, first and foremost. Unlike most educators in the trading space, Francis walks the walk and talks the talk, with 30 years of experience trading his personal capital on various markets and instruments. Through this passion for trading and his relentless study of markets and economic theory, he uses the Hunt Volatility Funnel trading methodology, a systemized approach, to answer the critical question: What is the next most profitable trade? He believes the actual price of an asset is the most accurate reflection of all the factors that influence it. Practical technical analysis, the study of price action over time, is needed to formulate profitable trade ideas. Indeed, with all the market manipulation and high-frequency trading operations currently in play, technical analysis is all that can be relied upon when it comes to formulating future price trends. A trained eye can often spot such manipulative practices, as is the case with HVF traders. Therefore, the HVF methodology is based purely on technical analysis. Francis is passionate about sharing his knowledge and understanding of markets by utilizing his HVF trading methodology. With entertaining anecdotes and the careful guidance of his students, he has already trained a large community of hundreds of traders and helped them transform from complete newbies to seasoned trading professionals. He genuinely loves sharing his knowledge and strategies with others who are committed to finding freedom through trading. Plus, teaching strengthens his trading abilities while helping to build a vibrant community of successful traders.

Stijn Schmitz welcomes Simon Hunt to the show. Simon Hunt is Consultant on the Global Economy, China, and the Copper Industry. In this wide-ranging discussion, Hunt provides a comprehensive analysis of the current global geopolitical and economic landscape, focusing on the critical transition from a unipolar to a multipolar world order. Hunt argues that the United States is experiencing a significant decline, similar to historical imperial cycles characterized by military overextension, debt accumulation, and internal societal friction. He suggests that the emerging BRICS alliance, led by Russia, China, and India, is fundamentally challenging American hegemony. The potential for conflict between these powers is high, with Hunt predicting a possible war between 2028 and 2030 unless Washington adapts to a multipolar framework. A significant portion of the discussion centers on potential geopolitical flashpoints, particularly in the Middle East. Hunt suggests that any conflict with Iran would be strategically complex, potentially involving Russia and China, who have recently signed a tripartite strategic alliance with Iran. He believes the United States is unlikely to launch an immediate attack, given the potential diplomatic and domestic political consequences. The conversation also delves deeply into economic trends, with Hunt highlighting the ongoing de-dollarization process. He anticipates China will play a pivotal role in this transformation, potentially announcing a gold-backed currency and participating in the creation of a new BRICS currency called the “unit” as early as 2024. Hunt predicts the Dollar Index could halve in value by 2030, potentially driving gold prices to $10,000. Regarding economic outlook, Hunt expects a significant economic correction in the third or fourth quarter of this year, driven by slowing global liquidity, credit cycles, and what he describes as fundamentally false economic reporting in the United States. Timestamps: 00:00:00 – Introduction 00:00:57 – Global Trends Overview 00:01:41 – Ukraine Conflict Analysis 00:03:09 – Geopolitical Alliances BRICS 00:04:54 – Empire Decline Cycles 00:06:29 – US Debt Overextension 00:09:03 – Energy Control Wars 00:11:30 – Iran Gulf Stakes 00:16:17 – Military Buildup Assessment 00:21:11 – BRICS De-Dollarization 00:27:10 – Gold Remonetization Strategy 00:34:39 – Silver Copper Outlooks 00:38:50 – Concluding Thoughts Guest Links: E-Mail: mailto:simon@shss.com Website: https://simon-hunt.com/ Report: https://www.theinstitutionalstrategist.com/products-and-services/frontline-china/ Simon Hunt began his career in 1956 in Central Africa as a PA to the Chairman of Rhodesian Selection Trust, one of the two large copper companies in what was then Northern Rhodesia, now Zambia. In 1961, he came back to London and joined Anglo American Corporation of South Africa as a PA to one of the Board Directors, followed by being part of a small sales and marketing team for copper. From there, he helped start up a new copper development organization, CIDEC, financed by copper producers, which he then joined, focusing on conducting end-use studies of copper in Europe. He then went into the City to gain financial experience and founded Brook Hunt in 1975. He was instrumental in setting up the company’s cost studies and end-use analyses. Simon appeared as material witness and consultant in two ITC anti-dumping cases in 1978 and 1984, winning both at the commission level. He has spent 2-4 months every year in China since 1993, and until a few years ago would be visiting some 80 wire and cable and brass mill factories across the country every year. He now restricts these factory visits to a smaller number, all of which he has known for many years. Simon also spends many weeks each year traveling around Asia. The focus of the company’s services is on the global economy, including the changing geopolitical and financial structures, China’s economy and its copper sector, and then the global copper industry as each part is interconnected. Simon is the author of the “Frontline China Report Service,” which is marketed by the TIS Group. The Service provides regular reports on China’s economy, politics, and financial outlook. Simon established this company in January 1996.

Stijn Schmitz welcomes back Chris Vermeulen to the show. Chris Vermeulen is Founder & Chief Investment Officer, The Technical Traders. In this episode, Vermeulen provides a comprehensive insights into the current market landscape, focusing primarily on precious metals, equities, and broader economic trends. Regarding precious metals, Vermeulen describes the recent market as experiencing significant volatility, with gold and silver experiencing a massive rally followed by a sharp correction. He notes that while long-term trends remain bullish, short-term signals are mixed and uncertain. The market is currently in a “no man’s land” where investors are waiting to see whether metals will consolidate and launch another rally or experience a substantial pullback. On equities, Vermeulen indicates that markets are precariously balanced. The S&P 500 is “clinging by a thread” to an uptrend, with the Nasdaq showing potential signs of breakdown. He observes that “smart money” is moving into defensive sectors like utilities and consumer staples, suggesting underlying market nervousness. Vermeulen’s investment approach emphasizes technical analysis and following price trends rather than attempting to predict exact market tops and bottoms. Currently, his strategy involves maintaining approximately 70% cash position and waiting for clearer market signals. He believes the market is primed for significant movement, whether upward or downward. Regarding currencies, Vermeulen remains bullish on the US dollar, suggesting it could potentially rally 10-15%, which would put pressure on gold prices. He also highlights the importance of understanding currency movements as part of a comprehensive investment strategy. When discussing other asset classes like oil, copper, and uranium, Vermeulen sees similar patterns of uncertainty and consolidation. His overall message is one of patience: waiting for clear trends to emerge before committing capital, and prioritizing capital preservation over aggressive speculation. Timestamps: 00:00:00 – Introduction 00:00:53 – Precious Metals Volatility Drivers 00:02:42 – Sector Upside Potential 00:05:42 – Technical Trading Philosophy 00:08:34 – 2007 Market Comparison 00:10:11 – Silver Leverage Play 00:14:03 – Fiat and Manipulation Concerns 00:16:32 – US Dollar Outlook 00:20:32 – Equities Market Trends 00:24:08 – Miners Lagging Analysis 00:25:49 – Oil Prices Update 00:29:25 – Copper Uranium Rundown 00:30:44 – Technical Traders Service 00:31:51 – Concluding Thoughts Guest Links: Website: https://thetechnicaltraders.com/ X: https://x.com/TheTechTraders Chris Vermeulen is the Founder & Chief Investment Officer of The Technical Traders and the visionary mind behind Asset Revesting. In his book Asset Revesting – How to Exclusively Hold Assets Rising in Value, Profit During Bear Markets, and Continue Building Wealth in Retirement, he lays out this investment framework. Chris launched his financial career at 16, parlaying his knack for trading and risk management into funding his final year of college, where he earned a business diploma in operations management. By his twenties, he had achieved financial independence as a full-time entrepreneur and trader. After a setback—blowing up a trading account—Chris dedicated himself to treating trading as a business, completing the Trading Strategy Mastery and Trading Is Your Business courses. A technical analysis expert, he devises systematic methods to spot market opportunities and control portfolio risk, rejecting traditional buy-and-hold approaches that cling to depreciating assets. His efficient asset allocation models balance short- and long-term strategies to minimize drawdowns and consistently outperform benchmarks. Those seeking reliable capital preservation and growth turn to his proven techniques.