Palisade Radio

Tom welcomes back Luke Gromen of Forest For The Trees back to the show. The discussion delves into complex economic and geopolitical dynamics, focusing on how global powers might navigate a transition away from the dollar-based system towards a neutral reserve asset like gold. He begins by highlighting that the current dollar-centric system is unsustainable due to high deficits and debt levels. A potential solution, he suggests, involves using gold as a neutral reserve asset, which would allow commodities to be priced in multiple currencies and facilitate trade settlements. This shift could create a more balanced and resilient global economic framework. Moving on to geopolitical implications, Gromen notes that the conflict in Ukraine has underscored the limitations of conventional military strategies, shifting the balance of power dynamics. He points out that countries like Russia and China are driving efforts to move away from the dollar system, which necessitates a new economic framework. This transition is not just an economic shift but also a significant geopolitical realignment. Luke emphasizes the importance of incentives for avoiding direct military confrontation with major powers. He explains that such conflicts are strategically unwise due to nuclear deterrence and the deep interdependence of economies. Instead, he argues that negotiating a new economic order aligns with long-term strategic interests and avoids the catastrophic consequences of war. Drawing on historical context, Mr. Gromen observes that the post-World War II debt-based economy is nearing its limits, making it imperative to return to a more sustainable model. He suggests that transitioning to gold as a reserve asset could reboot global economies, fostering stability and growth without resorting to conflict. This approach not only addresses current economic challenges but also positions nations for future prosperity. Time Stamp References:0:00 - Introduction0:55 - Tariffs & China's Response5:52 - Trade Disruption & Inflation8:26 - Inflation & Real Rates10:35 - Bessent Put & Move Index12:26 - Treasury Auction Thoughts16:45 - W. Buffett Cash Reserve22:14 - Inv. Funds and Mandates23:53 - News Cycle/Gold Theory31:00 - Chinese Fin. Officials34:46 - Large U.S. Gold Imports40:48 - Official Denial/Confirm44:44 - Revaluing Gold Reserves48:28 - Gold Backed Treasuries?51:49 - Gold Pricing Cui Bono54:17 - Oil/Dollar Scenarios1:02:03 - Russia/Saudi & Oil Mkts.1:03:39 - Economics & Derisk. Conflict1:14:53 - Incentives & Ukraine1:17:17 - End of Debt as Assets Era1:21:30 - Wrap Up Guest Links:Twitter: https://x.com/lukegromenWebsite: 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.

Tom welcomes back Chris Vermeulen, the founder of The Technical Traders, to discuss the highly volatile year of 2025 so far. He notes that volatility has been extreme across various asset classes, driven by factors like geopolitical tensions, AI advancements, and fears of an impending recession. Vermeulen emphasized that while day traders thrive in such environments due to significant intraday swings, swing traders face increased risks with massive price gaps. Long-term investors should prioritize capital preservation by moving to cash until market clarity emerges, as he believes a bear market has already begun. He warned against the "buy the dip" mentality, especially for those nearing retirement, cautioning that this approach could lead to significant losses in a prolonged bear market. Vermeulen points out key indicators of an impending financial reset, including economic data showing hiring declines and rising unemployment, as well as housing market corrections with inventories soaring. Gold was discussed as a safe haven asset, though Vermeulen cautioned about potential pullbacks. He suggested that gold miners could offer better opportunities once the market stabilizes. Seasonality plays a role in his analysis, noting that stock markets typically struggle post-May, aligning with his bearish outlook. Real estate was also addressed, with Vermeulen predicting price drops of 15-20% and warning about the broader economic impact as housing values decline. He highlighted the psychological effect on investors when their largest asset depreciates, potentially leading to panic selling across markets. The U.S. dollar's potential strength was discussed, with Vermeulen suggesting it could rally in a risk-off environment. Time Stamp References:0:00 - Introduction0:52 - Market Volatility & Trading4:58 - Markets in Topping Stage8:30 - Cliff Phase Indicators15:22 - Downside Targets Gold18:50 - Expectations for Miners?23:18 - Seasonality in 2025?26:00 - Silver Markets & Risk?28:57 - Bitcoin Decoupling31:45 - Real Estate & Nest Eggs34:30 - Google Search Trends42:08 - Dollar Thoughts48:49 - Mkt Resets & Wrap Up Guest Links:Twitter: https://twitter.com/TheTechTradersWebsite: https://www.thetechnicaltraders.com/ Chris Vermeulen is the Founder of Technical Traders Ltd. Chris has been involved in the markets since 1997. He is an internationally recognized technical analyst, trader, and author. Years of research, trading, and helping individual traders worldwide have taught him that many traders have great trading ideas, but they lack one thing. They struggle to execute trades systematically for consistent results. Chris helps educate traders, and his mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility. He has also been on the cover of AmalgaTrader Magazine and featured in Futures Magazine, Gold-Eagle, Safe Haven, The Street, Kitco, Financial Sense, Dick Davis Investment Digest, and dozens of other financial websites.

Tom welcomes back geologist and newsletter writer Byron King for a discussion on various aspect of the mining industry and the impacts of tariffs. They touch upon the fact that central banks are buying large amounts of gold and the impact this has on gold prices. They also mention the neglect of mining shares in comparison to the rise in gold prices, creating opportunities for investors. They also discuss the current mining cycle and how companies are reporting good earnings due to high gold prices. Byron suggests investors look for companies with assets, a strong management team, and resources worth exploring further. He mentions several examples of promising companies and opportunities within the gold space, as well as mentioning his own experiences at mining conferences. Additionally, Byron gives us his thoughts on the global market situation and how tariffs may affect various industries and economies. Byron encourages listeners to explore more about hard assets and investing in metals and energy for potential opportunities and growth. Time Stamp References:0:00 - Introduction0:52 - First 100 Days & Gold4:35 - Gold, Uncertainty & Price10:45 - Trump Taxes & Deficits17:57 - W. Vs E. Gold Monetization25:44 - China & Trade War Options35:17 - Trump Greenland & Canada44:44 - Underinvestment in Mining55:00 - Miner Margins & Sentiment1:02:43 - Opinions at Conferences1:09:23 - Wrap Up Guest Links:Website: https://paradigmpressgroup.com/ Byron King has first-hand expertise and connections in important industries like commodities and defense. He literally goes the extra mile to bring you perspectives you won't find anywhere else. His insights have been featured on MSN Money, Marketwatch.com, Fox Business News, CNBC's Squawk Box, Larry Kudlow, Glenn Beck and PBS's NewsHour. He has also been published in the Financial Times, The Washington Post and The Wall Street Journal. Byron graduated from Harvard University with a degree in geological sciences. He then went to work as a geologist for Gulf Oil Exploration and Production. Next came a tour as a flight officer for the U.S. Navy. At one point, he was an aide to the United States Chief of Naval Operations. After leaving active duty, Byron began practicing law. In 2002, he started corresponding with the staff of The Daily Reckoning. His work was featured so frequently he was often called an “unpaid contributor.” When he officially joined the staff, he began criss-crossing the globe in search of the world's best mining investment opportunities. Even now Byron spends much of his time away from home, checking out remote exploration sites, mines, rigs and plants to bring you a first-hand account of almost every investment opportunity he recommends. His way of breaking down technical language into everyday English has earned him a lot of fans. And you can count on him to give you the clearest picture of companies that make the world work.

Tom Bodrovics welcomes John Johnston (JJ), a seasoned trader with over 47 years of experience and 30-Years on the Comex and Nymex. John expresses a bullish stance on gold, emphasizing its long-term potential despite near-term volatility. He acknowledges silver's struggles due to contango and high costs but remains optimistic about its eventual rebound. He also highlights his bullishness on bonds and the U.S. economy, crediting President Trump for fostering positive change and balance in the financial system. JJ's trading strategy revolves around technical indicators like the slow stochastic oscillator and Wells Wilder's directional movement indicator, which he applies across various markets. He stresses the importance of position sizing, risk management, and understanding one's limitations as critical components of successful trading. The conversation delves into broader economic themes, including Trump's policies on taxation, tariffs, and antitrust measures, which JJ believes could redistribute wealth more equitably. He also touches on risks such as geopolitical tensions and potential recessions but remains optimistic about the administration's ability to navigate these challenges. John critiques the Federal Reserve's dual mandate, arguing it should prioritize protecting the dollar and banking system. He reflects on the historical significance of current events, likening them to pivotal moments in American history that will shape the nation's future. Time Stamp References:0:00 - Introduction0:57 - Current Market Thoughts3:30 - Comex Experience11:23 - Gold Bull & Sentiment15:00 - Crude / Gold Ratio24:46 - Trump Policies & Risks34:48 - Silver Scenarios39:50 - Manipulation & Metals?43:20 - Vault Audits & Tungsten47:16 - Powell Challenges53:12 - Concluding Thoughts55:25 - Wrap Up Guest LinksSubstack: https://jj745.substack.comX: https://x.com/Alyosha745 John Johnston (JJ) is a veteran trader for 47-years with 30-years experience with the Comex and NYMEX. Known for his expertise in energy, gold, and silver, his views are old school pit wisdom with decades of technical evolution, and a somewhat literate overview of history and maket-lore. He writes about market trends and insights on the Market Vibes Substack. He says, "As a writer, I never try to be right. I try to be honest. I never want a reader to think what I think. I want the reader to know what I know."

In this episode of Palisades Gold Radio, host Tom Bodrovics interviews Josh Phair, CEO of Scottsdale Mint and Wyoming Reserve. The discussion centers on the current state of global finance, particularly the role of gold as a reserve asset and its implications for central banks, markets, and investors. Phair highlights that central banks are increasingly turning to gold as a risk-free asset, replacing treasuries on their balance sheets. This shift is driven by de-leveraging and de-risking strategies amid concerns over fiat currency inflation. He notes that countries like China have been leading this trend, with significant imports of gold into the U.S., signaling a global "gold race." The conversation also touches on Basel III regulations, set to take effect in summer 2025, which require banks to hold more capital and physical gold. Phair explains that owning ETFs does not provide the same risk-free status as holding physical gold, prompting central banks to prioritize its acquisition. Phair discusses the recent LBMA delivery issues, where metals were being requested at unprecedented rates, leading to delays. He suggests this was a combination of factors, including tariffs, market dynamics, and regulatory preparedness. Phair also explores the role of gold in a potential monetary reset, suggesting that while it won't happen overnight, gold is likely to play a significant role due to its status as a trusted asset. He advises investors to follow the lead of central banks and accumulate physical gold as a hedge against uncertainty. Time Stamp References:0:00 - Introduction0:48 - Gold Vs. Treasuries3:20 - LBMA Deliveries & Tariffs10:37 - Exchange Purity Specs12:36 - Who is Buying?17:02 - Bessent & Gold19:24 - Risks & Scenarios24:27 - Public & Retail Interest27:25 - Fed & China Trade Collapse35:49 - Manufacturing Investment42:50 - Capital Rotation & BRICS45:02 - Wrap Up Guest Links:Website: https://www.scottsdalemint.comX: https://x.com/scottsdalemintX: https://x.com/JoshPhilipPhairInstagram: https://www.instagram.com/scottsdalemint/ Scottsdale Mint was started in 2008 by Josh Phair after working as Vice President of what is now known as Willis Towers Watson, where he ran the North American Mining Practice, personally managing dozens of the largest mining companies and their risk management operations. Dedicating himself to innovation, quality, and security, Mr. Phair orchestrated a remarkable transformation of the company, evolving it from a mere retailer into a prominent U.S.-based manufacturer. Simultaneously, he adeptly managed a sophisticated trade and hedge book encompassing commodities, currencies, and digital assets. Thanks to his strategic leadership, Scottsdale Mint has earned global recognition as a premier brand in the precious metals industry. Josh Phair also cofounded and serves as CEO of The Wyoming Reserve Opportunity Zone Fund, a tax-advantaged precious metals vaulting business.  In addition to his remarkable achievements, Mr. Phair's profound appreciation for fine art extends to a deep passion for both traditional and digital artistic expressions. This passion serves as the driving force behind the artistic excellence that sets Scottsdale Mint apart in the realm of precious metals.

Tom welcomes back Tavi Costa, Portfolio Manager at Crescat Capital, to discuss the current state of gold, silver, mining stocks, and broader economic trends. Costa emphasizes that despite technical indicators suggesting overbought conditions in gold, the underlying macroeconomic factors point to continued strength in precious metals. He highlights the role of central banks, particularly in emerging markets like China, Russia, and Turkey, which have been significant buyers of gold. Costa argues that gold's revaluation is driven by global debt imbalances, de-globalization trends, and countries seeking to stabilize their monetary systems. He also explains how higher gold prices can increase the U.S. Treasury's cash reserves, enabling buybacks of Treasuries without quantitative easing, which he believes will be a critical tool for managing debt. Costa is bullish on mining stocks, noting they are historically undervalued relative to U.S. equities and have outperformed over the past decade. He suggests that as global infrastructure needs grow and supply chains shift, mining companies will play a crucial role in meeting demand for essential commodities. Additionally, he points out the attractive valuations of silver, given its high gold-to-silver ratio, which he believes could lead to significant price appreciation. The discussion also touches on the U.S. dollar's structural downtrend, driven by high debt levels and interest payment burdens, and how this impacts emerging markets positively. Costa predicts that lower yields on short-term Treasuries will benefit miners and other sectors. He concludes by advocating for increased exposure to energy stocks due to geopolitical tensions and rising oil prices. Time Stamp References:0:00 - Introductions0:38 - Technical Bear Signals?5:54 - Monetizing U.S. Assets11:08 - Gold Re-Valuation Chart15:00 - Tariffs & Fed Policy20:08 - Dollar Struct Downtrend26:10 - Mining Stock Value31:30 - A Correction Coming?35:33 - GS Ratio Imbalances40:09 - Gaining Metal Exposure43:43 - Education & Sentiment47:00 - Mkt. Rotation & Wrap Up Guest Links:X: https://x.com/tavicostaX: https://x.com/crescat_capitalWebsite: https://crescat.net Otavio ("Tavi") Costa is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. He built Crescat's 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.

Tom welcomes back David Kranzler of Investment Research Dynamics to the show. Dave discusses his perspectives on various risks that he sees in the current economic and geopolitical landscape. He expresses concerns about the growing federal debt load in the US and the potential implications of the dollar losing its status as the world's reserve currency. Kranzler also touches upon the geopolitical tensions between major powers like China, Russia, and the US, which he believes could lead to significant consequences for the global financial system if cooler heads don't prevail. On a more positive note, Kranzler emphasizes the potential opportunities in the mining sector, specifically gold and silver miners, as these metals continue to perform well during this economic climate. He highlights several companies that he believes have strong potential for growth. He shares his thoughts on the recent M&A activity in the mining industry and the implications of a potential shift towards a gold-backed currency monetary standard. Throughout the interview, Kranzler offers insights into his investment strategies, discussing the importance of due diligence and staying informed about economic and geopolitical developments while trying to enjoy life despite uncertain times. Time Stamp References:0:00 - Introduction0:58 - Ignoring Current Risks4:32 - U.S. Debt & DOGE7:10 - Trump & China Clash9:50 - Trillion Defense Budget12:08 - Global Dollar Trends14:58 - China T-Bill Holdings17:17 - Trust & Gold Holdings19:13 - Counterparty Risk24:35 - C.B. Secrecy27:56 - Gold Price & GSR31:00 - China Industry & Silver35:43 - Bank Reports & Gold39:12 - Thoughts on Bessent43:53 - A U.S. CBDC Coming?47:28 - Gold & Producers57:14 - Mergers & Acquisitions1:02:15 - Gold/Miner Downside?1:08:04 - Concluding Thoughts Guest Links:Substack: https://miningstockjournal.substack.comTwitter: https://twitter.com/InvResDynamicsWebsite: https://investmentresearchdynamics.comNewsletter: https://investmentresearchdynamics.com/mining-stock-journal David Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for Bankers Trust. Dave earned a master's degree in business administration from the University of Chicago, concentrating on accounting and finance. He writes a blog to help people understand and analyze what is going on in our financial system and economy.

Tom welcomes back Peter Goodburn from WaveTrack International to discuss his analysis of the financial markets. Goodburn's focus is on Elliott Wave analysis and he believes that the current market environment can be understood as a binary relation to tariffs. If tariffs continue, stock markets will decline, and gold prices will rise. Conversely, if negotiations cool off, the stock market may recover, but gold prices may experience profit-taking sell-offs. Goodburn also shared his perspective on interest rates, suggesting that Treasury yields are heading lower due to the perception of increasing inflation risks. He believes this decrease in yields indicates that a US downturn is likely, although he did not specify a timeframe for when this may occur. The interview also touched upon copper prices, with Goodburn noting that China's position on strategic metals could impact their availability and pricing going forward. As the conversation concludes, Goodburn emphasized the importance of following price levels and wave patterns instead of being overly reliant on news flow to make trading decisions. Time Stamp References:0:00 - Introduction1:00 - Analysis of the Markets3:27 - S&P Charts & Sentiment10:37 - Nasdaq Outlook13:04 - Blow-Off Technicals17:42 - Global Capital Rotation24:54 - Global Market Surveys25:37 - Dr. Copper & Tariffs31:38 - China & Rare Earths34:26 - Gold's Strength & Inflows38:12 - Gold Pullback Coming?44:47 - US Dollar Thoughts48:30 - Jerome Powell & Rates51:13 - Weak Canadian Peso54:55 - Treasuries & Yield Spikes59:22 - Tariffs & Inflation1:04:50 - Crude Oil Prices1:09:06 - Wrap Up Guest Links:Twitter: https://twitter.com/ElliottWave_WTIWebsite: https://wavetrack.com Peter Goodburn is the founding partner of WaveTrack International. His trading experience spans back to the late 1970s working then in the commodities business for exchange members and their clients. In those earlier years of his career, he created the first OTC (over-the-counter) copper option product based upon the Comex (New York) contract around the mid-eighties, and in the same period, devised Opval, an option-evaluation software program that is currently used in many of the major market-making institutions of today. His fascination with price activity and how that related to the news flow within the markets captured his imagination early on. Peter's first annual diary of 1978 records his notes and remarks on how the interaction and relationship of fundamental news and price movement often contradicted themselves. Some years later, this was to ignite his interest in causal theory and naturally, the Elliott Wave Principle. He was first introduced to the Elliott Wave Principle in the mid-eighties listening to daily updates of financial commentary by Bob Beckman on LBC radio (London Broadcasting Company). This led him to the work of Frost/Prechter and their first re-publication of R.N.Elliott's (1871-1948) original treatise of 1938 (The Wave Principle) and 1946 (Nature's Law – The Secret of the Universe), entitled "the Elliott Wave Principle" (1978). Peter's a self-proclaimed purist of the Wave Principle but has developed a unique approach of geometric Ratio & Proportion that is instrumental in maintaining a dispassionate and objective view of the market. He has applied this analysis to every major asset class over the years, stocks, bonds, currencies & commodities, and promotes the importance of interdependency of the combined group. Peter has been a member of the U.K.'s Society of Technical Analysts (STA) for over twenty-five years and is a Certified Financial Technician recognized by the International Federation of Technical Analysts (IFTA). He has taught the Elliott Wave Principle to students at the London School of Economics as part of the STA's diploma program and is a member of the Foundation for the Study of Cycles and the Society for Chaos Theory in Psychology and Life Sciences.

In this episode on Palisades Gold Radio, Tom Bodrovics welcomes back Jaime Carrasco. Jaime is Senior Portfolio Manager & Senior Investment Advisor at Harbourfront Wealth Management. Jaime discusses the current economic landscape and the implications for investors. Carrasco emphasizes the importance of understanding the paradigm shift in the monetary system, particularly the role of gold and silver as sound money. Carrasco highlights that the global economy is facing a debt bubble, where each additional dollar of debt fails to stimulate growth, leading instead to social instability. He argues that this situation is similar to what Latin America experienced, with the US now reaching a critical point. Carrasco believes that the current fiat system is imploding, and gold will play a central role in the upcoming reset of the monetary system. He discusses the rise of gold prices across major currencies, noting that this reflects the decline in purchasing power of fiat currencies rather than an increase in gold's intrinsic value. Carrasco warns against complacency among financial advisors who fail to recognize these systemic changes and advises investors to allocate a significant portion of their portfolios to precious metals, particularly through well-managed mining companies. Carrasco also delves into the role of silver, emphasizing its structural deficit in production relative to demand, especially given the shift toward green energy. He suggests that silver's price will rise significantly as the global economy transitions, offering investors substantial opportunities. The interview touches on geopolitical dynamics, including China's strategic accumulation of gold and its influence on the global monetary system. Carrasco warns against trusting central banks and advocates for individual investors to establish their own "gold standards" to protect wealth. Finally, Carrasco advises investors to focus on stockpicking within the precious metals sector, emphasizing high-quality producers with strong management and leverage to rising metal prices. He encourages a long-term perspective, positioning oneself to benefit from the coming paradigm shift rather than trying to predict short-term price movements. Talking Points From This Episode0:00 - Introduction2:10 - Changing Roles4:30 - Currencies Vs. Gold9:14 - Trump & Debt Bubble15:40 - Tariffs & Positioning23:50 - Silver Opportunity26:20 - Silver Supply Deficit30:15 - M&A Activity Strategy34:08 - Gold & Leverage37:11 - Mkt. Volatility Causes39:08 - A Quiet Fed & Inflation45:42 - Lower Dollar US/China48:42 - When to Sell Gold?57:05 - Concluding Thoughts59:00 - Wrap Up Guest Links:Twitter: https://x.com/ijcarrascoLinkedIn: https://www.linkedin.com/in/carrasco1/Website: https://www.harbourfrontwealth.comE-Mail: jaime@jcwealth.ca Jaime Carrasco is Senior Portfolio Manager & Senior Investment Advisor at Harbourfront Wealth Management. From 2014-2018 he worked as Director of Wealth Management and Associate Portfolio Manager for ScotiaMcLeod. Before this, he worked for Macquarie Group, CIBC Wood Gundy, BMO Nesbitt Burns, Gordon Capital, and Merrill Lynch. Jaime is a leading Canadian investment professional with 25 years of experience providing wealth management and investment counsel to affluent families, businesses, and institutions. He has garnered a reputation for questioning and challenging the status quo and exploring the most innovative investment strategies. Jaime, whose mother tongue is Spanish, also speaks Italian and French. He completed a BA in political science and economics at the University of Toronto in 1988. While a student, he worked for CS Yacht, a company that built luxury sailboats, thus spending his summers as a skipper for the Canadian establishment members. Jaime credits this experience and having survived sailing through Hurricane Bob in 1991. This experience taught him lessons that have become a metaphor for his financial investment stra...

Tom welcomes back Michael Pento, from Pento Portfolio Strategies. The discussion revolves around the current economic landscape, highlighting the Federal Reserve's challenges in balancing inflation control and recession fears. Pento argues that the Fed is constrained by a "Gordian knot" of conflicting mandates, emphasizing its focus on bailing out banks and managing government debt rather than addressing inflation effectively. He critiques the dual mandate of stable prices and full employment, suggesting that employment rates have little bearing on inflation, which stems from fiat currency devaluation. Pento also delves into the impact of tariffs, particularly those imposed by former President Trump, noting their role in exacerbating economic instability. While he acknowledges the intent behind these measures—to rebuild the middle class and reduce trade deficits—the lack of clear planning and frequent changes create uncertainty for businesses. This unpredictability complicates financial decision-making, especially for manufacturers considering relocating production. Pento advocates for a model that considers credit spreads, real interest rates, and financial conditions. He warns against passive investing in market-cap weighted indices like the S&P 500, which concentrates capital in overvalued stocks and amplifies market volatility. Instead, he recommends an active approach, emphasizing short-term bonds, gold, and selective equity exposure. Pento also discusses the role of gold as a hedge against inflation and economic instability, distinguishing between physical gold (held personally) and liquid paper gold (ETFs and mining stocks). He advises investors to allocate 5% of their net worth to physical gold for safety, with additional exposure to liquid gold based on market conditions. Finally, Pento addresses the potential for geopolitical conflicts, such as tensions with China, to drive demand for gold. He concludes by highlighting the importance of an active investment model in navigating economic uncertainty, emphasizing that investors cannot rely solely on passive strategies or the hope of market recovery. Time Stamp References:0:00 - Introduction0:32 - Fed & Economic Numbers2:52 - Tariff & Uncertainties8:02 - Crash & Fed Reactions11:12 - Yields Spiking Meaning14:32 - Demand Into Gold19:38 - Reserves & Rev. Repos21:53 - Uncertainty & Massive Q.E.26:12 - Passive Investments?32:28 - Gold & Rumors of War34:35 - Mining/Gold Investments39:30 - Institutional Interest41:50 - Thoughts on Silver42:30 - 2025 is Exhausting43:26 - Wrap Up Guest Links:Website: http://pentoport.comE-Mail: mpento@pentoport.comTwitter: https://twitter.com/michaelpento Michael Pento is the President and Founder of Pento Portfolio Strategies with more than 30 years of professional investment experience. He worked on the floor of the NYSE during the mid-90s. Pento served as an economist for both Delta Global and EuroPacific Capital. He was also the portfolio creator and consultant to Delta/Claymore's commodity portfolios, which were distributed through Claymore/Guggenheim's sales network.

Tom welcomes back Martin Armstrong from Armstrong Economics to explore current global economic trends, geopolitical tensions, and market reactions. Armstrong discusses how governments worldwide are facing declining trust due to progressive agendas, citing examples like Germany's shift toward far-right parties and Europe's struggles with migration. Armstrong highlights the cyclical nature of political movements, referencing Trump's 2016 victory as a starting point for this global anti-government sentiment. He also touches on free speech restrictions, drawing parallels between historical financial suppression in Europe and today's broader censorship trends. Regarding U.S.-China trade tensions, Armstrong explains that tariffs are often misunderstood, citing historical context from the 1930s to show they don't cause economic collapses but can lead to trade wars. He critiques media coverage for sensationalism, particularly Bloomberg's recent claims about market corrections, arguing these panic-inducing narratives mislead investors. Armstrong also delves into Trump's policies, questioning his understanding of general economic and suggesting that lower corporate taxes could boost competitiveness. However, he warns against blaming Trump for broader economic declines, which he attributes to global trends rather than individual leaders. The discussion shifts to gold's role as a safe haven during geopolitical instability, with Armstrong emphasizing its historical correlation with war and political uncertainty. Time Stamp References:0:00 - Introduction0:35 - News & Keeping Up5:07 - Confidence in Gov't8:35 - Objectivity & Markets18:17 - Trump Rhetoric & China21:52 - CPI Lies & Obligations23:13 - Trade Negotiations?29:39 - Comparative Advantage39:10 - China & Real Reasons43:30 - Bond Markets & China?46:34 - Trump & Jerome Powell52:55 - Trump Policy Outlook57:30 - U.S. Income Tax1:00:00 - European Depression1:02:10 - Trump Reforms & Peace?1:13:44 - Gold Recent Strength1:16:51 - Gold & Safety Flight1:18:24 - Wrap Up Guest Links:Website: http://armstrongeconomics.comTwitter: https://x.com/strongeconomicsFacebook: https://facebook.com/martin.armstrong.167Amazon 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.

Tom welcomes back Simon Hunt, an expert on global economics, China, and the copper industry. Hunt discusses the escalating tensions between the U.S. and Iran, driven by Trump's tariff policies and geopolitical ambitions. He explains that these tensions could lead to regional conflicts, with significant implications for global markets and supply chains. Hunt also explores the broader shift in global power dynamics, highlighting how nations like China, Russia, and Iran are strengthening ties through organizations like BRICS. He warns that U.S.-China trade disputes, including high tariffs on Chinese goods, are causing severe disruptions to global supply chains and manufacturing sectors. These disruptions are expected to lead to a global economic slowdown or recession. The conversation delves into the potential impact of these developments on financial markets, particularly the value of the dollar, which Hunt suggests may undergo significant changes as countries seek alternative currencies tied to gold. He also discusses copper's role as an economic barometer, predicting price volatility and eventual increases due to supply chain disruptions and long-term demand shifts. Hunt concludes by emphasizing the uncertainty and chaos that dominate the current geopolitical landscape, urging caution for businesses and investors as they navigate this complex environment. The episode ends with a note on the importance of staying informed about global developments to understand their far-reaching implications. Time Stamp References:0:00 - Introduction0:55 - Liberation or Demolition3:54 - Iran Sovereignty & Trump8:56 - China & 104% Tariffs16:20 - Trump & Iran Escalation21:50 - Tensions Ukraine/Russia28:20 - U.S. Trillion Defense Budget30:37 - A Tale of Two Dollars34:37 - China Yuan Devaluing38:20 - BRICS Currency?39:30 - China's Econ. Issues47:40 - Global Slowdown & Copper54:11 - Monitor Geopolitics56:44 - Wrap Up Guest Links:Email: simon@shss.comWebsite: https://simon-hunt.com/Substack: https://shss.substack.com 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.

Tom welcomes back John Rubino, Former Wall Street Analyst, Author & Substacker for a discussion on the current economic landscape and its implications for investors. Rubino discusses the end of a credit supercycle, highlighting the risks of hyperinflation, deflation, and stagflation due to global fiat currency systems. He emphasizes the importance of real assets like gold, silver, and energy during potential financial chaos. Rubino also addresses the role of energy prices, particularly oil, in driving inflation or deflation. He suggests that lower oil prices could lead to a short-term deflationary period, followed by inflationary pressures as central banks respond with low interest rates. This creates uncertainty but opportunities for resilient investments. The discussion touches on President Trump's policies, including tariffs and reshoring, which could lead to wage inflation and geopolitical tensions. Rubino warns against the risks of negative interest rates and the potential need for a currency reset, possibly returning to a gold standard. For investors, Rubino recommends focusing on real assets such as precious metals, energy, and farmland. He suggests dollar-cost averaging in gold and silver and cautious investment in mining stocks, particularly mid-tier and explorers with growth potential. Jurisdictional risks, especially in countries like Mexico, are highlighted as critical considerations. Rubino also stresses building personal resilience through community ties, skill development, and owning productive assets. Time Stamp References:0:00 - Introduction0:45 - Framing This Flation3:49 - Oil's Role & Energy Price9:36 - Deflationary Scenarios16:06 - Zero Rates & Q.E.20:35 - Inherited Problems & Trump22:50 - PMs & Tariff Policies27:04 - Oversold Markets29:28 - Gold Fundamentals31:28 - Gold Silver Ratio33:15 - Silver in a Recession?36:20 - Investment Advisors & Metals40:13 - His Focus in Miners45:46 - Take Profit Guidelines48:10 - Mexican Gov't Policy50:53 - Other Opportunities?55:17 - Staying Resilient57:18 - Wrap Up Guest LinksSubstack: https://rubino.substack.comBooks: https://tinyurl.com/5buyvy6v John Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022, and now publishes on Substack.

Tom welcomes back Tim Price, Director at Price Value Partners. The discussion begins around the importance of filtering information in today's overwhelming media landscape. He suggests turning off legacy media and instead seeking alternative sources like Substack or Twitter for deeper insights. Price warns against over-financialization and the risks it poses to economic stability, advocating for a return to fundamental principles such as value investing and staying within one's zone of competence. He highlights the current geopolitical chaos as a critical moment, noting similarities to past crises like the 1930s. Price critiques Keynesian economics, arguing that treating the economy as a machine fails to account for human behavior. He also discusses the collapse of trust in institutions, particularly after events like Brexit and the Trump presidency, which have led to increased skepticism among voters. Price underscores the role of gold as a reliable store of value during uncertain times, contrasting it with the speculative nature of cryptocurrencies. He advises investors to focus on long-term strategies, avoid getting spooked by short-term market fluctuations, and resist the urge to follow every financial fad. Price stresses the importance of emotional discipline in investing, referencing stoicism as a key trait for navigating volatile markets. He also touches on the destructive impact of unaccountability among elites, comparing it to historical precedents that led to societal destabilization. Timestamp References:0:00 - Introduction0:38 - News Cycle Avoidance4:50 - Finding & Filtering Info7:42 - Confirmation Bias12:37 - Economic Ivory Towers19:28 - Sapiens - Yuval Harari22:45 - Repeating Cycles & Problems27:46 - Consequential Times33:06 - Fragility & Chaos Theory35:52 - Multiflation & Bad Economics37:34 - Gold Signs & Revolution42:44 - Rumors & Market Reactions48:00 - Age of Unaccountability50:28 - Wrap Up Guest Links:X: https://x.com/TimPrice1969Website: https://www.pricevaluepartners.com/War On Cash: https://www.pricevaluepartners.com/war-on-cash/Articles: https://www.pricevaluepartners.com/commentaryTim's Podcast: State of the Markets BooksTim's Book (Amazon): https://www.amazon.ca/Investing-Through-Looking-Glass-Irrational/dp/0857195360 Book Recommendations:180 Degrees (Amazon): http://tinyurl.com/3vjvpnud Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios. Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.

Tom Bodrovics welcomes back J.E.S. to delve into the complexities of the current economic landscape, highlighting several critical issues. JES begins by challenging the notion that rising job numbers indicate economic strength, arguing instead that they may reflect desperation as people are forced to work due to financial hardship and soaring living costs. A significant focus is placed on inflation, which J.E.S. explains has not decreased but rather slowed its growth rate. This distinction is crucial, as it clarifies that inflation remains a persistent problem despite appearances of improvement. Additionally, the discussion touches on the Friedman Lag effect, where interest rate changes take time to influence the economy, and their impacts are now becoming evident in areas like the stock market and debt markets. The conversation also addresses the trap of the debt market, emphasizing the unsustainable levels of personal and national debt. J.E.S. warns that the U.S. could face a default as interest payments escalate, particularly with the national debt at around $37 trillion. Furthermore, the potential domino effect of weaker economies failing before the U.S. is considered, which could exacerbate global financial instability. J.E.S. underscores the importance of creativity and education in addressing these challenges, advocating for innovative solutions and a better understanding of economic principles. He believes that fostering creativity can lead to groundbreaking answers, while accessible education is essential to empowering individuals to think critically about economic issues. Time Stamp References:0:00 - Introduction0:42 - Jobs and Economics6:54 - Do Fundamentals Matter?13:16 - Consumers Tapped Out & Jobs16:44 - Rising Rates & Lag Effects27:22 - Currency Dominos & Dollar31:55 - Debt Slaves or Producers40:00 - Differences & Inflections44:55 - Generational Issue & Gov't48:50 - Education & Insanity54:50 - Solutions & Creativity59:28 - Reading Recommendations Guest Links:E-Mail: aueconjes@gmail.comAmazon Book Link: https://tinyurl.com/bdz9eue2Economics In One Lesson - Henry Hazlitt: https://mises.org/library/book/economics-one-lesson

Tom Bodrovics welcomes back Keith Weiner for a discussion on the growing interest in gold as a hedge against economic instability and the risks associated with fiat currencies. Weiner highlighted that while some investors are drawn to gold due to its rising price momentum, others view it as a long-term insurance against the flaws inherent in government-backed money. He explained that governments often borrow without a clear plan to repay, leading to an unsustainable debt situation. This has led individuals and countries to seek alternatives like gold, which is seen as a stable store of value unaffected by monetary policy or political whims. Weiner also touched on the concept of "zombie credit," where corporations struggle to service their debts, particularly in the face of rising interest rates. The conversation delved into the geopolitical implications of de-dollarization and how countries are increasingly recognizing the limitations of relying solely on the US dollar for trade and reserves. Despite efforts by governments to create alternative currencies or payment systems, Weiner argued that these initiatives often fail due to a lack of trust and cohesion among nations. Additionally, Weiner discussed the impact of tariffs on global trade and their effect on debt servicing, noting how such policies can exacerbate financial instability. He also explored the differences between gold and silver markets, emphasizing that gold is more attractive to institutional investors as it offers a hedge against broader economic risks without the same level of volatility or storage challenges. Throughout the interview, Weiner emphasized the fundamental drivers behind gold's rise, including the decline in confidence in fiat currencies, the increasing debt levels globally, and the search for safe-haven assets. He concluded by noting that while gold faces short-term corrections, its long-term bullish trajectory remains intact due to ongoing structural economic issues and the relentless demand from both individual and institutional investors seeking stability amidst uncertainty. In summary, the interview underscored the role of gold as a critical hedge against an increasingly unstable financial landscape, driven by flawed monetary policies, geopolitical tensions, and the search for safe-haven assets. Talking Points From This Episode0:00 - Introduction0:38 - 2025 Gold Outlook7:25 - The Dollar Vs. Gold13:20 - Fiscal Responsibility19:46 - Dollar System & Debt25:58 - Usefulness of Tariffs?30:25 - Fed & Inflation Fight35:49 - Rates & Defaults39:18 - Perfect Storm for Gold?40:54 - Gold Vs. Silver Demand45:00 - Metal Demand & London51:20 - Gold Spreads & Traders53:42 - Gold Bull Outlook56:14 - Wrap Up Guest Links:Twitter: https://x.com/RealKeithWeinerWebsite: https://monetary-metals.comWebsite: https://goldstandardinstitute.netFacebook: https://www.facebook.com/keith.weiner.5 Keith Weiner is the founder and CEO of Monetary Metals, an investment firm that is unlocking the productivity of gold. Most people regard gold as a dry asset, to lock away in a vault, incurring storage fees. Many are waiting for it to rise in price. Keith and Monetary Metals are on a mission to change this. Gold should once again serve to finance productive enterprises and extinguish debts. The dollar performs one of these functions, but not the other. Bitcoin cannot finance anything, as no business can borrow a currency that's expected to go up a hundred times. Gold is the one thing that fills both roles, par excellence. Keith writes and speaks extensively, based on his unique views of gold, the dollar, credit, the bond market, and interest rates. When he is not working on the business, he is developing his theory of monetary science, and an arbitrage theory of economics. Keith also serves as founder and President of the Gold Standard Institute USA. His work was instrumental in the passing of gold legal tender laws in the state of Arizona in ...

Tom Bodrovics welcomes Florian Grummes back to the show to discuss his outlook for silver, gold, and the broader economic landscape. Grummes, a veteran technical trader and analyst, set a target of $50 per ounce for silver by late spring 2025, noting that silver often lags behind gold but tends to surge at the end of a bull market. He highlighted silver's industrial demand, particularly in the solar and electric vehicle sectors, as key drivers for its price appreciation. Grummes also pointed to physical silver shipments from London to New York as a sign of an impending spike. Grummes emphasized the role of macroeconomic factors, including central bank policies and geopolitical tensions, in shaping precious metals markets. He warns that while gold has reached record highs, significant volatility could emerge if stock market corrections deepen. Grummes also touches on the importance of seasonality, suggesting that summer months might see reduced trading activity. Discussing mining stocks, Grummes acknowledges their underperformance relative to metal prices but expressed optimism about future gains, particularly as larger producers with strong margins begin acquiring smaller companies. He stresses the importance of scaling in and out of positions to manage risk effectively. Grummes concludes by emphasizing the psychological aspects of trading, urging listeners to take responsibility for their decisions and learn from past mistakes. Time Stamp References:0:00 - Introduction0:49 - Silvers Behavior & Upside5:04 - Phys. Demand Bottleneck9:47 - Risks & Volatility16:05 - Seasonality & Metals20:02 - Caution & Taking Profits23:10 - Physical Vs. Trading26:30 - Signposts of the End33:08 - Gold Bugs & Objectivity36:00 - Dollar Impact on Metals39:37 - Geopolitical Risks & Ukraine45:23 - Lag with Mining Equities52:13 - Taking Profits56:02 - Wrap Up Guest Links:Website: https://www.midastouch-consulting.comLinkedIn: https://www.linkedin.com/in/floriangrummes/Twitter: https://twitter.com/FlorianGrummesSubstack: https://substack.com/@midastouchconsultingSeeking Alpha: https://seekingalpha.com/author/florian-grummesTelegram: https://t.me/MidasTouchConsultingFacebook: https://www.facebook.com/MidastouchconsultingFree Newsletter: http://eepurl.com/d5Euf 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.

Tom welcomes Jeff Clark back to the show! Jeff is the Founder of TheGoldAdvisor.com and author of the new book "Paydirt.". Jeff discusses the current state of the mining industry. He emphasizes that while gold is in a bull market, mining stocks have lagged behind, creating an opportunity for investors and highlights historical trends where mining stocks eventually outperform gold and expressed optimism about future gains. Clark discussed the financial health of major producers, noting significant increases in earnings and free cash flow due to rising gold prices. This cash influx could lead to increased M&A activity, benefiting juniors and explorers. However, he cautions investors to expect pullbacks in the market and advised maintaining a diversified portfolio with a mix of seniors, developers, and juniors. Jeff also touches on uranium and copper, noting their bullish fundamentals despite recent price corrections. He encourages investors to focus on companies with strong management, favorable jurisdictions, and strategic growth plans. Additionally, he shares his insights on portfolio management, advising readers to take profits at key milestones while maintaining core positions in promising stocks. He wraps up by expressing confidence in the mining sector's future, urging metals investors to stay informed and prepared for upcoming opportunities. Time Stamp References:0:00 - Introduction0:46 - State of the Industry2:52 - Cycles in Bull Markets5:50 - Sector Rotation Catalysts7:55 - July 4th & Gold10:02 - Gold Equities & Pullbacks12:50 - Bonds & Other Investments14:03 - Large Producers & M&A18:20 - Majors & Retail Investors24:10 - Juniors & Upside Potential26:22 - Managing Risks28:03 - Copper Rise & Tariffs?31:39 - Uranium Thesis & Price33:07 - Uranium Pullback36:30 - Portfolio Rebalancing39:13 - Date Don't Marry Miners40:42 - Newsletter42:51 - Wrap Up Guest Links:Website: https://thegoldadvisor.comX/Twitter: https://x.com/TheGoldAdvisorWebsite: https://goldsilver.com Jeff Clark is an esteemed figure in the precious metals industry, serving as the Founder and Editor of The Gold Advisor. With a distinguished background as a metals and mining analyst, author, and speaker, Jeff is widely regarded as a global authority on precious metals. His deep-rooted connection to the field stems from his family heritage, including an award-winning gold panner father and ownership of mining claims across California, Arizona, and Nevada. Jeff's professional journey began in 2007 when he started as an analyst at Doug Casey's firm. From there, he carved a unique path by focusing on investing in gold and silver, combining his analytical expertise with a passion for writing to establish himself as a leading voice in the sector. In addition to founding TheGoldAdvisor.com, Jeff has authored Paydirt!, available on his website. He is also an active participant in the industry, frequently speaking at precious metals conferences and serving on the advisory board of Strategic Wealth Preservation in Grand Cayman, which specializes in bullion storage. Jeff's achievements reflect a lifelong dedication to understanding and investing in precious metals, solidifying his reputation as both an expert and a trusted resource in the field.

Tom Bodrovics welcomes back Professor Vince Lanci, MBA Finance and Publisher of the Goldfix Substack, and all-around nice guy for a discussion into the complexities of gold and silver markets, particularly focusing on shorting positions in ETFs like PSLV and SLV. Lanci explains that these metals are ideal for carry trades due to their indestructible nature, allowing banks to borrow and lease them easily. However, he highlights how increased physical demand, driven by central bank repatriation and tariffs, has strained this system, leading to potential short squeezes. Lanci discusses the differences between gold and silver markets, noting that while gold benefits from central bank backing, silver lacks such support, making it more vulnerable to supply shortages. He connects the rise in lease rates for silver to these market dynamics, suggesting that higher demand and logistical challenges are driving prices upward. Tom also touches on the impact of tariffs, which Lanci believes will further boost precious metal prices by accelerating de-dollarization. Additionally, Lanci addresses the shift in bank reports towards recognizing physical gold demand, particularly from central banks, as a key driver of price movements. Lastly, Lanci notes that financial institutions are increasingly recommending exposure to gold and silver miners, indicating a broader trend of investor interest in these sectors. Timestamp References:0:00 - Introduction2:00 - ETF Shorts & Hard Facts15:26 - PSLV Trade Vol. Chart18:40 - Silver & Short Spikes23:24 - Musical Chairs?25:34 - Naked Shorting Limits?29:09 - Silver Lease Rates31:35 - Silver/Gold Logistics40:50 - Silver Squeeze Process42:27 - Tariffs & Demand Catalysts48:23 - April Tariffs & Metals53:36 - Bank Reports & Gold1:06:16 - Wrap Up Guest Links:Special Discount: https://vblgoldfix.substack.com/TomPalisadesWebsite: https://vblgoldfix.substack.com/Twitter: https://x.com/SorenthekLinkedIn: https://www.linkedin.com/in/vincentlanci/Boobs & Bullion: https://x.com/boobsbullion Vince Lanci, a seasoned finance professional, has served as Managing Partner at Echobay Partners LLC since 2008. His expertise spans over three decades in metals trading, option analysis, and technology development. In recent years, Mr. Lanci's insights have been sought after by industry legends. He was invited to be a resident expert on precious metals and option analysis for Larry Benedict's Opportunistic Trader project. In 2017, he co-authored a paper on Energy Volatility with Professor Robert Biolsi at the University of Connecticut. Prior to his current role, from 2004 to 2008, Mr. Lanci served as Co-Head of Metals & Energy Trading for CiS Options LLC. During this tenure, he managed the long-short and volatility arbitrage portfolios for the parent Limited Partnership fund. From 1993 to 2003, Mr. Lanci was the proprietor of Berard Capital LLC, where he led a team of option marketmakers. His earlier career included stints at Lehman Bros and Cooper Neff from 1987 to 1993, providing him with a solid foundation in finance. In 2000, Mr. Lanci co-founded Whentech (originally named Upperhand Technologies LLC) with David Wender. As chief architect of the "Pit-Trader" user interface logic, he played a pivotal role in the company's inception. Mr. Lanci's thought leadership extends beyond his professional engagements. He contributes regularly to Zerohedge, BBG, and RTRS. His expertise has also been showcased at Mondo Visione and NYC Mines & Money conferences. A firm believer in level playing fields for investors, he advocates for transparency and fairness in financial markets.

Tom Bodrovics welcomes back Doomberg, head writer for the Doomberg Substack, to discuss a range of topics including Trump's presidency, national debt challenges, energy policy, and global geopolitical dynamics. Doomberg begins by analyzing Donald Trump's first 58 days in office, highlighting his whirlwind pace of executive actions. He notes that Trump is fulfilling many promises but acknowledges the limitations of relying on executive orders, which can be undone by future administrations. Doomberg expresses concern about the long-term effects of policy whiplash on industries with lengthy planning cycles, emphasizing the importance of predictable governance for capital investment. The conversation shifts to the national debt and Treasury Secretary Scott Bessent's challenges in refinancing $6.7 trillion of maturing debt. Doomberg criticizes Janet Yellen's management of the debt maturity curve, comparing it to practices seen in emerging markets before crises. He suggests that Trump's team is navigating a delicate fiscal situation, potentially leading to a short but deep recession to reset the economy ahead of midterm elections. Doomberg explores unconventional strategies like creating a crypto reserve or revaluing U.S. gold holdings to alleviate debt pressures. He also discusses the potential for tax reforms and spending cuts. The Doom Bird discusses energy policy under Secretary Chris Wright, praising his business acumen and alignment with pro-energy industry stances. The Lifting of LNG export restrictions and the expected surge in energy production could position Trump's administration as friendly to business despite the risks of policy volatility. Doomberg also examines global trade dynamics, particularly U.S. - Canada relations under Mark Carney's leadership and potential tariffs as a revenue source. The discussion extends to geopolitical tensions, including Trump's approach to Ukraine, NATO, and potential conflicts with Iran. Doomberg questions the feasibility of military interventions and suggests that economic leverage, such as energy supplies, might play a more significant role in resolving conflicts than direct confrontation. Time Stamp References:0:00 - Introduction0:55 - Trump Accomplishments?4:30 - Yellen & Debt Servicing7:28 - Debt Solutions/Crypto?11:55 - Gold Revaluation?14:14 - Tariffs, DOGE, & Tax Changes23:04 - Energy Policy Changes27:08 - Tariff Revenue?29:19 - Trade Wars & Canada34:37 - Carney Conspiracy38:29 - Ukraine Thinking43:04 - Dismantling NATO45:26 - E.U. Energy & Military50:06 - Military Might51:34 - Iran Considerations53:42 - BRICS Path Forward?57:13 - Competing Ideas & Truth1:02:53 - Content Treadmill1:07:27 - Wrap Up Guest Links:X: https://x.com/DoombergTWebsite: https://doomberg.substack.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.

Tom welcomes James Anderson back from SDBullion to discuss the significant developments in the precious metals market. James delves into the recent all-time highs for gold at $3,000 per ounce, highlighting its historical significance and the potential implications for investors. Anderson emphasizes that breaking through key price levels like $1,000, $2,000, and now $3,000 is not just a numerical milestone but often signals shifts in market dynamics. He recalls past volatility, such as the 2008 financial crisis when gold prices plummeted before rebounding, illustrating how these events shape investor behavior and market trends. James also touches on the broader economic context, including the role of central banks and the potential for a paradigm shift in asset valuation. Anderson suggests that gold is likely to reassert its dominance over traditional assets like stocks and bonds, driven by factors such as debt levels, inflation, and geopolitical tensions. Silver's recent market dynamics are explored as well, with Anderson noting significant physical withdrawals from London markets and the impact of tariffs on supply chains. He advises investors to monitor lease rates and physical inventories, warning against the risks of ETFs that may not fully reflect underlying asset availability. Anderson also addresses cultural differences in precious metals investment, highlighting how Eastern economies, with historical experiences of currency devaluation, tend to prioritize gold and silver as reliable stores of value. In contrast, Western investors often lack this historical perspective. Looking ahead, Anderson discusses potential future developments, including the possibility of a gold revaluation and the importance of long-term planning and diversification, advocating for a prudent allocation into precious metals. Time Stamp References:0:00 - Introduction0:50 - $3000 Gold Significance4:14 - Long-Term Technicals8:04 - LBMA Gold Situation10:59 - ETFs & PSLV Audits16:58 - Western Metals Apathy18:50 - Fort Knox Psyop21:05 - Eastern Buying23:56 - Nominal Highs & Inflation26:12 - Doubts & Tariffs29:00 - Gold Confiscation Risk?32:18 - Platinum Metals?34:52 - 2025 Investment Advice39:26 - Wrap Up Guest Links:Twitter: https://twitter.com/jameshenryandYouTube: https://www.youtube.com/c/sdbullion/videosWebsite: https://sdbullion.com/Blog: https://sdbullion.com/blogJames Book: https://sdbullion.com/21st-century-gold-rush-book A bullion buyer years before the 2008 Global Financial Crisis, James Anderson is a grounded precious metals researcher, content creator, and physical investment grade bullion professional. He has authored several Gold & Silver Guides and been featured on the History Channel, Zero Hedge, Gold-Eagle, Silver Seek, Value Walk, and many more. Given that repressed commodity values are now near 100-year low-level valuations versus large US stocks, investors and savers should buy and maintain a prudent physical bullion position. Continued stimulus and unfunded promises will only debase the dollar further.

Tom Bodrovics welcomes back the always forthright Chris Irons host of Quoth the Raven podcast host and author of QTR's Fringe Finance Substack. The conversation covers a wide range of topics, from economic policies to mental well-being. They discuss the inefficiencies of government-run services compared to private sector alternatives, using examples like FedEx versus the Postal Service. They also critique the Federal Reserve's role in managing economic crises, arguing that bailouts have conditioned people to expect comfort without facing necessary consequences. Chris expresses concerns about market bubbles in cryptocurrencies, equities, and real estate, warning of potential cascading effects from options trading, ETFs, and leveraged loans. The duo also discusses the possibility of a significant market crash and its psychological impact on individuals who are conditioned to expect bailouts. The conversation touches on social issues like gender rights, emphasizing the importance of common sense and moderation. Chris advocates for personal responsibility and delayed gratification as essential coping mechanisms against societal overindulgence and the culture of instant gratification. Tom and Chris highlight the importance of mental preparedness and resilience, drawing parallels between economic discomfort and personal well-being. They stress the value of practicing discomfort and mindfulness to build psychological resilience, referencing stoic philosophies and the benefits of introspection. The discussion ends on a cautious note, acknowledging the potential for significant societal change but expressing uncertainty about whether it will lead to positive outcomes like fiscal discipline or greater social responsibility. They conclude with reflections on wealth, happiness, and the importance of inner peace, suggesting that true contentment often lies within personal mental fortitude rather than external circumstances. Time Stamp References:0:00 - Introduction0:47 - Crazy News Flow6:12 - Perceptions, Media, & Mkts20:27 - Competing Ideas & Debate31:17 - Economic Theory & Outlook34:20 - The Inequality Gap44:50 - Slow Decline & Taxes53:50 - Spending Cuts & Reactions1:08:00 - Four Year U.S. Outlook?1:14:50 - Bandaid Fixes & Comfort1:16:40 - Personal Responsibility1:22:10 - Wrap Up Guest Links:YouTube: https://www.youtube.com/channel/UCxUo55-0ScpOQNdug8FCzzA/videosPodcast: https://quoththeraven.podbean.comSubstack + Discount: https://quoththeraven.substack.com/subscribe?coupon=92245385X: https://x.com/QTRResearch Chris Irons is the host of The Quoth The Raven Podcast, a show dedicated to discussing Fringe Finance topics and exploring the boundaries of investment decisions. Irons has spent years reading the news and has developed a strong opinion on the mainstream media's ability to drive a narrative which serves the interests of a small minority. His focus is to provide content that is rarely found elsewhere and to curate content from people he respects. Irons is not afraid to challenge the mainstream narrative or succumb to it when it serves the collective best interests. Chris is not providing investment advice and the content on The Quoth The Raven podcast/substack is not meant to be taken as such. Anything mentioned should not be taken as a recommendation to buy or sell anything.

Craig Hemke from TF Metals Report discusses macroeconomic trends, gold markets, and investment strategies. He emphasizes the importance of central bank demand for gold, driven by geopolitical tensions like Russia's invasion of Ukraine, which has led to record purchases over the past three years. This demand has created a physical floor under the gold market despite rising interest rates and a strong dollar. Hemke also explores the role of the Federal Reserve, noting its significant impact on liquidity and market expectations. He discusses potential quantitative easing measures due to high government spending and deficits, which could further inflate asset prices. The yield curve inversion in 2024 was highlighted as a precursor to economic challenges, with the Fed's policy shifts influencing currency and metals markets. The conversation touches on the complexities of investing in precious metals, particularly silver, which straddles commodity and monetary roles. Hemke warned against passive investments like ETFs, advising investors to do thorough research when selecting individual mining stocks. He stresses the importance of a diversified portfolio and cautions against overexposure to any single asset. Contrarian investing is addressed, with Hemke encouraging prudence rather than extremism. He advises increasing allocations to gold gradually, emphasizing long-term strategic positioning rather than timing market dips. He concludes by reiterating the role of gold as a hedge against a debt-based monetary system nearing its limits, urging investors to focus on preserving purchasing power through physical ownership. Time Stamp References:0:00 - Introduction0:40 - Macrocast & C.B. Demand5:42 - Fed's Importance?8:00 - Moar Q.E. Coming?11:25 - Fed & Drastic Action12:55 - State of Equity Mkts16:37 - Tariffs & Big Picture23:54 - U.S. Gold Revaluation?32:26 - Gold Supply & Demand?35:35 - It's Fine39:00 - Silver Considerations41:48 - Miners & Prod. Costs47:13 - Contrarian Mindset49:55 - Wrap Up Guest Links:Twitter: https://x.com/TFMetalsWebsite: https://www.tfmetalsreport.com/subscribeArticle: Inversion/Reversion Macrocast - https://goldseek.com/article/inversion-reversion-2025-macrocast Craig Hemke, aka "Turd Ferguson," was a licensed securities "professional" for nearly twenty years. Then, disgruntled by the fraud known as "financial services," he retired to a career as a serial entrepreneur in 2008. Though otherworldly in his ability to forecast price movements, Craig is not a soothsayer, a psychic, or a witch, but, after all these years, he has a decent understanding of the forces at play in the precious metal "markets."

Tom welcomes back Matthew Pipenburg from Von Greyerz Gold Switzerland for another thoughtful swap-fest. They began by discussing the ongoing conflict in Ukraine and its impact on military spending, which has diverted resources away from domestic priorities like healthcare and education. They pointed out that many countries are facing significant debt issues, leading to a shift away from the US dollar as the primary reserve currency. This trend has increased interest in gold as an alternative asset for reserves. The role of gold was a key topic, with Matthew noting that while revaluing gold could offer short-term benefits but it wouldn't resolve the underlying debt crisis. Central banks, especially those in BRICS countries, have been increasing their gold holdings as a strategic reserve, reflecting growing doubts about fiat currencies. Matt criticized high military spending relative to domestic investments in the US, arguing that this imbalance is unsustainable. They also talked about central bank operations and market manipulation. Quantitative easing has led to market distortions and bubbles, while market manipulation risks eroding trust in financial systems. The conversation turned to global shifts, with BRICS countries gaining influence through their increased use of gold as a reserve asset. Tom highlighted the likelihood of significant market corrections due to high valuations and economic instability. Finally, Matthew emphasized the need for informed, fact-based discussions rather than partisan debates, urging critical thinking about government policies and encouraging engagement with diverse viewpoints from contrarian sources like Jeffrey Sachs. Time Stamp References:0:00 - Introduction0:43 - Peace & Euro War Drums17:53 - Cold War & Rationality26:30 - Trump & The Liberal Shift29:00 - Negative Real Rates34:18 - Capital Controls & CBDCs37:49 - Cognitive Dissonance?41:25 - Yellen & Short Term Debt45:53 - Adjustment Period52:23 - Gold Going Mainstream?58:04 - Revaluing U.S. Gold1:02:02 - U.S. Gold Holdings?1:08:15 - Canadian Leadership1:10:30 - Conclusion & Wrap Up Talking Points From This Episode The world faces significant economic challenges, including high debt levels, shifting reserve currencies, and the weaponization of financial instruments. Gold is increasingly seen as a safer asset in uncertain times, with central banks diversifying their reserves. There's an urgent need for balanced, fact-based discussions to address complex economic and geopolitical issues. Guest LinksX: https://x.com/GoldSwitzerlandWebsite: https://goldswitzerland.com/Website: https://vg.goldArticles: https://signalsmatter.com/Book (Amazon): https://tinyurl.com/pvpfmy8c Matthew Piepenburg is a Partner of Von Greyerz and the author of the popular book, "Rigged to Fail". Matt is fluent in French, German, and English. He is a graduate of Brown (BA), Harvard (MA), and the University of Michigan (JD). His widely-respected reports on macro conditions and the changing behavior of risk assets are published regularly at SignalsMatter.com.

In this podcast episode of Palisades Gold Radio, your host Tom Bodrovics welcomes back Michael Oliver from Momentum Structural Analysis. A length discussion on the outlook for silver and gold, stock market trends, and broader economic factors ensues. Oliver explains his $250 target for silver as realistic, noting historical precedents where silver outperformed gold during bull markets. He highlights the spread between silver and gold, emphasizing that silver could reach 2% of gold's price, a significant move from its current level of around 1.13%. This would translate to a substantial increase in silver prices if gold rises significantly. Oliver believes gold will lead the way up but notes silver and gold miners may outperform due to their lower valuations relative to gold. He shows charts indicating gold's strength against the S&P 500, with gold currently at about 45% of the index compared to a peak of 60%. Gold's momentum remains strong despite minor pullbacks. Oliver warns that the stock market bubble is set to burst. He expects asset managers to shift funds into gold and related assets as the market weakens. The gold miners index (XAU) is undervalued compared to gold, suggesting significant potential gains once investors begin to reallocate capital. Oliver discusses the dollar's potential decline, noting a critical momentum level that could signal a broader downtrend. A weaker dollar would likely boost commodities and gold, though he cautions against tying this directly to political factors like Trump's policies. Reflecting on his book on anarcho-capitalism, Oliver suggests a shift away from statism toward market-driven solutions. He speculates that events like the stock market crash could catalyze significant policy changes, including tax reforms or central bank abolition. Time Stamp References:0:00 - Introduction0:34 - Silver & Targets6:25 - Flight To Gold vs S&P9:33 - Gold Weekly Momentum12:17 - Equities & Bubbles16:18 - The Decline Grind?18:18 - XAU & Miners24:06 - Equity Selloff & Metals27:16 - Dollar Effects & Momentum33:30 - WTI Crude & Economic Reality38:25 - Cuts & Changes in Nations44:40 - Pain Points as Catalysts?48:18 - Large Long-Term Trends51:10 - DOGE & Ayn Rand54:06 - Wrap Up Guest Links:Website: http://www.olivermsa.com/Twitter: https://twitter.com/Oliver_MSAAmazon Book: https://tinyurl.com/y2roa7p5Free Report email: 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.

Tom welcomes back Chris Rutherglen to take a very deep dive into a few gold charts. Chris is a PhD Scientist/Engineer, Level 3 CFA, and Publisher of the Gold Investor Research Substack. Chris explains how the long-term outlook for gold prices involves several key factors that influence its trajectory over time. One important aspect is the mid-cycle level of gold, which reflects the balance between the amount of gold available above ground and the overall money supply. When the money supply increases, this can raise the mid-cycle level, potentially leading to higher gold prices. Currently, gold is trading above this mid-cycle line, suggesting that a correction downward might be possible in the near term. Chris shows his charts for the debt-to-money supply ratio. Historically, this ratio has remained relatively stable at around 2.5% from the 1920s up until the late 1970s. However, after the financial crisis of 2008, it began to rise and has been declining since then. If this downward trend continues, it could drive gold prices higher as more money would be needed to support existing debt levels. Looking at long-term historical patterns, there is a suggestion that gold might reach a high point around $8,000 to $10,000 in the early 2030s. This projection is influenced by ongoing monetary expansion and economic conditions that favor safe-haven assets like gold. Despite these indicators Chris, expects predicting the future of gold prices with certainty is challenging due to a variety of factors, including inflation rates, global political and economic events, and policies set by central banks such as the Federal Reserve. Key elements to watch include quantitative easing measures and the levels of government debt, both of which play significant roles in shaping the growth of the money supply and their impact on gold demand. Time Stamp References:0:00 - Introduction1:04 - Timeframes & Cycle Lengths7:52 - Long End Curve?11:58 - Levels and Zones21:00 - Gold Mid-Cycles Levels24:04 - Cycles & Calendar Periods30:15 - Probabilities & Targets32:35 - Gold & Equities Pullback33:42 - S&P GDP Ratio + CPI37:03 - Gold & Inflation42:35 - Gold Silver Ratio44:46 - Silver Price Outlook46:55 - Silver Timing & QE's51:16 - HUI Miners Vs. Gold54:15 - Major Miner Charts1:00:43 - Patience & Majors Costs1:07:30 - Long-Term Gold Timeline1:10:42 - All Sector Debt/US M21:18:12 - Wrap Up Guest Links:Twitter: https://x.com/CRutherglenSubstack: https://giresearch.substack.com Chris Rutherglen is a private investor whose primary occupation is in science & engineering with a focus on novel semiconductor devices for microwave and mm-wave applications. He began investing in the precious metal space in 2003 and has done well following a value-oriented investment approach. Although he has never been employed in the finance/investment field professionally, he did complete level 3 of the Chartered Financial Analyst (CFA) program in 2011. Chris has a BS in physics from the California Institute of Technology and a Ph.D. in Electrical Computer Engineering from the University of California, Irvin

Tom welcomes back Jan Nieuwenhuijs to explore the dynamics of the global gold market and its implications for global monetary systems. Key topics include the movement of gold from London to Comex, driven by concerns over tariffs and geopolitical shifts. Jan explains that this flow reflects both physical arbitrage and strategic reshuffling of gold reserves, with banks moving gold into the U.S. for potential future use or resale in Asia. The discussion also delves into the lack of transparency around U.S. gold audits, particularly at Fort Knox. Jan highlights issues with the auditing process, noting that compartments have been reopened multiple times without proper justification, raising questions about the integrity of the audits. He argues for an independent audit to ensure accountability and reassurance regarding the nation's gold holdings. Another significant point is the valuation of U.S. gold reserves at $42 per ounce, a relic from the Bretton Woods era aimed at demonetizing gold. Jan suggests that revaluing gold could unlock substantial funds but warns this would be inflationary. He also touches on the role of gold in China's financial strategy, noting that while official reports understate their purchases, they are actively accumulating gold to diversify away from the dollar. The conversation concludes with Jan emphasizing the importance of tracking central bank gold buying and developments in alternative payment systems like the BRICS M-Bridge, which could challenge the dollar's dominance. Time Stamp References:0:00 - Introduction0:54 - Tariffs & LBMA Flows5:30 - Gold Demand & Lease Rates9:01 - Import Code Changes10:30 - U.S. Gold Reserve Audits20:14 - Time Req'd to Audit21:37 - Encumbrance Concerns24:35 - $42 U.S. Gold Valuation26:36 - U.S. Dollar Vs. Gold29:09 - Revaluing & Funding32:10 - Sovereign Wealth Fund?33:25 - Uncertainties & Credit37:50 - Deleveraging & Dollar41:00 - Eastern Perspective44:32 - China's Gold Holdings46:30 - Gold & Dollar Flight49:49 - Concluding Thoughts51:30 - Wrap Up Guest Links:Twitter: https://x.com/JanGold_Website: https://moneymetals.com Originally a sound engineer in the Dutch movie industry, Jan Nieuwenhuijs has devoted the last decade to in-depth gold market research. His commentary and analysis has earned him international recognition as a top expert on the Chinese gold market, the COMEX futures market, the London Bullion Market, and the Turkish gold market. At Money Metals, he writes about the international monetary system, central bank gold policies, the mechanics of the global gold market, the gold price, and economics in general.

Tom welcomes back Martin Armstrong from Armstrong Economics for a discussion on the never ending news cycle. Martin begins by reflecting on the current political landscape, comparing it to the challenges faced during the first Trump administration. Armstrong highlights how President Trump has learned from past mistakes, particularly in assembling a cabinet that is not tied to the "deep state." This shift, Armstrong argues, is crucial for enacting meaningful reforms. The conversation then turns to government waste and corruption, with Armstrong referencing specific examples of misallocated funds, such as support for a transgender opera in Columbia. He emphasizes the importance of transparency and accountability, especially given the staggering levels of debt that governments worldwide are accumulating. Armstrong warns that the current system is unsustainable and that a reckoning is inevitable when buyers for new debt no longer exist. Armstrong also delves into the global reserve currency status of the US dollar, explaining how its dominance emerged post-World War II. He discusses the manipulation of economic indicators, such as CPI adjustments, to hide the true state of fiscal health. Armstrong's firm has successfully forecasted economic trends and events, including Brexit, by focusing on raw data rather than political narratives. The interview then shifts to geopolitical tensions, particularly the conflict in Ukraine. Armstrong critiques the handling of the crisis, arguing that it is being used as a diversion from deeper economic problems. He suggests that the war serves the interests of certain European leaders who seek to weaken Russia and strengthen their own power. Armstrong also touches on the potential consequences of tariffs and trade policies under Trump, warning against the risks of contagion in global markets. He further discusses the Epstein files controversy, suggesting that the case is more about political manipulation than mere scandal. Armstrong posits that Epstein's activities were likely part of a broader espionage or blackmail scheme involving high-profile individuals. Finally, Armstrong offers advice to listeners, urging them to pay attention to developments in Europe and the flow of capital during times of conflict. He emphasizes the importance of understanding global economic trends and avoiding the pitfalls of mainstream media narratives. The interview concludes with a call for critical thinking and awareness of the complex interplay between politics, economics, and global security. Time Stamp References:0:00 - Introduction0:34 - Trump & News Cycle3:18 - Government Waste7:52 - Leadership & Information12:12 - Trump & Mkt. Optimism?18:30 - Resource Deals & Peace23:10 - Europe Preps for War30:43 - Capital Flight & War35:08 - European Basket Case36:34 - U.S. 'Monetization'42:53 - Creation of the Fed47:00 - Fed Can't Stop Inflation49:12 - A Global Perspective53:05 - Trump & Tariff Impacts57:50 - Canada - U.S. Takeover?1:01:43 - Epstein Honey Trap1:09:37 - Watch Europe & Ukraine1:13:20 - Wrap Up Guest Links:Website: http://armstrongeconomics.comTwitter: https://x.com/strongeconomicsFacebook: https://facebook.com/martin.armstrong.167Amazon 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,

Tom welcomes back Lawrence Lepard from Equity Management Associates to discuss his new book, "The Big Print: What Happened to America and How Sound Money Will Fix It." Lepard explains that the book aims to simplify complex monetary issues for the average reader, highlighting how the broken monetary system has fueled inflation, wealth inequality, and economic dysfunction. Lepard emphasized that the U.S. monetary system began deteriorating with Nixon's abandonment of the gold standard in 1971, leading to persistent inflation and debt accumulation. He argued that sound money — gold, silver, and Bitcoin — is essential to fix these issues. Gold provides stability, while Bitcoin offers a digital solution to scarcity and divisibility, though it is still volatile. The interview explored how inflation affects everyday life, with Lepard noting that the government's reported inflation rates often underestimate real costs. He criticized the Federal Reserve for prioritizing debt servicing over economic fairness, leading to a cycle of printing money that disproportionately harms wage earners. Lepard also discussed the political challenges in transitioning to sound money, suggesting that widespread public awareness and grassroots support are needed to push for systemic change. He warned against complacency, noting that the U.S. is on a trajectory toward a debt crisis unless decisive action is taken. The conversation concluded with Lepard encouraging listeners to engage with his book to better understand these issues and advocating for a future where sound money restores economic health and fairness. Time Stamp References:0:00 - Introduction0:40 - The Big Print7:20 - Where It All Went Wrong10:00 - CPI Chart 1800-200512:00 - Inflation a Key Issue15:00 - The Wealth Gap18:30 - Next Monetary Crisis21:20 - A Moral Imperative23:00 - Debt System Origin26:00 - Top Vs. Bottom Wealth27:00 - Why All Fiats Fail31:00 - Lies & Inflation Stats34:50 - Deflation Boogeyman38:00 - Solutions & Outcomes45:00 - Peg to Real Assets48:45 - Bitcoin Advantages52:20 - Resets & Reserve Currency56:30 - Book & Wrap Up Guest Links:Newsletter: http://eepurl.com/gOf1dTWebsite: http://www.ema2.comX: https://twitter.com/LawrenceLepard (Account is back)Book - The Big Print: https://tinyurl.com/4p4k6htt Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities. Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II. Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.

Tom welcomes back an always interesting guest who dives deeply into various financial topics; John Titus. Several key topics were discussed, including the banking crisis of March 2023, federal debt, central bank independence, and the implications of the Fed's policies. Titus began by revisiting his prediction of the banking crisis, attributing it to the Federal Reserve's quantitative easing program during the pandemic. He explained that this led to a surge in commercial bank deposits, which ultimately caused instability when large deposits were withdrawn from banks like Silicon Valley Bank (SVB). Titus emphasized that these massive deposits, often exceeding $1 billion, were uninsured and posed significant risks when withdrawn rapidly. He discussed how the Fed's actions during the pandemic injected liquidity into non-bank entities, leading to a buildup of deposits in commercial banks. This created a situation where the failure of SVB was inevitable due to the withdrawal of large deposits. Moving on to federal debt, Titus expressed concern about the growing U.S. debt and its sustainability. He highlighted that the Fed's policies have led to a system where debt is used to finance government operations, creating a cycle of borrowing to cover interest payments. This spiral could lead to fiscal insolvency if not addressed. The discussion then turned to central bank independence and the implications of a Biden administration memo emphasizing central bank autonomy. Titus argued that in the U.S., the Federal Reserve is not truly independent but rather an agency under Congress, which has the constitutional authority to oversee it. He warned against efforts to model the Fed after systems like the European Central Bank, which operate independently of national governments, as this could erode democratic accountability. Titus also previewed his new series, "The War for Bankocracy," which explores the history and power dynamics of central banks. He emphasized the importance of constitutional governance over monetary policy, arguing that Congress must maintain control to prevent abuses of power by central bankers. Throughout the interview, Titus stressed the need for public awareness and engagement in monetary policy decisions, urging listeners to stay informed and advocate for transparency and accountability in how debt and money are managed. His analysis highlighted the interconnected risks posed by federal debt, banking instability, and central bank autonomy, emphasizing that these issues require immediate attention to prevent further economic crises. Time Stamp References:0:00 - Introduction0:48 - Predicting Bank Failures4:12 - Bank System in 20256:43 - Risks or Manipulation10:06 - Fed, Deficits, & Austerity12:43 - Fed & Fiscal Dominance15:05 - The Debt Spiral20:15 - Extinguish Debt?23:40 - C.B. Gold Reserves25:57 - U.S. Rates & Debt Rollover27:07 - Treasury Dealers31:25 - Fed & Inflation34:59 - Neverending Puzzle36:30 - Debt Solutions?40:00 - Reverse Repo Status45:15 - Fed 'Independence'50:00 - Biden Memo Concerns52:26 - C.B. Independence55:20 - Bankocracy Series Guest Links:SubStack: https://bestevidence.substack.com/Rumble: https://rumble.com/c/c-1843407Odysey: https://odysee.com/@BestEvidence:bYouTube: https://www.youtube.com/@BestEvidenceBankocracy Series Episodes: https://www.youtube.com/watch?v=y-fPI_tleUo&list=PLXr4cxq6ih6DbS8NIMK3nAiEM8AggZ_DQ John Titus holds a masters degree in electrical engineering as well as a law degree and he uses these to pursue his "day job". However, John is also a staunch critic of central banking the federal reserve system and his diligent research has uncovered numerous lies and deceptions from the U.S. Federal Reserve regarding their actions/policies since 2008. John is the creator and executive producer of the "BestEvidence" YouTube channel and all of his documentaries can be found there. BestEvidence seeks to chronicle major financial forces and legal changes be...

Tom welcomes back economist John Williams, the founder of Shadow Government Statistics to discusses the current state of the economy and inflation under the Trump administration. Williams highlights the disconnect between market optimism and underlying economic weakness, emphasizing that while GDP growth appears strong, key indicators like retail sales, industrial production, and housing are lagging or negative year-over-year. He critiques the government's reporting methods, arguing that metrics such as GDP and CPI are manipulated to downplay inflation and inflate economic health. For instance, Williams points out that the consumer price index (CPI) has been redefined since the 1980s to suppress reported inflation rates by about 8 percentage points. This manipulation masks the true cost of living increases, particularly felt in housing costs. Williams also discusses the role of the Federal Reserve, noting its focus on maintaining banking stability over controlling inflation or economic growth. Despite efforts to reduce liquidity, the money supply remains excessively high, fueling inflationary pressures. He warns that this could lead to hyperinflation and a potential collapse of the dollar's value, with gold serving as a key indicator of these risks. Looking ahead, Williams predicts continued inflation and economic stagnation, with the possibility of a market crash or deeper recession within the next year. He underscores the importance of understanding inflation through alternative measures like gold prices, which reflect true economic conditions more accurately than official reports. Time Stamp References:0:00 - Introduction0:34 - Trump & Weak Economy4:53 - GDP Comparisons8:09 - Stats & Market Reactions10:50 - Past Five Year Inflation16:14 - CPI Numbers & Gold18:30 - Inflationary Outlook21:03 - CPI Vs. Gold24:49 - Gold & New Highs?26:25 - Concluding Thoughts Guest Links:Website: https://shadowstats.comE-Mail: johnwilliams@shadowstats.com Walter J. "John" Williams was born in 1949. He received an A.B. in Economics, cum laude, from Dartmouth College in 1971, and was awarded a M.B.A. from Dartmouth's Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar. During his career as a consulting economist, John has worked with individuals as well as Fortune 500 companies.

Tom welcomes a new guest Eric Yueng to explore the current state of the gold market, focusing on the LBMA's physical delivery delays, the surge in physical gold demand at the COMEX, and the implications for investors. Yueng explains that the London Bullion Market Association (LBMA) has seen significant delays in physical gold deliveries, increasing from T+2 or T+4 to T+30 or even T+60. This has led to a surge in physical gold delivery requests at the COMEX, with volumes reaching 15 times normal levels in December and January, and continuing to rise in February. He attributes this surge to investors seeking physical metal rather than cash-settled contracts, driven by concerns over the LBMA's ability to deliver. Yueng discusses the role of exchange-for-physical (EFP) trading pairs, where arbitrageurs typically profit from price differences between COMEX and LBMA markets. However, the current demand for physical delivery has disrupted this mechanism, potentially leading to a "short squeeze" as those unable to secure physical gold are forced to cover their positions at higher prices. He suggests that large institutions, possibly acting on behalf of the U.S. government, are driving much of the physical gold demand. This aligns with reports of significant imports into the U.S., which he believes could be part of efforts to repatriate gold ahead of potential audits or revaluation. Yeung also touches on the role of exchange-traded funds (ETFs) like GLD, noting that borrowing rates have surged as institutions withdraw physical gold. This, combined with the LBMA's reported attempts to borrow gold from foreign central banks, highlights growing concerns about the availability and allocation of physical gold. Looking at China, Yeung notes that the country is preparing for higher gold prices through initiatives like the Gold Accumulation Program, which encourages retail investment in physical gold, and allowing insurance companies to invest in it. These moves are expected to significantly increase institutional demand for gold in China. Yueng contrasts this with the West, where sentiment toward gold remains lukewarm despite high prices, partly due to competition from cryptocurrencies. He predicts that if gold prices continue to rise, particularly beyond $3,500 per ounce, there could be a significant shift in investor behavior and increased demand for mining stocks. Finally, Eric addresses silver, suggesting that its price suppression may end as the U.S. seeks to support domestic mining interests amid manufacturing reshoring efforts. He highlights the growing deficit in silver supply and questions the LBMA's reported inventories. Time Stamp References:0:00 - Introduction0:40 - EFP Premiums & LBMA3:44 - Demand & Deliveries9:19 - Who's Long/Short10:38 - U.S. Taking Delivery?17:53 - Remonetizing Assets?19:40 - ETFs & GLD Demand23:52 - LBMA & Availability26:48 - Change in U.S. Policy28:25 - China's Gold Strategy33:14 - Sentiment West/East36:43 - Expectations for Gold40:07 - Demand & The Miners42:05 - Margins & Sentiment45:37 - China & Silver Suppression51:13 - Wrap Up Guest Links:X.com: https://x.com/KingKong9888

Tom welcomes back Francis Hunt, known as "The Market Sniper," to discuss the importance of understanding various time frames in market analysis, particularly for gold and silver. He emphasizes that being bullish or bearish can vary across short-term, medium-term, and long-term perspectives. Hunt highlights the technical patterns he uses to predict market movements, such as head-and-shoulder setups and falling wedges, which help identify key entry and exit points. Hunt is long-term bullish on gold due to its role as a hedge against debt-based economic collapse. He warns that while gold may experience short-term corrections, it remains a strategic investment for preserving wealth. He advises investors to avoid putting lump sums into the market at current highs and instead use dollar-cost averaging or wait for pullbacks. Francis touches on silver, noting that it has broken out of a significant resistance level but could face volatility. Hunt suggests maintaining a diversified portfolio with a focus on gold as the primary investment, while considering silver when specific technical indicators align. Additionally, he mentions platinum as a potential high-performing asset due to its scarcity and current technical setup. Hunt cautions against the risks of totalitarianism and loss of privacy in the coming economic crisis. He advises listeners to prepare for both financial and societal challenges by reducing debt, preserving capital, and staying informed about global trends. He emphasizes the importance of adapting strategies based on changing market conditions and highlights the need for a holistic approach to wealth preservation. The interview concludes with Hunt encouraging listeners to stay vigilant and proactive in their financial planning, emphasizing that while times ahead may be challenging, careful preparation can help navigate the storm. Talking Points From This Episode0:00 - Introduction0:37 - Confusion & Timeframes15:12 - Accelerating Cycles/Debt21:00 - Yields & U.S. Tariffs25:40 - Debt & Dollar Balance28:37 - Gold & Oil Dynamics36:33 - Fed & Economic Data40:19 - Rates & Market Forces44:19 - Chart of Silver50:20 - Platinum Outlook54:30 - Preps & Wrap Up Guest LinksTwitter: https://twitter.com/themarketsniperTwitter: https://twitter.com/thecryptosniperWebsite: 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 v...

Tom welcomes back Peter Schiff, the CEO and Chief Economist of Euro Pacific Asset Management, Chairman of Schiff Gold, and host of Schiff Radio to the show. Peter discusses inflation, central banking policies, and the implications of stagflation on the economy. He emphasizes that inflation is fundamentally caused by an expansion in the money supply and credit, rather than rising prices alone. Schiff argues that the Federal Reserve's actions, including quantitative easing and low interest rates, have fueled inflation and exacerbated economic instability. Schiff critiques the government's handling of inflation, noting that it often deflects blame onto businesses or labor unions instead of addressing the root causes. He warns that continued deficit spending and debt accumulation will lead to higher inflation and potentially a financial crisis. Schiff also highlights the role of tariffs and trade policies in affecting prices and trade deficits, though he doubts their effectiveness in fundamentally altering the economic landscape. The discussion turns to gold and precious metals as a hedge against inflation. Schiff notes that despite record earnings from gold mining companies, investor sentiment remains cautious, with many preferring speculative assets like cryptocurrencies or AI stocks. He believes this presents an opportunity for investors to capitalize on undervalued gold mining stocks before prices rise significantly. Schiff also touches on the potential impact of rising interest rates in Japan and the yen carry trade, warning that unwinding these positions could disrupt global markets. Additionally, he discusses the role of central banks in buying gold as a form of portfolio insurance and predicts continued demand for precious metals as investors seek safe havens amid economic uncertainty. Time Stamp References:0:00 - Introduction0:45 - Causes of Inflation9:40 - Fed Inflation Targets15:09 - Fed & Data Dependence17:37 - Lower Dollar Problem22:10 - Deepseek AI & China24:33 - Overvaluations27:36 - Tariff Threats & Trade31:18 - Japanese Bond Yields34:40 - LBMA & Lease Rates38:33 - Country of Origin41:47 - Gold Chinese Insurers48:38 - Miners and Earnings58:12 - Thoughts on Silver1:00:59 - Wrap Up Tallking Points From This Episode Inflation is caused by money supply expansion, not just rising prices, and central banks are the primary culprits. Gold and precious metals offer protection against inflation, with mining stocks currently undervalued despite strong fundamentals. Economic instability and stagflation risks loom large, driven by debt, deficits, and ineffective monetary policies. Guest Links:Podcast: https://schiffradio.com/Website: https://schiffgold.com/Website: https://schiffsovereign.com/Website: https://europac.com/Twitter: https://twitter.com/PeterSchiffYouTube: https://www.youtube.com/channel/UCIjuLiLHdFxYtFmWlbTGQRQ Peter Schiff is an honorary chairman of SchiffGold, founder of Euro Pacific Asset Management, and host of The Peter Schiff Show. Peter is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics. He is one of the few forecasters who accurately and publicly predicted the 2007 housing market collapse and subsequent 2008 financial crisis. His latest best-selling book, The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country, warns that the 2008 crisis was just the prelude to a larger sovereign debt crisis in the United States that may lead to a collapse of the US dollar. Peter recommends long-term investment in foreign markets with sound fiscal policies, as well as global commodities including buying gold, silver and other physical precious metals.

Tom welcomes back Robert Sinn to share his background in precious metals, junior mining, and biotech investing. Robert emphasizes the attractiveness of gold mining equities due to their underappreciated nature and the potential for significant returns. He highlights that the sector is less competitive compared to mainstream stocks like Apple or Microsoft, offering investors an edge through lower competition and fewer institutional players. Sinn structures his portfolio by considering market capitalization and volatility, allocating smaller percentages to high-risk junior miners (e.g., 2-3%) and larger allocations to more stable major miners (e.g., 10%). He prioritizes risk management, focusing on potential losses before profit opportunities. He also advises against holding overly concentrated positions in volatile stocks, suggesting that investors should cap their exposure based on market feedback. He touches on the macroeconomic backdrop, particularly the secular bull market for gold driven by central banks' increased demand, especially from China and India. Sinn notes that gold's role as a safe-haven asset is becoming more pronounced amid global uncertainty and geopolitical tensions. He also discusses the potential impact of tariffs and trade policies under the current administration on gold prices, suggesting that these factors could further drive demand. Sinn critiques the use of ETFs like GDX to gauge the entire mining sector, arguing that such funds are skewed towards larger companies and may not reflect broader trends. Instead, he advocates for a more nuanced approach, examining individual company performance and pipeline projects. He also touches on the importance of China's gold accumulation, which has significantly influenced global markets, and the potential for a physical short squeeze in gold. While acknowledging the complexity of predicting such events, Sinn believes that gold's role as a hedge against inflation and economic instability will continue to drive its value. Finally, Sinn underscores the need for investors to understand both macroeconomic trends and micro-level company fundamentals, emphasizing the importance of staying informed and adaptable in a rapidly changing market landscape. Time Stamp References:0:00 - Introduction0:46 - A Mining Equity Focus3:25 - Volatility & Risk5:46 - Doubling Down?8:35 - Wild Market Signals11:55 - Mine Lifecycles15:26 - Sentiment & Interest18:56 - Market Contrasts21:00 - New Investor Advice23:02 - Mergers & Mine Cycles25:06 - Problems With The GDX26:46 - Deposits & Economics28:14 - Royalties & Streams28:48 - Macro Outlook & Gold34:24 - Asian Gold Demand35:37 - LBMA & Deliveries?39:00 - Silver Demand?41:18 - His Primary Focus?44:37 - The 4th Turning46:19 - Wrap Up Talking Points From This Episode Robert highlights gold mining equities' potential for significant returns due to underappreciation and fewer institutional players. Sinn advocates for a balanced miner portfolio, allocating smaller percentages to high-risk junior miners and larger percentages to stable major miners. He emphasizes risk management. Sinn discusses the gold bull market driven by central bank demand, safe-haven status in uncertain times, and potential impact of tariffs on prices. Guest Links:Twitter: https://twitter.com/CEOTechnicianSubstack: https://robertsinn.substack.comCEO.CA: https://ceo.ca/@goldfingerYouTube: https://www.youtube.com/channel/UCV_3gUkg2hbl-Fni4XxNb_Q Robert Sinn is a 20+ year market veteran whose research and insights are followed by hedge fund managers, investment professionals and thousands of readers/viewers across the globe. His introduction to the stock market came in 2003 when his Father shared a research note on a company called Northern Dynasty Minerals (NDM). Shares proceeded to rise more than 1000% over the next nine months. Robert was hooked, and the Junior mining sector became an obsession.

Tom welcomes back David Murrin for a comprehensive analysis of global geopolitical dynamics, economic trends, and historical cycles. He begins by discussing the terminal decline of American power, comparing it to Britain's post-empire struggles in the 1970s. Murrin argues that President Trump's policies, while intended to revitalize the nation, face significant headwinds due to high inflation, debt dynamics, and geopolitical challenges. He warns against the erosion of democratic institutions under Trump's administration, highlighting concerns about executive overreach and constitutional challenges. Murrin contrasts the U.S.'s declining influence with China's rise, noting that while both nations confront internal issues—such as demographic challenges for China and systemic decay for the U.S. China's military advancements and strategic initiatives position it to challenge American hegemony. He expresses concern about potential conflicts in the Middle East, particularly involving Iran, which could escalate tensions and disrupt global oil markets. In discussing monetary systems, Murrin emphasizes the role of gold as a safe haven during times of instability, predicting significant price increases for precious metals. He critiques cryptocurrencies like Bitcoin, arguing that they have reached speculative peaks and are likely to decline due to the shifting economic landscape. Murrin also addresses the Middle East conflict, advocating for peaceful resolutions through carrots rather than sticks. He suggests that offering incentives for displaced populations could foster stability, contrasting this with punitive measures. He laments the failure of international efforts in Ukraine, urging a more strategic approach akin to historical lend-lease programs. Throughout the interview, Murrin underscores the inevitability of cyclical conflicts and the challenges of breaking these patterns. However, he holds out hope for external interventions or technological breakthroughs that could alter this trajectory. He encourages listeners to engage with his work critically, fostering dialogue and understanding in an era marked by uncertainty and rapid change. Time Stamp References:0:00 - Introduction0:58 - Empire Cycle Status6:43 - Monetary Status9:32 - DOGE & Cutting11:46 - Freedom Threats?13:36 - Carrot Stick Approach16:27 - Dollar System Failing?17:40 - U.S. Status & China22:13 - China Demographics24:50 - Gold & Global Reset?27:58 - Gold Cycle Timing30:53 - Bitcoin Thoughts33:12 - Economic Realities36:33 - Iran & Middle East42:32 - Palestine Solution?45:45 - Cycle Inevitability?49:37 - Challenging Thoughts52:00 - Wrap Up Talking Points From This Episode America's terminal decline mirrors Britain's post-empire struggles, facing high inflation and debt. China's military expansion poses a direct challenge to U.S. hegemony and global stability. Gold will rise as the liquidity cycle ends, while Bitcoin faces a speculative bubble collapse. Guest LinksTwitter: https://twitter.com/GlobalForecastrWebsite: https://www.davidmurrin.co.uk/Instagram: https://instagram.com/murrinraw David Murrin began his unique career in the oil exploration business amongst the jungles of Papua New Guinea and the southwestern Pacific islands. There, he engaged with the numerous tribes of the Sepik River, exploring the mineral composition of the region. Before the age of adventure tourism, this region was highly dangerous, very uncertain and local indigenous groups were often hostile and cannibalistic. David's work with the PNG tribespeople catalyzed his theories on collective human behavior. In the early 1980s, David embarked on a new career, joining JP Morgan in London. Watching his colleges on the trading floors, he quickly identified modern society also behaved collectively. He was sent to New York on JPMs highly rated internal MBA equivalent finance program. Once back in London, he traded FX, bonds, equities,

Tom welcomes back Gary Savage, founder of Smart Money Tracker Premium, to discuss the current state and future outlook of gold and silver markets. Savage shares his insights on market cycles, volatility, and how investors can navigate this evolving landscape. Savage begins by highlighting the significance of an eight-year cycle in precious metals, which he believes is nearing its peak. The cycle, which started in October 2022, is expected to reach a parabolic top within two to four years, potentially pushing gold prices as high as $7,000 or even $10,000. While this phase will be volatile, Savage emphasizes that it's crucial for investors to stay focused on the long-term trend rather than getting distracted by short-term corrections. Silver, according to Savage, is currently suppressed around $33 per ounce due to heavy shorting and manipulation by bullion banks. However, he predicts that once silver breaks through this resistance level, a strong short squeeze could push prices significantly higher, possibly reaching $40 or beyond. Savage urges investors to position themselves before this breakout occurs, as chasing gains after the fact could be costly. Savage also discusses intermediate cycle timing, suggesting that the current rally in gold and silver may top out between late March and mid-April. While corrections are inevitable, he stresses that bull markets are defined by higher highs, so missing a few weeks of gains won't derail long-term success. He advises investors to avoid panic during downturns and instead use these moments as opportunities to accumulate more assets. Throughout the interview, Savage emphasizes the importance of managing recency bias and staying disciplined in the face of market volatility. He reminds listeners that while the ride may be bumpy, the rewards for those who stay invested are substantial. As the bull market progresses, Savage believes silver will outperform gold and mining stocks, making it a strategic choice for investors seeking outsized gains. Time Stamp References:0:00 - Introduction0:40 - The Bigger Picture3:00 - Eight Year Cycle6:00 - Gold & Market Volatility9:20 - Momentum & Gold Outlook13:00 - Silver Possibilities15:30 - Timing Assessment19:00 - Gold/Silver Ratio Uses23:40 - Monitoring the Miners26:40 - Human Nature & BIAS30:00 - Fundamentals & Sentiment34:45 - Tops, Debt, & Fed Policy39:30 - Silver Opportunity43:00 - Wrap Up Talking Points From This Episode Gary explains how an eight-year cycle, starting in October 2022, is driving this gold bull market. With silver currently suppressed at $33, Savage predicts a massive breakout that could push prices up to $40 or beyond. Corrections are part of bull markets. Savage advises staying disciplined and avoid panic during downturns. Guest LinksTwitter: https://x.com/garysavage1Blog: https://blog.smartmoneytrackerpremium.com/YouTube: https://www.youtube.com/channel/UCgiNs7gCxEvgBE1HHvoOKTQ/videosWebsite: 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,

Tom welcomes back Don Durrett, author, investor, and founder of Goldstockdata.com, to discuss the current state of gold, silver, and the broader economic developments. During their conversation, gold reached an all-time high, with spot prices near $2863 and futures above $2900. Silver is trading around $32.26, while the HUI (Hard Rock Miners' Index) stood at 328. The London Bullion Market Association (LBMA) reported delivery delays of four to eight weeks, indicating potential shortages. Lease rates have spiked to five percent, a significant increase from the usual one percent or less. Don suggested this could be due to LBMA supply issues. Don emphasized silver's role as a proxy for gold, particularly during periods of economic uncertainty. He warned of potential shortages in silver, driven by competing demands from investors and industrial fabricators. This could lead to dramatic price increases if a fear trade begins. Despite strong stock market performance, Don expressed concerns about an impending "rug pull," where the market could crash due to economic factors like inflation, high interest rates, and tariff policies. He highlighted issues such as consumer discretionary spending constraints, commercial real estate overhangs, and rising bankruptcies in small businesses. The Fed's inability to cut rates due to inflation concerns was discussed, along with potential implications for the economy. Don speculated that the Fed might resort to quantitative easing (QE) in response to a market crash, though he questioned their ability to manage regional bank crises. Time Stamp References:0:00 - Introduction1:11 - Gold at New Highs2:58 - LBMA Delivery Issues10:00 - Thoughts on Silver16:42 - Institutional Buyers19:16 - Equity Mkt. Concerns23:20 - Tariffs China/Europe?27:17 - Fed & Inflation33:09 - Tariffs on Bonds?35:52 - Equity Valuations37:10 - Banks & Retail40:02 - Employment & Hires42:05 - Coming Rug Pull44:50 - A.I. & Tech48:00 - Fed's Reactions51:48 - Cheap Miners?53:46 - Traders Market55:24 - Miner Pyramid59:05 - Royalty Companies?1:05:36 - Physical First1:07:34 - Wrap Up Guest Links:Twitter: https://twitter.com/DonDurrettWebsite: https://www.goldstockdata.com/Substack: https://dondurrett.substack.com/Amazon: https://www.amazon.com.mx/How-Invest-Gold-Silver-Complete/dp/1427650241Blog Posts: https://seekingalpha.com/author/don-durrett#regular_articlesYouTube: 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.

Tom Bodrovics, welcomes back Jeff Christian, Managing Partner of CPM Group, for a thought-provoking episode. The conversation begins around the far-reaching implications of tariffs on markets, industries, and economies. Tariffs are not one-size-fits-all, with their impact hinging on both the specific country and metal involved. Jeff expresses his disdain for tariffs, citing their detrimental effects on economic activity and inflation. The Smoot-Hawley Tariff Act of 1930 serves as a cautionary tale, illustrating the devastating consequences on imports, exports, and both the US economy and the global marketplace during the Great Depression. The threat of retaliation could trigger a US recession, while gold and silver might experience heightened demand due to market uncertainty. Tariffs involve importers bearing added costs, instigating inflation, complicating international trade, and affecting base metals. Two potential solutions for government funding - Value Added Tax (VAT) and gold-backed bonds - are examined, yet concerns over regressiveness, economic downturns, and practicality linger. Central banks have turned to gold as a means of securing dollar reserves amid past economic instability under the gold standard. Recent geopolitical developments have prompted some Eastern European countries to stockpile gold for safety against external pressures like Russia. The surge in demand for physical gold within the US is accompanied by a transition from London to New York, giving rise to borrowing and EFP premiums as markets grapple with economic and political uncertainties. Jeff discusses the problems inherent in all financial system and why those problems would also exist under a gold standard. He argues that the Fed has played an important role in reducing the severity of economic contractions. However, he cautions that the only financial system in history that has not failed is this the current one. Time Stamp References:0:00 - Introduction0:50 - Tariff Discussion12:10 - Impacts on Metals?14:38 - Various Scenarios19:58 - Inflationary/Recessionary26:03 - Fast Track U.S. Industry?28:13 - Effects on Currencies?31:13 - Recession Outlook?36:00 - Appalling Statistics38:00 - Income Tax & Trump42:07 - A Gold Backed Bond?45:49 - Fed & Depressions52:13 - C.B. Gold Reserves56:39 - CPM Client Concerns?59:55 - EFP Premiums & Supply1:07:48 - Reality & Forecast1:10:00 - Wrap Up Talking Points From This Episode Tariffs' detrimental effects on economic activity and inflation are discussed, with Smoot-Hawley Act as a historical reference. Central banks turn to gold as a hedge against economic instability; some countries stockpile for geopolitical safety. US recession potential and increased demand for gold and silver due to tariff uncertainty. Guest LinksTwitter: https://twitter.com/CPMGroupLLCWebsite: https://www.cpmgroup.com/Questions Email: info@cpmgroup.comYouTube Link: 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.

In this episode on Palisades Gold Radio, Tom Bodrovics welcomes back Jaime Carrasco. Jaime is Senior Portfolio Manager & Senior Investment Advisor at Harbourfront Wealth Management. They discuss the global economic landscape and the significance of gold in today's context. Carrasco expresses his belief that Trump's election and proposed policies could lead to a reset of debt and potential devaluation of US dollars held in treasuries around the world. He emphasizes the importance of understanding history, as previous periods saw significant increases in dividends from gold mining companies during times of monetary instability. Carrasco encourages investors to consider gold as a hedge against inflation, purchasing power loss, and political instability. He also recommends silver mining companies due to their current undervaluation compared to gold. Central banks are increasingly buying gold as a safe haven asset, and Trump's actions are aimed at rebuilding America for Americans, possibly necessitating a full reset. The location of US gold reserves and geopolitical issues like China's policy in Latin America, Europe's response to immigration, and the US-China-Russia alignment are significant sociological factors affecting the global economy. Despite the current uncertainty, Carrasco advocates for a decentralized world where nations can thrive and encourages investors to consider gold, silver, and Bitcoin as financial lifeboats. Talking Points From This Episode0:00 - Introduction0:42 - Current World State3:30 - S&P Bond Chart10:12 - Gold Bonds & Treasury15:45 - Free Cash Flow Chart19:23 - Hyper Financial World26:00 - Gold & Silver31:02 - Silver Volatility34:02 - Shelton & Blockchain36:20 - Resource Sec. Valuations38:13 - 40-Year Shift?42:22 - A Financial Reset?44:52 - Bonds in a Reset46:22 - PMs & Tariff Risks49:18 - A Double Edged Sword51:53 - Trump Implementation53:30 - European Problems56:00 - Negotiating Peace?1:02:09 - Surviving Inflation1:04:10 - Wrap Up Guest Links:Twitter: https://x.com/ijcarrascoLinkedIn: https://www.linkedin.com/in/carrasco1/Canaccord Genuity: https://www.canaccordgenuity.com/ Jaime Carrasco is portfolio manager at Canaccord Genuity Inc. in Toronto. From 2014-2018 he worked as Director of Wealth Management and Associate Portfolio Manager for ScotiaMcLeod. Before this, he worked for Macquarie Group, CIBC Wood Gundy, BMO Nesbitt Burns, Gordon Capital, and Merrill Lynch. Jaime is a leading Canadian investment professional with 25 years of experience providing wealth management and investment counsel to affluent families, businesses, and institutions. He has garnered a reputation for questioning and challenging the status quo and exploring the most innovative investment strategies. Jaime, whose mother tongue is Spanish, also speaks Italian and French. He completed a BA in political science and economics at the University of Toronto in 1988. While a student, he worked for CS Yacht, a company that built luxury sailboats, thus spending his summers as a skipper for the Canadian establishment members. Jaime credits this experience and having survived sailing through Hurricane Bob in 1991. This experience taught him lessons that have become a metaphor for his financial investment strategies. "Like one's financial wealth, sailing is not about controlling the wind, but rather about adjusting the sails."

In this episode of Palisades Gold Radio, Tom Bodrovics welcomes back Kevin Wadsworth and Patrick Karim for a discussion on the probably capital rotation event coming soon to commodities generally and the stock market. They explore evidence suggesting gold's outperformance over key indicators like US money supply, the dollar index, and major indices such as S&P 500, Dow Jones, Nasdaq, and Russell. Kevin and Patrick highlight that significant shifts occur when sectors underperform gold for extended periods (10-15 years), often leading to substantial drops before recovery. They caution Bitcoin holders about potential underperformance during this rotation, a sector historically correlated with tech stocks. The conversation delves into the historical performance of SPX and NASDAQ versus gold, noting tech stocks and Bitcoin's significant drawdowns but eventual recoveries. Yet, these assets often lag behind gold for prolonged periods, resulting in real losses for investors holding them. The charting duo emphasize the importance of comparing any investment assets to the benchmark of gold, to gauge market shifts. They advocate investing in gold during market confusion and stress understanding that gold is currently in a bull era. Additionally, they discuss the importance of risk management, patience, waiting for clear trends before entering markets, and avoiding concentration in single investments or chasing bottoms and tops of markets. Ultimately, Kevin and Patrick stress patience, a long-term perspective, and applying 'the gold test' before any investment decision. Time Stamp References:0:00 - Introduction1:20 - Capital Rotation Event2:07 - Capital Rotation Charts12:57 - Equities Vs. Gold14:18 - Bitcoin Correlations22:00 - Killing Narratives24:40 - Ratio Analysis & Trends28:34 - Gold Vs. Everything32:24 - DXY Vs. CPI Chart38:48 - A Technical Approach44:18 - Public Debt Analysis48:23 - Miners & Speculation52:04 - Most Commodities?54:08 - Risks - Tops/Bottoms57:57 - Technicals & Analysis1:04:53 - Entry Points & M.A.1:10:09 - Uranium Miners1:12:06 - Wrap Up Guest Links:Twitter: https://x.com/NorthStarChartsWebsite: https://NorthStarBadCharts.comYouTube: https://youtube.com/c/NorthstarCharts Kevin Wadsworth is a seasoned chart trader with over 15 years of experience and a strong following on social media. With a background in meteorology spanning over 30 years, he has worked in various professional roles, including military and civilian weather forecasting. Currently serving as a Civil Contingency Advisor, Kevin provides advanced warning and guidance for life-threatening weather events and collaborates with emergency response teams. His interest in the financial world was sparked by a colleague in the early 2000s, and he became particularly fascinated after the 2008 financial crash. Drawing parallels between weather forecasting and predicting market movements, Kevin emphasizes the importance of gathering evidence from various sources, much like assessing multiple weather models. His approach focuses on presenting clear, unbiased charts based on the weight of evidence, rather than personal bias. Kevin's expertise lies in distilling complex information into actionable insights, whether it's forecasting weather patterns or market trends. Guest Links:Twitter: https://twitter.com/badcharts1Website: https://NorthStarBadCharts.comYouTube: https://youtube.com/c/NorthstarCharts Patrick Karim is a proprietary capital manager and chart trader since 2006. Patrick's background in commerce, psychology, and an ongoing career in systems engineering has allowed him to evaluate trading scenarios systematically. His psychology background helps him understand the human factor: overcoming stress, which is mostly responsible for maintaining a successful career.

In this Palisades interview, host Tom welcomes Trader Ferg, a full-time trader and author of the Trader Ferg Substack, discussing major narrative pivots in the energy market, focusing on topics like electric vehicles versus plug-in hybrids, net-zero projections, China's policy changes on renewable energy subsidies, battery technology shifts from lithium-ion to sodium-ion batteries, platinum group metals, geopolitical impacts like coal's comeback in Germany, and investment implications. Ferg also delves into the transformative potential of deep learning AI models, expressing excitement about their game-changing impact on technology and markets. Among these innovations, Ferg points to DeepSeek, an open-source AI model that is disrupting the tech industry and challenging major companies like NVIDIA, Microsoft, Google, and Facebook, potentially leading to significant declines in their valuations. Ferg also discusses platinum's unique market dynamics, noting its unpredictable demand and jurisdictional risks, particularly in key producing regions like South Africa. He emphasizes that new platinum supply is expected to remain limited after 2030. Declining production rates are also affecting industries such as oil and uranium. Despite these challenges, Ferg advises investors to maintain patience and position themselves strategically for future demand. Ferg identifies under-invested sectors, particularly the U.S. oil and gas industry, as opportunities for growth. He argues that while drilling activity will likely increase during Trump's second term, supply numbers have been overestimated, and demand remains steady but not overly strong. Additionally, Trump's plans to refill the Strategic Petroleum Reserve could create further demand. Ferg expresses his bullish outlook on oil plays in the market, despite current low prices. In conclusion, Ferg's investment strategy focuses on identifying major narrative shifts, understanding supply decline rates, and positioning investments to capitalize on demand when markets price it appropriately. Time Stamp References:0:00 - Introduction1:00 - Narratives & Pivots5:30 - Coal & Green Transitions?10:48 - Tariffs & Chinese EVs14:46 - China's A.I. Model21:04 - Sector Valuations?25:39 - Platinum Supply31:48 - Drill Baby Drill!37:03 - Trump & Inflation Risks42:00 - Gold, Rates, & Treasuries46:00 - Gold ETF Holdings48:43 - Resource Investment Risk54:00 - Derisking & Hated Sectors56:56 - Resource Costs & Inflation59:00 - Wrap Up 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.

Tom Bodrovics welcomes back Professor Vince Lanci, MBA Finance and Publisher of the Goldfix Substack, for a discussion on polticis and recent global buying patterns particulary in China. Specifically the significant 'Chinese whale', Zhang Kai Futures. Despite public purchases, China's government has also bought gold clandestinely through other less obvious channels. Goldman Sachs updated projections reveal ongoing gold buying by China, causing market rallies and awareness. Vince explores Exchange for Physicals (EFPs) and premium spreads in bullion banks, discussing tariff anxiety's potential impact on global physical metal flows. The EFP mechanism links London's physical market to New York's financial center, but tariffs may influence production countries and traders' choices. Gold prices are expected to reach new all-time highs soon. Vince touches on tariffs' primary impact on silver in the U.S., as a significant importer compared to its gold production. Furthermore, they discuss America's potential need to become a manufacturing economy again and Trump's plans involving factories, jobs, and exports. The challenge lies in financing this project with China no longer buying U.S. debt. Trump proposes reducing the deficit through energy cost reductions and weakening the dollar through tariffs, but that approach could lead to inflation and deficit issues. Vince and Tom discuss potential changes in government funding, specifically regarding income taxes versus tariffs. Trump intends to negotiate with other countries using tariffs as leverage for domestic job creation and foreign investment. Vince emphasizes the importance of addressing economic conflicts to prevent escalation into full-blown conflicts. Timestamp References:0:00 - Introduction0:43 - China's Gold Whale12:38 - EFP Premiums & Spread25:00 - Supply & Net Imports28:24 - Silver Prices??34:48 - Manufacturing USA43:38 - Driving Dollar Lower47:00 - Tariffs & Income Tax54:54 - Historic Analogies58:03 - Economic World War1:00:47 - Tensions & Risks1:02:40 - Wrap Up Talking Points From This Episode China's government buys gold publicly and clandestinely through various back channels, including commercial banks and SAFE. Tariffs could significantly impact physical metal flows by influencing where silver is sourced and it's country of origin. Trump plans to revive American manufacturing through tariffs and changes in income tax. Guest Links:Website: https://vblgoldfix.substack.com/Twitter: https://x.com/SorenthekLinkedIn: https://www.linkedin.com/in/vincentlanci/Boobs & Bullion: https://x.com/boobsbullion Vince Lanci, a seasoned finance professional, has served as Managing Partner at Echobay Partners LLC since 2008. His expertise spans over three decades in metals trading, option analysis, and technology development. In recent years, Mr. Lanci's insights have been sought after by industry legends. He was invited to be a resident expert on precious metals and option analysis for Larry Benedict's Opportunistic Trader project. In 2017, he co-authored a paper on Energy Volatility with Professor Robert Biolsi at the University of Connecticut. Prior to his current role, from 2004 to 2008, Mr. Lanci served as Co-Head of Metals & Energy Trading for CiS Options LLC. During this tenure, he managed the long-short and volatility arbitrage portfolios for the parent Limited Partnership fund. From 1993 to 2003, Mr. Lanci was the proprietor of Berard Capital LLC, where he led a team of option marketmakers. His earlier career included stints at Lehman Bros and Cooper Neff from 1987 to 1993, providing him with a solid foundation in finance. In 2000, Mr. Lanci co-founded Whentech (originally named Upperhand Technologies LLC) with David Wender. As chief architect of the "Pit-Trader" user interface logic, he played a pivotal role in the company's inception. Mr. Lanci's thought leadership extends beyond his professional engagements.

Tom welcomes back Alasdair Macleod, Head of Research at GoldMoney to discuss his insights into the silver market and its relationship with gold prices. He suggests that despite a seemingly undersupplied market, the price disparity between gold and silver does not reflect this reality. Macleod anticipates a significant shift in investor behavior once patience runs thin among those who have already bought into gold but yet to enter the silver market. The role of foreign investors, particularly central banks, in driving gold prices is highlighted. Macleod also emphasizes the importance of understanding the impact of the ongoing credit bubble on financial markets and encourages listeners to consider reducing their exposure to credit. Alasdair expresses his views on Donald Trump's impact on gold prices, citing increased foreign demand due to Trump's status as an inflationist and his executive orders. However, concerns over tariffs and potential economic repercussions remain. Macleod also touches upon historical examples of tariffs and interest rates and their relationship with an economy's purchasing power. He emphasizes the importance of understanding this connection for investors during the upcoming credit bubble. Throughout the conversation, Alasdair highlights the importance of considering global economic trends and various factors influencing gold and silver prices. He also discusses the role of speculators versus central banks in driving these markets and the potential for a significant shift once investor sentiment changes. Time Stamp References:0:00 - Introduction0:39 - Trump & Macro Picture10:30 - Trump Inflationist15:26 - Strong Dollar Impact19:24 - Debt, Yields, & Economy26:18 - Global Bubbles & Dollar33:04 - Gold Industry & ETFs36:47 - Speculators & Price39:52 - Tariffs & C.B. Buying?41:49 - Silvers Underperformance49:05 - Tariffs & Consequences50:16 - Silver Supply Outcomes?56:06 - Biggest Bubble & Wrap Up Talking Points From This Episode Alasdair Macleod predicts a shift in investor behavior towards silver due to gold price disparity. Foreign investors, particularly central banks, influence gold prices significantly. Macleod emphasizes understanding the impact of credit bubble and reducing exposure to it. Guest Links:Twitter: https://twitter.com/MacleodFinanceSubstack: https://substack.com/@macleodfinanceWebsite: https://goldmoney.comResearch: https://www.goldmoney.com/research/ Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money thru demystifying finance and economics. His background includes being a stockbroker, banker, and economist. Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm. Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director. For most of his 40 years in the finance industry, he has been demystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman's terms what governments do with money and how to protect themselves from the consequences.

In this episode, Tom Bodrovics welcomes back Bob Coleman during Trump's second term inauguration when markets are closed. Bob discusses significant developments concerning Exchange for Physical Premiums (EFPs) in precious metals markets. The increasing EFP premiums stem from tariff concerns since Trump's campaign days, causing New York futures selling and London physical buying, creating a spread between the spot price and futures price. Trump's rhetoric on fair trade and potential tariffs could impact the 'product of origin', potentially affecting short positions expecting delivery to exchanges and could lead to major losses. Bob also touches upon the lack of retail interest in gold and silver markets despite their proximity to all-time highs due to changing consumer demographics, unregulated industry practices, and misleading sales tactics. He further discusses potential implications of tariffs on precious metals markets and the shift towards physical metal becoming a more price-dominant theme. Additionally, they explore the impact of investor behavior and supply constraints on platinum and potential implications of the U.S. administration's involvement in cryptocurrencies. The conversation also highlights increasing demand for precious metals during the Democratic administrations due to concerns over spending and taxes, potential effects of tariffs on the financial system and gold market, volatility in the economy, and central banks' actions as significant themes for 2025, and the possibility of creating stablecoins backed by precious metals. Time Stamp References:0:00 - Introduction0:38 - Trump, Trade & EFP5:22 - Tariffs & Origins10:28 - 50+ Year EFP Chart17:30 - EFP Premiums & Covid20:14 - Retail Precious Metals25:45 - Gold & Silver EFP?29:15 - Platinum Markets33:18 - Metals Vs. Meme Coins37:10 - Crypto Credibility39:37 - Monetary Restraint44:55 - 2024 Physical Demand47:13 - U.S. Tariffs & C.B. Gold50:07 - Uncertainties & Wrap Up Talking Points From This Episode Tariffs could drive up EFP premiums in the precious metals market, leading to significant losses and tightened liquidity. Changing consumer demographics, industry practices, and sales tactics decreased retail interest in gold and silver markets despite high prices. Potential tariffs, investor behavior, supply constraints, and U.S. involvement in cryptocurrencies could influence metals markets and trends for 2025. Guest Links:Twitter: https://twitter.com/profitsplusidWebsite: https://www.goldsilvervault.com/Presentation: https://www.goldsilvervault.com/blog/deciphering-the-complex-world-of-precious-metal-derivatives-ucits-and-the-shift-from-physical-to-paper-gold-silver Bob Coleman is a Registered Investment Advisor since 1992. In 2001, he founded Profits Plus Capital Management, LLC (RIA) and Dollars and Sense Growth Fund. Recognizing the necessity for physical metal storage, he founded Idaho Armored Vaults and Gold Silver Vault in 2008. They are a distinguished and respected leader in the precious metals industry specializing in storage, transportation, shipping logistics, and security.

Tom welcomes back Mel Mattison to discuss the economic implications of the new administration under Trump's second term. He expresses skepticism towards government-released data such as CPI numbers and raises concerns about rising inflation and interest rates due to massive deficit spending and debt refinancing. Mel estimates approximately seven to eight trillion dollars will be issued this year for these purposes, with uncertainty surrounding who will buy all this debt. He suggests real inflation numbers may be higher than reported, potentially leading to significant increases in interest rates. The U.S., with a debt-to-GDP ratio of 120%, faces a major concern regarding unsustainable levels of interest expenses. Mel shares his concerns about the historical parallels between the current high debt-to-GDP ratio and that of the post-World War II era, when reductions in debt came from a combination of surprise inflation and interest rate manipulations. The need for fiscal sustainability is discussed, with maintaining a 3% deficit to GDP ratio suggested. However, achieving this through cuts alone is considered unrealistic due to the significant role government spending plays in the economy. The possibility of a debt reset under new Treasury Secretary Scott Besson is explored, with the need for independence from China's supply chains and essential goods emphasized due to global security competition. The potential for gold and Bitcoin as neutral reserve assets is proposed, along with revaluing gold certificates held by the Federal Reserve and a move towards these assets to lead to significant increases in value. Mel discusses Bitcoin potentially decoupling from risk assets like QQQ this year due to increasing institutional adoption. Potential consequences of a global debt crisis include a revaluation of currencies through gold or Bitcoin, and economic wartime goals setting the stage for inflationary impulses to return. The need for controlling interest rates and addressing inflation is emphasized, with potential consequences including debt repression, a gold certificate revaluation, and the promotion of stablecoins. Mel predicts a significant crisis leading to market pullbacks and recoveries, while acknowledging the urgency to tackle deficit issues due to their increasing impact on tax receipts and interest expenses. Time Stamp References:0:00 - Introduction0:44 - Economic Strength6:20 - U.S. Debt Holders11:33 - Debt & GDP Extremes15:20 - DOGE Cuts & Deficits21:18 - Debt Reset & BRICS28:08 - Gold Cert. Valuations31:43 - BTC & Gold Potential35:53 - Global Debt & Reserves39:16 - Tariffs Purpose & Trump42:50 - Inflation & Oil Trends46:56 - Trump Power Plays51:34 - Equity Markets Outlook56:35 - Jeffrey Gundlach59:13 - 2025 Possibilities1:01:23 - Wrap Up Guest Links:Website: https://www.MelMattison.comTwitter: https://x.com/MelMattison1LinkedIn: https://www.linkedin.com/in/melmattison/ Mel Mattison is a writer, investor, and financial services veteran. Leveraging over twenty years' experience in the realm of high finance, he brings real-world authenticity to his fictional narratives. Mel combines this insider knowledge with a critical eye toward the economic forces that shape all our lives. With a knack for deconstructing jargon and making the complex understandable, he sheds light on the sometimes dark and confusing corners of finance. Mel holds an MBA from Duke University and studied creative writing at Loyola University Chicago. His recent novel, Quoz: A Financial Thriller, delivers an epic ride packed with action, intrigue, and a healthy dose of economic realism.

Tom Bodrovics hosts both Bob Thompson from Raymond James and Larry McDonald, creator of the Bear Traps Report, for a discussion on inflation trends in the G7 economies. They emphasize the unprecedented $16 trillion debt increase since 2008 due to fiscal and monetary responses to crises, which has led to significant inflationary pressures, particularly in energy costs. They argue that the market's response is putting pressure on long-term bonds and the US currency, potentially requiring a hard asset tie for stability. They also discuss the implications of a strong US dollar for Trump's economic goals, with some factions favoring a weaker dollar. A strong dollar negatively affects U.S. manufacturing exports, hurts companies with sales outside the United States, and forces the Fed to buy bonds, potentially leading to inflation and an economy weakening. Central banks are increasing their gold purchases and shifting away from US treasuries due to sanctions and mistrust in the US government, which could negatively impact the dollar's strength. Gold stocks have underperformed the S&P 500, but may offer asymmetrical returns as interest rates remain low and inflation normalizes at a higher level. They discuss historical gold investing regimes and the transition back towards the one where real rates are favorable for gold. They emphasize the importance of recognizing trends, being ahead of the power curve, and investing accordingly. The possibility of the Federal Reserve's inflation target shifting towards 3% is discussed, which could benefit certain investment portfolios in sectors like industrial, metals, materials, oil, and gas. Time Stamp References:0:00 - Introduction0:48 - Fed & Inflation10:18 - Financial Conditions?13:13 - Misplaced Optimism?18:13 - Strong Dollar & Trump?24:56 - C.B. Gold Buying31:30 - Sectors & Momentum34:30 - Entry Points & Markets36:37 - Bull Markets42:03 - Strong/Weak Bull42:54 - Energy Demand & Silver49:03 - Rates & Fed Targets52:30 - Stocks Vs Commodities55:17 - Mining Clock Cycle57:18 - Concluding Thoughts1:01:13 - Wrap Up Talking Points From This Episode Unprecedented debt increase contributes to inflationary pressures, particularly in energy costs. Strong US dollar negatively impacts U.S. manufacturing exports and forces Fed bond buying. Gold stocks offer asymmetrical returns as interest rates remain low and inflation normalizes. Bob Thompson Links:Twitter: https://x.com/bobthompsonrjWebsite: https://www.raymondjames.ca/Website: https://bobthompson.ca When Bob Thompson started university, he thought he was headed towards a career in medicine. He graduated from Simon Fraser University with a Bachelor of Science (BSc), but with his family facing financial adversity, achieving financial security became first an interest and then a passion. Bob is now a Certified Investment Manager and Accredited Investment Fiduciary professional with more than 20 years of experience in the financial services industry. Over the course of his career, Bob has established himself as a respected portfolio manager and one of Canada's leading authorities on customized investments. With an in-depth knowledge and scientific approach to financial markets, Bob and his team help institutions and select clients to meet their specialized financial goals. He has won numerous awards for portfolio management, and has established himself as a sought after media resource and industry speaker. He is the author of Stock Market Superstars: Secrets of Canada's Top Stock Pickers, a "must-read" for both investors and portfolio managers. His perspective and insights into markets have been featured in Maclean's, the Globe and Mail and the Financial Post, and he is a popular guest on Bloomberg Canada, Business News Network and CBC News, among others. Bob is also a frequent guest speaker at international investment conferences on portfolio strategy and in specialized investments.

Tom Bodrovics welcomes a new guest Laurent Lequeu to the show. Laurent is an indpendent financial consultant and publisher of the Macro Butler Substack. Togther they delve into macroeconomic themes for the year ahead, focusing primarily on the business cycle and its impact on the US economy. The U.S., currently experiencing an inflationary boom due to low interest rates and increased government spending, is expected to face changes with the incoming presidency of Trump, particularly in terms of tariffs which could shift the economy from a boom phase to possibly an inflationary bust. Using ratios such as S&P to oil, gold to treasuries, and S&P to gold, they evaluate the current economic status in the U.S. and globally. However, potential tariffs could lead to higher costs for U.S. corporations and lower consumer confidence, impacting equity markets and the overall economy. Despite being in a potentially stagflationary environment by 2022, the US may face an inflationary bust in 2025, with economic trends like unemployment, manufacturing, and inflationary numbers having global implications. Geopolitical events such as U.S.-Russia relations, tensions in the Middle East, and potential war in Asia could also surprise many. Laurent suggests investing in equities and gold with a significant portion allocated to physical gold during uncertain economic conditions, while managing cash through short-term investment-grade US dollars bonds. He predicts higher treasury yields this year and suggested looking at commodities' performance relative to gold for potential re-ratings. Laurent expresses doubts about Bitcoin's utility for preserving wealth and encouraged risk management and minimizing drawdowns for investors in the coming years. They also touch upon China's economic situation, the U.S. remaining the strongest major economy due to energy independence and relative political stability. He suggests investing in sectors like oil and gas, aerospace and defense, and perhaps Canadian gold miners should the regulatory environment improve. Time Stamp References:0:00 - Introduction0:39 - Different Perspective2:28 - U.S. Business Cycle5:30 - Tariff Proposals7:22 - Stagflation & Trends10:28 - Conflicts & Risks14:33 - Powell & Trump18:34 - Fed & Liquidity19:40 - Global Econ. Outlook22:44 - Which Assets When24:52 - Gold Equities?29:00 - Gold & Currencies31:44 - Golden Ratios?33:30 - Uranium & Energy?36:56 - Bitcoin/Gold Ratio40:16 - Wrap Up Talking Points From This Episode US economy facing potential shift from boom to bust due to Trump's tariffs. Investing in equities, gold, and short-term bonds during uncertain economic times. US to face stagflationary environment by 2022, possible inflationary burst in 2025. Guest Links:Substack: https://themacrobutler.substack.com/X: https://x.com/TheMacroButler Laurent Lequeu, an independent financial consultant based in Singapore, specializes in managing wealth for High-Net-Worth Individuals. With a career spanning West and East, Laurent analyzes the world through the lens of the business cycle and its impact on asset class performance in a multi polar world. He also shares his insights through The Macro Butler, a global macro newsletter launched in January 2024.

Tom Bodrovics welcomes back Tom Luongo, Tom is the producer of the Gold, Goats and Guns newsletter and blog, editor at Newsmax Ultimate Wealth Report, and contributor to Financial Intelligence Report. The Tom's discuss the significant developments during Trump's first term, judge appointments, and Europe's economic instability. Luongo reflects on the impact of Trump's appointment of conservative judges and the Democrats' efforts to maintain control in certain jurisdictions. He discusses Europe's economic collapse, with concerns about the Euro's free fall, instability in the UK, US-German bond spreads, and tensions between the US and Russia. Luongo discusses Trump's options regarding a weaker dollar through protection tariffs, deregulation, and lower cost of capital. He explores market volatility due to central bank interventions and speculates on the implications of inflation, political tensions, and changes in power in Canada. Regarding oil, Luongo critiques undervalued prices and their impact on various economic aspects. He shares his thoughts on Judy Shelton's idea involving gold as collateral on the yield curve as a potential solution to the country's fiscal crisis. Luongo encourages listeners to focus on solutions rather than problems and discusses differences in economic policies under Powell-led Federal Reserves between Trump and Harris administrations. He expects that 2025 will be a new type of crazy. Timestamp References:0:00 - Introduction1:00 - Trumps 2nd Term11:07 - Euro Collapse Effects20:02 - Trump & Weaker Dollar27:56 - Dollar Assets & Markets39:46 - Views On America49:00 - DOGE & Reforming Gov't59:20 - Commodity Nations1:05:35 - Inflation & Trump?1:18:00 - Powell's Actions1:21:18 - Restructuring NATO?1:25:24 - Peak Oil & Incentives1:31:56 - Judy Shelton & Gold1:36:50 - Gold Redemptions?1:44:55 - Derailing Trump1:51:29 - 2025 A New Crazy1:55:00 - Wrap Up Talking Points From This Episode Trump's first term marked by conservative judge appointments influencing the court system. Europe's economic instability causing concerns, potential impact on US investors, and tensions with Russia. Tom advocates for America to save money through reducing overseas spending, closing military bases, and accepting losses. Guest Links:Website: https://tomluongo.meTwitter: https://twitter.com/TFL1728Patreon: https://www.patreon.com/GoldGoatsNGunsCornerstone Forum: https://www.showpass.com/cornerstone25/ Tom Luongo is a Former Research Chemist, Amateur Dairy Goat Farmer, Anarcho-Libertarian, and Obstreperous Austrian Economist whose work can be found on sites like ZeroHedge, Lewrockwell.com, Bitcoin Magazine, and Newsmax Media. Professionally, he has spent a lot of his waking hours inside various analytic laboratories testing your water and soil for contaminants. He watched an industry be created by government fiat and destroyed in the same manner. He ran for Florida House once and got 2.7% of the vote on Guy Fawkes Day and says, "I've since grown up a lot." Then he spent 5+ years solving the puzzle of an electroless Nickel-Boron coating that has intriguing wear-resistance properties. Too bad, the coating was better than the company's business model. Today, he is the publisher of the Gold Goats ‘n Guns Newsletter, in which he attempts to connect the false narratives of geopolitics to viable long-term investment theses. As for politics, his position is well-known through his past writings at Lewrockwell.com, Seeking Alpha, and the aforementioned erstwhile blogs. To sum up: "Individuals are the only people with enough knowledge about their own lives to have a hope of making the right decisions for themselves, and no amount of guidance or central planning can help that process along." He built the house he lives in and raises goats and milks them. In short, he says, "I'm a libertarian who distrusts all human organizations larger than a two-handed game of poker." Lastly,

Tom Bodrovics welcomes back long-term contrarian investor and entrepreneur Simon Mikhailovich for a discussion centered around first principles, focusing on precious metals, commodities, economics, geopolitics, trade, and monetary matters. The conversation begins with the acknowledgement of high levels of uncertainty and complexity, making accurate forecasts challenging. Mikhailovich distinguishes between speculating on precious metals versus using them as a reserve asset. For speculation, market drivers are pertinent. However, for gold as a reserve asset, its unique property as the only financial asset without a counterparty makes it inversely correlated to confidence and trust in other people's promises. The conversation touches upon the concept of the fourth turning and where we are in this cycle. Mikhailovich underscores the significance of understanding current problems before predicting future demand for gold. He also discusses how post-World War II arrangements have led to the United States' hegemonic role economically and militarily, and the start of financialization and globalization. Mikhailovich raises concerns about understated inflation and its potential impact on real economic growth or contraction. He also highlights the lack of clear guidance from Federal Reserve Chairman Jay Powell in navigating through uncertain conditions. They explore the winners and losers of the global economy, with tactical gains for Wall Street investors, technology industries, and certain countries like China. However, working people have been losing due to job outsourcing. Mikhailovich mentions China's growing power and desire for independence from the United States as potential challenges to the current economic order. The conversation delves into geopolitical tensions in the Middle East, with borders becoming less inviolable after World War One and World War Two. The Suez Canal's declining traffic and resulting increased costs serve as an example of inflationary pressures. Mikhailovich discusses the significance of gold as a financial asset and its increasing demand, particularly from China and other countries, as a response to a loss of confidence in the global financial system. He also mentions the relationship between digital currencies like Bitcoin and the US dollar, suggesting that regulatory actions could impact their independence from the dollar and the broader financial system. Lastly, Simon emphasizes understanding the complexities, considering various data points, focusing on resiliency, and looking at first principles. Time Stamp References:0:00 - Introduction0:44 - Uncertainties & Metals4:22 - The Fourth Turning9:00 - Statistics & Reality17:00 - Wars, Rumors & Borders26:47 - Economic Fragility33:55 - Gold & Eastern Buying38:30 - Trump & U.S. Dollar41:18 - Gold & Confidence50:07 - Trump & Bond Markets53:56 - World Has Changed1:03:02 - Inflation Vs. Panic1:05:20 - Socialism & Competence1:10:02 - A Serious Situation1:13:13 - Wrap Up Talking Points From This Episode Gold as a reserve asset is inversely correlated to confidence in other people's promises. Understanding current problems before predicting future demand for gold is crucial. Concerns about understated inflation, lack of clear guidance from Jay Powell, and China's growing power pose challenges. Guest Links:Twitter: https://c.com/S_MikhailovichWebsite: https://www.bullionreserve.com Simon A. Mikhailovich is a co-founder, lead manager of The Bullion Reserve, and a director. Mr. Mikhailovich is an entrepreneur and contrarian investor who predicted and profited from the financial crises of 2000 and 2008. Before co-founding TBR in 2014, Mr. Mikhailovich co-founded Eidesis Capital, a special situations investment firm. Between 1998 and 2014, the Eidesis team deployed over $2.5B of capital through special opportunity funds focused on high yield corporate bonds and loans, credit derivatives, distressed CDOs and MBS, and gold.

Tom welcomes Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, to discuss commodities and their prospects for 2025. McGlone acknowledges challenges such as lower oil and grain prices, harming producers due to a global surplus and decreasing Chinese demand driven by electric vehicle adoption. He anticipates continued declines in industrial metals like copper and explores geopolitical risks, particularly market implications of tensions between the US and adversaries - China, Russia, North Korea, and Iran. McGlone suggests gold as a prudent investment due to its performance during volatile markets when stocks and Bitcoin underperform. McGlone discusses technological advancements and their impact on the economy. He suggests an investment strategy of rotating between gold and Bitcoin at highs and lows based on their current divergence in performance. McGlone expresses concerns over Bitcoin's excessive ETF inflows as a sign of market speculation. Regarding silver, he suggests the silver-gold ratio should be higher based on volatility and historical patterns, with potential implications if China buys silver through ETFs to address economic challenges. Anticipating potential corrections in the US stock market, increased unemployment, and bond yield issues could lead to a different silver-gold ratio. Time Stamp References:0:00 - Introduction0:47 - Commodities in 20253:22 - Global Demand Decline5:08 - U.S. & China Deficits10:38 - Commodities & Tariffs16:34 - Bitcoin 'Indicator'20:22 - Tether & Treasuries26:07 - Gold/Bitcoin Ratio30:28 - ETF Demand & Flows33:16 - Market Correction?37:04 - 2025 Gold Target39:42 - Thoughts on Silver42:25 - Concluding Thoughts43:45 - Wrap Up Guest Links:Twitter: https://twitter.com/mikemcglone11LinkedIn: https://www.linkedin.com/in/mike-mcglone-a8442513/ Mike McGlone is a senior commodity strategist for Bloomberg Intelligence, a unique research platform that provides context on industries, companies, and government policy, available on the Bloomberg Professional service at BI(GO). Mr. McGlone specializes in the broad investible commodity markets. Mr. McGlone joined Bloomberg in 2016 with over 25 years of futures and commodity trading and investing experience, beginning at the Chicago Board of Trade. Prior to joining Bloomberg, he was a head of US research at ETF Securities. Prior to ETF Securities, Mr. McGlone headed the commodity business at S&P Indices. His previous roles included head of futures research at ABN Amro and VP research, analyst, trader, sales at Aubrey G. Lanston / IBJ Futures. Mr. McGlone has an MBA from DePaul University in Chicago and bachelor's of science and arts degrees from Illinois State University. He is a CFA Charter holder and has earned a Financial Risk Manager designation.