Palisades Gold Radio

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

Stijn Schmitz welcomes Steve Hanke, Professor of Applied Economics at Johns Hopkins University, to discuss global economic trends, monetary policy, and the emerging commodity super cycle. The professor’s outlook suggests a complex economic landscape with potential for significant disruption, driven by monetary policy, geopolitical tensions, and structural changes in global trade and commodity markets. Hanke emphasizes the critical importance of money supply as a key indicator of economic activity and inflation, noting that the United States is currently experiencing an accelerating money supply that will make controlling inflation challenging. The discussion highlights several significant global economic dynamics, particularly focusing on commodity markets and geopolitical tensions. Hanke argues that the world is entering a commodity super cycle characterized by underinvestment, supply chain disruptions, and precautionary inventory building. The ongoing conflict in the Gulf region and disruptions to global trade have further complicated commodity markets, with potential oil prices ranging from $100 to $350 per barrel depending on supply constraints. Geopolitically, Hanke suggests that Russia and China are emerging as significant winners in this environment, while the United States has potentially weakened its global position through its actions. He dismisses concerns about de-dollarization, arguing that the US dollar remains the dominant global currency with limited realistic alternatives. On inflation, Hanke predicts continued upward pressure due to monetary policy loosening, commercial bank lending growth, and federal reserve actions. He emphasizes that inflation is fundamentally a monetary phenomenon, driven by increases in money supply rather than isolated economic events. Regarding commodities, Hanke identifies several sectors poised for growth, including critical materials like lithium and vanadium. He recommends investors be “long everything” in the commodity space, noting significant price increases in various exotic commodities. Timestamps: 00:00:00 – Introduction 00:00:52 – Key Economic Metrics 00:02:00 – US Money Supply Acceleration 00:03:58 – China’s Inflation Challenges 00:04:56 – Commodity Supply Disruptions 00:05:30 – US Tariffs and Sanctions 00:07:13 – Iran War and Strait Closure 00:11:55 – Iranian Economy 00:12:45 – Oil Price Scenarios 00:13:10 – Commodity Super Cycle Thesis 00:17:00 – Oil Supply Impacts 00:20:44 – Market Complacency on Risks 00:24:06 – Winners and Losers Analysis 00:25:12 – China’s Economy 00:27:55 – De-Dollarization Myths 00:30:36 – Gold’s Geopolitical Role 00:33:15 – Supply Shocks & Infrastructure 00:37:20 – Inflation and Money Supply 00:41:40 – Treasury Demand & Inflation 00:46:40 – Bank Lending & Money Supply 00:48:28 – Commodity Picks & Wrap Up Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 Amazon Book: https://www.amazon.com/Capital-Interest-Waiting-Controversies-Additions/dp/3031633970 E-Mail: mailto:hanke@jhu.edu Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal’s Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk’s Experts Panel. In the past, Prof. Hanke taught economics at the Colorado...

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

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

Stijn Schmitz welcomes Colonel Douglas Macgregor to the show. Douglas is a retired U.S. Army Colonel & Decorated Combat Veteran. In a comprehensive analysis, Macgregor provides a dire assessment of the current geopolitical and economic landscape, focusing on the potential escalation of conflict in the Middle East and its global implications. Macgregor warns of a severe global crisis emerging from ongoing tensions, particularly highlighting the devastating impact on the global energy and fertilizer markets. He explains that approximately 15-20 million barrels of oil have been removed from the market, and 35% of global fertilizer production has been disrupted. This disruption could lead to widespread food shortages, potential famines in the global south, and significant economic challenges for countries worldwide. The discussion centers on the potential for a massive air and missile campaign against Iran, which Macgregor believes could be catastrophically counterproductive. He argues that Iran has substantially rebuilt its military capabilities, with an estimated 45-50,000 drones and 15-20,000 ballistic and cruise missiles, supported by improved air defense systems from China and Russia. Macgregor critically examines the motivations behind the potential conflict, suggesting it stems from Israeli demands and pressure from what he calls the “Zionist billionaire class.” He emphasizes the potential economic consequences, including a possible global recession or depression, disruptions in shipping, and severe energy shortages. The conversation also delves into broader economic implications, including the potential death of the petrodollar, resource nationalism, and the importance of hard assets like gold and silver. Macgregor strongly advises investors to prepare for challenging times by investing in tangible assets and maintaining cash reserves. Ultimately, he calls for rational leadership to prevent a potential humanitarian disaster, warning that the current trajectory could lead to significant global instability and economic upheaval. Macgregor’s analysis presents a stark and sobering view of the current geopolitical and economic landscape. Timestamps: 00:00:00 – Introduction 00:00:38 – Welcoming Colonel McGregor 00:01:02 – Iran War Ceasefire Analysis 00:01:53 – Global Energy Complex Crisis 00:02:36 – Fertilizer Shortage Famine Risk 00:04:35 – Diesel Supply Europe Challenges 00:07:09 – Petrodollar System Collapse 00:09:16 – Trump Israel Iran Demands 00:13:00 – Iranian Defense Blockade Issues 00:15:08 – Upcoming Air Missile Campaign 00:20:09 – Infrastructure Destruction Escalation 00:22:01 – Global Recession Depression Warnings 00:25:13 – Gold Silver Investment Urgency 00:27:49 – Oil Market Reality Discrepancy 00:34:53 – Resource Nationalism Sovereignty Path 00:45:26 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army’s largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor’s...

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

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

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

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

Stijn Schmitz welcomes back John Feneck to the show. John is CEO of the Feneck Consulting Group. In this in-depth discussion, Feneck shares insights into critical minerals, defense metals, and investment opportunities across various sectors. John is particularly bullish on tungsten, highlighting that China currently produces about 81% of the world’s tungsten supply, creating significant potential for Western mining companies. Feneck specifically recommends two companies as promising tungsten-focused investments. He notes the critical mineral space is receiving substantial government attention, with the US dedicating $112 billion to support critical mineral development. The geopolitical landscape, particularly tensions with China and ongoing conflicts, further underscore the importance of diversifying mineral supply chains. In the silver market, Feneck maintains an optimistic outlook. He currently holds an 18% portfolio position in silver and suggests the metal has significant upside potential. Regarding gold, Feneck believes there’s still substantial room for growth. Major banks like JP Morgan, Bank of America, and Goldman Sachs are maintaining forecasts between $5,500 and $6,000, indicating continued confidence in the sector. The discussion also touches on broader market dynamics, including potential sector rotation away from technology and AI stocks. Feneck emphasizes the importance of understanding market volatility and being prepared for potential short-term pullbacks. Timestamps: 00:00:00 – Introduction 00:01:00 – Defense Metals Outlook 00:03:05 – Tungsten Stock Picks 00:06:42 – Tungsten Supply Pricing 00:09:00 – Silver Defense Applications 00:10:30 – Portfolio Performance Highlights 00:12:55 – Silver Premium Dynamics 00:15:00 – Silver Miners Opportunities 00:19:06 – War Black Swan Impact 00:20:31 – Oil Energy Investments 00:22:10 – Oil Related Products 00:23:36 – Rare Earth Elements 00:25:23 – Gold Bull Market Views 00:29:03 – Miner Valuations 00:32:08 – Upcoming Conferences Details 00:34:00 – Concluding Thoughts Guest Links: X: https://x.com/feneckconsult YouTube: https://youtube.com/feneckcommoditiesreport LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport E-Mail: mailto:john.feneck@yahoo.com Website/Newsletter: https://www.feneckconsulting.com/ Conference: https://topshelf-partners.com John Feneck’s upcoming conferences: May 17 to 19, 2026 = Grand Hyatt, Washington, DC May 20 to 22, 2026 = Four Seasons, Fort Lauderdale, FL Both events are invitation only. If interested, please email John at john.feneck@yahoo.com no later than April 15. Go to “events” then “Washington DC or Florida”, then “companies” to see who has been invited on the event website: https://topshelf-partners.com/ . Investors can attend in person, or virtually. Ticker’s Discussed: Western Star Resources (WSRIF, WSR), Triumph Gold (TIGCF, TIG), Gold equity ETFs (GDX, GDXJ), Silver Equity ETFs (SLVP, SILJ), Silver47 Exploration (AAGAF, AGA), Guardian Metal Resources (GMTLF, GMET.L (US ticker will soon uplist to NYSE as “GMTL”)), Paramount Gold (PZG), Denarius Metals (DNRSF, DMET). John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch’s global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers). Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He’s delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott’s precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified...

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

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

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

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

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

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

Stijn Schmitz welcomes Douglas MacGregor to the show. Douglas is a retired U.S. Army Colonel and Decorated Combat Veteran. In this in-depth discussion, MacGregor provides a critical analysis of the current geopolitical tensions in the Middle East, particularly focusing on the conflict involving Iran, Israel, and the United States. MacGregor argues that the current military strategy against Iran is fundamentally flawed, with no clear purpose or achievable end state. He suggests that the United States and Israel are attempting to destabilize Iran, but this approach is unlikely to succeed. The colonel emphasizes that Iran’s primary goal is simply to survive, while the U.S. would need to completely conquer the nation – an impossible task given Iran’s size and resilience. The conversation delves into the broader economic implications of the conflict, particularly its impact on global oil markets and supply chains. MacGregor predicts significant economic disruption, with oil prices potentially exceeding $100 per barrel and widespread increases in commodity prices. He highlights the critical importance of resource sovereignty, emphasizing the need for nations to control their fuel, food, fertilizer, and defense supply chains. A key theme of the discussion is the potential acceleration of de-dollarization and the emergence of a new global financial system. MacGregor suggests that the United States and Israel are essentially “fighting against the future” by resisting these inevitable economic shifts. He points to the growing influence of BRICS nations and the increasing interest in alternative currency systems, potentially backed by gold or a basket of precious metals. MacGregor concludes with a stark warning about the destructive nature of current geopolitical strategies, arguing that these “pointless wars” are counterproductive and potentially catastrophic. He calls for more measured, strategic approaches to international relations and economic development, emphasizing the need for stability, long-term planning, and cooperation between governments and private sectors. Timestamps: 00:00:00 – Introduction 00:00:56 – Middle East Assessment 00:01:32 – Strategic Goals Discussion 00:02:55 – Oil Dependency Impacts 00:04:52 – Global Economic Shutdown 00:07:28 – Logistics and Escalation 00:09:01 – Lack of Planning 00:11:32 – Israel’s Internal Problems 00:13:00 – Oil Markets Analysis 00:16:16 – Conflict Motivations Explored 00:20:05 – Emerging Alliances Support 00:26:27 – Reshoring Supply Chains 00:39:12 – Gold Currency Future 00:42:04 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army’s largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor’s recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on...

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

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

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