Tom welcomes back Jaime Carrasco, portfolio manager for Carrasco Wealth Management. Jaime provides an in-depth analysis of the current economic landscape, focusing primarily on silver and gold as critical investment assets during a potential monetary reset. Carrasco argues that silver is significantly undervalued, highlighting the historical gold-to-silver ratio and the massive structural deficit in silver production. He believes silver presents an extraordinary investment opportunity, especially given its current price is essentially unchanged from 40 years ago, while other commodities have dramatically increased in value.



The discussion centers on the potential for a major monetary reset, similar to historical precedents like Roosevelt's 1933 dollar revaluation. Carrasco suggests that central banks and governments are preparing to revalue asset ledgers, potentially backing currencies with gold again. He points to signals like rising long-term interest rates and global central banks' increasing gold purchases as indicators of this impending shift.



Jaime is particularly critical of the current financial system, emphasizing the unsustainable debt levels and the continuous cycle of solving debt problems by creating more debt. He anticipates a period of stagflation leading potentially to hyperinflation, where people will rapidly exchange currency for hard assets. While acknowledging the potential of blockchain and cryptocurrencies, Carrasco maintains that gold and silver remain the most reliable forms of money.



Carrasco advises investors to focus on opportunities rather than crisis, emphasizing the potential for generational wealth creation through strategic investments in gold, silver, and mining sector equities. Ultimately, his message is clear: those who understand and position themselves ahead of these potential monetary transformations will be best prepared to preserve and grow their wealth.



Timestamps:
00:00:00 - Introduction
00:00:42 - The Silver Disconnect
00:07:16 - Gold To Silver Ratio
00:11:15 - Depression Era & Dollar
00:14:38 - Miners & Raising Capital
00:20:25 - Bessent & Shelton's Plan
00:23:51 - Japan Selling Treasuries
00:28:40 - Illusion of Fed Control?
00:32:50 - Canada's Gold Reserves!
00:36:30 - Fiscal Stimulus Problems
00:38:38 - Inflation & Hyperinflation
00:40:46 - Crypto & Physical Metals
00:45:34 - News & Focusing Attention
00:48:46 - Concluding Thoughts



Guest Links:
X: https://x.com/ijcarrasco
LinkedIn: https://www.linkedin.com/in/carrasco1/
Website: https://www.harbourfrontwealth.com
E-Mail: mailto: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.

Tom welcomes back Lobo Tiggre, author of the Independent Speculator to discuss critical investment strategies and insights across various economic and commodity markets. Lobo emphasizes the importance of due diligence, skepticism, and rational decision-making in investing, arguing that emotional discipline and thorough research are key to successful investment outcomes.



Tiggre explores several significant economic themes, including Trump's "Fortress America" agenda and its potential implications for commodity markets. He suggests that the current geopolitical strategy is focused on strengthening domestic manufacturing and critical mineral supply chains, which could have substantial investment opportunities in sectors like copper, uranium, and strategic metals.



Regarding economic predictions, Tiggre maintains a nuanced perspective, acknowledging the complexity of current economic conditions. He discusses the potential for recession while highlighting the role of fiscal dominance and massive government spending in potentially preventing or mitigating economic downturns. He argues that the interplay between inflationary and deflationary pressures could create a stagflationary environment beneficial to certain commodity sectors.



When discussing investment strategies, Tiggre strongly advocates for careful stock selection over broad market bets. He warns against simply following trends or relying solely on spreadsheet analysis, emphasizing that investors must conduct thorough research and understand the specific dynamics of individual companies and sectors.



For investors new to sectors like uranium, he recommends starting with ETFs or carefully selected stocks after comprehensive due diligence. A key takeaway from the discussion is Tiggre's belief that investors can outperform the market by dedicating time to understanding their investments, maintaining a skeptical attitude, and avoiding emotional decision-making. He suggests that even a modest amount of dedicated research—approximately one hour per week per owned stock—can significantly improve investment outcomes.



Timestamps:
00:00:00 - Introduction
00:00:40 - Do Your Due Diligence
00:04:24 - Eliminating Emotion & Bias
00:08:47 - Following Your Gut
00:14:58 - Timing, Targets, & Risk
00:17:13 - Copper Announcements
00:22:08 - Incentivising Mining?
00:28:10 - Copper & Trump Policies
00:34:05 - Silver & Strategic Metals
00:37:10 - U.S. Recessionary Fears
00:41:37 - Ongoing Monetary Stimulus
00:44:00 - Europe Recession Concerns
00:47:46 - Uranium Market & Exposure
00:54:24 - Commodities, Metals, ETFS
01:00:05 - Do Your Homework



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,

Tom welcomes back Tavi Costa from Crescat Capital to discuss the emerging bullish cycle in the metals and mining sector. Costa believes we are in the early stages of a long-term commodity cycle, with gold leading the way and other metals poised to follow. The discussion centers on three primary pillars: energy sources, infrastructure, and raw materials. Costa argues that the increasing electricity demand, driven by artificial intelligence and onshoring trends, will create significant opportunities in metals and mining. He emphasizes the critical need for metals to support emerging technological and infrastructure developments, particularly in the United States.



A pivotal moment Costa highlights is the U.S. Department of Defense's 15% stake in MP Materials, which he sees as a recognition of strategic material vulnerabilities. This investment signals a potential shift in how governments view critical resources and mining infrastructure. Costa also discusses the potential macroeconomic trajectory, suggesting two potential paths: a deflationary shock or an inflationary era followed by a highly efficient, deflationary period driven by AI. He believes we are currently in an inflationary buildup phase that will eventually transition to increased productivity and efficiency.



Regarding currencies, Costa anticipates a long-term decline in the U.S. dollar versus other currencies, driven by significant fiscal and trade deficits. He sees this as part of a broader "domino effect" of macro trends, where acceptance of risk gradually moves through different asset classes and markets. The interview concludes with Costa identifying the exploration and development phase of the mining industry, alongside emerging markets, as potentially the most asymmetric investment opportunities of his career. He encourages investors to pay attention to the interconnected nature of these macro trends and the gradual rotation of capital across different sectors and geographies.



Timestamps:
00:00:00 - Introduction
00:00:49 - Gold to Commodity Ratios
00:06:03 - Markets Interconnected
00:12:23 - Com. Correlations & Silver
00:18:26 - Platinum & Lease Rates
00:21:40 - Dept Defense & Miners?
00:27:12 - Commodity Opportunities
00:31:50 - Energy & GDP
00:38:14 - Low Prices & Capital Investment
00:40:25 - Capital Paying Attention
00:45:29 - Debt Risks & Inflation
00:50:09 - Gold Long-Term Outlook
00:54:48 - Dollar Trend Concerns
01:02:04 - U.S. Equity Valuations
01:05:16 - Concluding Thoughts



Guest Links:
X: https://x.com/tavicosta
X: https://x.com/crescat_capital
Website: https://crescat.net



Disclaimer: The opinions and information shared by Tavi in this discussion are his own, and not necessarily those of Crescat. Any investments discussed may or may not be held by Crescat. Investments carry risk including risk of loss.



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.

Tom welcomes back the Professor, Vince Lanci to discuss the complex geopolitical and economic landscape. Focusing on the shifting dynamics of global finance, currency, and resource competition. He argues that the United States is facing significant challenges in maintaining its economic dominance, with the dollar likely to weaken due to multiple interconnected factors. Lanci highlights the emerging "Cold War 2.0" between the US and BRICS nations, particularly China and Russia, which are strategically repositioning themselves in global markets. He suggests that China is not necessarily seeking to become the global reserve currency, but rather wants to establish a regional economic influence, potentially using the Yuan as a semi-gold-backed currency.



A key theme is the transformation of supply chains and payment mechanisms. Vince explains that eastern countries are increasingly controlling their resource production, pricing, and trading, gradually diminishing Western financial influence. This shift is evident in markets like gold and natural gas, where Russia and China are creating alternative pricing and trading standards.



Their discussion also explores potential solutions for the US economic challenges, such as the rise of stablecoins. Lanci describes stablecoins as a potential mechanism for the US to finance its debt, essentially creating a new way to sell treasuries and attract investment. He sees this as part of a broader strategy to maintain economic flexibility and attract capital.



Regarding monetary policy, Lanci provides insights into Trump's approach to influencing the Federal Reserve, characterizing it as a strategic method of creating political pressure and potential blame scenarios. He believes the dollar will inevitably weaken as a result of mounting debt, changing global dynamics, and the need to make US exports more competitive.



Timestamps:
00:00:00 - Introduction
00:00:43 - Dollar Weakening & Signals
00:03:02 - Geo. Conflict & New Cold War
00:06:45 - End Of Globalization
00:10:50 - Oil & Market Signals
00:16:45 - China & U.S. Inflation
00:19:55 - G10 Money Supply Charts
00:22:49 - BRICS & Commodities
00:25:17 - Global Bifurcation
00:30:17 - West's Supply Chain
00:33:25 - Stablecoins & Genius Act
00:41:18 - World Liberty Financial?
00:46:03 - Road To Mercantalism
00:51:40 - Filtering What Matters
00:58:40 - Powell's Successor?
01:02:26 - Entitlements
01:03:53 - Wrap Up



Guest Links:
Substack: https://vblgoldfix.substack.com/
X: https://x.com/Sorenthek
Zerohedge: https://tinyurl.com/3x72ndfc
LinkedIN: https://www.linkedin.com/in/vincentlanci/
X-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,

Tom Bodrovics welcomes back Martin Armstrong who provides a critical geopolitical analysis of current global tensions. The focus begins on the Russia-Ukraine conflict and potential escalation towards World War III. Armstrong argues that the 50-day deadline imposed by Trump is an unrealistic negotiation tactic that fundamentally misunderstands geopolitical dynamics. Armstrong suggests that Ukraine is on the verge of collapse and that NATO's interventionist strategies are deliberately provocative.



He criticizes neoconservative influences, particularly figures like Lindsey Graham and John McCain, for consistently pushing for military confrontation without understanding the long-term consequences. He highlights how these interventions have historically failed, citing examples from Vietnam, Iraq, and Afghanistan. The discussion emphasizes the economic implications of ongoing tensions, with Armstrong predicting a steep recession lasting until 2028.



He argues that sanctions against Russia have accelerated the formation of BRICS and are driving countries to seek alternative economic arrangements. The movement of gold and capital away from traditional Western financial centers is seen as a significant indicator of these shifts. Armstrong is particularly critical of European leadership, describing them as the "worst crop of world leaders" in history. He points out the economic challenges facing Germany and the broader European Union, including capital controls and increasing governmental restrictions on financial movements.



Regarding potential conflict, Armstrong warns that Putin is unlikely to capitulate and that the current strategies risk escalating into a broader global confrontation. He suggests that the financial capital of the world will likely move to China after 2032, drawing parallels with the historical decline of Athens due to internal polarization and continuous warfare. The interview concludes with a stark warning about the potential for significant geopolitical and economic disruption, with Armstrong emphasizing that the current trajectory benefits no one and risks triggering a catastrophic global conflict.



Timestamps:
00:00:00 - Introduction
00:00:53 - Trump's Warning to Putin
00:09:42 - Gold Moving Globally
00:11:49 - Underestimating Russia
00:19:13 - Continuous Conflict?
00:26:17 - Turning Point Projected
00:30:53 - Sanctions & 2026 Economy
00:40:03 - Capital Flows & Seizures
00:42:46 - Genius Act & Stablecoins
00:48:42 - Treasury Bond Values
00:52:05 - Inflation Blame & Shame
00:59:20 - Cost Push Inflation
01:03:30 - Fed Powell Pressure
01:07:57 - Wrap Up



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.

Tom welcomes back the always interesting Peter Grandich to discuss several critical economic and geopolitical issues facing the United States. The conversation centers on potential tensions between President Trump and Federal Reserve Chair Jerome Powell, with Grandich suggesting that Trump's attempts to influence monetary policy could have significant market repercussions. Grandich highlights several major concerns, including a looming debt crisis, with national debt potentially reaching $50 trillion and creating unsustainable interest payments. He also emphasizes a brewing retirement crisis, where most Americans are living paycheck to paycheck and unable to save adequately for retirement. Additionally, he warns about an aging crisis, infrastructure challenges, and potential societal tensions related to demographic shifts.



The discussion extensively explores the growing influence of the BRICS nations (Brazil, Russia, India, China, South Africa), which Grandich sees as a significant geopolitical development. He believes these countries are strategically positioning themselves to challenge US economic dominance, particularly through alternative trading mechanisms and potential new currency arrangements. Regarding investment strategies, Grandich is bullish on precious metals, especially gold, copper, uranium, and silver. He recommends diversification in junior mining stocks while understanding the speculative nature of such investments. His investment philosophy emphasizes long-term thinking and monitoring global financial trends beyond US-centric perspectives.



Grandich is particularly critical of the current administration's approach to international relations, suggesting that Trump's aggressive trade tactics and diplomatic strategies are accelerating the United States' global decline. He argues that the world is increasingly moving away from US-centric economic models, with countries like China playing increasingly pivotal roles in global economic development. The interview concludes with Grandich recommending that investors broaden their information sources, read international financial media, and prepare for potential significant market shifts by understanding emerging global economic trends.



Timestamps:
0:00:00 - Introduction
00:00:42 - Trump Vs. Powell
00:05:38 - Big Stick Approach
00:07:44 - PPI Metrics & Tariffs
00:10:06 - Ex-Friends of Trump
00:11:29 - Fed Politicized
00:15:00 - Market Reaction
00:17:48 - Melt-Up Drivers
00:21:26 - Other Looming Crisis
00:28:10 - BRICS & Financial Advisors
00:34:03 - Miners, Silver, Copper, Uranium
00:37:38 - Derivatives Banks & Brokerages
00:39:12 - Miners Portfolio Weighting
00:42:06 - Robert Prechter Story
00:44:02 - 2025 Commodity Trends
00:46:23 - Wrap Up



Guest Links:
Website: https://petergrandich.com
X: https://x.com/PeterGrandich



Peter Grandich entered Wall Street in the mid-1980s with neither formal education nor training. Within three years, he was appointed Head of Investment Strategy for a leading New York Stock Exchange member firm. He would hold positions as Chief Market Strategist, Portfolio Manager for four hedge funds, and a mutual fund that bore his name. His abilities have resulted in hundreds of media interviews, including Good Morning America, Fox News, CNBC, Wall Street Journal, Barron's, Financial Post, Globe and Mail, US News & World Report, New York Times, Business Week, MarketWatch, Business News Network and dozens more. In addition, he has spoken at investment conferences worldwide, edited numerous investment newsletters, and was one of the more sought-after financial commentators.

Tom welcomes back Francis Hunt to discuss the current economic landscape, focusing on the potential collapse of debt markets and the rise of alternative assets like gold, silver, and platinum. He argues that we are witnessing the end of a 40-year bond market cycle, with long-term debt instruments experiencing significant yield increases across multiple countries, including the United States, Japan, and the United Kingdom.



Hunt emphasizes that the traditional safe-haven assets like government bonds are losing their appeal due to capital devaluation and low yields. He suggests that investors are increasingly turning to precious metals as a preservation of capital strategy. Technical analysis of gold, platinum, and silver charts indicates potential breakouts and continued upward momentum, with gold potentially reaching targets around $3,700.



A key discussion point is the unraveling of the Japanese carry trade, where low-cost Japanese funding has been used to invest in higher-yielding assets globally. As Japanese long-term yields rise, this trade becomes less attractive, potentially causing significant financial disruption. Hunt believes this could trigger a broader financial restructuring. The conversation also explores the potential vulnerability of the United States as a global economic hegemon. Hunt argues that the U.S. is not immune to economic challenges and may experience a more dramatic economic downturn due to its higher starting point.



He warns about the potential collapse of pension systems, driven by complex financial instruments like Leveraged Debt Instruments (LDIs) that have created unsustainable financial structures. Ultimately, Hunt predicts a shift towards alternative assets and potentially a universal basic income (UBI) system as traditional financial mechanisms break down. He advises investors to focus on physical precious metals and be cautious of complex financial products and large asset management firms.



Timestamps:
00:00:00 - Introduction
00:00:49 - Debt Markets & Equities
00:03:52 - Demand Destroying Event
00:07:04 - 10 Year - Bond Yield Chart
00:10:50 - TLT ETF Chart
00:13:12 - Can the Fed Save Markets?
00:17:10 - Yen Carry Trade Unwind
00:24:00 - Dollar Still A Safe Haven?
00:30:15 - Gold Attracting Attention
00:34:10 - Plat & Silver Performance
00:36:40 - Miners & Margin Expansion
00:39:37 - Questioning Yourself
00:48:00 - Pensions & Debt Collapse
00:56:00 - Wrap Up



Guest Links:
X: https://x.com/themarketsniper
X: https://x.com/thecryptosniper
Website: https://themarketsniper.com
YouTube: https://www.youtube.com/user/TheMarketSniper



Francis is a trader, first and foremost. Unlike most educators in the trading space, Francis walks the walk and talks the talk, with 30 years of experience trading his personal capital on various markets and instruments. Through this passion for trading and his relentless study of markets and economic theory, he uses the Hunt Volatility Funnel trading methodology, a systemized approach, to answer the critical question: What is the next most profitable trade?




He believes the actual price of an asset is the most accurate reflection of all the factors that influence it. Practical technical analysis, the study of price action over time, is needed to formulate profitable trade ideas. Indeed, with all the market manipulation and high-frequency trading operations currently in play,

Tom welcomes back, David Hunter, a contrarian macro strategist with 52 years of experience. Hunter provides a comprehensive outlook on the current market and economic landscape. He believes the markets are in the final period of a 43-year secular bull market.



Timestamps: 00:00:00 - Introduction 00:00:48 - Melt-Up Phase Outlook 00:05:35 - Secular Top, Drivers? 00:07:20 - Mkt. Confidence & Big Money 00:09:44 - Earnings, Housing & Jobs 00:12:28 - Rates & Foreign Buyers 00:15:30 - The Top, Timeframes 00:18:13 - Market Behavior & Debt 00:28:59 - Final Top - Gold & BTC 00:32:30 - Mining Sector Targets 00:36:00 - Global Bust Structure 00:40:12 - Supply Side Economics 00:49:48 - Conflict & Hard Times 00:52:40 - NATO Vs. Putin, Europe 00:55:03 - Fiscal Stimulus Scenario? 00:58:10 - Money Printer is Coming 01:04:32 - Concluding Thoughts



Guest Links:
Email: mailto:Dhunter31@gmail.com
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.

Tom welcomes back Trader Ferg to discuss his investment strategy focusing on undervalued and overlooked sectors, with particular emphasis on commodities like platinum, gold, and uranium. He highlights the importance of positioning early in sectors with tight supply-demand dynamics and understanding long-term fundamental trends. Regarding platinum, Ferg sees significant potential driven by multiple demand factors, including catalytic converters, industrial applications, jewelry, and investment demand. He notes the metal's supply deficit and believes the current price movement is just the beginning of a potentially multi-year trend. The primary supply is down 6% year-on-year, with recycling also declining, creating a compelling investment narrative.



Ferg discusses his investment philosophy of balancing risk minimization and regret minimization, typically starting positions at 3% and potentially scaling up to 5% for high-conviction investments. He emphasizes the importance of portfolio management and being willing to tolerate some volatility to capture significant upside. The conversation explores broader macroeconomic trends, particularly focusing on Asian energy demand.



Ferg argues that developing countries, especially in Asia, are at the early stages of increasing energy consumption, which could drive significant demand for commodities like coal and oil. He highlights that 6.5 billion people are seeking to improve their standard of living, which will require substantial energy infrastructure and consumption. On the gold market, Ferg believes central banks and institutional investors are still underallocated, and he sees potential for continued appreciation, especially as Asian countries seek alternatives to US dollar-denominated trade. He suggests that while gold might continue to outperform other commodities, individual commodity sectors will experience periodic strong performance.



Timestamps:
0:00:00 - Introduction
00:00:41 - Platinum Analysis
00:05:28 - Opportunity & Timing
00:09:24 - Balancing Risk/Regret
00:14:33 - Platinum Demand Outlook
00:20:28 - Thoughts on Silver
00:24:06 - C.B. & Retail Gold Demand
00:26:15 - C.B. Stimulus & Gold
00:28:00 - Mining Sector & Shorts
00:30:45 - Long-Term Uranium?
00:33:40 - CapEx Cyclicality & Timing
00:37:15 - Low Volatility & Geopolitics
00:41:49 - Ratio Charts & Coal?
00:44:40 - Long-Term Energy Demand
00:49:00 - Asian/Africa Demographics
00:52:25 - Developing World & Energy
00:54:25 - Ratio Analysis
00:58:41 - Concluding Thoughts
01:03:13 - 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 welcomes back Chase Taylor to the show. Chase is a global macro strategist and they discuss the current economic landscape, focusing on several key themes. Chase argues that the economy's resilience stems from high deficit spending and asset prices, making a recession less probable than in previous decades. He suggests that higher interest rates can be stimulative for the private sector, as they provide significant income for investors and institutions. He notes that while high rates can hurt small businesses, the broader economy remains relatively stable, especially with tech sectors demonstrating low cyclicality.



Regarding fiscal policy, Taylor warns about potential "fiscal dominance" - a scenario where monetary policy becomes subservient to government funding needs. He believes this might occur if the Federal Reserve begins cutting rates inappropriately, even with persistent inflation. The discussion explores potential economic risks, with housing being a critical sector to watch. Taylor sees similarities to the 2008 housing market in terms of home prices versus incomes, but emphasizes that current credit quality and household balance sheets are much stronger.



On trade policy, Taylor is skeptical about reshoring efforts, arguing that blanket tariffs could create more economic complications than benefits. He highlights the complexity of global supply chains and the potential inflationary impacts of aggressive tariff strategies. The labor market remains a key indicator, with Taylor observing a cooling but not collapsing job market. He sees potential job market stress in sectors like home building and healthcare, particularly following recent legislative changes.



Timestamps:
0:00:00 - Introduction
00:01:04 - Recession Concerns?
00:04:44 - High Rates Stimulative?
00:07:20 - Real/Rates of Return
00:08:46 - Fiscal Dom. Doom Loop
00:11:52 - Data, Powell & Rates
00:15:06 - Fed Q.T. To Q.E. & Tools
00:19:15 - Short Term Debt Impacts
00:24:45 - Housing Mkt. Trajectory
00:31:14 - Job Numbers & Revisions
00:35:58 - Manufacturing & Tariffs
00:39:48 - China & Tariff Alternates
00:45:16 - Dollar Outlook & Bears
00:49:40 - Is Gold Overbought?
00:52:04 - Dollars Effect on Gold?
00:54:04 - Mining Sector & Profits
00:56:26 - Miners & Taking Profits
00:58:50 - Summer Seasonality
01:02:40 - Concluding Thoughts



Guest Links:
Substack: https://pineconemacroresearch.substack.com
X: https://x.com/pineconemacro
Website: https://www.pineconemacro.com
Website: https://bulwarkcapitalmgmt.com



Chase Taylor is a macro trader and the global macro strategist and editor at Pinecone Macro Research. He recently became Head of Research at Bullwark Capital Management. Chase launched PMR in 2018, where he provides unique macro insights and analysis in a weekly and monthly research product.




Chase does not come from Wall Street or business school, but the military. He prides himself on being a self-taught macro thinker and practitioner. Chase started in the Air Force working on B-1 Bombers, but spent most of his career as a geospatial intelligence analyst, working on strategic and tactical intelligence problem sets. He has also worked in acquisitions at a research laboratory focused on rocket propulsion.



Chase combines the analytical techniques he learned in the intelligence community with a unique focus on history and nature to create a distinct...

Tom welcomes a new guest Michael Green, Chief Strategist at Simplify Asset Management to the show. Michael provides a comprehensive analysis of the current market dynamics, focusing on the profound impact of passive investing. Green argues that the rise of passive investment strategies has fundamentally transformed market structures, creating what he describes as an "everything bubble" driven by algorithmic investment flows.



The key insight is that passive funds, which now represent over 50% of US equity markets, operate without traditional valuation considerations. Unlike active managers who adjust investments based on market valuations, passive funds simply buy or sell based on cash flows, removing critical market filtering mechanisms. This has led to unprecedented market valuations and concentration in large-cap stocks.



Green highlights how regulatory changes, particularly the 2006 Pension Protection Act, have accelerated passive investing by automatically enrolling workers in retirement plans that default to passive index funds. This has created a massive, potentially unstable market ecosystem where investment decisions are increasingly disconnected from fundamental economic principles.



The discussion extends to broader economic implications, including potential market risks, inflation dynamics, and the role of technological disruption in employment. Green suggests that the current market structure resembles a Ponzi scheme, with asset values dependent on continuous inflows rather than intrinsic value. Regarding future market dynamics, Green identifies potential catalysts for market shifts, including employment trends, retirement withdrawals, and changes in monetary policy. He warns that when passive flows eventually reverse, the market could experience significant disruption similar to other algorithmic trading implosions.



The conversation also explores related topics like cryptocurrency, stablecoins, and the importance of rebuilding societal trust through technological innovations. Green's overarching message is that the current market structure is unsustainable and that rebuilding trust and understanding complex market mechanisms are crucial for future economic stability. Ultimately, Green emphasizes the need for a collective approach to addressing these systemic challenges, encouraging listeners to seek systems that enhance transparency and mutual understanding.



Timestamps:
00:00:00 - Introduction
00:00:34 - Passive Investing & Flows
00:11:12 - Finding Exits & Selling Risk
00:17:13 - Insider Selling ATH
00:20:17 - Market Reversal Catalyst?
00:24:48 - Managed Ponzi Scheme
00:29:28 - Fed Metrics & Poor Data
00:31:20 - Rates & Inflation Effects
00:41:04 - Jobs, AI, & Uncertainties
00:43:36 - Trump, Fed, & Dollar
00:46:16 - Employment & Reshoring?
00:50:03 - Passive Shift & Changes
00:55:26 - BTC Concentration
01:00:30 - Golds Characteristics
01:03:42 - Crypto Effect on Gold
01:05:29 - Digital Tokens & Trust
01:09:00 - Russia Tres. Holdings
01:10:23 - Concluding Thoughts



What is Water Speech: https://youtu.be/DCbGM4mqEVw?si=9_MO4ToBDOSx6DzU



Guest Links:
Substack: https://www.yesigiveafig.com
X: https://x.com/@profplum99



Michael is Chief Strategist and Portfolio Manager for Simplify Asset Management. Michael has been noted for his work as a market theoretician and financial media participant. He is a graduate of the University of Pennsylvania and a CFA holder.

Tom welcomes back Jesse Felder, publisher of The Felder Report to the show. Jesse provides a comprehensive analysis of current market conditions, highlighting several critical economic indicators suggesting significant potential risks ahead. He argues that the U.S. stock market is currently more overvalued than at any point since 1950, with valuation metrics indicating extremely limited upside potential and substantial downside risk. Felder emphasizes the market's narrow breadth, noting an unprecedented number of trading days where the S&P 500 rose with fewer than 200 stocks driving gains. He also points to insider selling trends, which have been persistently bearish, signaling potential economic and earnings disappointments in the coming 12-24 months.



A key focus of his analysis is the declining U.S. dollar, which he sees as a critical indicator of broader economic shifts. Felder suggests the dollar's weakness could catalyze a significant market correction, particularly given record foreign investment in U.S. markets and potential unwind of carry trades. Demographically and economically, Felder anticipates a stagflationary environment. He highlights how de-globalization and changing workforce demographics are creating inflationary pressures, while economic growth appears to be weakening. He sees particular opportunity in the energy sector, arguing that natural gas and oil are undervalued, with supply constraints and increasing electricity demand creating potential for a major bull market.



On monetary policy, Felder is skeptical of the Federal Reserve's independence, suggesting potential political pressure could lead to more dovish policies aimed at managing government debt through financial repression. He draws parallels to historical periods like the 1971 Nixon shock, where currency devaluation and trade negotiations were used to address economic challenges. Ultimately, Felder recommends investors prepare for a potential market rotation, favoring natural resources and value stocks while being cautious of high-valuation momentum stocks. He sees gold and commodities as potential hedges against the anticipated economic environment of slower growth and persistent inflation.



Timestamps:
00:00:00 - Introduction
00:00:55 - Over Valuations & Markets
00:08:59 - Bearish Concerns?
00:11:04 - Surprise Correction Coming
00:13:23 - Treasury Cycles & Rates
00:15:44 - Dollar Demand Globally
00:20:36 - Fed & Powell's Approach
00:23:37 - Fiscal Dominance & Inflation
00:28:02 - Big Picture Focus & Trends
00:29:36 - Stagflation Decade Ahead?
00:31:40 - Stablecoins & Treasuries
00:35:02 - Gold Mkts. & Fair Value
00:39:28 - Iran/Israel & Commodities
00:43:10 - Chevron/Exxon & Power
00:45:23 - Gold Demand Trends?
00:49:55 - Fed Q.E. & Gold Drivers
00:52:43 - Spending, Debt & Deficits
00:55:22 - Mkts. 6 Month Outlook
00:56:44 - Wrap Up



Guest Links:
X: https://x.com/jessefelder
Website: https://thefelderreport.com/
Articles: https://thefelderreport.com/blog/



Jesse Felder is the Founder, Editor, and Publisher of The Felder Report. He began his professional career at Bear, Stearns & Co. and later co-founded a multi-billion-dollar hedge fund firm headquartered in Santa Monica, California. Since moving to Bend, Oregon in 2000 and founding The Felder Report shortly thereafter his writing and research have been featured in major publications and websites like The Wall Street Journal, Barron's, Yahoo!Finance, Business Insider, RealVision, Investing.com,

Tom Bodrovics welcomes Edward Dowd, founder of Phinance Technologies, to the show to discuss the unfolding economic landscape and the probable looming recession. Dowd explains that initial recession predictions for late 2023 and early 2024 were incorrect due to an unprecedented economic variable: mass illegal immigration. He estimates that between 20 million people were brought into the U.S. over three-and-a-half years, supported by deficit spending ranging from $500 billion to $2 trillion. This influx of labor and spending temporarily propped up the economy, masking underlying weaknesses, particularly in the housing market. However, with the Trump administration now halting immigration flows and initiating deportations, Dowd expects a significant economic impact. Housing, which constitutes 20% of the consumption economy and 45% of the CPI, is already rolling over, with new home sales plummeting and delinquencies rising. Dowd predicts this will lead to a housing-driven recession, similar to the 2008 crisis but less systemic, barring an oil price shock.



Inflation, which Dowd believes is overstated due to faulty shelter cost metrics, is expected to fall below 2% by year-end. This deflationary trend will likely prompt the Fed to cut rates, but Dowd warns that rate cuts during an economic downturn are bearish for stocks, as seen in 2000 and 2008. He advises investors to focus on U.S. Treasury bonds and gold, which is being re-monetized as a tier-one capital asset. Dowd also highlights the potential for fiscal dominance to worsen, with governments globally struggling under unsustainable debt burdens. He points to Europe and Japan as particularly vulnerable due to demographic declines and debt crises, which could lead to currency collapses or conflicts. In the U.S., he emphasizes the need for fiscal discipline and warns that the current debt trajectory, exacerbated by the Biden administration’s spending, will require painful adjustments. Despite the challenges, Dowd sees opportunities for younger generations should a reset come for the housing markets and for investors during the eventual market correction.



Timestamps:00:00:00 - Introduction00:00:36 - Metrics & U.S Outlook00:05:16 - Real Estate & Oil Crisis00:08:04 - U.S. Employment Stats00:11:47 - Fiscal Hangover & DXY00:14:34 - Fear & Dollar Safety?00:15:30 - Fiscal Dominance & Fed00:17:47 - Asset Allocation Changes00:19:27 - CPI & Fed Reactions00:25:50 - Powell's Replacment & Q.E.00:27:23 - Recession & Risk Assets00:28:48 - Conflicts, Truth, & Timing00:32:16 - Gold's Behavior & Oil00:34:05 - Trump, Threats, Econ Shocks00:36:24 - Finding Good Information00:39:41 - Distractions & Geopolitics00:40:13 - Euro & Asian Demographics00:45:12 - Taxes & Gov't Desperation00:47:44 - Macro Econ. Alt. Hedge Fund00:48:48 - Depressions & Commodities00:50:05 - Wrap Up



Guest Links:X: https://x.com/DowdEdwardGETTR: @EdwardDowdLinkedIn: https://www.linkedin.com/in/edward-dowd-87902158/



Edward Dowd is a founding partner with Phinance Technologies. Edward worked on Wall Street the majority of his career most notably at Blackrock as a portfolio manager where he managed a $14 billion Growth equity portfolio for ten years. His book 'Cause Unknown: The Epidemic of Sudden Death in 2021 & 2022' propelled him as an alternative voice during the pandemic and the economic implications that continue to plague us today. Their unique alternative macroeconomic analysis of the global debt crisis and what may unfold has given many a deeper understanding of the global nature of our problems today.

Tom Bodrovics welcomes back Don Durrett, author, investor, and founder of GoldStockData.com, to delve into the current state of the gold and silver markets, the broader economy, and what investors should watch for in the coming months. Don begins by noting that gold has been in a bull market since late 2019, with a significant breakout in March 2024. Despite the recent surge, he believes the bull market in mining stocks is still in its early stages, with higher lows signaling a potential breakout. However, he cautions that sentiment remains weak, partly due to the strong performance of the stock market, which has overshadowed gold. Drawing parallels to the 1970s, Don explains that gold and miners typically perform well during periods of economic uncertainty or when the stock market falters, a scenario he sees as increasingly likely.



Don shifts to the macroeconomic landscape, highlighting the unsustainable U.S. budget deficit, which is approaching $2 trillion annually, and the need to roll over $7 trillion in debt this year. He warns that the debt burden, combined with declining foreign purchases of U.S. Treasuries, could lead to higher interest rates and inflation. Don predicts a looming recession, driven by factors like weakening full-time employment, a housing bubble, and the inflationary impact of tariffs, particularly if President Trump follows through with significant tariff increases on July 9th. He believes these tariffs could exacerbate economic weakness, leading to a prolonged downturn reminiscent of Japan’s "lost decade" in the 1990s, where monetary policy failed to revive growth.



Discussing gold and silver, Don emphasizes that their bull markets are tied to economic instability and a potential "fear trade," where investors shift away from equities and into safe-haven assets. He notes that silver, currently undervalued relative to gold, could see a surge in demand, particularly if shortages emerge. Don also touches on Mexico’s mining policies under President Claudia Sheinbaum, which could restrict new mining concessions, though he doesn’t see this as a major near-term threat to silver supply. He concludes by urging investors to focus on the long-term potential of gold and silver, particularly as the U.S. economy faces mounting challenges.



Timestamps:00:00:00 - Introduction00:01:06 - Mkt. Forecast 2025/202600:04:50 - Metals - Wall of Worry00:09:13 - The Macro Picture00:19:38 - U.S. Short-Term Debt00:31:08 - Trump, The Fed & Powell00:38:55 - Oil & U.S. Recession00:41:00 - T-Bills, Dollar & Game Theory00:53:20 - A Silver Bull Trap?01:04:16 - New Era for Metals01:05:55 - PM Shortages Coming?01:07:10 - Mexican Silver Permitting01:15:05 - Wrap Up



Guest Links:X: https://x.com/DonDurrettWebsite: https://www.goldstockdata.comSubstack: https://dondurrett.substack.comAmazon Books: 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 Min...

Tom Bodrovics welcomes back Adrian Day, CEO of Adrian Day Asset Management and Manager of the Euro Pacific Gold Fund, to discuss the economic and monetary landscape under President Trump’s second term, the implications of tariffs, and the outlook for gold and other commodities. Adrian begins by addressing the potential impact of Trump’s trade policies, particularly tariffs, on inflation and the global financial system. He argues that while tariffs are often seen as inflationary, they can be deflationary by reducing demand for certain goods. However, he warns that a weakening U.S. dollar and a potential loss of its reserve currency status could lead to higher inflation domestically, as dollars previously held abroad return to the U.S. Adrian emphasizes that while the U.S. dollar’s dominance is not immediately threatened, Trump’s policies could accelerate its decline, with significant consequences for the economy.



The conversation then shifts to the U.S. debt market, where Adrian highlights the challenges of financing the growing deficit. He notes that major buyers of U.S. Treasuries, such as China and Japan, are reducing their holdings, and domestic buyers like regional banks and the Federal Reserve are also pulling back. This could lead to higher interest rates and increased pressure on the U.S. economy. Adrian predicts that the Federal Reserve may eventually return to quantitative easing (QE) to support the bond market, which would be bullish for gold. He also discusses the disconnect between gold prices and gold mining stocks, attributing it to the lack of participation from North American investors. However, he believes this is changing as economic conditions shift, with gold stocks offering significant value and expanding margins.



Adrian also touches on other commodities, particularly copper and uranium, which he sees as critical for the global energy transition. He concludes by advising investors to focus on value rather than price, emphasizing that the gold market is still in its early stages of a bull run.



Timestamps:0:00:00 - Introduction00:01:22 - Trump & U.S. Trade Policy00:06:30 - Multi Res. Currency World00:09:13 - A Bretton Woods Event?00:13:42 - Cad. Dairy & Tariffs00:15:57 - U.S. Economic Concerns?00:22:12 - U.S. Debt Global Outlook00:34:26 - Fed Rates & Q.E.00:40:20 - Gold & Market Participants00:45:28 - Gold Sentiment00:48:28 - Gold & Geopolitical Risk00:51:58 - Monetary Response & Gold00:54:39 - Gold Price & Mining Equities01:00:29 - GSR, Silver, & Cycles01:05:02 - Royalty Companies & Value01:07:30 - Capital & Explorers01:10:42 - Other Sectors/Countries01:16:12 - 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.

Tom welcomes back the headwriter for the Doomberg Team for another interesting discussion around current geopolitics. They delve into the rapidly escalating conflict between Israel and Iran, which Doomy argues was sparked by a dangerous miscalculation by Israel. He emphasizes that Israel vastly underestimated Iran’s military capabilities, assuming they could deliver a knockout blow early in the conflict. However, as days pass and Iranian missiles continue to breach Israel’s famed defense systems, the situation appears increasingly dire for Israel—a small country now facing a prolonged war of attrition against a nation ten times its size, backed by Russia and China.



Doomberg frames this escalation as part of a broader “World War III,” a concept often downplayed in Western media but openly acknowledged by Russian and Chinese propaganda. He highlights the geopolitical stakes, including the potential diversion of U.S. military resources from Ukraine to Israel, which could embolden Russia further. The discussion also touches on the fracturing of Trump’s base, many of whom feel betrayed by his apparent shift from a peace-oriented campaign to a hawkish stance—echoing the skepticism of prominent conservative voices like Tucker Carlson and Steve Bannon.



The conversation extends to broader geopolitical risks, including the possibilities of false-flag attacks, cyber threats to American infrastructure, and the vulnerability of global energy supply chains—particularly if the Strait of Hormuz is closed. Doomberg critiques the market’s seemingly placid response to these escalations, noting that oil prices reflect some risk premium but broader financial markets appear overly complacent.



Throughout, Doomberg advocates for sober, nuanced analysis, urging listeners to look beyond emotional reactions and consider second- and third-order consequences. He critiques the bellicose posturing of Washington hawks, including figures like John Bolton and Lindsey Graham, and questions whether Trump is being maneuvered into a disastrous war or has abandoned his anti-interventionist stance entirely. The discussion closes with a call for vigilance, urging audiences to approach geopolitical conflicts with a critical, independent mindset rather than relying on echo chambers or sensationalism. Doomberg’s insights serve as a timely reminder of the high stakes and long-lasting repercussions of unchecked military escalation in an interconnected world.



Timestamps:00:00:00 - Introduction00:00:49 - Iran Trap & News Cycle00:06:34 - Proxy Conflicts & Diplomacy00:08:28 - End of War President?00:11:18 - Promises & Realities00:15:00 - Zelensky & Ukraine00:18:40 - Reactions & Consequences00:22:22 - Tucker Ted Cruz Interview00:26:36 - Emotions & U.S. Politics00:31:28 - News Flow & Finding Truth00:34:40 - Israel's Vulnerabilities00:41:28 - Israeli Samson Option00:43:06 - Strait of Hormuz & Oil00:47:38 - Mkts. Pricing In WWIII?00:50:07 - OPEC Production00:51:27 - Other Geopolitical Risks00:53:18 - U.S. Infrastructure Risk00:56:20 - Wrap Up



Guest Links:Substack: https://doomberg.substack.comX: https://x.com/DoombergT



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 back Justin Huhn for a in-depth discussion about the Uranium market and the potential risks if there's a nuclear weapon exchange in the conflict between Israel and Iran. They discusses how nuclear powers handle enrichment and how the Uranium fuel cycle operates.



Justin sees potential for growth in the Uranium market due to an increase in SMR demand and global efforts towards sustainable energy sources. He also warns against a possible overbought situation in the short term but emphasizes the importance of watching the physical market dynamics and Sprott's activities to spot potential buying opportunities.



Timestamps:00:00:00 - Introduction00:00:41 - Iran Conflict Concerns00:04:32 - Enrichment & Grades00:08:40 - Plutonium Details00:09:36 - Market Reaction & Risks00:13:16 - Uranium Supply & Demand00:22:10 - Project Approvals & Risk00:26:37 - Sprott Deal & Canacord00:34:08 - Sprott SPUT Holdings00:38:55 - Banks & Sentiment Shifts00:44:07 - Investor Hangover00:52:30 - Concluding Thoughts00:56:12 - Wrap Up



Guest Links:Website: https://www.uraniuminsider.comNewsletter: https://www.uraniuminsider.com/newsletterX: https://x.com/UraniumInsider



Justin is the Founder and Publisher of the Uranium Insider Pro Newsletter. Through the combination of rigorous fundamental analysis and Justin's thorough understanding of technical analysis, determinations are made for select companies to be included on Uranium Insider Pro's "Focus List," as well as the most opportune times for entry or exit.



Justin is frequently asked to offer his commentary on various media forums, including Crux Investor, Smith Weekly, Palisades Gold Radio, Mining Stock Education, and Mining Stock Daily. He also regularly participates in the post-earnings commentary that is broadcast immediately after industry majors release quarterly earnings.

Tom Bodrovics welcomes back gold market and finance expert Alasdair Macleod. Together they explore the escalating systemic risks in global gold and silver markets, driven by surging demand for physical delivery. Macleod highlighted the European Central Bank’s (ECB) warning about skyrocketing counterparty risks in gold derivatives, emphasizing that COMEX delivery demands have reached unprecedented levels, with an annualized rate of 1,500 tons—far exceeding post-pandemic trends. This surge reflects a growing scramble for physical metal which is exacerbated by delays in delivery fulfillment. Bullion banks, fearing tariffs and supply shortages, inflated futures prices to create arbitrage opportunities, further straining markets.



Macleod underscored a critical shift: central banks, once willing to lease gold to stabilize markets, now hesitate to renew leases, fearing irreversible loss of reserves. This trend, compounded by COMEX silver shortages, signals deepening liquidity crises. Demand is driven by sovereign wealth funds, Asian families, and Middle Eastern entities diversifying from the dollar amid geopolitical tensions and long-term currency devaluation fears.



The discussion pivoted to the U.S. debt trap, with deficits exceeding 6% of GDP and tepid demand for long-term Treasuries. Macleod compared today’s credit bubble and protectionist tariffs to the 1929 crash, warning of a potential debt deflation spiral. He noted China’s strategic accumulation of gold and silver, possibly prepping the yuan for gold backing, while avoiding abrupt moves to destabilize Western economies.



Amid these risks, Macleod stressed wealth preservation over accumulation, advocating physical gold as a hedge. He cautioned that markets underestimate the looming convergence of fiscal instability, currency crises, and geopolitical shifts, urging vigilance as structural economic fractures deepen. The episode closed with a stark reminder: today’s calm belies a gathering storm, mirroring historical precedents where credit excesses and policy missteps fueled systemic collapse.



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.

Tom welcomes back John Lee for a discussion on the concerning trends of global control and manipulation by powerful entities across finance, media, and technology. Lee highlights tactics like facial recognition and digital wallets that threaten privacy and autonomy. He warns of a potential biometric system that could blacklist individuals, emphasizing the need for proactive measures.



To protect oneself, Lee suggests diversifying assets, particularly investing in gold and silver as reliable stores of value, and establishing alternative living arrangements globally to avoid dependency on any single system. He also stresses the importance of gaining new experiences over mere wealth accumulation, advocating for personal growth and memorable experiences as true sources of wealth.



Lee remains optimistic that collective consciousness will drive a breakthrough, leading to positive change after sufficient negative experiences.



Timestamps:00:00:00 - Introduction00:00:37 - Geopolitics & Markets00:02:02 - Silver Markets & Miners00:03:18 - Silver's Recent Moves00:06:25 - Apathy & Sentiment00:10:14 - Tariffs & Debt Markets00:14:53 - Fed Rates & Data Reliance?00:18:43 - Trade War Outlook?00:22:37 - Bigger Powers & Proxies00:27:16 - Commodities Prices & Gov't00:31:17 - Outcomes & Predictions00:35:33 - Head Warnings Buy Gold?00:41:48 - Wrap Up



Guest Links:x: https://x.com/johnlee25893955Website: https://www.silverelef.comLinkedIn: https://www.linkedin.com/in/john-lee-baa93422/



John Lee, CFA, is CEO and President of Silver Elephant Mining. Mr. Lee specializes in mining M&A and has raised over $150 million through the TSX and TSX Venture Exchange for junior companies since 2009. Lee identified, negotiated and financed Lynn Lake nickel acquisition in 2009, Ulaan Ovoo coal in 2010, Wellgreen nickel-pgm in 2011, Shakespeare nickel-pgm in 2012, Pulacayo silver in 2015, Gibellini vanadium in 2017, Bisoni vanadium in 2020, and Minago nickel-pgm in 2021. Mr. Lee is a CFA charterholder and graduated from Rice University with bachelor’s degrees in Economics and in Engineering (honor).

Adam Hamilton, a seasoned expert in gold stocks with over two decades of experience, emphasizes the importance of strategically selecting investments within the gold mining sector. He advocates for focusing on mid-tier miners, which he believes offer superior growth potential compared to major miners. These mid-tier companies, operating at 300,000 to 1,000,000 ounces annually, are more agile and capable of expanding their operations effectively.



Hamilton highlights their lower costs and better ability to generate cash flows, making them a more attractive investment option. In contrast, major miners often struggle with high costs and face challenges such as overpaying for mergers and acquisitions (M&A), leading to diluted earnings. Their large market capitalizations make it difficult for them to grow production sustainably, unlike mid-tier miners which can achieve significant growth through new projects.



Hamilton also discusses the cyclical nature of exploration spending within the industry. Recent years have seen reduced exploration activity due to unfavorable market conditions, potentially leading to a future supply deficit. He underscores the importance of diversification in investment strategies, advising against overcommitting to any single asset. Instead, he recommends spreading investments across various sectors to mitigate risk. During periods like the summer doldrums, Hamilton suggests that investors use this time for thorough research and homework to identify undervalued opportunities. He encourages a patient approach, noting that buying windows may be brief once favorable conditions arise.



Timestamps:00:00:00 - Introduction00:00:52 - Historical Gold Moves00:04:52 - Corrections & Sentiment00:06:46 - Apathy & Historic Sentiment00:12:42 - Gold & Trade War Fears?00:14:43 - Summer Doldrums00:17:42 - Silver Price Levels00:20:37 - Short Squeeze?00:21:45 - Fed, Gold, and Data00:25:26 - News & Your Attention00:28:00 - Miners & Leverage00:30:36 - Momentum in Metals00:32:32 - Crypto Market Impacts00:37:26 - Majors & Mid-Tiers00:41:32 - Majors & Exploration00:43:20 - Conclusion & Wrap Up



Guest Links:Website: https://zealllc.com/Articles: https://zealllc.com/essays.htm



Adam Hamilton founded Zeal LLC in early 2000. He started investing in stocks when he was 12 years old, using money from summer jobs. He grew up fascinated by stock markets, dreaming of making a living in this unique realm where compensation is not limited by time on task like most other professions.



After growing up in a small-town banking family in rural North Dakota, Adam left for school at the University of Colorado at Boulder. While watching the markets and trading, he studied finance, accounting, and entrepreneurship. Adam went on to be a Big Six CPA and consultant after graduation, never stopping learning.



By early 2000, Adam finally had enough experience and capital to found Zeal at 25 years old. Rather than hide his research and trading work in a hedge fund, Adam wanted to help others thrive in the markets. So he started sharing his now-world-famous market research work through very-affordable newsletters.



Customers raved, and many millions of dollars of newsletter sales later Adam was blessed to become a self-made millionaire. He is very thankful to be living his dream, and plans to research, trade, and share wisdom through newsletters for the rest of his life. Adam is a Christian saved by Jesus Christ. He and his wife are greatly blessed with 2 children, and they live in Colorado.