Stijn Schmitz welcomes Don Durrett to the show. Don Durrett is an Author, Investor, and Founder of Goldstockdata.com. This episode explores the current state of precious metals markets, with a particular focus on gold and silver's potential future trajectory. Durrett's primary thesis centers on the impending failure of the U.S. bond market, which he believes is the fundamental driver behind gold's current and future price movements. He argues that the massive U.S. government debt, currently at $38 trillion and growing by $2 trillion annually, has created an unsustainable economic situation. This instability is causing investors to lose confidence in U.S. Treasury bonds, with countries like China already reducing their holdings.



Regarding gold price targets, Durrett is remarkably bullish, projecting prices between $6,000 and $8,000 per ounce. He bases this projection on historical bull market patterns, particularly comparing current trends to gold's performance in the 1970s and early 2000s. He anticipates that gold will experience significant appreciation, especially when the stock market encounters serious challenges.



Silver presents a more volatile prospect, which Durrett describes metaphorically as "little sister" following "big brother" gold. He expects potential shortages and significant price fluctuations, with targets ranging from $100 to $150 per ounce. His investment strategy involves extreme diversification, currently holding 161 stocks with minimal allocation to each to manage emotional risk. Durrett emphasizes that his approach is speculation, not traditional investing.



Don recommends looking for companies with multiple growth potential - through project development, discoveries, and acquisitions. His website, Goldstockdata.com, provides data and analysis for investors interested in precious metal mining stocks.



Timestamps:
00:00:00 - Introduction
00:01:00 - Recent Gold Correction
00:05:07 - Bull Market Drivers
00:06:00 - US Bond Market Crisis
00:13:02 - Stock Market Recession Warning
00:19:55 - Gold Price Targets
00:23:38 - Silver Volatility and Shortages
00:28:22 - Miner Investment Framework
00:39:42 - Identifying 10-Bagger Miners
00:48:02 - Diversification Strategy
00:52:16 - Concluding Thoughts



Guest Links:
X: https://x.com/DonDurrett
Website: https://www.goldstockdata.com
Substack: https://dondurrett.substack.com
Amazon Books: https://www.amazon.com.mx/How-Invest-Gold-Silver-Complete/dp/1427650241
Blog Posts: https://seekingalpha.com/author/don-durrett#regular_articles
YouTube: https://www.youtube.com/user/Newager23



Don Durrett received an MBA from California State University Bakersfield in 1990. He has worked in IT-related positions for 20+ years. He has been a gold investor since 1991, with a focus on Junior Mining stocks since 2004.



Realizing the value of investing in gold and silver and noticing the lack of available material for first-time investors, Don set out to provide information. First, he wrote a book, How to Invest in Gold & Silver: A Complete Guide with a Focus on Mining Stocks.



He followed up the book with a website (www.goldstockdata.com) to provide data, tools, and analysis for gold and silver stock investors.

Stijn Schmitz welcomes Josef Schachter to the show. Josef Schachter is the Founder of Schachter Asset Management Inc. The discussion centers on the current and future state of the global energy market, with a particular focus on oil and natural gas dynamics.



Schachter provides a nuanced view of the oil market, noting both near-term challenges and long-term bullish potential. In the short term, he anticipates oil prices potentially dropping to the $56-$58 range due to significant global inventories. However, he sees a compelling long-term narrative driven by fundamental supply constraints and declining global reserves, which require approximately 5-6 million barrels of new production annually just to maintain current levels.



He highlights critical challenges in the energy sector, including underinvestment and lengthy development timelines. Schachter emphasizes that new production requires extensive infrastructure, environmental approvals, and significant capital expenditure. He believes this complexity will contribute to a potential energy supercycle, potentially seeing oil prices exceed the 2008 peak of $147 per barrel. Canada emerges as a key focus, with Schachter noting the country's substantial energy resources and potential for growth. He suggests that Canadian energy companies offer attractive investment opportunities, particularly those with strong balance sheets, exploration potential, and dividend yields ranging from 5-10%.



Geopolitical factors and technological innovations play a significant role in Schachter's analysis. He discusses how new extraction technologies, such as fracking and advanced offshore drilling, continue to unlock previously inaccessible energy resources. Additionally, he sees potential risks in global trade tensions and potential economic slowdowns that could impact energy demand. Looking forward, Schachter is optimistic about the energy sector's potential, anticipating global oil demand increasing to 110-112 million barrels per day by 2030. He recommends investors consider diversified exposure across oil, natural gas, and service industries, with investment strategies tailored to individual risk profiles and income needs.



Timestamps:
00:00:00 - Introduction
00:01:03 - Oil Market Pressures
00:03:27 - Bullish Long-Term Forecast
00:06:15 - Energy Sector Underinvestment
00:09:14 - Supply Development Lags
00:13:05 - Historical Super Cycles
00:15:07 - Global Production Overview
00:17:00 - Canada's Resource Potential
00:19:46 - Rejecting Peak Oil
00:22:25 - Natural Gas Challenges
00:24:47 - Investment Strategies Overview
00:31:00 - Valuation and Multiples
00:37:00 - Geopolitical Risk Factors
00:42:00 - Bull Thesis Risks
00:47:06 - Uranium Market Insights
00:50:35 - Concluding Thoughts



Guest Links:
Website: https://schachterenergyreport.ca



Subscription Discount for Palisade Listeners, use coupon code "PGR100"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 Worl...

Stijn Schmitz welcomes Doug Casey to the show. Doug Casey is Bestselling Author, Speculator, the Founder of Casey Research, and a Voluntarist Philosopher. In this wide-ranging discussion, Casey provides a comprehensive perspective on the global economic landscape, focusing on precious metals, commodities, and potential monetary shifts. Casey argues that the world is entering the "greatest monetary crisis in world history," with gold and Bitcoin positioned as potential alternative monetary assets. He believes the current financial system is fundamentally broken, with governments printing money and eroding currency value. While bullish on gold, he suggests it's no longer underpriced as it historically was, but remains a critical savings vehicle, especially when stored offshore.

Regarding investment strategies, Casey recommends focusing on gold and silver mining stocks, particularly smaller companies with entrepreneurial management. He emphasizes evaluating mining investments through his "nine p's" approach, with people and management quality being the most critical factor. He sees significant potential in junior mining companies, noting they remain dramatically undervalued. Casey is equally enthusiastic about broader commodity opportunities, especially in energy sectors like coal, oil, natural gas, and uranium. He views these commodities as critically undervalued and essential for global economic development.

He's particularly optimistic about emerging markets in the Orient, suggesting they represent better economic potential than Western economies.

On silver, Casey sees it as a "poor man's gold" with significant upside potential, particularly given its industrial applications and relatively small market capitalization. He believes silver could potentially reach $200-$250 per ounce in real terms. Throughout the discussion, Casey maintains a provocative, libertarian perspective, critiquing government institutions and advocating for decentralized monetary systems.

Timestamps:
00:00:00 - Introduction
00:00:51 - Gold Bull Market Overview
00:02:16 - Upcoming Monetary Crisis
00:03:08 - Return to Gold Standard
00:07:45 - Bitcoin as Good Money
00:11:35 - Challenges to Gold Thesis
00:14:58 - Governments Buying Gold
00:19:46 - Investing in Gold Miners
00:25:01 - Selecting Junior Miners
00:29:21 - Owning Physical Bullion
00:31:23 - Silver Investment Thesis
00:44:51 - Commodity Supercycle Outlook
00:47:12 - Overlooked Energy Commodities
00:54:01 - Concluding Thoughts

Guest Links:
YouTube: https://www.youtube.com/channel/UCEJR3OAeHBNz7aGtFRZXArQ
Doug Casey's Take: https://internationalman.com
Amazon Novels: https://tinyurl.com/an3uxhc
Book 'The Preparation': https://tinyurl.com/theprepa

Best-selling author, world-renowned speculator, and libertarian philosopher Doug Casey has garnered a well-earned reputation for his erudite (and often controversial) insights into politics, economics, and investment markets. Doug is widely respected as one of the preeminent authorities on "rational speculation," especially in the high-potential natural resource sector. Doug's most recent book, "Assassin," can be found on Amazon.

He has been a featured guest on hundreds of radio and TV shows, including David Letterman, Merv Griffin, Charlie Rose, Phil Donahue, Regis Philbin, Maury Povich, NBC News, and CNN; has been the topic of numerous features in periodicals such as Time, Forbes, People, and the Washington Post. Doug has lived in 10 countries and visited over 175.

Stijn Schmitz welcomes Michael Oliver from Momentum Structural Analysis MSA. In this in-depth interview, Oliver provides a comprehensive analysis of the current financial landscape, with a particularly bullish outlook on gold, silver, and commodities.



Oliver argues that gold and silver are on the cusp of a significant breakout, potentially reaching unprecedented levels. He suggests gold could reach $8,000, while silver might surge to $100-$200 within a few quarters. The key indicator for this potential surge is a technical spread relationship between gold and silver, which he believes is about to break out of a long-standing range.



The discussion highlights the current economic context, particularly the potential for a major stock market correction. Oliver predicts the S&P 500 could decline by 50%, creating a significant shift in investment strategies. He emphasizes that this isn't just a typical market cycle, but a fundamental restructuring of asset allocation, with real-world assets like commodities becoming increasingly attractive. Oliver's analysis extends to broader economic trends, including government debt, monetary policy, and the potential for a reset in how people view money and investments.



He suggests that the current monetary system, dominated by central bank interventions, is approaching a critical point of questioning and potential transformation. Regarding investment strategies, Oliver recommends focusing on silver, gold, and related mining stocks. He believes the miners, especially junior miners, could provide substantial leverage during this potential commodity boom. He's particularly excited about silver, arguing that when it breaks out, it could move dramatically and quickly enter a "new reality" of pricing.



Timestamps:
00:00:00 - Introduction
00:00:47 - Gold Bull Market Status
00:02:20 - Gold Institutionalization Outlook
00:03:00 - Stock Market Topping Process
00:04:07 - Gold vs S&P Analysis
00:09:35 - Historical Debt Parallels
00:12:40 - Silver Outperformance Prediction
00:18:20 - Momentum Analysis Explained
00:23:37 - Commodities Shift Signals
00:33:24 - Mining Sector Opportunities
00:48:19 - Oil Energy Breakout Prospects
00:55:00 - Michael's Analysis & Reports



Guest Links:
Website: http://www.olivermsa.com/
X: https://twitter.com/Oliver_MSA
Amazon Book: https://tinyurl.com/y2roa7p5
Email: mailto:michaeloliver@olivermsa.com



Email MSA above, and they will send you this week's report for free, which covers many of the topics from this interview.



J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton's International Commodity Division, headquartered in New York City's Battery Park. He studied under David Johnston, head of Hutton's Commodity Division and Chairman of the COMEX.



In the 1980s, Mike began to develop his proprietary momentum-based method of technical analysis. He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth.



In 1987 Mike technically anticipated and caught the Crash. It was then that he decided to develop his structural momentum tools into a full analytic methodology.



In 1992, the Financial VP and head of Wachovia Bank's Trust Department asked Mike to provide soft dollar research to...

Stijn Schmitz welcomes Sven Carlin to the show. Sven Carlin is Publisher of Value Investing YouTube, Podcast, & Research Platform. During their discussion, Carlin offers insights into various investment opportunities and his value investing philosophy across multiple sectors. Regarding gold, Carlin views the current market with caution, noting excessive speculation and ETF inflows. Sven suggests that while gold might reach $10,000 eventually, the current environment feels risky. He recommends maintaining a modest portfolio allocation and being willing to trim positions when sentiment becomes too exuberant.



In the broader market, Sven sees significant risks, particularly among technology stocks like NVIDIA. He questions the long-term durability of tech companies' competitive advantages and warns about the potential for rapid disruption. He believes the current market is stretched, with cash flows declining as companies invest heavily in AI and other speculative technologies.



Carlin finds more attractive opportunities in overlooked sectors like agriculture and commodities. He appreciates businesses with predictable long-term growth, steady dividend yields, and reasonable price-to-earnings ratios. He emphasizes the importance of patience and maintaining a disciplined approach, especially when investing in cyclical industries.



His investment strategy focuses on finding undervalued companies with strong fundamentals, preferring businesses trading at low price-to-earnings multiples and offering consistent dividends. He maintains a diversified portfolio and is willing to slowly accumulate positions in sectors like oil, agriculture, and select international markets. A key principle for Carlin is understanding a company's true value and being comfortable buying more when prices drop. He warns against getting caught up in growth narratives and emphasizes the importance of maintaining a clear-eyed view of a company's actual competitive advantages and potential for long-term value creation.



Timestamps:
00:00:00 - Introduction
00:01:00 - Gold Market Outlook
00:04:00 - Gold Portfolio Allocation
00:05:30 - Gold Miners Challenges
00:09:30 - Value Investing Framework
00:11:00 - Broad Market Overvaluation
00:14:30 - AI Tech Risks
00:18:30 - Agriculture Sector Opportunities
00:21:00 - Oil and Gas Insights
00:25:30 - Iron Ore Cyclicals
00:30:30 - Healthcare Investment Views
00:35:00 - China and International Exposure
00:38:00 - Investor Patience Lessons
00:42:00 - Sven Carlin Platform
00:44:00 - Concluding Thoughts



Guest Links:
Website: https://svencarlin.com
YouTube: https://www.youtube.com/@Value-Investing
Research Platform: sven-carlin-research-platform.teachable.com
Podcast: https://svencarlin.com/podcasts
LinkedIn: https://linkedin.com/in/sven-carlin-a7140487



Sven Carlin's journey begins in the sun-drenched coastal city of Novigrad, Croatia, where the vivid blue Mediterranean Sea shaped his early years. A passionate diver, Sven spent his youth exploring underwater worlds alongside his close friend Erik Radin. Tragically, Erik's untimely passing shifted Sven's focus to his second love: research and investing.



This pivot culminated in a Ph.D. on emerging market stocks, where Sven developed the innovative Real Value Risk Model. His work is detailed in a summary article available on SSRN,

Stijn Schmitz welcomes Chris Vermeulen to the show. Chris Vermeulen is Founder & Chief Investment Officer, of The Technical Traders. In this in-depth discussion, Vermeulen provides insights into the current state of financial markets, with a particular focus on precious metals, commodities, and potential economic shifts. Vermeulen argues that gold is currently signaling potential economic instability, suggesting we are approaching a significant financial reset. He believes the precious metals market is in a temporary pullback phase, with potential for another substantial rally.

Drawing parallels to the 2007-2008 market cycle, he anticipates gold could potentially reach $5,100, representing approximately a 30% move from current levels. His investment strategy, which he calls "asset revesting," focuses on moving capital into assets showing the strongest upward trends with the least risk. Vermeulen emphasizes following price action rather than getting caught up in fundamental narratives, noting that markets have their own psychology and momentum.

Regarding other commodities, Vermeulen offers nuanced perspectives. He sees copper in an uptrend but isn't particularly bullish, while he's bearish on oil, predicting it could drop to around $45-$52 per barrel. Interestingly, he sees potential in the US dollar, believing it's positioned for a significant rally that could coincide with a stock market correction. His analysis suggests we're in a late-stage economic cycle characterized by innovation (currently represented by AI stocks) and potential market fragility. He warns investors to be cautious, highlighting that a handful of tech stocks are artificially propping up market indices while many underlying stocks are struggling. Vermeulen recommends investors follow price trends, manage risk carefully, and be prepared to move capital quickly between asset classes.

Timestamps:
00:00:00 - Introduction
00:00:39 - Gold's Current Price Action
00:02:10 - Parabolic Moves and Corrections
00:05:08 - Bullish Precious Metals Outlook
00:07:27 - Fundamentals vs Technicals
00:08:14 - 2007 Market Comparison
00:14:25 - Upcoming Rally Seasonality
00:17:30 - Investor Sentiment and Targets
00:20:50 - Asset Revesting Framework
00:23:12 - Risk Management Strategies
00:26:11 - Economic Cycle AI Bubble
00:29:39 - Financial Reset Predictions
00:33:01 - Miners and Juniors Potential
00:37:25 - Copper Oil US Dollar
00:44:32 - Concluding Thoughts

Guest Links:
Website: https://thetechnicaltraders.com/
X: https://x.com/TheTechTraders

Chris Vermeulen is the Founder & Chief Investment Officer of The Technical Traders and the visionary mind behind Asset Revesting. In his book Asset Revesting – How to Exclusively Hold Assets Rising in Value, Profit During Bear Markets, and Continue Building Wealth in Retirement, he lays out this investment framework.

Chris launched his financial career at 16, parlaying his knack for trading and risk management into funding his final year of college, where he earned a business diploma in operations management. By his twenties, he had achieved financial independence as a full-time entrepreneur and trader. After a setback—blowing up a trading account—Chris dedicated himself to treating trading as a business, completing the Trading Strategy Mastery and Trading Is Your Business courses.

A technical analysis expert, he devises systematic methods to spot market opportunities and control portfolio risk, rejecting traditional buy-and-hold approaches that cling to depreciating assets. His efficient asset allocation models balance short- and long-term strategies to minimize drawdowns and consistently outperform benchmarks.

Stijn Schmitz welcomes Quinton Hennigh to the show. Quinton Hennigh is an Internationally Renowned Economic Geologist who provides critical insights into the current state of mineral exploration and mining. Hennigh highlights a significant decline in metal discovery rates over the past decades, attributing this to major mining companies abandoning their internal exploration efforts and shifting responsibilities to junior exploration companies.

Hennigh's current strategy focuses on acquiring assets with unrecognized exploration potential, particularly in underexplored regions like Bolivia, Argentina, and Japan. He emphasizes the importance of targeting large-scale deposits that would attract major mining companies' interest, believing that it requires nearly the same effort to explore a small project as a potentially world-class one.

The discussion critically examines the current mining exploration landscape, with Hennigh expressing concern about the proliferation of junior mining companies. He argues that approximately 90% of these companies lack direction and technical capability, creating an inefficient market flooded with speculative ventures. This overcrowding has led to misallocation of capital and a diminishing pool of technical expertise in the mining sector.

Hennigh is particularly critical of current industry practices, including the royalty and streaming models, which he describes as "parasitic" to mining companies. He also highlights challenges in permitting processes and regulatory compliance, suggesting these bureaucratic hurdles significantly impede mining development. Looking forward, Hennigh advocates for more efficient capital deployment, reducing permitting complexities, and attracting younger talent to the mining industry.

He sees potential in unexplored regions and believes that with the right approach, significant mineral discoveries are still possible. His strategy involves identifying undervalued assets with substantial exploration potential, leveraging modern geological understanding to unlock value that previous explorers might have overlooked.

Timestamps:
00:00:00 - Introduction
00:00:43 - Under-exploration Crisis
00:01:07 - Dropping Discovery Rates
00:01:40 - Majors vs Juniors Exploration
00:02:21 - Value of Discoveries
00:03:40 - Investment Opportunities Spotlight
00:05:20 - Evaluating Project Upside
00:07:05 - Preferred Geology Types
00:09:45 - Brownfield vs Greenfield Approach
00:11:31 - Jurisdiction Preferences Discussed
00:18:23 - Too Many Juniors Critique
00:25:54 - Industry Talent Shortage
00:29:45 - Permitting and NI 43-101 Issues
00:34:17 - Royalties and Streams Critique
00:36:08 - Concluding Thoughts

Guest Links:
Website: https://www.crescat.net/

Quinton is an economic geologist with 40+ years of operating and investment experience in the precious metals mining industry. He earned a PhD in Geology and Geochemistry from the Colorado School of Mines. He worked as an exploration geologist for major global mining firms including Homestake Mining (now Barrick Gold), Newcrest Mining, and Newmont Mining.

He later led several exploration-focused mining firms as an executive. Dr. Hennigh joined Crescat in 2021 as a member of the investment team. Quinton now acts in an advisory role. Since 2023, he has also served as Chairman and CEO of San Cristobal Mining (SCM), a Crescat activist investment and leading worldwide producer of silver and zinc. SCM’s acquisition of Minera San Cristobal from Sumitomo in 2023 and the advancement of its Isidorito silver deposit in Bolivia are among Quinton’s outstanding career achievements.

He has made valuable contributions to other successful projects that include Kirkland Lake Gold’s acquisition of the...

Stijn Schmitz welcomes John Feneck to the show. John Feneck is CEO Feneck Consulting Group. The discussion centers on gold markets, investment strategies, and critical mineral opportunities. Feneck provides insights into the current gold market, noting that while there have been recent price fluctuations, major banks like Goldman Sachs, Bank of America, and HSBC are bullish, with price targets ranging from $4,900 to $5,000 for the next year.



Discussing gold miners, Feneck highlights that the GDX ETF has broken out to new all-time highs, with producers like Newmont seeing significant growth. He believes junior miners still represent substantial value, with the GDXJ ETF trading well below its 2011-2012 peak. His investment approach combines value investing with technical analysis, focusing on a diversified portfolio of 60-70 stocks to manage risk. Feneck is particularly enthusiastic about critical minerals, especially tungsten and antimony, driven by geopolitical tensions and supply chain concerns. He sees significant opportunity in companies like Guardian Metals and Triumph Gold, which have strategic positions in these critical minerals.



His investment philosophy emphasizes understanding company management, project fundamentals, and potential near-term catalysts. The conversation also touches on the challenges of mineral exploration and development, particularly in the United States, where permitting processes can take years. Feneck believes there's growing political momentum to accelerate critical mineral development, with initiatives like Trump's executive orders aimed at reducing dependence on Chinese mineral supplies.



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/



John's upcoming conferences: May 17-19, 2026 at Grand Hyatt, Washington, DC and May 20-22, 2026 at Four Seasons, Fort Lauderdale, FL on the oceanfront. Details to come: https://topshelf-partners.com/



John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch’s global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers).



Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He’s delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott’s precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector’s volatility.



In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ,

Stijn Schmitz welcomes Brien Lundin to the show. Brien Lundin is Editor of 'The Gold Newsletter.com' & Host of the New Orlean's Investor Conference. Lundin discusses the current gold market, emphasizing that despite recent volatility, the fundamental factors driving the bull market remain strong. He believes the current market is part of a secular bull market with potential for gold prices to reach between $6,000 to $8,000, and potentially even higher in a significant monetary reset scenario. Central bank buying and the ongoing "debasement trade" continue to support gold's upward trajectory.



Regarding mining stocks, Lundin argues that miners are still significantly undervalued. He anticipates that upcoming earnings reports will demonstrate the robust economics of gold projects at current prices. He recommends focusing on larger producers like Newmont and Newcrest in the near term, while also highlighting opportunities among developers and exploration companies. Lundin is optimistic about the increasing capital flow into the mining sector, viewing it as a positive development despite concerns about "dumb money". He sees this as part of a broader commodity super cycle affecting multiple metals, with particularly strong potential for base metals and energy metals due to supply constraints and growing demand.



On silver, Lundin is bullish, noting the metal's potential for significant price appreciation. He highlights the inelastic supply of silver, with 70% of production being a byproduct of other metal mining, and expects industrial demand to consume all available mine supply in the coming years.



The conversation also touched on other commodities like copper, vanadium, and zinc, with Lundin expressing optimism about their long-term potential driven by supply constraints and increasing demand. He emphasized the importance of understanding the sector, spreading risk, and being patient with investments. Lundin concluded by promoting his upcoming New Orleans Investment Conference, describing it as the longest-running investment event in the world, featuring numerous expert speakers across geopolitics, macroeconomics, and metals investing.



Timestamps:
00:00:00 - Introduction
00:00:44 - Gold Bull Market Status
00:03:41 - Historical Bull Parallels
00:05:41 - Gold Revaluation Potential
00:08:57 - Dollar Reserve Decline
00:11:22 - Global Liquidity Trends
00:14:00 - Owning Gold Insurance
00:16:04 - Miners Undervaluation Explained
00:19:31 - Best Producer Values
00:22:11 - Mining Market Health
00:29:48 - Commodity Super Cycle
00:30:14 - Silver Supply Dynamics
00:38:43 - Evaluating Junior Miners
00:53:00 - Concluding Thoughts



Guest Links: X: https://x.com/Brien_Lundin Website: https://goldnewsletter.com/ Conference: https://neworleansconference.com/



With a career spanning four decades in the investment markets, Brien Lundin serves as president and CEO of Jefferson Financial, Inc., a highly regarded producer of investment-oriented events and publisher of investment newsletters and special reports. Under the Jefferson Financial umbrella, Mr. Lundin serves as publisher and editor of Gold Newsletter, the publication that has been the cornerstone of precious metals advisories since 1971, and as the host of the annual New Orleans Investment Conference, the oldest and most respected investment event of its kind.




As editor of Gold Newsletter, Mr. Lundin covers not only resource stocks, but also the entire world of investing, from small-caps of every type to macroeconomics and geopolitical issues that u...

Stijn Schmitz welcomes Edward Bonner to the show. Edward Bonner is an Investment Associate at Sprott Asset Management USA, Inc. The discussion centers on the current state of gold and precious metals markets, with Bonner offering insights into the emerging gold bull market and broader commodity trends. He argues that gold remains significantly under-owned, with most portfolios holding less than one percent of gold compared to historical averages of six to seven percent. He believes the current market is in the early stages of a potential bull market, driven by factors such as monetary debasement, fiscal largesse, and central bank buying. The recent geopolitical tensions, including the freezing of Russian assets, have prompted central banks to increase their gold holdings.



They explore various indicators for gold's potential, including the M2 money supply and the Dow Jones Industrial Average to gold ratio. Bonner suggests that gold is currently an attractive hedge against inflation and geopolitical uncertainty. He sees particular value in gold mining stocks, especially growth producers, developers, and late-stage explorers. When evaluating mining projects, Bonner emphasizes the importance of management teams, jurisdiction, and project metallurgy. He highlights the potential for mergers and acquisitions in the mining sector, given the significant free cash flow of senior producers.



Beyond gold, Edward discusses other potentially undervalued commodities, including platinum, natural gas, and vanadium. He sees interesting opportunities in geographical regions like the Guyana Shield, parts of the Arabian Nubian Shield, Mexico, and Argentina, while cautioning about the challenges of exploration and jurisdictional risks.



Timestamps:
00:00:00 - Introduction
00:00:40 - Gold Market Pullback Analysis
00:02:28 - Long-Term Gold Sentiment
00:05:01 - GDX ETF Outflows Discussion
00:06:22 - Historical Bull Market Parallels
00:08:39 - Key Economic Indicators Tracked
00:10:55 - De-Dollarization and Central Banks
00:13:04 - Value in Gold Miners
00:15:03 - Project Quality and Management
00:18:40 - Platinum Supply Demand Imbalance
00:21:59 - Unloved Commodities Overview
00:25:07 - Vanadium Market Crash Course
00:26:55 - Emerging Geographic Exploration Areas
00:33:39 - Concluding Thoughts



Guest Links:
Website: https://sprott.com
X: https://x.com/sprott



Mr. Edward Bonner is a graduate of the Colorado School of Mines, with a master's degree in Economic Geology. Prior to joining Sprott in 2021, he worked as an exploration geologist since 2011 for various junior exploration and royalty companies. His fieldwork has spanned the North and South American continents, as well as the African continent.




He specializes in porphyry systems and sed-hosted copper type deposits, but has experience exploring for, and studying, a broad range of ore deposit types. He is fluent in both English and French, and can speak Spanish and German at an advanced level. He is passionate about exploration and discovery, and takes a long-term, value-focused approach to investing. He leverages his years of industry experience and extensive knowledge base, along with the combined intellectual capital in the firm (including geology, engineering, financial analysis and portfolio management), to identify high-value investment opportunities.

Stijn Schmitz welcomes Rick Rule to the show. Rick Rule is Investor, Speculator, Founder & CEO of Rule Investment Media. In this comprehensive discussion, Rule provides deep insights into commodity markets, focusing on gold, oil, and various other resources. Regarding gold, Rick believes the precious metal is positioned for significant growth over the next five to ten years. He anticipates a potential 75% decline in the US dollar's purchasing power, which could translate to a three-fold increase in gold's nominal price. Rule emphasizes that while gold's trajectory won't be a smooth ascent, investors should be prepared for volatility and cyclical movements.



In the energy sector, Rule is particularly bullish on oil and gas. He argues that despite narratives about alternative energy, fossil fuels will remain the dominant global energy source for decades. He sees tremendous value in companies like Exxon, which he believes is trading at a 50% discount to its net present value. Rule suggests that the industry's ongoing infrastructure investments and technological advancements make oil and gas an attractive investment opportunity.



Rule also shares perspectives on various commodities, including nickel, copper, zinc, and uranium. He highlights the significant underinvestment in these sectors over the past decades, which creates potential long-term investment opportunities. For instance, he sees a substantial copper supply deficit emerging in the next five years due to decades of underinvestment.



Beyond commodities, Rule discusses his involvement with Rule Investment Media and Battle Bank, offering investors resources to analyze natural resource stocks and providing innovative banking services. He encourages investors to conduct thorough research, be patient, and look for opportunities in sectors experiencing market disfavor.



Timestamps:
00:00:00 - Introduction
00:00:42 - Gold Market Outlook
00:03:40 - 1970s Gold Parallel
00:06:00 - US Debt Liabilities
00:06:21 - Profit Taking Strategies
00:08:36 - Private Placement Insights
00:12:22 - Gold Bull Volatility
00:16:27 - Lagging Commodities Review
00:18:58 - Oil Gas Opportunities
00:26:38 - Mining vs Oil Differences
00:32:41 - Iron Ore Valuation
00:35:47 - Nickel Market Dynamics
00:41:46 - Copper Supply Deficit
00:48:41 - Uranium Term Pricing
00:51:36 - Concluding Thoughts



Guest Links:
X: https://x.com/@realrickrule
Website: https://ruleinvestmentmedia.com
YouTube: https://www.youtube.com/@RuleInvestmentMedia
Classroom: https://ruleclassroom.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 Lobo Tiggre to the show. Lobo Tiggre is Author and Founder of the Independent Speculator Founder and CEO of Louis James LLC. The discussion centers on the current state of commodities, with a particular focus on gold, silver, copper, and uranium.



Tiggre provides a nuanced perspective on the gold market, highlighting several key factors driving its current rise. He notes central bank buying, portfolio rebalancing, and increasing mainstream interest as significant catalysts. While bullish on gold, he cautions against assuming a straight upward trajectory, emphasizing the potential for corrections. He views gold primarily as financial insurance, recommending investors consider their exposure based on global economic uncertainties.



Regarding commodities, Tiggre argues that inflationary trends and global economic transformations are creating a potential super-cycle. He is particularly enthusiastic about copper, citing strong demand from electrification, AI data centers, and significant supply constraints. He expects a multi-year, potentially multi-decade bull market in copper, though he's waiting for strategic entry points.



Lobo also discusses uranium, presenting a bullish case driven by increasing global nuclear energy adoption and constrained supply. He sees a robust market for the next few years, barring a major nuclear incident. His investment approach remains fundamentally value-oriented, seeking opportunities when assets are undervalued. The discussion explores a broader macroeconomic perspective, with Tiggre describing a stagflationary outlook. He points to weakening labor markets and persistent inflation as key indicators, suggesting economic challenges ahead. His investment philosophy emphasizes disciplined speculation, focusing on value propositions and avoiding momentum-driven investments.



Throughout the conversation, Tiggre consistently advises investors to maintain perspective, avoid emotional decision-making, and be prepared for market fluctuations. He recommends having a strategic approach to investing, being willing to rotate between sectors, and always maintaining a critical view of market narratives.



Timestamps:
00:00:00 - Introduction
00:00:53 - Gold Market Surge
00:04:11 - Profit Taking Strategy
00:06:06 - Historical Bull Parallels
00:10:59 - Gold Bull Duration
00:12:57 - Bullion as Insurance
00:17:09 - Final Gold Bull Thesis
00:19:44 - Valuing Gold Miners
00:25:02 - Silver Price Squeeze
00:32:15 - Copper Demand Drivers
00:40:29 - Uranium Supply Constraints
00:46:55 - Critical Minerals Wars
00:53:17 - Stagflationary Environment
00:56:15 - Concluding Thoughts



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,

Stijn Schmitz welcomes Matt Smith to the show. Matt Smith is Co-Author of "The Preparation" and Host of "Doug Casey's Take" Podcast. The conversation centers on the current economic landscape, with a particular focus on gold, monetary policy, and potential global financial reset. Smith discusses the unprecedented rise in gold prices, noting it has topped $4,040 and suggesting this bull market is unique. He believes the United States and China may have an unspoken agreement to use gold as a "liquidity sink" to manage massive economic challenges, particularly the enormous $175 trillion in unfunded liabilities.



Smith argues that the current gold price surge is not just about preservation of capital, but potentially wealth creation. He points to historical comparisons, such as housing prices measured in gold terms, which have dramatically shifted over the past decades. Morgan Stanley's recent recommendation of 20% portfolio allocation to gold underscores the metal's growing importance. The discussion explores broader geopolitical and economic trends, including potential monetary resets and the role of critical minerals.



Smith is skeptical of traditional higher education, instead advocating for a more experiential learning approach outlined in his book "The Preparation", which he co-authored with Doug Casey. Regarding gold and precious metals, Smith believes we are in the early stages of a significant market transformation. He sees gold as uniquely positioned to serve as a monetary reset mechanism, with potentially dramatic price increases ahead. He suggests the price could reach extraordinary levels, as part of a broader economic recalibration.



The conversation touches on various global economic dynamics, including trade wars, critical mineral strategies, and potential geopolitical shifts. Throughout, Smith maintains a pragmatic yet cautious perspective on current economic trends, emphasizing the potential for significant structural changes in the global monetary system.



Timestamps:
00:00:00 - Introduction
00:00:55 - Gold Market Trends
00:05:12 - Liquidity Sink Concept
00:10:20 - U.S./China & Brics Currency
00:11:56 - Tariffs and Tactics
00:14:00 - Stablecoins and Latin America
00:16:35 - Portfolio Gold Allocation
00:21:29 - Miners and Junior Equities
00:24:33 - Critical Minerals Investments
00:31:05 - Geopolitical Conflicts Analysis
00:37:07 - Deep Sea Mining Doubts
00:40:00 - New Book 'The Preparation'
00:48:09 - Wrap Up



Guest Links:
Amazon Book: https://tinyurl.com/ThePrepMS
X: https://x.com/mattpheus
Substack: https://www.crisisinvesting.com/
Podcast: https://share.google/I5YdX8JrTrMWhobOM



Matt Smith is the guy that does the podcast with Doug Casey. In a past life - Founder of Royalty Exchange, a jobs portal in the late 1990’s, an ad agency, a marketing analytics business, and several niche publishing companies. I live on a ranch in Uruguay.

Stijn Schmitz welcomes Josh Young to the show. Josh Young is Chief Investment Officer & Founder, Bison Interests. The comprehensive discussion focuses on the oil and gas markets, commodity cycles, and investment opportunities. Young provides a compelling thesis for oil and natural gas, centered on significant global underinvestment in exploration and production over the past decade. He argues that the current market sentiment is overwhelmingly bearish, which paradoxically creates an attractive investment opportunity. The fundamental driver of his bullish stance is the persistent 1% annual demand growth for oil, which has remained consistent despite predictions of decline due to electric vehicles and alternative energy.



Regarding supply dynamics, Young highlights the dramatic reduction in exploration and capital expenditures in the oil and gas sector. He notes that global oil production investments have dropped from around $900 billion annually to approximately $500 billion, with exploration expenditures becoming a tiny fraction of previous levels. This underinvestment, combined with natural field decline rates, suggests a potential supply crunch in the coming years. Young is equally optimistic about natural gas, citing growing demand from data centers and liquefied natural gas (LNG) export facilities. He sees potential for significant price appreciation driven by increasing demand and limited new production capacity.



In the equity markets, Young finds the most attractive opportunities in small-cap oil producers and, particularly, oil services companies. He emphasizes that surviving services companies are exceptionally well-managed and can be purchased at significant discounts to replacement cost, often with attractive free cash flow yields.



Drawing parallels with the precious metals sector, Young sees similar market dynamics emerging in oil and other commodities. He believes the current market setup resembles previous commodity cycles, where intense pessimism precedes substantial price appreciation. To share his insights, Young has launched a newsletter called Bison Insights, where he provides structured investment ideas and analysis in the energy and commodities space.



Timestamps:
00:00:00 - Introduction
00:01:36 - Oil Bull Case Overview
00:03:30 - Bearish Sentiment Analysis
00:08:24 - Underinvestment in Exploration
00:11:40 - Supply Demand Balances
00:16:45 - Shale Production Decline Debate
00:20:50 - Global Oil Demand Growth
00:25:40 - Natural Gas Bull Thesis
00:31:35 - NatGas Discounts & Demand
00:38:03 - Geopolitical Supply Risks
00:42:09 - Fair Oil Price Assessment
00:44:46 - Oil Gas Equity Opportunities
00:51:19 - Commodity Complex Parallels
00:57:50 - Precious Metals Outlook
01:03:50 - Concluding Thoughts



Guest Links:
Substack: https://bisoninsights.info
X: https://x.com/BisonInsights
Website: https://bisoninterests.com



Joshua Young has been professionally investing in publicly traded oil and gas securities for nearly two decades, achieving benchmark outperformance as Bison’s CIO. Josh possesses a deep understanding of the E&P business model and operating environment, with notable experience as Chairman of Canadian E&P company RMP Energy (rebranded as Ironbridge Resources). Under Josh’s leadership, the company achieved a successful turnaround, outperforming peers and ultimately being acquired at a 78% premium. Josh is the author of numerous articles on oil & gas investments and is a frequent guest speaker at various energy industry conferences.

Stijn Schmitz welcomes Greg Orrell to the show. Greg Orrell is President and Portfolio Manager, OCM Gold Fund. In this engaging discussion, Orrell provides deep insights into the current gold market, highlighting the significant price movements and underlying economic factors driving precious metals' performance. Orrell explains that gold's current surge, over 50% this year, is primarily driven by global government debt and currency debasement. He argues that central banks are increasingly viewing gold as a stability anchor, with many countries looking to diversify away from the US dollar.



The unprecedented monetary landscape has created a unique environment where gold is seen as a critical financial instrument. As a seasoned investor with 40 years of experience, Orrell describes himself as a long-term value investor focused on gold and silver mining companies. His investment strategy involves carefully selecting mining companies across different stages - from major producers to exploration companies - with a keen eye on management quality, project feasibility, and potential for long-term value creation.



Orrell is particularly critical of mining companies that pursue "profitless prosperity" by unnecessarily lowering cut-off grades or extending mine life without creating shareholder value. He emphasizes the importance of margin expansion and maintaining disciplined investment approaches. The discussion also explores the broader economic context, including government debt, potential currency challenges, and the shifting global monetary landscape. Orrell believes we are in a unique monetary cycle driven by declining confidence in traditional currency systems.



Regarding investment opportunities, Orrell suggests investors should maintain a 5-10% position in gold and silver assets as a form of monetary insurance. He sees significant potential in gold and silver miners, particularly as central banks and international markets increasingly recognize these metals' strategic importance.



Timestamps:00:00:00 - Introduction00:01:25 - Guest Background Story00:04:19 - Investment Philosophy Overview00:05:38 - Gold Market Surge Analysis00:08:45 - Government Shutdown Effects00:12:30 - Historical Currency Parallels00:16:28 - Gold & Central Banks00:19:10 - Juniors & OCM Strategies00:28:23 - Finding Value In Miners00:34:04 - Dilution & Other Concerns00:42:07 - Silver Miners & Value00:48:15 - Concluding Thoughts



Guest Links:
Website: https://ocmgoldfund.com/



The OCM Gold Fund has been managed by its long-time portfolio manager Greg Orrell since 1996. He is one of the longest tenured gold fund portfolio managers in the industry. With over 40 years of investment experience in the precious metals mining sector along with a deep understanding of gold’s monetary role, Greg is uniquely qualified to manage the assets of the fund. The specialized nature of the gold sector demands experience to evaluate and identify opportunities and cycles within the sector while managing the associated risks. Greg’s experience and belief in gold as money is what sets the OCM Gold Fund apart and aligns the Fund with its shareholders.



Greg received his BS in Economics and Business Administration from Saint Mary’s College of California. Greg is also the president of Orrell Capital Management, investment adviser to the Fund, and received his BS in Economics and Business Administration from Saint Mary’s College of California.

Stijn Schmitz welcomes Garrett Goggin to the show. Garrett Goggin is CFA, CMT, MBA, GOLD ANALYST, & Founder of The Golden Portfolio. In this in-depth discussion, Goggin provides a comprehensive overview of the current gold market, highlighting significant global financial shifts and unprecedented economic conditions driving gold's value. Goggin argues that the current gold market is fundamentally different from previous cycles, citing massive U.S. debt (now at $37 trillion), foreign central banks moving away from U.S. treasuries, and increasing gold purchases.

Garrett believes the gold market has substantial room for growth, noting that average investors currently have less than 1% of their assets invested in gold. The analyst is particularly bullish on gold mining companies, especially developers with undervalued assets. He emphasizes finding opportunities where market valuations significantly lag the intrinsic net asset value (NAV) of mining projects. Goggin's investment strategy focuses on high-grade exploration projects, developers near production, and royalty companies, which he considers the lowest-risk gold investment strategy. Management quality is crucial in Goggin's analysis. He looks for executives who create shareholder value, avoid excessive dilution, and have a track record of building successful mining operations.

His portfolio approach involves equal-weighting investments across multiple holdings, allowing winners to naturally grow in portfolio allocation. Regarding market sentiment, Goggin believes the "masses aren't here yet" in the gold market. He anticipates institutional investors will be "drawn kicking and screaming" into gold as traditional assets become overvalued.

He's especially interested in the potential silver market, which he sees as currently undervalued relative to gold. Goggin's Golden Portfolio, which includes royalty investments and developer/explorer positions, has reportedly achieved impressive returns, with his GPIV product up 500% in two years. He remains confident that significant value opportunities exist in the gold mining sector, driven by fundamental economic shifts and undervaluation of quality mining assets.

Timestamps:
00:00:00 - Introduction
00:00:55 - Garrett's Background
00:01:46 - Current Gold Price Analysis
00:06:28 - Quantitative Easing Impacts
00:10:32 - Historical Gold Boom Parallels
00:13:59 - Grasberg Mine Slippage Issues
00:16:24 - Large Gold Miners Evaluation
00:19:14 - Miner Investment Criteria
00:24:15 - Royalty Companies Advantages
00:27:28 - Management Quality Assessment
00:31:26 - Portfolio Allocation Strategies
00:34:40 - Silver Market Outlook
00:39:41 - Golden Portfolio Overview
00:40:50 - Concluding Thoughts

Guest Links:
Website: https://GoldenPortfolio.com
X: https://x.com/GarrettGoggin

Garrett Goggin's career began in 1995 at the New York Stock Exchange, where he filled orders amidst the specialist booths. The NYSE was the economic heartbeat, its vibrant atmosphere pulsing with price adjustments following breaking news. Post-NYSE, Goggin joined a derivative arbitrage firm based in the UK and Ireland, marking his introduction to this niche trading strategy.

However, his fascination lay in gold, silver, and commodities. In contrast to the unpredictability of longer-term investments, these markets offered a sense of control. Goggin's conviction was that mastery of commodity markets wasn't contingent on luck but knowledge.

His quest for gold and silver took him across continents, visiting numerous mines and conversing with their overseers. For over fifteen years, he partnered with esteemed research entities Gold Stock Analyst and Stansberry Research,...

Stijn Schmitz welcomes Tavi Costa to the show. Tavi Costa is Macro Strategist at Crescat Capital. Costa shares a compelling personal journey from Brazil, where experiencing hyperinflation shaped his financial perspective, to becoming a tennis player and eventually a finance professional. His background in macro analysis has enabled him to identify significant market turning points, such as predicting China's potential economic challenges and the emerging commodity trends. Costa emphasizes the importance of independent research and developing strong conviction in investment strategies.

He discusses the current bullish environment for gold and silver, highlighting a notable chart showing central banks increasingly preferring gold over treasuries. He believes the current gold market has substantial potential, potentially surpassing historical performance due to unprecedented economic conditions. Regarding silver, Costa presents an intriguing 45-year cup and handle technical pattern, suggesting the potential for silver prices to reach triple digits. He argues that limited silver exploration assets and increasing demand from various sectors could drive significant price appreciation. Moreover, he sees tremendous opportunity in mining companies, noting their impressive profit margins and potential for institutional attraction.

Costa is also becoming bullish on energy, presenting a contrarian view based on declining oil inventories, reduced drilling activities, and potential increased energy consumption from technological developments like AI. He sees the energy sector as an undervalued asset class with significant medium-term potential.

At Crescat Capital, Costa focuses on early-stage exploration companies, employing a venture capital approach in the mining space. He believes in actively helping management improve capital allocation and exploration strategies. His investment philosophy centers on identifying intrinsic value in companies before market recognition, with a particular focus on metals and resources. Throughout the discussion, Costa emphasizes flexibility in investment thinking, the importance of independent research, and the potential for significant shifts in market perception toward traditionally underappreciated sectors like mining and energy.

Timestamps:
00:00:00 - Introduction
00:00:31 - Welcoming Tavi Costa
00:00:59 - Tavi's Early Background
00:04:31 - Macro Expertise and Conviction
00:09:24 - Gold vs Treasuries Chart
00:15:08 - Silver Cup and Handle
00:19:12 - Silver Supply and Demand
00:22:45 - Miners Profit Margins
00:27:42 - Crescat Portfolio Positioning
00:32:28 - Bullish Oil and Energy
00:38:11 - Concluding Thoughts

Guest Links:
X: https://x.com/tavicosta
X: https://x.com/crescat_capital
Website: https://crescat.net
LinkedIn: https://www.linkedin.com/in/otavio-tavi-costa-76368628

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,

Stijn Schmitz welcomes Shawn Khunkhun to the show. Shawn Khunkhun is CEO, President, & Director, Dolly Varden Silver Corp. In this podcast, Khunkhun provides an in-depth analysis of the silver market, highlighting its unique position as both a monetary and industrial metal. With a background rooted in mining and precious metals, Khunkhun is deeply bullish on silver, believing the current market conditions are exceptionally favorable.

Khunkhun emphasizes that silver is experiencing a significant supply deficit, consuming 200-250 million ounces more annually than current production and recycling can provide. He argues that silver is critically important in the emerging green economy, being essential for solar panels, electric vehicles, and various industrial applications. Historically, silver has maintained a 10-15:1 ratio with gold, which aligns with its natural abundance in the earth's crust.

The discussion reveals that silver is currently trading well below its inflation-adjusted historical highs, suggesting substantial potential for price appreciation. Khunkhun predicts silver could breakthrough $50 and potentially reach $75 or even $150 when accounting for inflation. He points to increasing monetary demand, central bank interest, and growing investor awareness as key drivers for silver's potential surge.

Regarding investment strategies, Shawn recommends various approaches for exposure to silver, including physical bullion, royalty companies like Wheaton Precious Metals, silver-focused ETFs, and primary silver mining companies. He highlights the limited number of primary silver producers and the challenges of developing new mining projects. He is particularly optimistic about silver's long-term prospects, citing fundamental supply constraints, increasing industrial demand, and its role as a hedge against inflation and economic uncertainty. Shawn believes the current market represents a unique opportunity for investors to gain exposure to a historically undervalued asset with significant potential for growth.

Timestamps:
00:00:00 - Introduction
00:00:52 - Sean's Personal Background
00:02:38 - Why Silver Now
00:04:18 - Silver Price Crunch Explained
00:10:51 - Demand Dynamics Breakdown
00:15:07 - Central Bank Silver Demand
00:16:33 - Investor Demand Awakening
00:20:19 - Mining Supply Challenges
00:22:35 - Recycling Supply Potential
00:26:06 - Historical Price Parallels
00:32:03 - Gold Price Targets
00:34:33 - Price Suppression Discussion
00:36:26 - Investing in Silver Miners
00:40:05 - Concluding Thoughts

Guest Links:
Website:: https://dollyvardensilver.com
X: https://x.com/SilverVarden
LinkedIn: https://www.linkedin.com/company/dolly-varden-silver-corp
YouTube: https://www.youtube.com/channel/UCK4YE6ftyxv4G-6zu9BYJvgerved=0

Mr. Shawn Khunkhun has over 20 years of expertise in capital markets and mineral exploration, with a strong focus on creating shareholder value. Over his career, he has facilitated over $2 billion in capital raises, playing a transformative role in advancing exploration, development, and production companies. In his leadership roles as CEO, Director, and Executive Chairman, Mr. Khunkhun has been instrumental in elevating the profiles of undervalued companies and driving strategic growth.

Mr. Khunkhun’s success in incubating and scaling companies through capital raises, acquisitions, and spinouts is powered by an extensive network of high-net-worth investors, private equity, institutional investors, analysts,

Stijn Schmitz welcomes Adrian Day back to the show. Adrian Day is CEO of Adrian Day Asset Management. In this comprehensive discussion, Day provides insights into the current precious metals market, highlighting several key trends and investment opportunities. Day argues that the fundamental reasons for gold investment remain strong, particularly from central banks and wealthy individuals concerned about fiscal instability. Central banks continue to diversify away from dollar assets, with dollar holdings in foreign reserves dropping from 75% to around 47.5% in recent years. This trend, coupled with geopolitical tensions and concerns about dollar weaponization, suggests continued gold purchasing.



Regarding market dynamics, Day notes that generalist investors are beginning to show increased interest in gold. Recent data shows significant inflows into gold-related ETFs, with $3.3 billion entering the GLD in just one month. He believes the current economic environment - characterized by potential interest rate cuts, stubborn inflation, and a weakening dollar - creates an ideal scenario for gold investment. Day sees significant potential in gold mining stocks, arguing that despite recent price increases, valuations remain attractive. He highlights opportunities in both large-cap producers like Barrick and intermediate-sized companies like Equinox.



For silver, he suggests the market remains promising, with potential for meaningful price increases due to unique supply and demand characteristics. In the exploration and junior mining sector, Day sees substantial untapped potential. Many companies remain undervalued, and he believes the broader sector has yet to experience a significant uplift. He emphasizes the importance of patience and quality management when investing in exploration companies.



Regarding other metals, Day expresses particular enthusiasm for silver and maintains a neutral stance on oil, preferring to focus on gold, silver, copper, and uranium. His investment approach remains globally diversified, sector-agnostic, and focused on understanding the fundamental value of potential investments.



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.

Your host Stijn Schmitz welcomes back Michael Gentile to the show. Michael Gentile is Strategic Investor & Co-Founder of Bastion Asset Management. With a background in finance and commodities, Gentile has developed a unique investment approach in the junior mining sector, combining value investing principles with a contrarian perspective. Gentile's investment strategy is rooted in identifying inefficient market opportunities, particularly in junior resource stocks. He focuses on companies with potential to become mines, looking for key attributes such as grade, scale, infrastructure, and management ownership. His approach involves making initial small investments (around 1% of capital) in companies with promising geological prospects, with the potential to increase stakes as companies demonstrate successful execution.
Michael sees the current commodity cycle, particularly in gold, as being in its early stages. He believes we are entering a period of monetary devaluation, drawing parallels to the 1970s economic environment. Gentile argues that the unprecedented levels of government debt and the challenges of managing interest rates create a favorable backdrop for gold and other hard assets. His due diligence process is comprehensive, examining factors like drilling efficiency, management ownership, and jurisdictional risks.
Unlike many investors, Michael prefers 100% ownership of projects and is cautious about joint ventures or royalty companies. Gentile looks for companies with the potential to become significant producers, focusing on the valuation and future potential of investments. Gentile's investment philosophy emphasizes long-term thinking, often holding investments for 3-10 years and looking for opportunities where he can potentially make 20-50 times his initial investment. He is currently most bullish on gold, with secondary interest in copper and a watchful eye on oil. As part of his commitment to sharing knowledge, Gentile is planning a European road show in October, bringing six of his key mining investments to meet potential investors across five cities, offering insights into his investment approach and the junior mining sector.
Timestamps:
00:00:00 - Introduction00:01:05 - Entry into Commodities00:03:40 - Competitive Advantage00:06:11 - Making Long-Term Bets00:11:15 - Commodity Cycles Lessons00:18:12 - Current Cycle Stage00:21:02 - Historical Parallels00:30:00 - Current Positioning00:32:30 - Personal Portfolio Allocation00:36:40 - Due Diligence Process00:44:38 - Business Models Variety00:48:50 - Jurisdiction Risk Concerns00:52:00 - Valuation Assessment00:55:26 - Warrants Strategy00:58:55 - Europe Roadshow & Wrap Up
Guest Links:LinkedIn: https://www.linkedin.com/in/michael-gentile-01028552Website: https://www.bastion-am.com/Mining & Metals European Roadshow: https://www.amvestcapital.com/gentile-euro-roadshow-2025
Michael Gentile, CFA is Founding Partner & Senior Portfolio Manager at Bastion Asset Management. Before founding BAM, Michael was Vice President and Senior Portfolio Manager at Formula Growth Ltd for over 17 years. Michael co-managed the FG Alpha Fund (US SMid equity market neutral) between 2012 and 2018, co-managed the FG Focus Fund (US SMid long short strategy) between 2014 and 2018. Since leaving FG in 2018, Michael has been very successful investing in the gold sector also acting as Strategic Advisor and Director for several companies in the natural resource sector. Michael graduated with Great Distinction from the John Molson School of Business (Concordia University) with a Bachelor of Commerce (Finance) and received the Calvin Potter Fellowship from Concordia’s Kenneth Woods ...