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30 afleveringen, van nieuw naar oud
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Douglas Macgregor: The ‘Most Intense’ Operation of Iran War, Boots on The Ground & The Role of Gold
4 november 2026 · 48 min
Colonel Douglas Macgregor, a decorated combat veteran and former advisor to the U.S. Secretary of Defense, joins Palisades Gold Radio to discuss the escalating geopolitical landscape and its implications for global markets. He argues that the world is de-globalizing and the post-1945 order is collapsing, with Washington trapped in a struggle for global hegemony it can no longer afford. Macgregor dismisses any notion of a negotiated resolution in the Middle East, predicting a massive air assault on Iran that will likely fail to achieve its objectives, potentially leading to the use of tactical nuclear weapons—a dangerous precedent that could legitimize their use by other nations. Lees meer
Macgregor highlights the strategic failures of U.S. military power, noting that despite unprecedented defense spending, the U.S. cannot defend its allies against Iranian and Houthi missile attacks. He points to the destruction of Gulf oil infrastructure and the collapse of U.S. credibility as key consequences. This military impotence, combined with financial strain, is accelerating the shift toward resource sovereignty and regional blocs. He emphasizes that the U.S. is losing the competition for critical minerals and rare earths, particularly in Africa, while China and Russia are gaining ground, and suggests that Canada and Latin America offer the best opportunities for U.S. resource security.
On the economic front, Macgregor argues that the Federal Reserve has lost control over inflation and that the U.S. is heading toward financial destruction. He predicts a commodity super cycle driven by underinvestment and geopolitical fragmentation, with gold prices set to rise dramatically, potentially reaching $10,000 an ounce by 2030. He dismisses short-term market fluctuations as noise, framing gold as a long-term hedge against the inevitable deterioration of the U.S. economy and the collapse of the current global financial system.
Timestamps
00:00:00 – Introduction
00:01:21 – Middle East Esca… -
Josef Schachter: ‘Massive Upside’ In Oil Stocks & The Iran War Restart
3 november 2026 · 50 min
Josef Schachter, author and president of the Schachter Energy Report, joins Palisades Gold Radio to assess the global energy system amid shifting Middle East geopolitics. Despite ongoing conflict, crude flows out of the Persian Gulf are running above pre-war levels—Saudi Arabia is even discounting barrels into Asia—yet refined products tell a different story. LNG, sulfur, nitrogen, and fertilizer exports remain constrained, and diesel shortages persist as Ukrainian strikes on Russian refineries remove key supply from global markets. Lees meer
Schachter outlines three scenarios for the Iran conflict and assigns rough probabilities: a durable peace deal (30%), a limited air campaign that resolves nothing (roughly one-third), and a wider regional war (roughly one-third). With WTI near $97 and Brent near $105, he estimates $22–$25 per barrel of risk premium is priced in against an equilibrium value of roughly $75. A credible peace deal, in his view, could take another $20–$25 off crude—but he cautions that restocking strategic reserves, rebuilding damaged infrastructure, and restoring commercial inventories will take time, delaying rather than derailing the commodity super cycle he expects to run into the mid-2030s.
On equities, Schachter argues energy stocks are discounting $70 oil while cash flow multiples of 2–3x sit well below proved developed producing reserve values—a classic cycle-bottom setup. He explains his framework for evaluating producers, the criteria he applies to entrepreneurial names (management track record, large land positions, infrastructure access, and supportive jurisdictions), and why Canadian producers offer cheaper entry points and greater drilling inventory than U.S. peers. He also covers natural gas, where growing LNG export capacity and data-center power demand could unlock higher prices, and outlines where investors can find his research and buy-signal alerts.
Timestamps
00:00:00 – Introduction and Middle East war outlook
00:00:46 – Energy syste… -
Simon Hunt: Imminent Global Oil Shortages, The Iran War Restart & Why The US Empire Ends in 2032
31 oktober 2026 · 45 min
Simon Hunt, a financial and geopolitical analyst, delivers a stark warning about an imminent escalation in the Middle East, arguing that the “House of Saud” is at risk of falling. He details a secret meeting in Tehran between Saudi Arabia’s defense minister and Iran’s security council, suggesting a major realignment. Hunt contends that the Houthi war on Saudi Arabia is a separate conflict that is successfully damaging oil infrastructure, and that a full-scale attack on Iran would lead to the closure of the Strait of Hormuz, crippling global energy supplies. He predicts a period of at least three years of extremely high prices for diesel, gasoline, and fertilizers, culminating in a major financial crash between 2030 and 2032. Lees meer
The conversation frames the current conflicts as a single, coordinated war against the US-led order, orchestrated by Beijing and Moscow. Hunt argues that America’s long-term strategy to control global resources is failing, as Iran is fully backed by Russia and China. He suggests we are witnessing the end of the American empire and the birth of a multipolar world, with a potential for a major war between 2028 and 2032. For investors, he advises a nimble, short-term approach, predicting a recession in 2027 followed by a resurgence of double-digit inflation by 2029.
Hunt’s key actionable takeaways are to treat gold as a security and liquidity hedge, not a speculative trade, and to watch Beijing rather than Washington for the true revaluation of the metal. He highlights that Chinese households have accumulated over 28,000 tonnes of physical gold, which could revalue their economy by $20 trillion. Ultimately, he recommends focusing on short-term market cycles and avoiding long-term investment commitments in the face of extreme volatility and geopolitical risk.
Timestamps:
00:00:00 – Introduction
00:01:34 – Iran War Restart Analysis
00:03:11 – Houthi War on Saudi Arabia
00:06:42 – Strait of Hormuz Closure Threat
00:09:32 – Second Strike Odds & US … -
Michael Every: Resources Are The Real Driver of War – The Iran War Restart
30 oktober 2026 · 57 min
Michael Every argues that the current geopolitical landscape is defined by a single, multi-front conflict between the US and China, with the wars in the Middle East and Ukraine serving as key battlegrounds. He predicts a re-escalation of the US-Iran conflict immediately after the US midterm elections, viewing it as a deliberate US strategy to destabilize global energy and commodity supply chains. The core objective, he suggests, is not necessarily to seize resources, but to create a “two-speed” world where the US and its allies have cheaper, more reliable access to critical inputs like oil, LNG, and food, while adversaries like China face far higher costs and logistical hurdles. Lees meer
A surprising data point Every highlights is the massive divergence in global oil prices. While Brent crude futures may sit around $115, the actual cost of a barrel of Middle Eastern crude delivered to Shanghai can be as high as $150 due to war risk insurance, longer shipping routes around Africa, and a shortage of tankers. In contrast, Canadian crude delivered to the US via pipeline costs roughly $70. This deliberate fragmentation of commodity markets, he argues, is a powerful, underappreciated tool of US statecraft, mirroring China’s dominance in rare earths. He also notes that shipping a barrel from the Persian Gulf to Asia now costs $20-30, up from a normal $2-3, illustrating the extreme tightness in refined product markets.
The key actionable takeaway for investors and businesses is to prepare for a world of “higher for longer” inflation and interest rates, driven by the expensive process of rearmament, reindustrialization, and supply chain restructuring. Every advises against assuming a return to the free-flowing, low-cost global economy of the past. He is skeptical of a return to a gold standard, arguing that governments will need “soft money” to finance this expensive geopolitical competition. Instead, he recommends focusing on resilience, diversification, and understanding that ph…
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Chris Vermeulen: The Financial Reset, When Gold WIll Bottom & Oil to ‘Push Higher’
29 oktober 2026 · 38 min
Chris Vermeulen, Chief Market Strategist at TheTechnicalTraders.com, joins Palisades Gold Radio to deliver a critical technical analysis of the current market landscape. He issues a stark warning: gold and silver have officially entered a bear market, with charts pointing to significant further downside. Vermeulen identifies key Fibonacci retracement targets, suggesting gold could fall to the $3,100–$3,300 range and silver toward $39 per ounce. He advises investors to remain patient and wait for these technical bottoms before re-entering, emphasizing that precious metals should be treated as an insurance policy rather than a momentum trade. Lees meer
The conversation pivots to the broader equity markets, where Vermeulen highlights a critical juncture. He notes that while a potential 50% rally in semiconductors is possible, the on-balance volume reveals massive institutional distribution, signaling a likely sharp break to the downside if current support fails. He connects the AI stock bubble directly to the escalating debt bubble, warning that leveraged margin buying is propping up the market. Vermeulen advocates for a disciplined approach: holding cash as a powerful strategic position, waiting for clear directional signals, and focusing on high-probability, low-volatility trades that compound over time. He also provides insights on oil, uranium, and copper, urging caution in crowded trades.
Timestamps:
00:00:00 – Gold and Silver Enter Bear Market
00:01:12 – Gold’s Downside Targets and Support
00:04:27 – Fibonacci Retracement Levels for Gold
00:06:47 – Long-Term Bull Case and Entry Strategy
00:09:50 – War and Gold Correlation Explained
00:11:42 – Money Rotation from Tech to Broad Market
00:12:55 – Semiconductor Chart and Market Signals
00:16:32 – AI Bubble Tied to Debt Bubble
00:20:20 – Oil Price Targets and Middle East Risk
00:22:29 – Energy Stocks vs. Crude Oil
00:24:12 – Uranium Divergence and Outlook
00:27:08 – Silver’s Downside and Support Levels
00:29:48 – Platinum an… -
The Largest & Highest Grade Uranium Mine In Africa – And Palisades Owns 9%
23 oktober 2026 · 32 min
Check out the Palisades Newsletter, here:
https://palisades.ca/blog/the-hard-road-to-dasa-palisades-largest-uranium-position-secures-us414m-loan-from-u-s-government/ Lees meerStijn Schmitz welcomes Stephen G. Roman to the show. Stephen is the Chairman, President and CEO of Global Atomic. The discussion centers on Global Atomic’s DASA uranium project in Niger, which stands as the highest-grade uranium deposit in Africa. Stephen recounts his lifelong involvement in uranium, from his father’s discovery in Elliot Lake to incorporating Global Atomic in 2005 and securing permits in Niger’s Tim Mersoï Basin.
The DASA deposit was discovered in 2010, but development was delayed by the Fukushima disaster and a decade-long uranium downturn. Despite these challenges, the company advanced feasibility studies, obtained a mining permit in 2021, and began underground mining in 2022, leveraging the experienced workforce from the shuttered Cominak mine. A pivotal moment came with the July 2023 coup in Niger, which caused most international operators to lose their uranium assets. Global Atomic retained its permits because it had strictly followed Niger’s mining code, having commenced mine construction within the required timeframe, unlike other companies.
Find Out More About Palisades Goldcorp, Canada’s Leading Junior Resource Investment Company:
► Website: https://palisades.caPalisade Radio Links:
► Website & Newsletter: https://palisadesradio.ca
► Rumble: https://rumble.com/c/c-1586024The coup caused a two-year delay, but the company maintained its team and restarted development once borders reopened. Stephen details the recent approval of a $414 million loan facility from the U.S. Development Finance Corporation (DFC), which required re-educating new board members after the U.S. election. Remaining conditions include securing a shipping port and harmonizing the mining permit tenure with the loan. Options include ports in Algeria, Nigeria, or Benin, with logistics being actively nego…
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Brett Rentmeester: The US Will ‘Return to Gold’, Imminent Debt-Spiral & The Fourth Turning
23 oktober 2026 · 51 min
Brett Rentmeester, founder of Windrock Wealth Management, argues that we are entering a “Fourth Turning”—a roughly 100-year crisis cycle in American history, following the American Revolution, Civil War, and Great Depression/WWII. He identifies four major tailwinds that powered the last 40 years of conventional investing (falling inflation, falling interest rates, rising equity multiples, and massive debt accumulation) as now reversing into headwinds. With US debt at $40 trillion, interest payments consuming 28% of tax revenue, and the 10-year Treasury at 5.1%, Rentmeester warns of a “death by a thousand cuts” rather than an outright default—characterized by financial repression, higher inflation, and eroding purchasing power. Lees meer
Rentmeester highlights a critical duality: while the old system cracks, the US retains advantages in technology (AI, robotics, energy abundance) and dollar infrastructure (stablecoins, treasury-backed crypto rails). He recommends a playbook shift away from the traditional 60/40 stock-bond portfolio toward hard assets—precious metals (gold, silver), energy infrastructure, strategic metals, and defense technology. He notes gold’s potential for “much higher” revaluation if governments are forced to back fiat currencies with bullion, citing Judy Shelton’s advisory role to the Fed and central bank accumulation as evidence. Key data points include the CAPE ratio at 40.5 (near dot-com peak), healthcare insurance costs rising 22% annually versus government-reported 2.5% CPI, and the average car payment at $787/month.
Investors should expect higher inflation and interest rates over the next decade, making bonds selectively risky and equity index returns likely to disappoint. Rentmeester advocates owning physical precious metals held outside the banking system, adding mining equities and tactical paper contracts as part of a three-pronged metals strategy, and maintaining exposure to energy infrastructure, natural gas, and strategic metals (copper, ur…
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Rory Johnston: ‘Ragingly Tight’ Diesel Markets, Skyrocketing Inflation & The Escalating Iran War
21 oktober 2026 · 47 min
Rory Johnston, founder of Commodity Context and host of the Oil Ground Up podcast, joins Palisades Gold Radio to dissect the current energy crisis. He argues that while the market has avoided outright shortages in the West, the war has created a “balkanized” global oil market. The primary issue is not just crude supply, but a severe crisis in refining capacity, particularly for middle distillates like diesel and jet fuel. Diesel crack spreads have hit unprecedented levels (near $100-$120 a barrel), driven by a combination of the Iran war, Ukrainian attacks on Russian refineries, and Houthi strikes on Saudi infrastructure. This has led to a million to 1.5 million barrels per day loss in diesel supply, with emerging markets like Indonesia feeling the pain of outright shortages first. Lees meer
Johnston highlights the compounding effect of skyrocketing shipping costs, which have risen tenfold due to the inefficient “dark transit” system in the Strait of Hormuz and attacks on vessels. This has fractured the global market into isolated pockets of oversupply and undersupply, making it expensive to arbitrage regional imbalances. He is skeptical of political fixes, dismissing the Trump-Putin diesel deal as a “drop in the bucket” (roughly 125,000 barrels per day) and warning that a US diesel export ban would be counterproductive, as it would reduce refining incentives and spike global prices. The only durable solutions, he argues, are ending the wars in Ukraine and the Middle East.
Looking ahead, Johnston sees a potential scenario where crude prices fall (even to $60) while diesel remains expensive ($150-$160) due to lingering refining constraints. He notes that the market is still in a deficit of 2-3 million barrels per day, drawing down stockpiles, but believes a resolution to the Iran war could flip crude into oversupply. A key wildcard is China, which could loosen its export quotas and provide critical diesel supply through the winter, as it did in 2022-2023. He also flags that…
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Bob Moriarty: We’ll Be ‘Lucky’ If Oil Doesn’t Go To $400 – The Biggest Economic Disaster in History
16 oktober 2026 · 1 uur 7 min
Stijn Schmitz welcomes Bob Moriarty to the show. Bob Moriarty is Author, Founder 321 Gold, & Former Marine Fighter Pilot. The discussion centers on escalating Middle East conflicts, particularly the Houthi attacks on Saudi Arabia and the broader geopolitical brinkmanship involving Iran, Israel, and the United States. Lees meer
Moriarty argues that current events stem not from grand strategy but from human stupidity, as outlined in classic texts on crowd madness. He contends that the U.S. and Israel are waging a voluntary war that serves only to protect political figures like Benjamin Netanyahu and Donald Trump, with no tangible benefit and enormous risks. Saudi Arabia, he suggests, could unilaterally end the conflict by pursuing peace, but its leadership remains blinded by wealth and hubris.
Timestamps:
00:00:00 – Introduction
00:01:27 – Middle East Geopolitics Overview
00:04:42 – Houthis Saudi Conflict History
00:09:20 – Saudi Economic Vulnerability Discussed
00:14:02 – Energy Market Implications Analyzed
00:16:48 – Escalation Risks and Politics
00:28:15 – Emerging Global Fuel Shortages
00:34:00 – Europe Energy Crisis Deepens
00:38:24 – Oil Price Outlook and Manipulation
00:44:33 – Gold Role in Crisis
00:54:15 – Gold Reset Concerns Raised
01:05:55 – Concluding ThoughtsGuest Links:
Website: http://www.321gold.com
Amazon: https://www.amazon.com/Robert-Moriarty/e/B01A9I4TJU?ref=sr_ntt_srch_lnk_3&qid=1599932580&sr=8-3
Bob Moriarty founded 321gold.com with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind, and nuclear energy. Both sites feature articles, editorial opinions, pricing figures, and updates on both sectors’ current events. Previously, Moriarty was a Marine F-4B and O-1 pilot, with more than 832 missions in Vietnam. He holds fourteen international aviation records.
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Trader Ferg: Fuel Rationing, ‘Hard To Go Wrong’ With Gold Miners & Platinum To Outperform
15 oktober 2026 · 49 min
Stijn Schmitz welcomes Trader Ferg to the show. Trader Ferg is a Full-time Trader and is the Author of the Trader Ferg Substack. The discussion opens with a vivid illustration of emerging fuel shortages, as Trader Ferg shares images of long queues at his local petrol station in Bali, a symptom of diesel and product tightness spreading across Asia. He argues that governments avoid admitting scarcity, instead running down strategic reserves, but this dynamic sets the stage for a prolonged “big refill” cycle that will keep crude and refined products tight for years. He cautions that markets are complacently expecting a quick resolution, while the reality points to sustained supply constraints. Lees meer
Trader Ferg highlights the investment opportunity in underappreciated energy equities, favoring high-quality, cash‑generating companies with strong shareholder yields, such as Shell, over direct commodity futures. He extends this thesis to thermal coal, which he sees benefiting from Asia’s energy security pivot and substitution away from expensive LNG, supported by supply disruptions and a lack of new investment. The conversation then shifts to gold and precious metals. Trader Ferg remains a long‑term gold bull given the deteriorating US fiscal position, but he emphasizes the importance of diversifying into platinum and palladium. PGMs offer tighter supply dynamics, concentrated production in South Africa, and resilient demand from hybrid vehicles, making them less vulnerable to government confiscation risks that could threaten gold.
Throughout, Trader Ferg stresses aligning investment vehicles with long‑term theses, seeking cheap valuations with double‑digit shareholder yields, and avoiding obvious political targets. He notes the non‑consensus nature of energy trades and the potential for explosive moves in compressed markets like coal and uranium. The episode concludes with a nod to frontier market opportunities and a reminder to position ahead of policy desperation, as gove…
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Jeff Phillips: ‘Especially Now’ Huge Opportunity in Junior Miners | Finding 10-Baggers
14 oktober 2026 · 48 min
Stijn Schmitz welcomes Jeff Phillips to the show. Jeff Phillips is Private Investor & President, Global Market Development. Jeff Phillips sees the current pullback in precious metals and junior miners as a buying opportunity within a longer-term commodity super cycle driven by underinvestment, supply chain concerns, and inflationary currency debasement. He cautions that short-term timing remains uncertain, so maintaining cash and avoiding overleverage is essential. Phillips focuses on junior exploration and development companies, typically entering at $5 to $40 million market caps, and stresses that management quality and share structure matter more than geology alone. He looks for experienced teams with significant insider ownership and long-term shareholders rather than warrant flippers. His portfolio includes roughly twelve to eighteen core positions, with about a quarter in prospect generators, which he considers lower risk due to project-level joint venture dilution. He also sees potential in junior royalty models, citing Empress Royalty as an example of a smaller company succeeding through experienced leadership and deal flow advantages. Phillips highlights current tax-loss selling as a seasonal opportunity, noting many resource stocks trade well below highs into late fall and often re-rate into the new year. He encourages investors to study 52-week ranges, ensure companies have sufficient cash, and consider whether they seek short-term trades or multi-year holdings. He also discusses emerging artificial intelligence applications in exploration through Geomorphic AI, which uses data fusion and pattern recognition to identify overlooked mineral targets more quickly. Overall, Phillips reiterates that disciplined speculation, strong management alignment, and long-term conviction are key to navigating the junior resource space. Lees meer
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David Hunter: Imminent Global Depression ‘Bigger Than 2008’, Big Reversal Coming For Gold
9 oktober 2026 · 55 min
Stijn Schmitz welcomes David Hunter to the show. David Hunter is Chief Macro Strategist with Contrarian Macro Advisors. Hunter presents a deeply contrarian outlook, arguing that the extreme bearishness in the bond market signals a major bottom in bonds and a top in interest rates, particularly the 10-year Treasury. He believes the current narrative of an inescapable fiscal trap and higher rates is already priced in, and he expects oil prices to roll over into the $60 range, contributing to a downside surprise in inflation as the economy slows. Despite this, Hunter maintains a near-term bullish stance on equities, forecasting a final, euphoric melt-up that could push the S&P 500 to 10,000 within months. He notes the unusual phenomenon of all-time highs in major indices coinciding with subdued or bearish investor sentiment, which he views as supportive of further gains. However, this rally represents the terminal phase of a 44-year secular bull market. Hunter predicts this will culminate in a historic global bust, a deflationary crash potentially worse than 2008-2009, driven by extreme global leverage and derivatives. He anticipates an 80% decline in equities, with policymakers initially reluctant to deploy massive stimulus, causing a severe air pocket. Following this bust, Hunter outlines a subsequent cycle where massive money printing triggers hyperinflation. This environment will fuel an explosive, multi-year bull market in commodities, with gold potentially reaching $20,000 and silver $1,000 by the early 2030s. He sees the precious metals mining sector as exceptionally undervalued, poised for a tremendous run as institutional investment flows in, supported by disciplined management and strong earnings. Hunter’s long-term thesis concludes with a final systemic collapse in the mid-2030s when hyperinflation renders further money printing impossible. Lees meer
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Tavi Costa: On The Cusp of The Next Depression, The Gold Reset & Financial Repression
8 oktober 2026 · 58 min
Stijn Schmitz welcomes Tavi Costa to the show. Tavi Costa is Founder & CEO of Azuria Capital LLC. Costa argues that the U.S. is approaching a fiscal breaking point, emphasizing that current bond yields are unsustainable when measured against record debt levels. He notes that with over a quarter of U.S. debt rolling over in the next twelve months at higher rates, the situation is becoming increasingly asymmetric. He predicts eventual intervention through yield curve control or other mechanisms to suppress yields and weaken the dollar, which would benefit hard assets, mining, and emerging markets. Costa sees a global sovereign debt dilemma eroding confidence in instruments backed only by military strength rather than tangible assets. He believes this paradigm shift echoes the 1940s but with even higher equity valuations today. Gold’s resilience alongside rising yields signals, in his view, that the market is pricing in an inevitable monetary reset or remonetization of gold. He highlights that gold backing for U.S. Treasuries has fallen from fifty percent to just three percent, implying a massive revaluation would be needed to restore discipline. Geopolitical conflicts are seen as symptoms of overwhelming debt, further fueling the thesis for hard assets. Costa’s investment strategy focuses on a few concentrated macro themes: mining, Latin America, and energy. He structures his mining portfolio using a three-tier framework combining cash-flowing producers, strategic developers, and bold exploration companies. He finds silver miners particularly attractive due to strong balance sheets and high free cash flow yields. Costa cautions against chasing critical metals purely on narrative, advocating a first-principles focus on business quality. He is launching Azuria Capital with a mining fund embodying this approach, aiming to capitalize on what he views as a generational opportunity in the resource space. Lees meer
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Justin Huhn: The Uranium Blow-Off Top, AI Hyper-Scalers & ‘Huge Value’ in The Miners
1 oktober 2026 · 53 min
Stijn Schmitz welcomes Justin Huhn to the show. Justin Huhn is Founder & Publisher of Uranium Insider Pro. Justin Huhn presents a firmly bullish outlook for uranium, describing the current phase as the middle of a long-term secular bull market. The most critical forward indicators, he argues, are the terms in the long-term contracting market, where suppliers are now securing agreements with high floors and often no ceilings, signaling a market where security of supply is beginning to outweigh price sensitivity. He notes that supply has failed to respond adequately to demand, with greenfield projects moving slowly, while a combination of reactor restarts, life extensions, and an unprecedented global build-out of around 80 reactors is underpinning a structural deficit that will persist for five to seven years. A major new demand driver is the entry of hyperscalers and big tech, who are not only signing power purchase agreements but also exploring SMRs, with hundreds of units in planning. Although SMR demand is conservatively modelled to materialize only after 2030, Huhn expects actual construction starts much sooner to trigger early fuel procurement, adding further competition for available pounds. On the supply side, he dismisses the notion that new mine supply will pressure prices, emphasizing that developers like NexGen are likely to sell responsibly into term markets on similarly bullish terms, meaning extra production will not dent the price trajectory. The spot market has been quiet, but Huhn views current equity weakness as a significant value opportunity, given the deep disconnect between physical market strength and stock prices. He advocates a dynamic trading approach that uses physical market signals, charting, and sentiment to trade around the core long-term bull thesis, which has allowed his portfolio to outperform in this environment. Ultimately, Huhn forecasts uranium prices well above $200 per pound, supported by inelastic demand and a multi-year supp… Lees meer
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John Feneck: Why These Critical Metals Will Explode Higher, ‘Uncharted Territory’ For Gold
1 oktober 2026 · 37 min
Stijn Schmitz welcomes John Feneck to the show. John Feneck is CEO Feneck Consulting Group. The conversation begins with gold’s recent consolidation, noting it has turned negative year-to-date and is down around 5%. Feneck asserts the bull case remains intact, citing support at 3,900–4,000 and dismissing comparisons to the 2016 rate cycle because the Federal Reserve lacks room for aggressive hikes. He highlights Fed Chair Worsh’s hawkish rhetoric as a temporary headwind but points to improving inflation data and a divided policy landscape. The bond market saw a notable intervention by Scott Besson in August, which briefly buoyed sentiment before the Fed’s Jackson Hole messaging reversed gains. Geopolitical tensions—wars in Ukraine and the Middle East, plus U.S. election uncertainty—create a favorable backdrop for gold, though markets have become somewhat desensitized. Shifting to mining equities, Feneck describes a hub-and-spoke portfolio strategy, using GDX and GDXJ as core holdings and adding select junior explorers and developers. He favors close-ology plays where management holds significant equity and major miners like Agnico Eagle are logical consolidators. He mentions Opal Weka Explorations, eye metal, Lahonton Gold, Sonora Gold, and Cartier Resources as examples, emphasizing the potential for outsized returns through takeovers or rerating. On valuation, he contrasts his short-term, catalyst-driven approach with the more bullish long-term price assumptions used by peers. The discussion then turns to critical minerals, particularly tungsten, where Feneck sees a structural supply deficit and limited investment vehicles. He details positions in KAZR, Guardian, Western Star, and Spartan, and also highlights First Tellurium for its drone battery technology. Jurisdiction is key; he favors companies pivoting to U.S.-aligned regions and notes improving conditions in Colombia and Argentina. For defense metals, patience is required, with some holdings not reaching pro… Lees meer
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Florian Grummes: Food Shortages, Inflationary Spiral & Why Gold Miners Will Benefit ‘Tremendously’
30 september 2026 · 46 min
Stijn Schmitz welcomes Florian Grummes to the show. Florian Grummes is Founder & Managing Director of Midas Touch Consulting. The discussion opens with concerns about equity markets at all-time highs, rising Treasury yields, and Middle East energy disruptions. Grummes argues the financial system is walking on a tightrope, but central banks will continue printing money to sustain the “paper Ponzi scheme,” delaying any systemic break. He sees the US midterm elections as a near-term uncertainty, expecting markets to struggle until then, followed by a possible year-end rally. On energy, he believes oil prices are being managed and warns that a proposed US diesel export ban could severely stress Europe, potentially leading to supply chain issues and food shortages, advising listeners to prepare by stocking essentials. Grummes remains bullish on oil producers, citing a strong uptrend, and foresees an inflationary spiral driven by rising bond yields and money supply expansion. He emphasizes that gold’s fundamental drivers are intact: central bank buying, Asian demand, a shift from bonds to precious metals, and ongoing liquidity injections. Technically, gold is in a correction since January, with support around $4,000; a break below could target $3,500, but he views dips as buying opportunities. He highlights the long-term secular bull market in gold and expects miners to benefit from healthy margins and strong balance sheets, though near-term tax-loss selling may create pressure. For mining investments, he stresses the importance of management track record, jurisdictional safety, concentrated portfolios, and having an exit strategy. He favors stocks with declining volume on pullbacks, indicating weak hands are being squeezed out. Grummes concludes by inviting listeners to his website and Substack for daily and weekly analysis. Lees meer
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Rick Rule: A ‘Generational Opportunity’ In Gold Miners, ‘Substantially’ Higher Gold Prices Ahead
25 september 2026 · 56 min
Stijn Schmitz welcomes Rick Rule to the show. Rick Rule is Investor, Speculator, Founder & CEO of Rule Investment Media. Rick Rule begins by discussing his current focus on preparing for increased market volatility by deeply re-valuing his major holdings, emphasizing the importance of understanding value over price to capitalize on market fluctuations. He notes that while few sectors are truly hated now, geopolitical war zones and lesser-known jurisdictions like Ivory Coast and Kazakhstan present unique opportunities. Addressing gold, Rule expresses a substantially higher outlook over five years, though he warns of short-term headwinds from rising US interest rates. He draws parallels to the 1970s, explaining that high interest rates and a rising gold price can coexist if driven by inflation fears, but also highlights the current environment's worse government debt ratios and less favorable demographics, balanced by technological advances. The conversation shifts to gold miners, with Rule bullish on their potential to outperform the metal due to structural underinvestment in exploration, driving significant merger and acquisition activity. He identifies strategic, tactical, and arbitrage-driven acquisitions as key themes for the sector, noting that single-asset producers are prime takeover targets. On energy, Rule remains long-term bullish on oil due to chronic underinvestment in sustaining capital, though he cautions that a near-term resolution to geopolitical conflicts could cause a sharp price drop. He concludes with advice for resource investors: do the necessary fundamental work, maintain patience for multi-year holds, and cultivate tolerance for volatility. Finally, Rule directs listeners to his free resources at ruleinvestmentmedia.com, the Rule Classroom, and his bank, Battle Bank. Lees meer
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Col. Douglas Macgregor: This Is a ‘Complete Disaster’ – The Energy Crisis Will Get Much Worse
24 september 2026 · 43 min
Stijn Schmitz welcomes Col. Douglas Macgregor to the show. Col. Douglas Macgregor is Retired U.S. Army Colonel & Decorated Combat Veteran. Macgregor opens with a stark assessment that the global energy structure is being destroyed, warning that the situation will worsen significantly. He dismisses the notion of an imminent diplomatic deal with Iran, stating that trust has evaporated and Iran now holds the strategic initiative, effectively controlling oil traffic in the Strait of Hormuz. He estimates that only a fraction of normal oil shipments are moving, with tankers forced to pay tolls to Iran, while simultaneous U.S. efforts to punish compliance have made insurance impossible. The disruption extends to the Red Sea, where attacks on infrastructure have halted Saudi oil shipments to Europe, potentially removing 35% of the world’s oil from the market. This energy shock is only beginning to be felt in Europe and has prompted discussions in the U.S. about banning diesel exports, a move Macgregor sees as indicative of the crisis’s severity. The conversation expands to the broader geopolitical and financial implications. Macgregor argues that the petrodollar system is effectively dead, with the U.S. waging war to restore dominance, particularly against Iranian resistance. He criticizes the American tendency to project its own mindset onto nations like China and Russia, leading to strategic miscalculations. He warns that President Trump’s rhetoric suggests a dangerous escalation, potentially including nuclear options, which would finish off the global energy structure. Macgregor sees the markets as grossly underestimating the potential for complete disaster, making gold an essential investment. He notes that central banks continue to stockpile gold and that the BRICS nations are actively building parallel financial structures to circumvent the dollar, a trend forced by U.S. sanctions. He concludes that the West, particularly the U.S., faces a period of extreme internal … Lees meer
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Michael Gentile: Gold Suppression, Bond Markets ‘Revolting’ & Why Juniors Will Outperform
19 september 2026 · 51 min
Stijn Schmitz welcomes Michael Gentile to the show. Michael Gentile is Strategic Investor & Co-Founder, Bastion Asset Management. Michael Gentile maintains a strongly bullish long-term outlook on gold, viewing the recent price consolidation from its highs as a normal pullback within a broader bull market. He emphasizes that his conviction is backed by significant personal capital deployment, having made his largest-ever quarterly allocation to junior mining companies during the recent downturn. He argues that the fundamental drivers for gold remain firmly intact, pointing to unsustainable global debt levels and a revolt in the bond markets as investors increasingly seek hard assets over devaluing paper currencies. He anticipates that central banks will eventually be forced to intervene to suppress bond yields, an action he believes will serve as turbo fuel for gold prices. Gentile sees a historic opportunity in junior mining equities, which he believes are dramatically undervalued relative to the gold price. He explains that while all-in mining margins have expanded massively, the market is still pricing many in-ground ounces at the same low levels seen when margins were a fraction of what they are today. Recent high-profile acquisitions at valuations of five to six hundred dollars per ounce validate his thesis that a significant re-rating is possible for quality assets currently trading at a steep discount. His investment strategy focuses on identifying assets with the scale, grade, and infrastructure to become actual mines, thinking like a major mining company would. He prioritizes projects that are already economic at lower gold prices and possess substantial exploration upside. For portfolio management, he limits initial positions to one percent of his net worth, aiming for a significant ownership stake, and only allocates follow-on capital to companies that continue to execute and advance toward becoming a mine. He also highlights his efforts to create synergi… Lees meer
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Dr. Mark Thornton: Rigged Markets, Why The Real Bubble Is In Government Bonds & Revaluing Gold
17 september 2026 · 56 min
Stijn Schmitz welcomes Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. Dr. Thornton paints a dire picture of the global economy, arguing that widespread socialist policies are driving governments to extreme borrowing, money printing, and protectionism. He points to the trade war and real conflicts in Ukraine and the Middle East as direct consequences, which have disrupted diesel, crude oil, and fertilizer production. This creates a global pinch on agriculture and mining, threatening food supplies and crop yields, while strategic energy reserves are depleted, leaving economies vulnerable. The resulting higher fuel and food prices are squeezing consumers worldwide, whose wages are failing to keep pace with inflation, leading to a systematic harm of the working class while asset bubbles benefit the wealthy. The discussion turns to the unsustainable sovereign debt bubble, with Dr. Thornton noting that when government debt exceeds 100% of GDP, economies become trapped, risking either a deflationary depression or a hyperinflationary collapse. He sees the current fiat money system as steering toward the latter, especially if central banks are forced to monetize debt to suppress rising yields. Unlike the post-World War II era, when the U.S. grew out of its debt through demobilization and global demand, today’s conditions make a similar escape unlikely without drastic government restructuring. On a more constructive note, Dr. Thornton is bullish on gold and silver, citing fundamental support from ongoing central bank purchases and restricted mining supply. He anticipates that once short-term speculators re-enter the market, precious metals and mining stocks could see a significant upswing. He also suggests the possibility of a government-led gold revaluation as a short-term political tactic, though it would not solve long-term structural problems. Lees meer
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Doomberg: ‘Mad Max Style’ Great Reset, $150 Oil & ‘On The Tipping Point’ in Middle East
16 september 2026 · 49 min
Stijn Schmitz welcomes Doomberg to the show. Doomberg is Head Writer For The Doomberg Team and Creator of the Doomberg Substack. Doomberg analyzes the escalating geopolitical risks following the significant damage to Saudi Arabia's East-West pipeline, a critical artery for crude oil exports. He argues that while the initial closure of the Strait of Hormuz did not cause the expected price shock, the pipeline attack pushes an already stressed system into a red zone, with Brent crude nearing demand destruction levels. The core risk, however, extends beyond oil flows. Doomberg describes Arab Gulf states as metastable constructs propped up by the illusion of U.S. military hegemony. The rapid territorial gains by the Houthis in Yemen represent a potential catalyst for a sudden collapse of this perceived stability, where the common knowledge that a regime is weak can trigger rapid, systemic change. He suggests the possibility of a Saudi leadership crisis, such as MBS fleeing, is a low-probability but enormously consequential event that markets may be underpricing. The discussion shifts to the war in Ukraine, where Doomberg predicts a devastating Russian strike on energy infrastructure, citing public Russian military orders and U.S. intelligence warnings. He notes that attacks on refineries paradoxically cap crude oil prices while causing diesel crack spreads to explode, as refineries are the sole customers for crude. This dynamic, combined with refineries running at dangerous capacity, creates acute tightness in refined products. Doomberg emphasizes that in conflicts, victory often belongs to the side with higher pain tolerance, and he assesses that Iran and the Houthis can endure far more hardship than Western consumers. He warns that the convergence of these crises in the Middle East and Ukraine, alongside reckless rhetoric from NATO-aligned nations, creates a genuine risk of uncontrollable global escalation. Lees meer
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Francis Hunt: Why Silver Just Broke Out, The End of Cycle & Western Collapse
10 september 2026 · 58 min
Stijn Schmitz welcomes Francis Hunt to the show. Francis Hunt is Renegade Trader, Analyst, & Founder of The Market Sniper. Hunt opens by declaring that a major reset is underway, urging listeners to aggressively accumulate gold and silver while nations like South Korea and Norway dump US treasuries and increase gold holdings. He sees this as part of a broader loss of faith in American assets and the dollar, driven by unsustainable debt, eroding rule of law, and diminishing global trust. Hunt believes the US is in the final injury time of its economic dominance, with a major crisis likely within three years, leading to a severe contraction in asset values, credit, and living standards. Technically, Hunt identifies a re-engagement of precious metals, noting that gold and silver have broken out of falling wedge continuation patterns and are resuming their uptrends. He points to silver showing relative strength and expects both metals to trade higher into year-end, though not yet reaching extreme targets. His macro technical structure for silver targets $330 and eventually four-digit prices, while gold is also set for substantial gains. He views the current correction as a healthy pause before the next major leg up. Hunt frames gold as the "king" of anti-fiat assets, with silver and miners following. He warns that the coming economic collapse will be global but centered on the West, triggering a parabolic rise in precious metals as fiat currencies debase. He advises heavy allocation to physical metals, far beyond typical portfolio percentages, as protection against systemic risks including potential capital controls, digital currency mandates, and wealth confiscation through unrealized capital gains taxes. Hunt also sees opportunity in precious metals miners and emphasizes the importance of geographic diversification away from Western epicenters. He concludes that building and preserving wealth through this period is not greed but a necessity for survival and maintaini… Lees meer
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Marc Faber: Imminent Financial Collapse, Money Printing & Gold
8 september 2026 · 50 min
Stijn Schmitz welcomes Marc Faber to the show. Marc Faber is Contrarian Investor & Publisher of the Gloom, Boom, & Doom Report. Faber begins by discussing the unprecedented high levels of global debt and the unsustainable fiscal deficits in Western democracies, which he believes have been financed by excessive money printing. He argues that quantitative easing, once started, cannot be stopped without causing significant pain that democracies will not accept. Faber questions whether real economic growth has occurred or if it is merely nominal growth driven by money supply expansion. He points to the decline in home affordability and real wages as evidence that the middle class has been destroyed while asset holders have benefited enormously. Faber expresses deep skepticism about official inflation figures, suggesting they are manipulated to reduce government expenses like Social Security adjustments and interest payments. He asserts that true inflation is likely much higher than reported. He is critical of the US Treasury market, noting that while it remains liquid, the rising cost of servicing the national debt—now over $1.13 trillion annually—poses a severe long-term problem. He warns that the entire asset market bubble, especially in AI and semiconductor stocks, will eventually burst, though the timing is uncertain. Regarding gold, Faber reiterates his long-standing advice that individuals should own gold as a hedge against central bank policies, viewing it as a store of value that will likely decline less than other assets in a crash. He also notes that energy and agricultural commodities are historically cheap relative to gold and other assets, presenting potential long-term opportunities. Faber concludes by recommending his Gloom, Boom, & Doom Report for those wanting deeper economic study, ending with a warning that in a severe debt deflation, nearly all assets will fall and the key is to lose the least money. Lees meer
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Don Durrett: Gold Miners ‘The Most Asymmetric Upside’ & The Point of No Return for Gold
5 september 2026 · 53 min
Stijn Schmitz welcomes Don Durrett to the show. Don Durrett is Author, Investor, and Founder of Goldstockdata.com. Durrett outlines a multi-stage debt bubble framework driving his bullish gold outlook, arguing the US has passed a point of no return on its fiscal path. He describes seven phases, from the bubble's formation to the eventual "doom loop" recognition, and believes recent Treasury interventions signal the start of stage five. This deteriorating bond market confidence, he argues, creates an extremely asymmetric opportunity for gold and silver, with gold's floor around $3,750 and a long-term target of $15,000, while silver could reach between $200 and $500. Durrett sees the current gold bull market as having started in early 2020, with the real momentum beginning in 2024. He expects a near-term correction in gold back toward the $4,200 level before a powerful second leg higher begins around November or December. This second leg, he emphasizes, is historically the easiest and most profitable phase because it is when mining stocks finally begin to outperform the metals, attracting broader investor interest. He notes that miners only started outperforming gold in July, a development he links directly to the onset of government bond market interventions. The conversation highlights the significant leverage available in precious metals miners due to the sector's small universe of quality producers. Durrett explains his speculative, buy-the-dip approach, aiming for multi-bagger returns and managing a portfolio of over 170 stocks with an expectation that 30% will disappoint. He stresses the importance of patience, selling underperforming "dogs" for tax-loss purposes, and not taking profits too early in what he views as a paradigm-shifting, one-time trade. He concludes by directing experienced investors to his data tool, Goldstockdata.com, and newcomers to his book for foundational education on analyzing mining stocks. Lees meer
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Mario Innecco: Imminent Financial Repression, Decade-Long Bear-Market for Bonds & Gold
31 augustus 2026 · 53 min
Stijn Schmitz welcomes Mario Innecco to the show. Mario Innecco is Financial & Macro Economic Analyst, and Host of the 'Manneco64 Channel'. Mario Innecco presents a compelling case that we are in the early stages of a secular bull market for commodities, driven by decades of underinvestment and a historic reversal in the bond market. He argues that the 40-year bull market in bonds, which began in 1981, is definitively over, and this shift will fundamentally reallocate capital toward hard assets like gold, silver, and other commodities. The core problem, he explains, is an unprecedented global debt bubble. Western nations, particularly the United States, are trapped in a debt-based fiat currency system where ever-increasing debt requires more debt issuance to service, creating a vicious cycle now exacerbated by rising interest rates. This situation, he believes, will force governments into financial repression, eroding purchasing power and driving investors toward gold and silver as timeless stores of value that cannot be printed. The discussion highlights Japan as a critical "canary in the coal mine," with its carry trade and the potential repatriation of capital posing a systemic risk to interconnected global financial markets. Innecco suggests that the ultimate solution to this monetary instability will be a return to gold as a settlement asset, a move already being pioneered by China and the BRICS nations. He views the pure fiat currency era since 1971 as a historical aberration that is nearing its end. For investors, he sees significant upside not only in physical gold and silver but particularly in undervalued mining stocks, which offer substantial leverage. While gold and silver are expected to lead, he also notes strong potential in other commodities like copper, tungsten, and oil, all supported by supply constraints and the global trend toward resource sovereignty. Lees meer
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Willem Middelkoop: The Next Financial Crisis, ‘Perfect Storm’ For Commodities & Mining Discoveries
27 augustus 2026 · 49 min
Stijn Schmitz welcomes Willem Middelkoop to the show. Willem Middelkoop is Author and Founder of the Commodity Discovery Fund. Middelkoop asserts that the "big reset" of the global financial system, a thesis he developed over a decade ago, is now unfolding in real time. He points to the accelerating decline of U.S. hegemony, evidenced by the collapsing petrodollar system and waning international support, particularly in the Middle East. This shift from an era of cooperation to confrontation is driving a fundamental change in capital flows, with generalist investors beginning to move away from paper assets like U.S. Treasuries toward hard assets. He notes that foreign ownership of U.S. debt has fallen below thirty percent, a situation he describes as "Weimar Lite," where the Federal Reserve is increasingly forced to monetize government debt. This environment explains the strong performance of gold, which is being reintroduced into the monetary system without official decree, primarily through record central bank purchases. China alone is buying sixty percent of the world’s annual mine production outside its borders. While Middelkoop does not foresee a hyperinflationary collapse, as the U.S. retains powerful tools like revaluing its gold holdings, he believes a new financial crisis is likely in the coming years. In such a crisis, he expects central banks to play the "gold card," driving a significant revaluation. This outlook informs his investment strategy, which focuses on hard assets including real estate, physical gold and silver, Bitcoin, and high-quality equities. Shifting to the mining sector, Middelkoop highlights the exceptional opportunity in gold producers, which are generating record free cash flow yet trade at historically low valuations. His fund, however, specializes in discovery investing, concentrating on a select portfolio of world-class tier-one and tier-two discoveries. He emphasizes that the key to outsized returns is maintaining a long-term posi… Lees meer
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Matthew Piepenburg: ‘Screaming Indicators’ For Gold’s Rise & Generational Wealth Creation
26 augustus 2026 · 1 uur 11 min
Stijn Schmitz welcomes Matthew Piepenburg to the show. Matthew Piepenburg is Partner - Von Greyerz Gold Switzerland, Author - Gold Matters. Piepenburg argues that despite 2026 volatility, including war, a historic gold correction, and US government debt surpassing $40 trillion, the secular gold bull market remains in its early chapters. He sees shakeouts and price interventions as features, not an end, and believes conditions today are stronger than the 1970s run, driven by $265 trillion global debt, negative real rates, and currency debasement. He contends that governments and central banks have narrowed options and increasingly rely on hidden QE, misleading inflation and employment data, and dollar debasement to manage debt, while Main Street suffers a real recession and middle-class erosion, and stock market gains mostly benefit top wealth. Piepenburg highlights central bank gold accumulation at record levels, especially after dollar weaponization, as a sign gold is replacing Treasuries as global collateral. He notes the shift in physical gold flows from Western exchanges to Eastern central banks and sovereign funds, and the development of Shanghai-Hong Kong physical settlement, challenging paper price discovery. He expects continued eastward shift, not dollar collapse, but a significant repricing. He discusses possible US gold revaluation, either marking gold certificates to market or letting gold run, as a form of "gold QE" that would further debase the dollar. He sees miners as leveraged opportunity after sentiment lows, and stresses patience and education. For high-net-worth investors, physical gold outside the banking system in Switzerland and Singapore serves as wealth preservation. He closes that gold won’t get one rich quickly but protects from getting poor. Lees meer
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Michael Oliver: ‘Nuclear Event’ Hitting US Markets & Silver ‘Most Explosive’ Upside
22 augustus 2026 · 49 min
Stijn Schmitz welcomes Michael Oliver to the show. Michael Oliver is Momentum Structural Analysis MSA. Michael Oliver opened the discussion by highlighting what he considers the most explosive signal in his decades-long career: the historic undervaluation of gold and silver miners relative to gold. He explained that for decades, the XAU index averaged around 25% of the gold price, but this ratio has collapsed and is currently trading near 9%. Oliver pointed to a critical technical breakout occurring in the GDX-to-gold spread, which is moving above a 13-year resistance range. This breakout, he argued, is a powerful signal not just for miners to vastly outperform the metal, but also for an impending dramatic price advance in gold itself, as the spread only rises during precious metals bull runs. The conversation shifted to the broader macroeconomic backdrop, where Oliver identified a "nuclear" government bond crisis as the primary catalyst. He warned that the US Treasury market is far larger than the stock market and is now slipping into quarter-century lows in price, reflecting extreme distrust among investors. Oliver stated that central banks will have no choice but to print money aggressively to defend their debt markets, which will further degrade the currency unit and propel gold higher. He believes this environment will force large asset managers to rotate out of an overvalued stock market, where key financial sector ETFs are showing imminent technical breakdowns, into a vastly underpriced commodity sector. Regarding other commodities, Oliver maintained that silver is the single most explosive market, being historically repressed relative to gold and the broader money supply. He suggested that if silver merely caught up to the rise seen in other metals since the 1980s, a price of $500 would not be shocking. On oil, he argued it remains vastly underpriced relative to both its historical highs and the decay of the dollar, predicting a broad repricing of commoditi… Lees meer
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Henrik Zeberg: Why The Stock Market Will ‘Blow-off Top’ Next Quarter | Recession Worse Than 2008
21 augustus 2026 · 57 min
Stijn Schmitz welcomes Henrik Zeberg to the show. Henrik Zeberg is Head Macro Economist at Swissblock. Zeberg believes the equity rally is entering its final phase, with a major market top likely within the next quarter. He warns this will not be an ordinary correction but a significant downturn, driven by a weakening US economy that many market participants have yet to recognize. The consumer is in a particularly fragile state, with depleted savings, rising credit card delinquencies, and housing affordability at crisis levels, all pointing to an imminent economic rollover. Zeberg explains that the current cycle mirrors past business cycles, where high rates and inflation eventually stall growth. However, this time the situation is exacerbated by the massive debt accumulation enabled by years of quantitative easing and artificially suppressed rates. The unwinding of these distortions will be severe, combining elements of both the 2000 tech bust and the 2008 financial crisis, but likely worse due to opaque private credit risks and the psychological impact of recent inflation on consumer behavior. Gold is expected to face headwinds initially as a liquidity crunch and a strengthening US dollar cause a pullback, potentially to $3,100 or lower. However, once the Federal Reserve is forced to intervene aggressively with yield suppression, gold will enter a powerful rally, potentially rising fivefold in a few years and outperforming equities dramatically. Zeberg sees this as a buying opportunity for physical gold, recommending dollar-cost averaging. Silver and gold miners will also benefit, though they may suffer during the initial downturn. Zeberg advises listeners to prepare for a significant stock market decline, suggesting that taking profits now and developing a contingency plan is prudent. While the US dollar may be the best near-term safe haven, precious metals and commodities will be the ultimate beneficiaries when the Fed steps in for real. He encourages following… Lees meer
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Art Berman: Iran War Causing ‘Phase-Shift’ in Oil Markets, ‘Will Never’ Return to Normal
20 augustus 2026 · 1 uur 26 min
Stijn Schmitz welcomes Art Berman to the show. Art Berman is The Energy Realist. Berman explains that the initially feared catastrophic disruption from the Iran War has been partially offset, with production losses revised down to roughly 5 million barrels a day, though he stresses this remains a historically massive number. The absence of immediate global economic collapse is attributed to significant demand destruction, particularly in China, and the critical role of inventories. Using an analogy of a savings account versus a paycheck, he distinguishes between strategic and commercial reserves, noting that ample inventories have cushioned the market, preventing oil prices from spiking as they did during the Ukraine war when stocks were dangerously low. However, he warns that this cushion is finite and being drawn down at an alarming rate, with his comparative inventory model suggesting severe price pressures could materialize by November. The discussion highlights the profound risks associated with shut-in production, where wells may never return to prior output levels due to complex subsurface physics. Berman describes the situation as a permanent "phase shift," arguing the global oil system is fragmenting into distinct geopolitical blocs and will never revert to its pre-war state. He emphasizes that alternative supplies are not a simple solution because crude oil quality varies dramatically; light U.S. shale oil cannot easily replace medium-grade Persian Gulf crude required by many refineries. Looking at the longer term, Berman frames oil as a mature, declining resource, stating that civilization must eventually adapt to the end of perpetual growth, a transition that will fundamentally reshape society. He concludes by offering his consulting services for those needing deep analysis of energy markets and geopolitics. Lees meer