Palisades Gold Radio

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.

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 system: crude flows vs product shortages
00:04:54 – US election impact on markets and Iran policy
00:06:32 – Saudi production, diesel shortage, refinery issues
00:08:49 – Logistics, restocking, and commodity super cycle
00:15:19 – Escalation scenario: oil at $120-130 and risks
00:21:26 – Refinery damage and Persian Gulf escalation risks
00:24:07 – Odds of peace vs war and oil risk premium
00:27:16 – War delays super cycle; demand and restocking
00:29:12 – Long-term commodity bull market until 2034-36
00:36:14 – Buying the dip: integrated vs small producers
00:38:01 – What to look for in entrepreneurial explorers
00:42:00 – Natural gas stocks, LNG exports, power demand
00:45:11 – Where to find research and closing remarks

Links

• https://schachterenergyreport.ca

About the Guest

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Josef Schachter is a 40+ year veteran of the Canadian Investment Management Industry, Josef Schachter has experienced several exceptional and turbulent global economic and stock market cycles. With his primary focus in the stock market and the energy sector, Josef is able to weave global political, economic and monetary issues with current energy data into a compelling story of what’s going on, what is to come, and why.

Josef is a frequent guest on Michael Campbell’s Podcast ‘Mikes Money Talks’ and other podcast and radio shows and is often quoted in the media. He is a regular Guest Speaker at the annual World Outlook Financial Conference in Vancouver and he delivers presentations to various companies and organizations. For several years, he was a frequent and notably colourful commentator on BNN Bloomberg’s Market Call.

Josef provided Oil and Gas research to Maison Placements Canada geared to their institutional clients for 15 years ending April 2017, and was acknowledged as the first analyst in Canada to predict the Oil Price Plunge of 2014.

Prior to establishing his firm Schachter Asset Management Inc. in 1996, Josef was the Chief Market Strategist at Richardson Greenshields, a Director of RGCL and a member of its Investment Policy Committee. He holds a Chartered Financial Analyst designation and is a past Chairman of the Canadian Council of Financial Analysts.

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.

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 Risks
00:13:37 – Energy War & Relative Power
00:18:52 – 3-5 Year High Energy Prices
00:22:54 – Global Fuel Shortages Loom
00:25:48 – Elections & War Timing
00:27:17 – Beijing & Moscow Pulling Strings
00:30:58 – End of Empire & Multipolar World
00:33:10 – Resource Wars & Demographics
00:36:28 – 2027 Recession & Fed Strategy
00:40:41 – Gold as Security & China’s Hoard

Links

• mailto:simon@shss.com
• https://simon-hunt.com/
• https://www.theinstitutionalstrategist.com/products-and-services/frontline-china/

About the Guest

Simon Hunt began his career in 1956 in Central Africa as a PA to the Chairman of Rhodesian Selection Trust, one of the two large copper companies in what was then Northern Rhodesia, now Zambia.

In 1961, he came back to London and joined Anglo American Corporation of South Africa as a PA to one of the Board Directors, followed by being part of a small sales and marketing team for copper. From there, he helped start up a new copper development organization, CIDEC, financed by copper producers, which he then joined, focusing on conducting end-use studies of copper in Europe.

He then went into the City to gain financial experience and founded Brook Hunt in 1975. He was instrumental in setting up the company’s cost studies and end-use analyses. Simon appeared as material witness and consultant in two ITC anti-dumping cases in 1978 and 1984, winning both at the commission level.

He has spent 2-4 months every year in China since 1993, and until a few years ago would be visiting some 80 wire and cable and brass mill factories across the country every year. He now restricts these factory visits to a smaller number, all of which he has known for many years. Simon also spends many weeks each year traveling around Asia.

The focus of the company’s services is on the global economy, including the changing geopolitical and financial structures, China’s economy and its copper sector, and then the global copper industry as each part is interconnected.

Simon is the author of the “Frontline China Report Service,” which is marketed by the TIS Group. The Service provides regular reports on China’s economy, politics, and financial outlook.

Simon established this company in January 1996.

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.

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 physical resources and supply chain control are the ultimate sources of power in this new era.

Timestamps

00:00:00 – Hormuz Attacks Spike Shipping Costs
00:00:44 – War with Iran: Imminent Restart?
00:03:48 – Why Not Preemptive Strike?
00:05:09 – Conflict Drivers: US-China Cold War
00:09:21 – US-China Power Dynamics
00:12:15 – Demographics: Least Dirty Shirt
00:16:44 – Ukraine: Another Front of Same War
00:20:41 – Resources as Power Leverage
00:23:29 – Iran War: Resource Control or Weaponization?
00:26:31 – Energy Tightness and Price Disparities
00:31:51 – US Leverage: Oil, LNG, Copper, Agriculture
00:35:02 – Fertilizers and Sulfur Supply Gaps
00:36:26 – Escalation: Air Campaign or Ground Troops?
00:38:29 – Targeting Energy and Desalination Plants
00:40:02 – Merging Wars: Ukraine and Middle East
00:43:24 – East Asia Flashpoints and Tail Risks
00:45:25 – Implications for Life, Business, and Investing
00:50:00 – Gold’s Role in a Fragmented World
00:55:50 – Follow Michael Every’s Work

Links

• https://www.rabobank.com/
• https://hk.linkedin.com/pub/michael-every/14/832/389
• https://x.com/TheMichaelEvery

About the Guest

Michael Every is a Global Strategist at Rabobank. He analyses major financial developments and contributes to the bank’s various economic research publications for internal and external customers and to the media.

Michael has over two decades of experience working as an Economist and Strategist. Before Rabobank, he was a Director at Silk Road Associates in Bangkok, Senior Economist and Fixed Income Strategist at the Royal Bank of Canada in both London and Sydney, and an Economist for Dun & Bradstreet in London.

Michael holds a Masters degree in Economics (with distinction) from University College London and speaks a smattering of languages, including Thai.

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.

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 and Palladium as Leading Indicators
00:31:26 – Power of Cash in Bear Markets
00:35:44 – Technical Traders and Trading Philosophy

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

Guest Biography:
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. Those seeking reliable capital preservation and growth turn to his proven techniques.

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/

Stijn 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.

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The 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 negotiated.

Stephen emphasizes strong government relations, noting meetings with Niger’s president and ministers, who support the project for its employment and economic benefits. The government holds a 20% stake in the operating company, and Stephen expects this to remain steady under the existing mineral convention. DASA is projected to produce 4–5 million pounds of uranium annually, with potential to double output as market conditions allow. The company recently raised $57 million and is exploring additional bridge financing. Key upcoming catalysts include finalizing DFC conditions, first drawdown, and construction milestones like the process plant steel erection. The DFC backing is also attracting interest from U.S. utilities for off-take agreements, signaling growing confidence in the project.

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

Stephen G. Roman is the founder, Chairman, President and CEO of Global Atomic Corporation, and was previously the President & CEO of TSX listed Harte Gold Corp. Mr. Roman has successfully identified, financed, developed, and brought into commercial production many mining and oil and gas projects in the past 40 years and notably he was the founder, Co-Chairman and Director of Gold Eagle Mines Ltd., that was acquired by Goldcorp Inc. for $1.5 Billion in 2008.

Previously he was a Policy Advisor to the Minister of National Defence, Canada, spearheaded the privatization of two major petrochemical companies in Central Europe, was Director and VP Exploration of Denison Mines Limited and was instrumental in the initial creation and leadership of Gabriel Resources, Belo Sun Mining, Exall Energy, Silvermet and Polar Star Mining among others. Mr. Roman received the “Bill Dennis Award” for Canadian Mineral Discovery from the Prospectors & Developers Association of Canada (PDAC) in March, 2016.

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.

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, uranium, rare earths) that benefit from reshoring and geopolitical tensions. He also suggests reducing exposure to Europe and regions vulnerable to debt crises while positioning for continued defense spending growth.

Timestamps

00:00:00 – Cycle Change and Fourth Turning
00:01:26 – Historical Crisis Cycles Explained
00:03:22 – Drivers of the 100-Year Cycle
00:04:14 – Tailwinds Turning to Headwinds
00:08:37 – Debt Spiral and Fiat Crisis
00:10:11 – Equity Multiple Expansion Risks
00:12:38 – Approaching Debt Spiral Danger
00:13:44 – Failing Institutions and Trust
00:15:58 – Inflation Distortions and War Impact
00:19:17 – Global Debt Problem Scope
00:21:06 – US Advantages and Tech Hope
00:24:23 – Government Tools to Prolong Dollar
00:27:18 – Consequences for Next 50 Years
00:30:16 – Wealth Management Geopolitical Strategy
00:31:49 – Commodities and Resource Sovereignty
00:36:32 – Energy Complex and Oil Opportunities
00:39:23 – Gold as Real Return Hedge
00:42:51 – Government Gold Accumulation
00:44:39 – Mining Stocks Leverage Potential
00:46:03 – Consolidation Buying Opportunity
00:48:03 – Critical Metals and Defense
00:49:43 – Windrock Wealth Management Overview

Links

• https://windrockwealth.com/
• https://www.linkedin.com/in/brettrentmeester/

About the Guest

Brett Rentmeester founded WindRock Wealth Management to bring tailored investment solutions to investors seeking an edge in an increasingly uncertain world. Mr. Rentmeester is a veteran and entrepreneur in the investment business. Through his career, including as a co-founder of Altair Advisers and manager at Arthur Andersen, he was a trusted confidant for business owners, entrepreneurs and family offices.

His entrepreneurial spirit led him to create and build a number of successful companies in the financial services industry through partnership with the Jaggi Family Office, where he serves as the Chief Investment Officer. Throughout his career, he has focused on the importance of strong relationships, strategic thinking, and an expertise in alternative investments.

Mr. Rentmeester’s media appearances include appearances on the PBS Nightly Business Report program, the Chicago Tribune, and the World Presidents’ Organization. He graduated magna cum laude from the University of Arizona with a degree in Finance and earned his MBA from Northwestern’s Kellogg Graduate School of Management. He has been a multiple-year recipient of the Chicago Magazine Five Star Wealth Award, is a Chartered Financial Analyst charterholder (CFA®) and has the Chartered Alternative Investment Analyst designation (CAIA®).

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.

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 a “Super El Nino” could provide a lucky reprieve by moderating winter demand for heating fuels.

Timestamps

00:00:29 – Introduction: Rory Johnston on energy crisis
00:00:41 – Assessing Middle East supply disruptions
00:01:28 – Impact of high prices on emerging markets
00:02:26 – Shipping rates surge and tanker inefficiency
00:05:20 – Iran attacks on tankers and fleet impact
00:09:56 – Refining capacity crisis and product tightness
00:15:19 – US-Russia diesel deal and export ban debate
00:20:05 – Ukraine refinery attacks and energy truce
00:24:44 – Outlook: product tightness vs crude recovery
00:30:57 – Demand destruction through diesel prices
00:35:36 – Escalation risks and stock drawdowns
00:39:22 – Saudi Arabia’s challenges and Houthi attacks
00:43:03 – Natural gas and LNG market tightness
00:44:46 – Wrap-up and where to follow Rory’s work

Links

• https://www.commoditycontext.com/
• https://x.com/Rory_Johnston

About the Guest

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto’s Munk School of Global Affairs and Public Policy, host of the Oil Ground Up podcast, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines.

He is a leading voice on oil market analysis, advising institutional investors, global policy makers, and corporate decision makers. His views are regularly quoted in major international media including the Financial Times, New York Times, Wall Street Journal, Bloomberg News, Reuters, BNN Bloomberg, CBC, and Financial Post, and he frequently appears on numerous market and industry podcasts (e.g., Bloomberg’s Odd Lots, Hidden Forces, etc.).

Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank where he set the bank’s energy and metals price forecasts, advised the bank’s executives and clients, and sat on the bank’s senior credit committee for commodity-exposed sectors.

Stijn Schmitz welcomes 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.

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 Thoughts

Guest Links:
Website: http://www.321gold.com
Amazon: https://www.amazon.com/Robert-Moriarty/e/B01A9I4TJU?ref=sr_ntt_srch_lnk_3&qid=1599932580&sr=8-3

Bob Moriarty founded 321gold.com with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind, and nuclear energy. Both sites feature articles, editorial opinions, pricing figures, and updates on both sectors’ current events. Previously, Moriarty was a Marine F-4B and O-1 pilot, with more than 832 missions in Vietnam. He holds fourteen international aviation records.

Stijn Schmitz welcomes 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.

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 governments may increasingly resort to windfall taxes and capital controls.

Timestamps:
00:00:00 – Introduction
00:00:30 – Fuel Shortages in Asia
00:02:30 – Rationing and Demand Control
00:03:48 – Strategic Reserves Refill
00:06:36 – Product Shortages Spread West
00:10:34 – Sponsor Message
00:11:22 – Energy Investment Opportunities
00:14:20 – Non-Consensus Long-Term Views
00:16:48 – Playing via Equities Quality
00:21:06 – Shareholder Yield Strategy
00:23:32 – Thermal Coal Asia Thesis
00:28:13 – Gold and US Fiscal Risks
00:44:20 – Platinum PGMs Positioning
00:47:04 – Concluding Thoughts

Guest Links:
Substack: https://traderferg.substack.com/
X: https://x.com/trader_ferg

Trader Ferg is a Full-time trader for going on 8+ years now. He has a habit of hanging out in hated corners of the market that are considered uninvestable. He enjoys sharing his research and thoughts about possible trades and markets.

Stijn Schmitz welcomes Jeff Phillips to the show. Jeff Phillips is a Private Investor and President of 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.

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.

Timestamps:
00:00:00 – Introduction
00:00:48 – Gold Market Consolidation
00:02:50 – Bull Market Thesis
00:05:20 – Investment Methodology
00:08:34 – Sponsor Palisades Goldcore
00:09:22 – Commodity Super Cycle
00:12:45 – Fiat Currency Printing
00:15:30 – Miners Leverage Opportunity
00:18:40 – Tax Loss Selling Season
00:22:10 – Management and Share Structure
00:25:50 – Prospect Generator Model
00:30:15 – Junior Royalty Strategies
00:35:40 – AI in Mineral Exploration
00:42:00 – Final Advice and Opportunities
00:46:24 – Concluding Thoughts

Guest Links:

Website: Geomorphic AI https://www.geomorphic.ai/

30+ years in resource capital markets; President of Global Market Development and a strategic private investor who has financed more than 100 mineral-exploration companies. An early financier of Patriot Battery Metals — one of the decade’s defining lithium discoveries — and a long-standing backer of critical-minerals developers across antimony, including US antimony developer Perpetua Resources, and rare earths, including heavy exposure to the major rare-earth developers through the 2009–2011 cycle. Deep experience in public-market financings across the TSXV, London AIM and ASX.

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.

Timestamps:
00:00:00 – Introduction
00:00:59 – Treasury Market and Yields
00:02:20 – Contrarian Bond Market View
00:04:40 – Oil Prices Roll Over
00:10:29 – Inflation Peaking and Softening
00:12:10 – Equity Markets Bullish Outlook
00:17:52 – Impending Global Economic Bust
00:35:39 – Gold and Silver Performance
00:47:29 – Mining Stocks Opportunities
00:52:24 – Concluding Thoughts

Guest Links:
X: https://x.com/DaveHcontrarian

David is Chief Macro Strategist with Contrarian Macro Advisors. He is an investment professional with 25 years of investment management experience and 21 years as a sell-side strategist with robust macroeconomic analysis and portfolio management expertise. His strong macro capabilities, combined with a contrarian philosophy, have allowed him to forecast economic cycles and spot market trends well ahead of the consensus. Intellectually honest, independent thinker comfortable with charting a course apart from the crowd.

Stijn Schmitz welcomes 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.

Timestamps:
00:00:00 – Introduction
00:00:38 – US Treasury Markets Signal
00:05:05 – Global Debt Issues Explored
00:08:25 – Sponsor Message Bellasets
00:09:14 – Emerging Markets Comparison
00:18:20 – Sponsor Message Palisades
00:19:09 – Gold Reset Thesis
00:27:20 – Geopolitics and Wars
00:32:40 – Latin America Investment Shift
00:35:40 – Portfolio Construction Framework
00:43:20 – Mining Investment Pitfalls
00:49:50 – Azeria Capital Launch
00:57:36 – Concluding Thoughts

Guest Links:
X: https://x.com/tavicosta
LinkedIn: https://www.linkedin.com/in/otavio-tavi-costa-76368628
Substack: https://tavicosta.substack.com

Otavio (“Tavi”) Costa is the Founder and CEO of Azuria Capital LLC. He invented a macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors.

His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil.

Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

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 supply gap, with the sector poised for a rerating as investors recognise that supply growth is necessary, not bearish, against massive nuclear energy expansion.

Timestamps:
00:00:00 – Introduction
00:00:50 – Uranium Market Cycle
00:03:30 – Strong Bull Case
00:06:10 – Term Contract Trends
00:09:15 – Forward Market Indicators
00:10:57 – Nuclear Fuel Costs
00:18:15 – Global Nuclear Buildout
00:24:24 – Geopolitical Energy Security
00:28:42 – Small Modular Reactors
00:35:53 – Uranium Supply Landscape
00:36:07 – Mining Equities Opportunity
00:47:35 – Investment Strategies
00:51:45 – Concluding Thoughts

Guest Links:
Website: https://www.uraniuminsider.com
Newsletter: https://www.uraniuminsider.com/newsletter
X: https://x.com/UraniumInsider

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

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

Justin is devoted to bringing value to those that are taking their first look at the uranium sector. Until July 2020, he distributed a complimentary newsletter as an educational tool to those investors seeking to familiarize themselves with the complexities and opportunities offered by the uranium sector and the uranium shares. Regrettably, the Uranium Insider Pro subscription letter’s subscriber growth and breadth no longer allow him to provide this tool.

The success of Uranium Insider has been gratifying, and the emerging bull market in uranium continues to offer an unusually attractive risk:reward proposition for fellow contrarian investors.

Stijn Schmitz welcomes back CEO of the Feneck Consulting Group, John Feneck to the show. 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.

Timestamps:
00:00:00 – Introduction
00:00:55 – Gold Market Fundamentals
00:01:40 – Fed Policy and Gold
00:04:22 – Treasury and Bond Markets
00:05:42 – Geopolitical Tensions Impact
00:09:46 – Gold Mining Sector Overview
00:12:48 – Junior Mining Stock Picks
00:19:45 – Development Projects Acquisitions
00:22:02 – Gold Price Targets Analysis
00:23:53 – Critical Minerals Investments
00:29:52 – Jurisdiction and Sovereignty Risks
00:32:11 – Investment Timeframes Outlook
00:35:36 – Concluding Thoughts

Guest Links:
X: https://x.com/feneckconsult
YouTube: https://youtube.com/feneckcommoditiesreport
LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport
E-Mail: mailto:john.feneck@yahoo.com
Website/Newsletter: https://www.feneckconsulting.com/
Conference: https://topshelf-partners.com

John Feneck’s upcoming conferences:
Events are invitation only. If interested, please email John at john.feneck@yahoo.com

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, he’s a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.

Stijn Schmitz welcomes back Florian Grummes to the show. Florian is the Founder and 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.

Timestamps:
00:00:00 – Introduction
00:00:40 – Current Market Overview
00:01:49 – Paper Ponzi Scheme Concerns
00:02:43 – Middle East Energy Disruptions
00:03:38 – Midterm Elections Impact
00:06:28 – US Geopolitical Weakness
00:09:12 – Diesel Export Ban Feasibility
00:10:10 – Oil Producers Outlook
00:11:24 – Preparing for Supply Shortages
00:12:50 – Economic Slowdown Implications
00:16:22 – Fiat Currency Debasement
00:20:48 – Gold Market Fundamentals
00:28:10 – China Gold Trade Strategy
00:33:16 – Gold Miners Opportunities
00:37:47 – Investment Pitfalls Advice
00:42:38 – Stock Setup Opportunities
00:43:45 – Concluding Thoughts

Guest Links:
Website: https://www.midastouch-consulting.com
X: https://twitter.com/FlorianGrummes
Substack: https://substack.com/@midastouchconsulting
Telegram: https://t.me/MidasTouchConsulting
Free Newsletter: http://eepurl.com/d5Euf
LinkedIn: https://www.linkedin.com/in/floriangrummes/
Seeking Alpha: https://seekingalpha.com/author/florian-grummes
Facebook: https://www.facebook.com/Midastouchconsulting

Florian Grummes is an independent financial analyst, advisor, consultant, mentor, trader & investor as well as an international speaker with more than 30 years of experience in financial markets.

Florian is the founder and managing director of his company Midas Touch Consulting, which is specialized in trading & investments as well as consulting, analysis & research with a focus on precious metals, commodities and digital assets.

Via Midas Touch Consulting he is publishing daily and weekly gold, silver, bitcoin & cryptocurrency analysis for his numerous international readers. Florian is well known for combining technical, fundamental/macro and sentiment analysis into one often accurate conclusion about the markets.

Stijn Schmitz welcomes back Investor, Speculator, Founder & CEO of Rule Investment Media, Rick Rule to the show. Mr. 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.

Timestamps:
00:00:00 – Introduction
00:01:03 – Preparing for Market Volatility
00:04:31 – Investing in Hated Sectors
00:05:28 – Raising Cash for Opportunities
00:07:53 – Gold Price Outlook
00:11:12 – Parallels to the 1970s
00:12:30 – Technology and Demographics
00:17:30 – Debt, Inflation, & GDP
00:22:04 – Gold as Portfolio Liquidity
00:31:30 – Gold Miners Leverage Potential
00:33:00 – Mining M&A Opportunities
00:46:00 – Energy Sector Analysis
00:52:50 – Rule Investment Media

Guest Links:
X: https://x.com/@realrickrule
Website: https://ruleinvestmentmedia.com
YouTube: https://www.youtube.com/@RuleInvestmentMedia
Classroom: https://ruleclassroom.com
Battle Bank: https://battlebank.com

Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors.

Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water.

Stijn Schmitz welcomes back Colonel Douglas Macgregor to the show. Mr. Macgregor is a 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 turmoil, driven by an energy crisis, political corruption, and a public insulated from the consequences of endless wars.

Guest Links:
Website: https://douglasmacgregor.com
X: https://x.com/DougAMacgregor
Substack: https://substack.com/@coloneldoug
YouTube: https://www.youtube.com/@macgregorwarriordiplomacy
Articles: https://breakingdefense.com/author/doug-macgregor/

Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant.

Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia.

Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army’s largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor’s recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on force design. In 2019, Transformation under Fire was selected by Lt. Gen. Aviv Kohavi, Chief of the Israeli Defense Force (IDF), as the intellectual basis for IDF transformation. His fifth book, Margin of Victory: Five Battles that Changed the Face of Modern War from Naval Institute Press is available in Chinese, as well as, English and will soon appear in Hebrew.

In 28 years of service Macgregor taught in the Department of Social Sciences at West Point, commanded the 1st Squadron, 4th Cavalry, and served as the Director of the Joint Operations Center at SHAPE during the 1999 Kosovo Air Campaign for which he was awarded the Defense Superior Service medal. In January 2002, at Secretary of Defense Donald Rumsfeld’s insistence the USCENTCOM Commander listened to Colonel Macgregor’s concept for the offensive to seize Baghdad. The plan was largely adopted, but assumed no occupation of Iraq by U.S. Forces.

Macgregor has also testified as an expert witness before the Senate and House Armed Services Committees and appeared as a defense analyst on Fox News, CNN, BBC, Sky News and public radio. He is fluent in German.

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 synergies by marketing his portfolio companies collectively to investors.

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.

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.