David Hunter: Imminent Global Depression ‘Bigger Than 2008’, Big Reversal Coming For Gold

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:[email protected] 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 [email protected] 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 back Strategic Investor and Co-Founder of Bastion Asset Management, Michael Gentile to the show. Michael 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. Timestamps: 00:00:00 – Introduction 00:00:46 – Gold Price Consolidation 00:03:20 – Recent Mining Investments 00:06:43 – Bond Markets Driving Gold 00:11:25 – Central Bank Gold Buying 00:14:30 – Money Supply Acceleration 00:18:15 – Global Debt Problems 00:20:40 – Gold Miners Leverage Opportunity 00:26:24 – Company Selection Criteria 00:30:16 – Portfolio Management Strategy 00:36:00 – Metal Prices & Margins 00:39:24 – Commodities and Derisking 00:42:24 – Reallocating Capital 00:48:35 – European Roadshow Details Guest Links: LinkedIn: https://www.linkedin.com/in/michael-gentile-01028552 Website: https://www.bastion-am.com/ Mining & Metals European Roadshow: https://saturdaymorningmining.subscribepage.io/ Michael Gentile, CFA is Founding Partner & Senior Portfolio Manager at Bastion Asset Management. Before founding BAM, Michael was Vice President and Senior Portfolio Manager at Formula Growth Ltd for over 17 years. Michael co-managed the FG Alpha Fund (US SMid equity market neutral) between 2012 and 2018, co-managed the FG Focus Fund (US SMid long short strategy) between 2014 and 2018. Since leaving FG in 2018, Michael has been very successful investing in the gold sector also acting as Strategic Advisor and Director for several companies in the natural resource sector. Michael graduated with Great Distinction from the John Molson School of Business (Concordia University) with a Bachelor of Commerce (Finance) and received the Calvin Potter Fellowship from Concordia’s Kenneth Woods Portfolio Management Program. He also holds the Chartered Financial Analyst designation (CFA)

Stijn Schmitz welcomes back Economist and Senior Fellow from the Mises Institute, Dr. Mark Thornton. He 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. Timestamps: 00:00:00 – Introduction 00:01:12 – Socialist Policies Driving Crisis 00:04:36 – Middle East Energy Disruptions 00:08:18 – Global Supply Chain Pressures 00:12:40 – Food Supply and Agriculture Risks 00:18:00 – Consumer Squeeze and Debt 00:23:50 – Government Debt Bubble Analysis 00:28:36 – Hyperinflation Risks Ahead 00:33:55 – Post-WWII Debt Lessons 00:39:23 – Gold Bull Market Drivers 00:49:33 – US Gov’t and Rising Gold 00:53:08 – Mises Institute Wrap Up Guest Links: Website: https://mises.org X: https://x.com/DrMarkThornton E-Mail: mailto:[email protected] YouTube: https://www.youtube.com/results?search_query=mark+thornton+minor+issues Dr. Mark Thornton is a Senior Fellow at the Mises Institute and formerly held the Peterson-Luddy Chair in Austrian Economics. He hosts the podcasts Minor Issues and Unanimity and is Book Review Editor of the Quarterly Journal of Austrian Economics. His books include The Economics of Prohibition, Tariffs, Blockades, and Inflation, The Bastiat Collection, and The Skyscraper Curse. He has served on multiple editorial boards, taught economics at several universities, and worked as Assistant Superintendent of Banking and adviser to Alabama Governor Fob James. He holds degrees from St. Bonaventure University and Auburn University and has debated the “War on Drugs” at the Oxford Union. Dr. Thornton has been featured in major outlets such as The Economist, Forbes, New York Times, Wall Street Journal, and USA Today, along with numerous international and regional newspapers. His commentary appears regularly on the Mises Institute’s platforms and on programs such as Boom-Bust, the Tom Woods Show, and the Scott Horton Show.

Stijn Schmitz welcomes Doomberg to the show. Doomberg is the Head Writer For The Doomberg Team and the 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. Timestamps: 00:00:00 – Introduction 00:00:54 – Saudi Pipeline Attack Analysis 00:03:12 – Metastable Gulf States Risks 00:09:53 – Houthi Advances and Maps 00:20:40 – Russia Ukraine Energy Strikes 00:27:48 – Pain Tolerance in Wars 00:34:09 – Refineries and Crack Spreads 00:43:57 – China Oil Demand Shifts 00:46:10 – Alberta Natural Gas Outlook 00:47:17 – The Doomberg Substack Guest Links: Substack: https://doomberg.substack.com X: https://x.com/DoombergT Website: https://doomberg.com Doomberg is the anonymous publishing arm of a bespoke consulting firm providing advisory services to family offices and c-suite executives. Its principals apply their decades of experience across heavy industry, private equity, and finance to deliver innovative thinking and clarity to complex problems.