Bob Moriarty: Iran War Most Important ‘Turning-Point’ in My Life, Commodities Set To Skyrocket

Stijn Schmitz welcomes backBob Moriarty back to the show. Bob is an author, the founder of 321 Gold, and a former marine fighter pilot. In this wide-ranging interview, Moriarty provides a critical geopolitical analysis of the current tensions in the Middle East, particularly focusing on the conflict involving Iran, Israel, and the United States. Moriarty argues that the conflict with Iran has been planned for 40 years and is fundamentally a voluntary war driven by Israel’s strategic interests. He emphasizes that Iran does not have a nuclear weapons program and that the current situation represents an extremely dangerous geopolitical moment. The disruption of the Strait of Hormuz has significant global implications, potentially affecting oil supplies, fertilizer distribution, and global trade. The discussion extensively covers the economic ramifications of these geopolitical tensions. Moriarty predicts severe consequences, including potential food shortages, fuel scarcity, and disruptions in medical supply chains. He suggests that the world is transitioning from a debt-based economic system to a resource-based system, with countries like China and Russia strategically positioning themselves. A key theme of the conversation is the role of gold in the global financial system. Moriarty views physical gold and silver as insurance policies against financial chaos and believes the world will inevitably return to a gold standard out of necessity. He points out that the United States is already exporting non-monetary gold as a means of international settlement. Moriarty is highly critical of current leadership in the United States and Israel, arguing that there are no “adults in the room” capable of finding a rational solution to the ongoing conflicts. He warns that if the current situation continues unresolved, the world could face catastrophic economic and humanitarian consequences. Timestamps: 00:00:00 – Introduction 00:00:55 – Geopolitical Chessboard Analysis 00:04:33 – Iran’s Fight for Survival 00:09:30 – Israel and Iran Vulnerabilities 00:14:30 – Petrodollar and Middle East Peace 00:18:46 – Companies with Benefits? 00:21:21 – Strait of Hormuz Blockade 00:23:20 – The Role of Gold 00:28:35 – Hyperinflation Scenario 00:33:35 – Hidden US Casualties Revealed 00:36:32 – Oil, Inflation, & Efficency 00:39:21 – Fertilizer and Supply Disruptions 00:44:05 – Curent Political Leadership 00:50:09 – Gold as Financial Insurance 00:53:35 – Fuel Bail-Outs 00:54:30 – 321 Gold & Books 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 Steve Hanke, Professor of Applied Economics at Johns Hopkins University, to discuss global economic trends, monetary policy, and the emerging commodity super cycle. The professor’s outlook suggests a complex economic landscape with potential for significant disruption, driven by monetary policy, geopolitical tensions, and structural changes in global trade and commodity markets. Hanke emphasizes the critical importance of money supply as a key indicator of economic activity and inflation, noting that the United States is currently experiencing an accelerating money supply that will make controlling inflation challenging. The discussion highlights several significant global economic dynamics, particularly focusing on commodity markets and geopolitical tensions. Hanke argues that the world is entering a commodity super cycle characterized by underinvestment, supply chain disruptions, and precautionary inventory building. The ongoing conflict in the Gulf region and disruptions to global trade have further complicated commodity markets, with potential oil prices ranging from $100 to $350 per barrel depending on supply constraints. Geopolitically, Hanke suggests that Russia and China are emerging as significant winners in this environment, while the United States has potentially weakened its global position through its actions. He dismisses concerns about de-dollarization, arguing that the US dollar remains the dominant global currency with limited realistic alternatives. On inflation, Hanke predicts continued upward pressure due to monetary policy loosening, commercial bank lending growth, and federal reserve actions. He emphasizes that inflation is fundamentally a monetary phenomenon, driven by increases in money supply rather than isolated economic events. Regarding commodities, Hanke identifies several sectors poised for growth, including critical materials like lithium and vanadium. He recommends investors be “long everything” in the commodity space, noting significant price increases in various exotic commodities. Timestamps: 00:00:00 – Introduction 00:00:52 – Key Economic Metrics 00:02:00 – US Money Supply Acceleration 00:03:58 – China’s Inflation Challenges 00:04:56 – Commodity Supply Disruptions 00:05:30 – US Tariffs and Sanctions 00:07:13 – Iran War and Strait Closure 00:11:55 – Iranian Economy 00:12:45 – Oil Price Scenarios 00:13:10 – Commodity Super Cycle Thesis 00:17:00 – Oil Supply Impacts 00:20:44 – Market Complacency on Risks 00:24:06 – Winners and Losers Analysis 00:25:12 – China’s Economy 00:27:55 – De-Dollarization Myths 00:30:36 – Gold’s Geopolitical Role 00:33:15 – Supply Shocks & Infrastructure 00:37:20 – Inflation and Money Supply 00:41:40 – Treasury Demand & Inflation 00:46:40 – Bank Lending & Money Supply 00:48:28 – Commodity Picks & Wrap Up Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 Amazon Book: https://www.amazon.com/Capital-Interest-Waiting-Controversies-Additions/dp/3031633970 E-Mail: mailto:[email protected] Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal’s Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk’s Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor’s Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan’s Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. Prof. Hanke has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universität Liechtenstein, the Universidad San Francisco de Quito, the Free University of Tbilisi, Istanbul Kültür University, Varna Free University, and the D.A. Tsenov Academy of Economics in recognition of his scholarship on exchange-rate regimes. Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris.

Stijn Schmitz welcomes Rory Johnston to the show. Rory Johnston is Commodity Market Research who specializes in oil and gas. This episode delves into the complex dynamics of the current oil market crisis stemming from the closure of the Strait of Hormuz, exploring the profound implications for global energy supply and geopolitical tensions. Johnston provides a detailed analysis of the current oil market situation, highlighting that approximately 20 million barrels of oil per day typically transit through the Strait of Hormuz, with about 13 million barrels currently disrupted. Despite this massive supply shock, oil prices remain surprisingly low, which Johnston attributes to several factors, including market resilience, slow-moving commodity markets, and complex geopolitical negotiations. The discussion reveals the potential devastating consequences of prolonged strait closure, particularly for developing countries. While advanced economies might absorb price increases, many regions in the global south could experience complete fuel shortages, causing significant economic and humanitarian challenges. Johnston predicts that if the situation continues, demand destruction will become inevitable, potentially forcing prices to astronomical levels. Interestingly, the conversation also explores the nuanced motivations of key players like the United States, Iran, and Israel. Johnston suggests that Iran potentially benefits from prolonging the conflict, while the United States appears increasingly desperate to reach a resolution. He believes the crisis will likely conclude with Iran gaining some recognized control over the Strait of Hormuz. Johnston’s base case scenario anticipates the strait potentially reopening by mid-May, but warns that the market will require months to rebalance. The cumulative oil supply loss could reach over 1.2 billion barrels, fundamentally altering the global oil market’s dynamics. He emphasizes that what was previously an oversupplied market will likely transform into a tighter, potentially higher-priced environment. Timestamps: 00:00:00 – Introduction 00:00:48 – Strait of Hormuz Basics 00:01:55 – Supply Rerouting Efforts 00:02:57 – Total Supply Losses 00:06:09 – Replacing Lost Production 00:08:46 – Demand Destruction Scenario 00:11:15 – Price Reaction Analysis 00:19:23 – Trump’s Market Interventions 00:23:43 – US Treasury Intervention? 00:25:24 – Regional Shortage Timelines 00:30:41 – Global South Impacts 00:32:20 – War Incentives Discussion 00:41:40 – Iran, Trump, & Israel 00:46:11 – Base Case Outlook 00:51:56 – Refinery Fire Concerns 00:55:54 – Wrap Up Guest Links: Substack: https://www.commoditycontext.com/ X: https://x.com/Rory_Johnston 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 back legendary investor and speculator Rick Rule to the show. Rick discusses the current commodity landscape, with a particular focus on energy, geopolitical tensions, and investment opportunities. He provides insights into the oil market, highlighting significant supply challenges and potential disruptions. He notes that global underinvestment in sustaining capital, particularly in the energy sector, could lead to substantial price increases in the coming years. The ongoing conflict in the Middle East has further complicated the energy market, with potential long-term implications for global supply chains. Regarding commodities, Rule discusses opportunities in helium, fertilizers, and precious metals. He emphasizes the importance of long-term thinking in commodity investments, particularly in the agricultural sector, where demographic shifts will continue to drive demand. On gold, Rule presents a compelling case for holding the metal as a savings instrument, arguing that not holding gold is “irresponsible.” He views gold as a critical asset that maintains purchasing power and provides liquidity during economic uncertainties. Rule provides nuanced perspectives on investment strategies, particularly in natural resource sectors. He highlights the potential in junior mining exploration, noting that while the sector as a whole destroys capital, the top 10% of companies can generate significant value. His approach emphasizes thorough research, patience, and a willingness to hold investments through volatile periods. The discussion also touches on geopolitical risks and investment opportunities in less-explored markets. Rule suggests that Western investors often overestimate political risks in unfamiliar regions and underestimate risks in seemingly stable markets like the US and Canada. Throughout the conversation, Rule demonstrates his characteristic blend of macroeconomic insight, speculative wisdom, and pragmatic investment philosophy. Timestamps: 00:00:00 – Introduction 00:01:00 – Oil Supply Disruptions 00:02:54 – War Impact on Prices 00:04:22 – If War Ends Scenario 00:05:18 – Long-term Underinvestment 00:06:20 – Historical Oil Parallels 00:08:20 – Oil Equities Valuation 00:09:54 – Producer Opportunities Overview 00:17:03 – Other Commodities Disrupted 00:22:58 – Fertilizers and Potash 00:28:50 – Gold’s Portfolio Role 00:33:00 – Gold & Emerg. Selling 00:35:20 – Silver and Miners 00:38:20 – Hated Places 00:40:49 – Precious Metals Miners 00:44:00 – Junior Explorers Value 00:47:10 – Developers 00:49:10 – Wrap Up & Conference 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 Colonel Douglas Macgregor to the show. Douglas is a retired U.S. Army Colonel & Decorated Combat Veteran. In a comprehensive analysis, Macgregor provides a dire assessment of the current geopolitical and economic landscape, focusing on the potential escalation of conflict in the Middle East and its global implications. Macgregor warns of a severe global crisis emerging from ongoing tensions, particularly highlighting the devastating impact on the global energy and fertilizer markets. He explains that approximately 15-20 million barrels of oil have been removed from the market, and 35% of global fertilizer production has been disrupted. This disruption could lead to widespread food shortages, potential famines in the global south, and significant economic challenges for countries worldwide. The discussion centers on the potential for a massive air and missile campaign against Iran, which Macgregor believes could be catastrophically counterproductive. He argues that Iran has substantially rebuilt its military capabilities, with an estimated 45-50,000 drones and 15-20,000 ballistic and cruise missiles, supported by improved air defense systems from China and Russia. Macgregor critically examines the motivations behind the potential conflict, suggesting it stems from Israeli demands and pressure from what he calls the “Zionist billionaire class.” He emphasizes the potential economic consequences, including a possible global recession or depression, disruptions in shipping, and severe energy shortages. The conversation also delves into broader economic implications, including the potential death of the petrodollar, resource nationalism, and the importance of hard assets like gold and silver. Macgregor strongly advises investors to prepare for challenging times by investing in tangible assets and maintaining cash reserves. Ultimately, he calls for rational leadership to prevent a potential humanitarian disaster, warning that the current trajectory could lead to significant global instability and economic upheaval. Macgregor’s analysis presents a stark and sobering view of the current geopolitical and economic landscape. Timestamps: 00:00:00 – Introduction 00:00:38 – Welcoming Colonel McGregor 00:01:02 – Iran War Ceasefire Analysis 00:01:53 – Global Energy Complex Crisis 00:02:36 – Fertilizer Shortage Famine Risk 00:04:35 – Diesel Supply Europe Challenges 00:07:09 – Petrodollar System Collapse 00:09:16 – Trump Israel Iran Demands 00:13:00 – Iranian Defense Blockade Issues 00:15:08 – Upcoming Air Missile Campaign 00:20:09 – Infrastructure Destruction Escalation 00:22:01 – Global Recession Depression Warnings 00:25:13 – Gold Silver Investment Urgency 00:27:49 – Oil Market Reality Discrepancy 00:34:53 – Resource Nationalism Sovereignty Path 00:45:26 – Concluding Thoughts Guest Links: Website: https://douglasmacgregor.com X: https://x.com/DougAMacgregor YouTube: https://www.youtube.com/@douglasmacgregorTV Articles: https://breakingdefense.com/author/doug-macgregor/ Substack: https://substack.com/@coloneldoug 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 Dr. Stephen Leeb to the show. Dr. Stephen is Author and Founder of Leeb Capital Management. In this wide-ranging discussion, Leeb provides a comprehensive analysis of the global economic landscape, focusing on commodities, geopolitics, and the potential role of gold in reshaping the international monetary system. Leeb argues that the world is at a critical juncture, with natural gas and gold emerging as key strategic assets. He highlights the United States’ unexpected advantage in liquefied natural gas (LNG) and suggests that cooperation, rather than conflict, is the path forward for global economic stability. The conversation then delves into the declining status of the US dollar and the potential for a gold-backed monetary system, with China and Russia playing significant roles in this potential transition. Stephen emphasizes the critical shortage of fundamental commodities, particularly copper and silver, and the need for sustainable energy solutions. Leeb warns that a shortage of any major critical commodity could lead to severe economic consequences, underlining the importance of international cooperation in resource management. A central theme of the conversation is the potential for gold to serve as a unifying monetary force. Leeb views gold as more than just a commodity, describing it almost as a spiritual bridge between beauty and materiality. He suggests that countries adopting a gold standard have historically performed exceptionally well, and that gold could be instrumental in creating a more cooperative global economic system. Leeb is particularly critical of current geopolitical tensions, especially between the United States, China, and Russia. He advocates for a collaborative approach, arguing that cooperation is the key to addressing global challenges in resource scarcity, technological innovation, and economic development. Timestamps: 00:00:00 – Introduction 00:00:50 – Iran War Economic Impact 00:01:22 – LNG US Strategic Advantage 00:03:41 – Petrodollar System Origins 00:04:45 – Natural Gas Byproducts Value 00:08:47 – End of Petrodollar Era 00:11:21 – Europe’s Economic Crossroads 00:13:41 – Global Cooperation Imperative 00:18:07 – Gold Monetary System Role 00:21:03 – Oil Price Discrepancies Explained 00:24:50 – Market Manipulation Concerns 00:25:52 – China’s Gold Wealth Strategy 00:50:11 – Commodity Supercycle Potential 00:52:04 – Sustainability and Resource Scarcity 00:64:81 – Concluding Thoughts Guest Links: Website: https://tti.kartra.com/page/AboutTTI Substack: https://drstephenleebphd.substack.com/ Website: https://www.stephenleeb.com/ X: https://x.com/DrStephenLeeb Book Sample: https://read.amazon.com/sample/126044127X?clientId=share Dr. Stephen Leeb is a recognized authority on the stock market, macroeconomic trends, and commodities, especially oil and precious metals. As Chairman and Chief Investment Officer of Leeb Capital Management, Dr. Leeb combines his knowledge of macro-economic trends and current market conditions with detailed information about specific companies he follows to guide the Committee’s investment decisions. Stephen Leeb is a financial author, wealth manager, and publisher of a family of investment newsletters. He has been a recurring guest on CNN, Fox News, NPR, Bloomberg, and many others through the years. Leeb was also said to be one of the country’s foremost financial experts, with Charlie Gasparino in 2016 recommending Leeb as a good candidate for Federal Reserve Chairman. Leeb earned a B.S. in Economics from the Wharton School of Business. He also earned a Master’s in Mathematics and a Ph.D. in Psychology from the University of Illinois. He authored research papers on psychology and statistics in the peer-reviewed journal Psychological Reports. Stephen Leeb is married and lives in New York City, New York. Leeb has written nine books on macroeconomic trends, finance, and investment, including the New York Times Best Sellers. Stephen’s recent book Red Alert was awarded the 2012 Axiom Business Book Awards silver medal in the International Business/Globalization category.

Stijn Schmitz welcomes David Skarica to the show. David Skarica is Contrarian Investor and the Founder of Profit From Pessimism. In this wide-ranging discussion, Skarica offers insights into current market dynamics, focusing on gold, commodities, and investment strategies. Skarica views the current gold market as part of a long-term macro trend that began in 1999, with potentially another four to six years of growth ahead. He attributes this potential to global debt levels, which have reached unprecedented heights. Central bank buying and potential retail investor interest are additional factors supporting gold’s trajectory. While gold has already seen significant appreciation, Skarica believes we are only in the first or second stage of its bull market in terms of pricing. Regarding mining stocks, Skarica is particularly interested in smaller miners near production or with strong cash flow potential. He sees opportunities in junior mining companies that can potentially increase their market capitalization significantly. His investment approach focuses on finding undervalued companies with asymmetric risk-reward profiles, preferring to make concentrated bets on a handful of carefully selected investments. Stijn also explores energy markets, with Skarica noting potential opportunities in oil, natural gas, and even renewable energy sectors. He suggests that the ongoing geopolitical tensions and increased energy demands from technological developments like AI could support higher energy prices and create investment opportunities. Skarica’s investment philosophy emphasizes contrarian thinking, patience, and seeking value in overlooked or undervalued assets. He warns against over-concentration in any single investment and recommends diversification across sectors and careful position sizing. Timestamps: 00:00:00 – Introduction 00:00:42 – Market Volatility Overview 00:01:49 – Precious Metals Bull Market 00:03:54 – Opportunities in Miners 00:07:48 – Gold as Ultimate Hedge 00:08:47 – Central Bank Buying 00:11:13 – Debasement and Debt 00:16:22 – Bull Cycle Analysis 00:20:29 – Gold Majors Valuation 00:24:14 – Junior Miners Strategy 00:33:54 – Oil Energy Outlook 00:43:13 – LNG Natural Gas Plays 00:50:42 – Concluding Thoughts Guest Links: X: https://x.com/DavidSkarica Website: https://profitfrompessimism.com YouTube: http://www.youtube.com/@profitpess David Skarica had an interest in financial markets at an early age. At the age of 16, he read the small booklet “The Plague of the Black Debt”, by James Dale Davidson, which was given to him by his uncle. David was always a sports stat nut, loving football, hockey and baseball stats, which lead to David becoming intrigued with economics and markets. David is such an avid Football and Las Vegas Raiders fan — his principal in grammar school was Bernie Custis, who was the late Raiders owner Al Davis’ roommate at Syracuse University, and the first ever African American quarterback in college and pro football history — that he also runs his own football vlog, Raiders Greats, which discusses great Raiders player of the past. He also is a soccer fan who supports Leeds Utd., as his father was born in Leeds, England. In 1996, at the age of 18, David became the youngest person on record (that he knows of anyhow) to obtain the Canadian Securities Course (CSC) license to trade investment securities. In the late 1990s, David felt that the market was becoming another epic bubble similar to the bubble of the 1920s, so he decided at the tender age of 20 to write his first book, Stock Market Panic!, which was published in 1998. Over the next decade, gold soared from $250 an ounce to nearly $1900, while the S&P 500 lost value. In the same year that this book was published, he decided to start his newsletter, Addicted to Profits. The newsletter’s name was a spin on Robert Palmer’s famed song Addicted to Love. The irony was Robert Palmer recorded this song in the Bahamas ay the famous Compass Point Recording Studio, and David himself would end up moving to the Bahamas in 2005 (another Irony about David moving to the Bahamas is that his mentor Sir John Templeton also resided there).

Stijn Schmitz welcomes back Josef Schachter to the show. Josef is Founder of Schachter Asset Management Inc. The discussion centers on the significant disruptions in the global oil and gas market caused by recent geopolitical conflicts in the Middle East. Schachter provides a comprehensive analysis of the current energy landscape, highlighting the potential long-term implications of supply constraints and infrastructure damage. According to Schachter, the conflict has already removed approximately 14 to 16 million barrels of oil from daily production, with strategic petroleum reserves and shadow fleet inventories currently offsetting the supply shock. He anticipates that if the war continues, oil prices could reach $80-$90 per barrel by year-end, with potential risks of prices climbing to $150-$180, which could trigger significant demand destruction. They discuss the broader implications for the energy sector, with Schachter emphasizing that the current environment presents attractive opportunities for investors. He recommends focusing on companies with large reserve life indices, low operating costs, and attractive valuations. Specifically, he highlights Canadian energy companies in natural gas and oil sands sectors as promising investments. Schachter notes that the energy landscape has fundamentally changed since March 1st, with companies now needing to focus on growth strategies. He believes the sector is still in early stages, comparing it to being on the fourth hole of a golf course, with significant potential for future development. Companies with strong balance sheets and the ability to capitalize on higher commodity prices will be best positioned. The conversation also touches on potential demand impacts, with Schachter suggesting that prices above $150-$180 per barrel could trigger severe economic consequences, potentially leading to demand reduction that would stabilize prices. He recommends investors carefully evaluate energy companies, looking at metrics like finding and development costs, operating efficiency, and management’s equity stake. Ultimately, Schachter believes the energy sector offers significant long-term investment potential, particularly for those willing to be patient and strategic in their approach. Timestamps: 00:00:00 – Introduction 00:01:05 – Long-Term Conflict Implications 00:04:04 – Geopolitical Risks and Escalation 00:05:09 – Oil Price Dynamics Forecast 00:08:18 – Futures Curve Analysis 00:10:18 – Supply Shortage Timeline 00:11:24 – Energy Sector Investments 00:13:19 – Infrastructure Damage Assessment 00:16:35 – US Geopolitical Oil Strategy 00:18:14 – Historical Price Parallels 00:21:29 – Stock Valuation Opportunities 00:25:13 – Iran War Possibilities 00:29:20 – Attractive Oil Gas Picks 00:32:38 – Canadian Oil & Gas 00:35:41 – Oil & Gas Producers 00:40:32 – Assessing Companies 00:45:58 – Concluding Thoughts Guest Links: Website: https://schachterenergyreport.ca Subscription Discount for Palisade Listeners, $100 off the first year of our subscription, use coupon code “POD100” https://schachterenergyreport.ca/subscriptions/ Josef Schachter is a 40+ year veteran of the Canadian Investment Management Industry, Josef Schachter has experienced several exceptional and turbulent global economic and stock market cycles. With his primary focus in the stock market and the energy sector, Josef is able to weave global political, economic and monetary issues with current energy data into a compelling story of what’s going on, what is to come, and why. Josef is a frequent guest on Michael Campbell’s Podcast ‘Mikes Money Talks’ and other podcast and radio shows and is often quoted in the media. He is a regular Guest Speaker at the annual 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.

Stijn Schmitz welcomes Lobo Tiggre to the show. Lobo Tiggre is the founder of the Independent Speculator. The discussion explores the current state of commodities markets, with a particular focus on precious metals, energy, and geopolitical dynamics. Tiggre provides a nuanced perspective on the gold market, emphasizing that despite recent volatility, the long-term outlook remains positive. He argues that gold trading around $4,500-$4,700 is still a strong position, and the current correction should be viewed with perspective. The fundamental drivers for gold remain intact, including de-dollarization trends and global economic uncertainties. Regarding silver and platinum group metals, Tiggre believes they will not be left behind in the broader precious metals rally. He notes that silver is particularly volatile and can present unique buying opportunities during market corrections. For uranium and copper, he maintains a strongly bullish long-term outlook, viewing them as critical energy metals with structural supply constraints. The conversation delves into the geopolitical landscape, with Tiggre discussing how current global tensions are accelerating trends like de-dollarization and creating potential opportunities in various commodity markets. He emphasizes the importance of disciplined investing, advocating for a “buy low, sell high” approach and maintaining cash reserves to capitalize on market corrections. Timestamps: 00:00:00 – Introduction 00:01:05 – Market Volatility Discussion 00:04:14 – Gold Bull Market Fundamentals 00:06:59 – War’s Impact on Gold 00:09:30 – US Dollar Reserve Status 00:12:37 – Oil Market Complacency 00:20:14 – Disrupted Commodities Overview 00:21:16 – Silver Supply and Demand 00:27:02 – Gold Miners Risk Reward 00:32:45 – Copper Long-Term Outlook 00:38:32 – Nickel and Coal Thesis 00:41:09 – Uranium Investment Opportunities 00:45:59 – Wrap Up Guest Links: Website: https://independentspeculator.com X: https://x.com/duediligenceguy Facebook: https://www.facebook.com/louis.james.965580/ LinkedIn: https://www.linkedin.com/in/lobotiggre/ Lobo Tiggre, aka Louis James, is the founder and CEO of Louis James LLC, and the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James.” While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey. Although frequently mistaken for one, Mr. Tiggre is not a professional geologist. However, his long tutelage under world-class geologists, writers, and investors resulted in an exceptional track record. A fully transparent, documented, and verifiable track record is a central feature of the IndependentSpeculator. Mr. Tiggre will put his own money into the speculations he writes about, so his readers will always know he has “skin in the game” with them.

Stijn Schmitz welcomes back John Feneck to the show. John is CEO of the Feneck Consulting Group. In this in-depth discussion, Feneck shares insights into critical minerals, defense metals, and investment opportunities across various sectors. John is particularly bullish on tungsten, highlighting that China currently produces about 81% of the world’s tungsten supply, creating significant potential for Western mining companies. Feneck specifically recommends two companies as promising tungsten-focused investments. He notes the critical mineral space is receiving substantial government attention, with the US dedicating $112 billion to support critical mineral development. The geopolitical landscape, particularly tensions with China and ongoing conflicts, further underscore the importance of diversifying mineral supply chains. In the silver market, Feneck maintains an optimistic outlook. He currently holds an 18% portfolio position in silver and suggests the metal has significant upside potential. Regarding gold, Feneck believes there’s still substantial room for growth. Major banks like JP Morgan, Bank of America, and Goldman Sachs are maintaining forecasts between $5,500 and $6,000, indicating continued confidence in the sector. The discussion also touches on broader market dynamics, including potential sector rotation away from technology and AI stocks. Feneck emphasizes the importance of understanding market volatility and being prepared for potential short-term pullbacks. Timestamps: 00:00:00 – Introduction 00:01:00 – Defense Metals Outlook 00:03:05 – Tungsten Stock Picks 00:06:42 – Tungsten Supply Pricing 00:09:00 – Silver Defense Applications 00:10:30 – Portfolio Performance Highlights 00:12:55 – Silver Premium Dynamics 00:15:00 – Silver Miners Opportunities 00:19:06 – War Black Swan Impact 00:20:31 – Oil Energy Investments 00:22:10 – Oil Related Products 00:23:36 – Rare Earth Elements 00:25:23 – Gold Bull Market Views 00:29:03 – Miner Valuations 00:32:08 – Upcoming Conferences Details 00:34:00 – 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: May 17 to 19, 2026 = Grand Hyatt, Washington, DC May 20 to 22, 2026 = Four Seasons, Fort Lauderdale, FL Both events are invitation only. If interested, please email John at [email protected] no later than April 15. Go to “events” then “Washington DC or Florida”, then “companies” to see who has been invited on the event website: https://topshelf-partners.com/ . Investors can attend in person, or virtually. Ticker’s Discussed:Western Star Resources (WSRIF, WSR), Triumph Gold (TIGCF, TIG), Gold equity ETFs (GDX, GDXJ), Silver Equity ETFs (SLVP, SILJ), Silver47 Exploration (AAGAF, AGA), Guardian Metal Resources (GMTLF, GMET.L (US ticker will soon uplist to NYSE as “GMTL”)), Paramount Gold (PZG), Denarius Metals (DNRSF, DMET). John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch’s global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers). Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He’s delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott’s precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector’s volatility. In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he’s a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.