Florian Grummes: Hyperinflation, Nowhere Near a Top for Gold & The Case for $500 SIlver

Stijn Schmitz welcomes Florian Grummes to the show. Florian Grummes is Founder & Managing Director of Midas Touch Consulting. In this comprehensive interview, Grummes provides an in-depth analysis of the current precious metals market, focusing on gold, silver, and broader economic trends. Grummes argues that the fundamental driver of the precious metals bull market is the ongoing destruction of fiat currency’s purchasing power through continuous money printing. He believes we are in the “end game” of the current monetary system, with central banks forced to continuously expand the money supply to prevent economic collapse. This process is leading to significant inflation and eroding people’s trust in traditional currencies. Regarding gold, Grummes sees a bullish trajectory, with potential targets ranging from $5,000 to potentially $15,000. He notes that gold has been in a secular bull market since 2001 and is now accelerating. The recent price action, including central bank buying and physical demand from countries like China, supports this optimistic outlook. He anticipates “real fireworks” in January, with a potential move towards $5,000. Silver is even more exciting for Grummes. After breaking the critical $50 resistance level after 45 years, he believes silver could reach $72 in the short term and potentially $100 or higher in the coming years. He describes silver’s current movement as a “violent” breakout with significant upside potential. The discussion also touched on other precious metals like platinum, which Grummes considers undervalued, and emerging trends like tokenized precious metals. He sees tokenization as a potential future for more liquid and transferable metal investments. Regarding mining stocks, Grummes believes there is still significant upside, particularly for larger producers and junior miners. He advises patience and buying during dips, noting that the best is yet to come in the sector. Timestamps: 00:00:00 – Introduction 00:01:04 – Christmas Rally Drivers 00:02:36 – Bull Market Fundamentals 00:04:44 – Fiat Currency Destruction 00:13:44 – Hyperinflation Proximity 00:15:41 – Central Bank Buying 00:19:55 – Gold Short-Term Outlook 00:23:50 – Crack-Up Boom Thesis 00:27:00 – Silver Price Targets 00:32:10 – Platinum Investment Case 00:35:44 – Tokenized Precious Metals 00:41:14 – Mining Stocks Opportunities 00:47:52 – Oil Sector Potential 00:51:34 – Concluding Thoughts Guest Links: Website: https://www.midastouch-consulting.com LinkedIn: https://www.linkedin.com/in/floriangrummes/ X: https://twitter.com/FlorianGrummes Substack: https://substack.com/@midastouchconsulting Seeking Alpha: https://seekingalpha.com/author/florian-grummes Telegram: https://t.me/MidasTouchConsulting Facebook: https://www.facebook.com/Midastouchconsulting Free Newsletter: http://eepurl.com/d5Euf 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 Peter Schiff to the show. Peter Schiff is CEO of Euro Pacific Asset Management, and Chairman of Schiff Gold. The discussion centers on the current economic landscape, focusing on precious metals, monetary policy, and global economic shifts. Schiff argues that the Federal Reserve has effectively returned to quantitative easing by purchasing T-bills and expanding its balance sheet. He believes this signals a highly accommodative monetary policy that will continue to fuel inflation and prop up economic bubbles. The conversation highlights the ongoing transfer of wealth from the West to the East, with central banks in Eastern countries accumulating gold at unprecedented rates. Regarding precious metals, Schiff is bullish on both gold and silver. He predicts silver could reach $100 per ounce in the next year and believes the current bull market is still in its early stages. He emphasizes that investors should not wait for pullbacks but start building positions now, as the long-term trajectory for precious metals looks promising. The discussion also explores the broader economic challenges facing the United States, including unsustainable government debt, declining industrial capacity, and the potential loss of global reserve currency status. Schiff is critical of current economic policies, arguing that the country needs significant structural changes to address its fundamental economic weaknesses. On investment strategy, Schiff recommends a diversified approach that includes physical gold and silver, mining stocks, and international value stocks. Schiff’s outlook is cautiously optimistic about precious metals while remaining pessimistic about the U.S. economic trajectory. He believes the current trends will continue, with gold and silver serving as critical safe havens as global economic dynamics continue to shift. Guest Links: Podcast: https://schiffradio.com Website: https://schiffgold.com Website: https://europac.com X: https://x.com/peterschiff YouTube: https://youtube.com/@peterschiff Peter Schiff is an honorary chairman of SchiffGold, founder of Euro Pacific Asset Management, and host of The Peter Schiff Show. Peter is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics. He is one of the few forecasters who accurately and publicly predicted the 2007 housing market collapse and subsequent 2008 financial crisis. His latest best-selling book, The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country, warns that the 2008 crisis was just the prelude to a larger sovereign debt crisis in the United States that may lead to a collapse of the US dollar. Peter recommends long-term investment in foreign markets with sound fiscal policies, as well as global commodities including buying gold, silver and other physical precious metals.

Stijn Schmitz welcomes Lyn Alden to the show. Lyn Alden is founder of Lyn Alden Investment Strategy. In this comprehensive interview, Alden discusses her “gradual print thesis” and the current macroeconomic landscape, focusing on fiscal dominance and potential long-term economic challenges facing developed countries, particularly the United States. Alden argues that the United States is entering a period of sustained fiscal challenges, characterized by large structural deficits and a complex monetary environment. She suggests the country is transitioning from monetary tightening to monetary loosening, with significant implications for asset allocation. Unlike emerging markets that experience rapid currency debasement, developed countries like the US have more flexibility due to global demand for their currency and extensive international financial infrastructure. Find Out More About Palisades Goldcorp, Canada’s Leading Junior Resource Investment Company:► Website: https://palisades.ca Palisade Radio Links:► Website & Newsletter: https://palisadesradio.ca► Rumble: https://rumble.com/c/c-1586024 The discussion explores historical parallels, particularly drawing comparisons to the 1940s-1970s period. Alden emphasizes that while direct comparisons are impossible, certain patterns emerge, such as the importance of owning hard assets during periods of monetary expansion. She recommends diversifying across scarce assets like equities, real estate, precious metals, and select commodities, while being cautious of overvalued investments. Demographic challenges play a crucial role in Alden’s analysis. She challenges the notion that aging populations are inherently deflationary, arguing that extensive entitlement systems and continued consumption by older populations can actually drive inflationary pressures. This perspective suggests a more complex economic landscape than traditional models predict. Regarding potential investment opportunities, Alden highlights regions like Japan, Latin America, and parts of Southeast Asia as potentially attractive. She’s particularly bullish on assets that are currently undervalued and have long-term potential, such as regional banks, Bitcoin, energy infrastructure, and select international markets. Ultimately, Alden views the current economic environment as part of a broader “fourth turning” cycle, characterized by increasing political volatility and structural economic challenges. She anticipates a gradual process of economic adjustment rather than a sudden, dramatic collapse, advising investors to remain diversified and adaptable. Timestamps:00:00:00 – Introduction00:00:47 – Gradual Print Thesis00:02:10 – Fiscal Dominance Explained00:04:20 – Outgrowing Debt Challenges00:07:42 – Inflation Spectrum Assets00:10:43 – Reshoring Industrial Base00:15:38 – Treasury Auction Risks00:17:10 – Debt Crisis Timeline00:20:18 – Fourth Turning Parallels00:22:10 – Demographic Inflation Pressures00:28:35 – Historical Debt Cycles00:31:02 – Portfolio Allocation Advice00:50:12 – Concluding Thoughts Guest Links:X: https://x.com/LynAldenContactWebsite: https://lynalden.comAmazon Book: https://tinyurl.com/lynaldenc Lyn Alden is editor and publisher of LynAlden.com, where she has both a subscription and a free financial newsletter. She says, “Her background lies at the intersection of engineering and finance.” Her site provides investment research and strategy, covering stocks, precious metals, international equities, and alternative investments, with a specialization in asset allocation. Whether you’re new to investing or experienced, there’s a lot there for you. Lyn has a bachelor’s degree in electrical engineering and a master’s degree in engineering management, focusing on engineering economics and financial modeling. She oversees the finances and day-to-day operations of an engineering facility. She has been performing investment research for over fifteen years in various public and private capacities. Her work has been editorially featured or cited on Business Insider, Marketwatch, Time’s Money Magazine, The Daily Telegraph, The Philadelphia Inquirer, The Street, CNBC, US News and World Report, Kiplinger, and The Huffington Post. She has also appeared on Real Vision, The Investor’s Podcast Network, The Rebel Capitalist Show, The Market Huddle, and many other podcasts. She is also a regular contributor to Seeking Alpha, FEDweek, and Elliot Wave Trader.

Stijn Schmitz welcomes Gary Savage to the show. Gary Savage is Retired Entrepreneur, Investor, and President of Smart Money Tracker Premium. In this insightful interview, Savage provides a comprehensive analysis of the current precious metals market, focusing on gold and silver’s potential trajectory. Savage believes the gold market is currently in the second phase of a long-term bull market, which began around 2015. He emphasizes the importance of maintaining the “wall of worry” – a psychological state where investors remain cautious – to potentially extend the bull market’s duration. He suggests the market could continue for two to three more years if it avoids excessive optimism and maintains periodic corrections. Regarding potential price targets, Savage is remarkably bullish on gold, predicting it could reach $10,000, and potentially even $15,000 or $20,000. For silver, he anticipates reaching $100 by 2026, with potential for $250 and possibly $500 if market conditions remain favorable. He sees the gold-to-silver ratio as a key indicator of market tops, with a ratio between 20-30 suggesting a potential market peak. Savage’s investment strategy involves an 80/20 split, with 80% in physical gold and silver as a long-term insurance strategy, and 20% dedicated to leveraged trading during intermediate market cycles. Gary cautions against getting caught up in market narratives and emphasizes the importance of recognizing when an asset becomes overvalued. On broader economic trends, Savage discusses potential commodity supercycles, geopolitical conflict cycles, and the likelihood of continued central bank interventions. He remains cautiously optimistic about precious metals while acknowledging the potential for significant market volatility in the coming years. Timestamps: 00:00:00 – Introduction 00:01:08 – Gold Bull Market Phase 00:02:34 – Wall of Worry Dynamics 00:05:03 – Public Interest in Gold 00:08:35 – Fundamentals and Narratives 00:10:22 – Parabolic Phase Indicators 00:12:13 – Playing the Bull Market 00:14:24 – Avoiding Narrative Traps 00:17:31 – Silver Price Outlook 00:21:27 – Market Suppression Break 00:23:53 – Miners as Leverage Play 00:25:44 – Equities Long-Term Cycle 00:29:27 – War Cycles and Recession 00:33:28 – Commodity Supercycle Potential 00:36:01 – Concluding Thoughts Guest Links: X: https:/x.com/garysavage1 Blog: https://blog.smartmoneytrackerpremium.com/ YouTube: https://www.youtube.com/channel/UCgiNs7gCxEvgBE1HHvoOKTQ/videos Website: https://smartmoneytrackerpremium.com/login/ Gary Savage is a retired entrepreneur living in Las Vegas. He has been investing in stocks and commodities for 15+ years. Gary is a self-made multi-millionaire and attributes his financial success to savvy investments made in owning/selling several businesses, real estate, and, more recently, the stock market. He is also a national Judo, powerlifting, and Olympic weightlifting champion and world record holder. Gary holds national titles in 3 different sports and continues to challenge himself as an avid rock climber, and recently his newest endeavor bowling (two perfect 300 games so far). Gary’s renown as a recognized trading/investment expert in the areas of precious metals, stock market, oil, and currency markets is demonstrated by his numerous internationally published articles in these market areas: Kitco, 24hGold, Gold-Eagle, Investing, 321Gold, Keyport, SilverSeek, TFMetalsReport, FuturesMag, ResourceInvestor, Silver-Phoenix, BayStreetBlog, BeforeItsNews, ETFDailyNews, TalkMarkets, JuniorMiningAnalyst, MarketOracle.UK, SafeHaven, GoldSeek, Mining, CommodityOnline, SilverMarketNewsOnline, StreetWiseReports, and InvestingNews. Gary publishes the Smart Money Tracker, a daily and weekend market newsletter available online by subscription only, at a very modest price. This subscription-only site provides Gary’s in-depth daily commentary and chart analysis of numerous markets, including the stock, precious metals, oil, and currency markets.

Stijn Schmitz welcomes Adrian Day to the show. Adrian Day is CEO of Adrian Day Asset Management & Manager of EuroPacific Gold Fund. In this in-depth conversation about precious metals and commodities, Day provides a comprehensive analysis of the current gold and broader investment landscape. Day remains highly bullish on gold, arguing that all fundamental drivers supporting gold’s recent rise remain intact. He highlights central bank purchasing, currency debasement concerns, and potential future Federal Reserve policies as key factors. While acknowledging gold’s recent price movements, he believes the market is far from reaching its peak and anticipates significant potential for further appreciation. Discussing the generalist investor market, Day notes that North American investors have historically maintained low gold allocations, typically around 2%. He suggests that as economic conditions become more favorable—including lower interest rates, weakening dollar, and increased market volatility—more generalist investors may enter the gold market. Regarding commodities, Day provides nuanced insights into potential investment cycles. He cautions against broadly labeling current trends a “super-cycle” but believes most commodity complexes are undervalued relative to financial assets. He emphasizes the importance of differentiating between individual commodities and focusing on sectors with potential supply constraints, specifically highlighting copper, uranium, and oil as promising areas. Day also discusses gold mining stocks, arguing that despite recent price increases, many large mining companies remain attractively valued. He sees significant potential in mid-tier miners and believes valuations remain compelling, particularly as gold reserves are revalued at higher prices. On broader economic trends, Day discusses the gradual shift away from dollar dominance, noting that while the US dollar remains central to global trade, its proportion of global reserves and trade settlements is declining. He anticipates this trend could incrementally benefit gold as an alternative asset. Timestamps: 00:00:00 – Introduction 00:01:15 – Bullish Case for Gold 00:03:49 – Gold Pullback Analysis 00:09:57 – Generalist Investors Shift 00:16:18 – Currency Debasement Trade 00:19:31 – Remonetization Thesis Discussion 00:22:32 – Silver Price Surge Drivers 00:31:22 – Valuing Gold Miners 00:35:32 – Mid-Tier Miners Potential 00:38:02 – M&A and Financing Health 00:40:10 – Commodity Super-Cycle Tease 00:47:36 – Oil and Gas Dynamics 00:51:15 – Concluding Thoughts Guest Links: Website: https://adrianday.com/ Adrian Day is considered a pioneer in promoting the benefits of global investing in the United Kingdom. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders. His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010). Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad. He is a popular speaker and is frequently invited to lecture at financial conferences and seminars around the world. His pleasures include fine dining, reading (especially history), and the opera.

Stijn Schmitz welcomes Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. The discussion centers on the current state of precious metals, monetary policy, and economic systems, with a particular focus on gold and silver’s role in the global financial landscape. Thornton argues that gold is fundamentally money, and governments have only recently forced their way into replacing commodity money with fiat currency. He suggests that the current precious metals market is still in its early stages, with central bank buying and distrust in the US dollar driving significant interest. The gold and silver markets are experiencing growing pains, with increasing investor attention and potential for further price appreciation. The conversation delves into the fundamental differences between Austrian and Keynesian economics. Thornton criticizes Keynesian economics as a state-controlled ideology that promotes government spending and manipulates interest rates, whereas Austrian economics advocates for market-driven monetary systems and private property rights. He highlights how central bank policies create economic bubbles and exacerbate wealth inequality by favoring asset-rich individuals. Thornton sees potential for a significant monetary transformation, potentially triggered by the current precious metals bull market. He believes the collision between Western and Eastern financial markets, coupled with the rise of cryptocurrencies, could lead to a fundamental restructuring of monetary systems. The possibility of a return to a gold standard or a gold-backed settlement currency is discussed as a potential future scenario. The economist also warns about potential economic bubbles in artificial intelligence and private equity, arguing that the Federal Reserve’s monetary policies have created unsustainable conditions across various sectors. He believes that while central banks have been able to temporarily extend economic cycles, their power is not infinite, and a significant market correction is inevitable. Thornton concludes by emphasizing the importance of understanding Austrian economic principles and encourages listeners to explore the works of economists like Friedrich Hayek to gain deeper insights into monetary systems and economic dynamics. Timestamps: 00:00:00 – Introduction 00:01:19 – Gold as Money 00:04:21 – Central Bank Distrust 00:05:52 – Bull Run Early Stages 00:09:35 – Historical Parallels 1980s 00:14:15 – Return to Gold Standard 00:18:16 – Bond Markets Unraveling 00:24:07 – Austrian vs Keynesian Economics 00:31:19 – Flexible Inflation Targeting 00:33:53 – Silver Monetary Role 00:45:46 – AI Private Equity Bubbles 00:51:11 – Future Recession Outlook 00:55:41 – Concluding Thoughts 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 Book-Hayek: https://mises.org/library/book/hayek-21st-century-essays-political-economy 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 Francis Hunt to the show. Francis Hunt is the Renegade Trader, Analyst, & Founder of The Market Sniper. In this wide-ranging discussion, Hunt presents a comprehensive view of the current economic landscape, focusing on precious metals, debt, and potential financial system transformations. Hunt argues that the world is experiencing a significant economic paradigm shift characterized by debt debasement and financial repression. He believes we are in the early stages of a precious metals bull market, with gold, silver, and particularly platinum presenting substantial investment opportunities. He emphasizes the scarcity of these metals, especially platinum, which he sees as dramatically undervalued compared to its rarity. The discussion explores the potential risks in the current financial system, particularly around AI investments and government interventions. Hunt is critical of government policies, viewing them as mechanisms designed to reduce individual economic freedom. He suggests that governments are likely to implement increasingly aggressive tax policies and financial controls, which he terms “tax scavenge mode.” Francis predicts a complex economic future characterized by “hyperstagflation” – a period of economic stagnation combined with inflationary pressures. He recommends investors protect themselves by holding physical precious metals, with gold as the foundation, followed by silver and platinum. He also suggests that mining stocks could provide opportunities, though they carry more volatility. Geopolitically, Hunt sees interesting developments with the BRICS nations potentially introducing a gold-backed currency, which could force Western economies to reconsider their monetary strategies. He’s particularly skeptical of government statistics and mainstream narratives, encouraging investors to look beyond official reports. Ultimately, Hunt’s message is one of cautious opportunity. While he sees significant economic challenges ahead, he believes informed investors can protect and potentially grow their wealth by understanding these trends and positioning themselves strategically in precious metals and select investments. Timestamps: 00:00:00 – Introduction 00:00:50 – Precious Metals Bull Thesis 00:01:50 – Bull Market Top Criteria 00:03:45 – AI Contagion and Debasement 00:07:48 – Debt-Fiat Debasement Era 00:11:45 – Stablecoins and Bailouts 00:12:55 – Gold vs Bitcoin Liquidity 00:15:40 – US Gold Revaluation Skepticism 00:18:45 – BRICS Gold-Backed Currency 00:24:55 – Crisis Opportunity Strategies 00:27:20 – Silver Scarcity and Ratio 00:39:12 – Platinum Monetary Potential 00:45:29 – Hyperstagflation and Super-Cycle 00:55:48 – Market Sniper Wrap Up Guest Links: X: https://x.com/themarketsniper X: https://x.com/thecryptosniper Website: https://themarketsniper.com YouTube: https://www.youtube.com/user/TheMarketSniper Francis is a trader, first and foremost. Unlike most educators in the trading space, Francis walks the walk and talks the talk, with 30 years of experience trading his personal capital on various markets and instruments. Through this passion for trading and his relentless study of markets and economic theory, he uses the Hunt Volatility Funnel trading methodology, a systemized approach, to answer the critical question: What is the next most profitable trade? He believes the actual price of an asset is the most accurate reflection of all the factors that influence it. Practical technical analysis, the study of price action over time, is needed to formulate profitable trade ideas. Indeed, with all the market manipulation and high-frequency trading operations currently in play, technical analysis is all that can be relied upon when it comes to formulating future price trends. A trained eye can often spot such manipulative practices, as is the case with HVF traders. Therefore, the HVF methodology is based purely on technical analysis. Francis is passionate about sharing his knowledge and understanding of markets by utilizing his HVF trading methodology. With entertaining anecdotes and the careful guidance of his students, he has already trained a large community of hundreds of traders and helped them transform from complete newbies to seasoned trading professionals. He genuinely loves sharing his knowledge and strategies with others who are committed to finding freedom through trading. Plus, teaching strengthens his trading abilities while helping to build a vibrant community of successful traders.

Stijn Schmitz welcomes Christopher Whalen to the show. Christopher Whalen is an Investment Banker, Author, and Chairman Whalen Global Advisors. The discussion centers on the current economic landscape, with a particular focus on gold, monetary policy, and the future of the global financial system. Whalen argues that the world is in the early stages of a gold up-cycle, primarily driven by central banks increasingly adopting gold as a key reserve asset. He emphasizes that while the US dollar remains crucial for global trade, its dominance is gradually shifting. Whalen provides insights into the current economic challenges, highlighting inflation as a significant concern. He suggests that the federal deficit and monetary expansion are primary drivers of economic instability. The conversation explores the potential for alternative monetary approaches, including gold-linked bonds and revaluing gold stocks, though Whalen remains skeptical about a complete return to a gold standard. Regarding global currency dynamics, Whalen believes the BRICS settlement currency and attempts to challenge the US dollar’s supremacy are unlikely to succeed in the near term. He argues that the dollar’s utility in financing transactions and its widespread acceptance make it difficult to replace. However, he anticipates a gradual decline in the dollar’s global share, moving towards a more multilateral system reminiscent of the pre-World War II era. On investment strategies, Whalen recommends diversification, particularly advocating for 10-20% of portfolios to be allocated to gold. He is cautious about current equity markets, especially tech stocks driven by artificial intelligence hype. The banking sector presents mixed prospects, with consumer banking relatively stable but commercial real estate posing significant challenges. Ultimately, Whalen remains optimistic about the United States’ economic potential. He believes the country’s natural resources, economic flexibility, and inherent strengths will help manage current financial challenges. The discussion concludes with a nuanced view of economic transformation, suggesting adaptation rather than catastrophic decline. Timestamps: 00:00:00 – Introduction 00:00:54 – Gold’s Long-Term Cycle 00:01:21 – Central Banks Buying Gold 00:03:13 – Inflation and AI Hype 00:05:44 – Monetary Inflation Defined 00:07:04 – Metals as Safe Havens 00:11:13 – Commodity Supercycle Thesis 00:13:03 – Treasury Debt Issuance Strategy 00:15:44 – Gold-Linked Bonds Proposal 00:19:12 – Gold Remonetization Incentives 00:21:36 – BRICS Currency Challenge 00:26:56 – Outgrowing US Debt 00:32:41 – Equities in Inflation 00:36:26 – Banking Sector Health 00:38:32 – Concluding Thoughts Guest Links: Website: https://www.rcwhalen.com/ X: https://x.com/rcwhalen Books (Amazon): https://tinyurl.com/mv3wctcr LinkedIn: https://www.linkedin.com/in/rcwhalen/ Over three decades, Chris has worked as an author, financial professional, and journalist in Washington, New York, and London. After graduating, he served under Rep. Jack Kemp (R-NY) at the House Republican Conference Committee. In 1993, he was the first journalist to report on secret FOMC minutes concealed by Alan Greenspan. His career included roles at the Federal Reserve Bank of New York, Bear Stearns & Co., Prudential Securities, Tangent Capital, and Carrington Mortgage Holdings. Christopher holds a B.A. in History from Villanova University. He is the author of three books: “Ford Men: From Inspiration to Enterprise” (2017), published by Laissez Faire Books; “Inflated: How Money and Debt Built the American Dream” (2010) by John Wiley & Sons; and co-author of “Financial Stability: Fraud, Confidence & the Wealth of Nations,” also with Wiley. He served on FINRA’s Economic Advisory Committee from 2011 to 2023 and was an advisor on Season 5 of SHOWTIME’s “Billions.” Additionally, he was a fellow at Indiana State University (2008-2014), a member of Villanova School of Business’ Finance Department Advisory Council (2013-2016), and a board member of the Global Interdependence Center (2017-2019). Christopher edits The Institutional Risk Analyst and contributes to other publications and forums. He has testified before Congress, the SEC, and FDIC. A regular media commentator on CNBC, Bloomberg, and Fox News, Chris is active on social media under “rcwhalen.” He is also a member of The Mortgage Bankers Association and The Lotos Club of New York.

Stijn Schmitz welcomes Justin Huhn to the show. Justin Huhn is Founder & Publisher of Uranium Insider Pro. In this comprehensive discussion, Huhn provides an in-depth analysis of the current uranium market, highlighting its unique supply and demand dynamics. The uranium market is currently experiencing a significant bull run, with demand projections showing substantial growth. The World Nuclear Association’s 2025 reference scenario indicates uranium demand could be 50% higher by 2040 compared to 2019. Key demand drivers include electricity growth, clean energy mandates, and energy security concerns, with nuclear energy capacity projected to grow at approximately 4% annually. On the supply side, the market faces critical challenges. Major producers like Kazatomprom are struggling to maintain production levels, with most existing mines experiencing declining output. Huhn emphasizes that the industry needs substantially higher prices – potentially over $100 per pound in the term market – to incentivize new project development. The market’s structure is characterized by limited supply and rising prices, with trading volumes declining. Utilities remain cautious, often underestimating future price trajectories. Potential secondary demand drivers include financialization, strategic sovereign stockpiling, and utility inventory restocking. Huhn is bullish on uranium’s long-term prospects, suggesting the market is still in early to mid-stages of its bull cycle. He recommends investors diversify their approach, potentially holding physical uranium through vehicles like Yellow Cake or Sprott Physical Uranium Trust, and maintaining a diversified portfolio of mining stocks. Regarding potential disruptors, Huhn is optimistic about thorium’s long-term potential but doesn’t see it impacting the current uranium cycle. He’s also measured about small modular reactors, believing the focus should remain on building large, proven nuclear reactor designs. For investors interested in the sector, Huhn suggests carefully selecting companies with responsible management, strong capital positioning, and potential for future cash flow generation. Timestamps: 00:00:00 – Introduction 00:01:00 – Uranium Bull Cycle Position 00:02:15 – Nuclear Demand Growth Drivers 00:04:21 – Supply Demand Modeling 00:06:23 – Market Uniqueness Factors 00:07:27 – Bull Market Innings Outlook 00:10:18 – Key Uranium Producers 00:17:48 – Supply Bottlenecks Challenges 00:22:36 – Incentive Price Discussion 00:25:29 – Spot vs Term Market 00:28:48 – Future Demand Projections 00:36:35 – Geopolitical Market Bifurcation 00:39:28 – Thorium and SMR Disruptors 00:45:19 – Portfolio Construction Advice 00:51:00 – 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 Jay Martin to the show. Jay Martin is Host of The Jay Martin Show & Vancouver Resource Investment Conference. In this wide-ranging discussion, Martin provides deep insights into the current global economic landscape, focusing particularly on gold, commodities, and geopolitical shifts. Martin argues that the current gold market represents more than just another investment trend. Central banks are purchasing gold primarily due to two key factors: diminishing confidence in the US dollar’s value and increasing unpredictability of US geopolitical policy. Unlike previous asset rallies, gold represents a fundamental monetary asset that signals broader economic transformations. They explore the emerging competition between the United States and China, which Martin views through two primary filters: supply and demand dynamics, and economic competitiveness. He suggests we are exiting the 40-year era of globalization, entering a more uncertain geopolitical landscape where countries are carefully navigating alliances and economic interests. Martin highlights significant developments like China’s strategic investments in critical minerals, the potential de-dollarization through mechanisms like the BRICS settlement currency, and the United States’ efforts to re-shore manufacturing and regain control of critical supply chains. He estimates the cost of reshoring could be tens of trillions of dollars, potentially creating unprecedented inflationary pressures. Regarding global commodities, Martin sees a supercycle driven by massive underinvestment over the past 15 years. He uses copper as a prime example, noting consistent decade-over-decade demand growth despite technological disruptions and economic recessions. The discussion also touches on the complex dynamics of the BRICS alliance, which Martin views as a temporarily unified group primarily motivated by reducing dependence on the US dollar. He predicts this alliance will eventually fracture as its members’ fundamental differences emerge. Martin concludes by discussing his upcoming Vancouver Resource Investment Conference and Commodity University, platforms designed to educate investors about the nuanced world of resource investing. Timestamps: 00:00:00 – Introduction 00:01:17 – Gold Cycle Perspective 00:06:53 – Gold Remonetization Thesis 00:10:40 – Mystery Gold Buyer 00:18:20 – Commodity Supercycle Overview 00:24:00 – World View Framework 00:28:28 – Belt and Road Initiative 00:30:19 – De-Dollarization Trends 00:37:51 – US Reshoring Strategy 00:42:40 – Venezuela Conflict Analysis 00:46:24 – Russia’s Geopolitical Role 00:50:40 – BRICS and Multi-Polarity 00:54:28 – Investment Conference Details 00:56:12 – Commodity University Program 01:00:00 – Concluding Thoughts Guest Links: X: https://x.com/JayMartinBC/ Conference: https://cambridgehouse.com/vancouver-resource-investment-conference Website: https://cambridgehouse.com/ YouTube: https://www.youtube.com/@TheJayMartinShow Commodity University: https://www.thecommodityuniversity.com/ Jay Martin is the President & CEO of Cambridge House International Inc. His ideal day begins with a hard workout followed by dark coffee and a couple of hours to read anything related to futurism and geopolitics. Since 2011 he has expanded Cambridge House from Canada’s leading junior mining conferences to become Canada’s most recognizable brand in public venture capital. Today, Cambridge House produces the largest investment conferences in the country in both technology and natural resources and hosts the largest video library of investment content in Canada. Jay sits on the board of the Entrepreneur Organization, a global business community of over 12,000 leading entrepreneurs in 53 countries worldwide.