Mike McGlone: Markets are Entering a Time of Serious Systemic Risk

Tom Bodrovics welcomes Willem Middelkoop to the show. Willem Middelkoop is Author and Founder of the Commodity Discovery Fund. In this wide-ranging interview, Middelkoop discusses the evolving global financial landscape, emphasizing that the world is entering the "endgame" of the US dollar-centered monetary system that has dominated since World War II. Middelkoop argues that the Ukraine conflict and ongoing geopolitical tensions represent a broader struggle between the West and emerging powers like China and the BRICS nations. He believes the weaponization of the dollar has accelerated the shift away from US financial hegemony, with gold emerging as a strategic asset for alternative economic powers. Discussing market dynamics, Middelkoop suggests we are approaching a significant market top, potentially with a correction of 70-80% over the next decade. He recommends a diversified investment approach, suggesting investors allocate assets across physical gold, real estate, equities, and digital assets like Bitcoin. His Commodity Discovery Fund has survived and learned through challenging market conditions since 2008, positioning itself for what he sees as an emerging commodity boom. Middelkoop is particularly bullish on precious metals, especially silver, which he considers undervalued and potentially reaching $100 per ounce within five to ten years. He attributes this potential to fundamental supply constraints and increasing industrial demand. The ongoing debasement of currencies through continuous money printing provides further support for hard assets. Critically, Middelkoop warns that the real economic, sovereign, and currency crises are yet to unfold. He anticipates central banks will continue printing money to prevent social and political instability, which will further drive inflation and asset values. His perspective emphasizes the importance of understanding systemic changes and preparing accordingly, noting that financial stability can rapidly transform into chaos. The interview concludes with Middelkoop's optimistic view that patient investors in commodities and strategic hard assets will be well-positioned for the coming economic transitions.

Tom Bodrovics welcomes Michael Oliver from Momentum Structural Analysis MSA. Michael discusses his technical analysis of current market conditions, focusing on potential significant shifts in various financial markets. Oliver argues that the US stock market is approaching a major top, characterized by a "broadening top" pattern that suggests an impending decline. He believes the market's upside is not to be trusted, with technical momentum indicators showing weakness in major indexes like the S&P and NASDAQ. The current market represents a bubble, particularly in US markets, with an unprecedented 15-year bull run and a 19-20 fold increase in the NASDAQ 100. A key concern is the potential for market disruption in unexpected areas, such as banking, credit cards, and Bitcoin. Oliver suggests Bitcoin may be particularly vulnerable, with technical indicators showing similarities to previous market tops. He anticipates a potential implosion that could create significant financial shock waves. Regarding precious metals, Oliver is bullish on gold and especially silver. He predicts silver could reach $60-$70 by year-end, potentially outperforming gold dramatically. He sees this as part of a broader shift away from traditional financial systems, potentially leading to a new monetary reality. Oliver expects a prolonged bear market rather than a sudden crash, drawing parallels to historical market corrections. He anticipates widespread economic consequences, including potential changes to major institutions like the Federal Reserve. The dollar index is expected to continue declining, potentially dropping to 70 or lower. Commodities are another area of interest, with Oliver suggesting they're poised for a significant upward move. He believes the combination of these factors could create rapid, dramatic changes across financial markets, catching many investors off guard. The overarching theme is one of potential systemic transformation, where incremental changes suddenly erupt into major shifts, challenging existing economic assumptions and potentially reshaping financial landscapes in unexpected ways.

Tom Bodrovics welcomes Michael Kao to the show. Michael Kao is Private Family Office Investor & Author - Former Hedge Fund Manager & Commodities Trader. In this comprehensive discussion, Kao provides an in-depth analysis of the Trump 2.0 economic strategy, focusing on several key policy initiatives designed to reshape the United States' economic trajectory. He describes the current approach as navigating an "asteroid field" with strategic policy levers aimed at addressing significant economic challenges, including massive deficits, global conflicts, and critical dependencies on adversarial nations. Kao highlights four primary policy initiatives: tariffs and economic statecraft, redirecting fiscal spending, managing inflation, and containing internal and external threats. A critical component of this strategy involves what he calls a "reverse Marshall Plan," where other countries and private industries shoulder fiscal responsibilities traditionally borne by the US government. This approach could potentially redirect billions of dollars in spending through trade deals, NATO commitments, and corporate reshoring initiatives. The discussion extensively explores potential deflationary mechanisms within the policy framework, including strategic tariffs, oil price management, and potential productivity gains from AI and deregulation. Kao suggests that these policies could create a "disinflationary growth" scenario, potentially allowing the US to grow its way out of its current debt challenges. Kao remains cautiously optimistic about the United States' economic future, emphasizing the importance of maintaining these strategic initiatives beyond the current presidential cycle. He believes the US has significant untapped potential on its balance sheet and that the current approach could create more favorable long-term economic conditions. The conversation also touches on geopolitical dynamics, including potential shifts in Middle Eastern relationships, China's economic challenges, and the importance of creating sustainable economic conditions that don't rely on short-term monetary manipulations. Ultimately, Kao presents a nuanced view of the current economic strategy, arguing that bold, potentially controversial initiatives might be necessary to break the US out of its current low-volatility "death spiral" and create more positive economic outcomes.

Tom Bodrovics welcomes Matthew Piepenburg to the show. Matthew Piepenburg is Partner - Von Greyerz Gold Switzerland, Author - Gold Matters & Rigged To Fail. In this wide-ranging discussion, Piepenburg explores several critical economic topics, including potential gold revaluation, stablecoins, and the current state of the global financial system. He argues that the United States is facing unprecedented economic challenges, characterized by massive debt levels, currency debasement, and growing global economic tensions. Regarding gold revaluation, Piepenburg suggests that while some propose dramatic scenarios like gold reaching $24,000 per ounce, the reality is more nuanced. He emphasizes that such a revaluation would be a desperate measure to address mounting debt, potentially destabilizing global currencies. The discussion highlights the complexity of such a strategy, noting that it might provide temporary relief but would not solve underlying structural economic problems. Piepenburg is particularly critical of current economic indicators, pointing out the widening wealth inequality, the struggling middle class, and the market's disconnection from economic fundamentals. He views the current stock market as a bubble sustained by liquidity and debt, warning of potential significant mean reversion. The conversation also explores alternative assets like silver and platinum, with Piepenburg viewing them as potential stores of value and speculative opportunities. He argues that gold's rising price is not a bull market, but rather a signpost of a broader currency and debt crisis. Ultimately, Piepenburg's message is one of cautious preparation rather than panic. He encourages listeners to be informed, challenge assumptions, and understand that while the current economic system faces significant challenges, it is not necessarily heading for immediate collapse. The key is to remain objective, understand the underlying trends, and make informed decisions about wealth preservation. The discussion concludes with a call for critical thinking and avoiding emotional or sensationalist approaches to understanding complex economic dynamics.

Tom Bodrovics welcomes Florian Grummes to the show. Florian Grummes is Financial Analyst, Advisor, and Founder & Managing Director of Midas Touch Consulting. The discussion centers on the current state of gold and silver markets, highlighting a period of consolidation following a strong rally. Grummes explains that gold has been trading in a range between $3,200 and $3,400, which he considers a healthy and bullish consolidation after a significant price increase from $2,000 to $3,500 over the past 14 months. He anticipates more market movement in September and October as traders return from summer holidays. Central bank buying remains a crucial driver for gold prices, with emerging markets like China and India continuing to diversify away from the US dollar. Grummes believes this trend could continue for five to ten years, driven by geopolitical uncertainties and a strategic shift in global financial dynamics. The Shanghai Gold Exchange has become increasingly prominent, potentially challenging Western pricing mechanisms for precious metals. Regarding silver, Grummes notes a more measured approach to price movement, which he views positively. He suggests the market is building momentum more sustainably, increasing the likelihood of breaking through the $50 resistance level and potentially continuing higher to $55-$75. The discussion also touches on mining stocks, which Grummes sees as undervalued and potentially poised for significant growth. He references the Dow-to-Gold ratio as an important long-term indicator, suggesting that precious metals are likely to outperform traditional stocks in the coming years. Looking ahead, Grummes provides price targets for the end of 2024: approximately $4,000 for gold, $50 for silver, and potentially $150,000 for Bitcoin. He expects a strong final quarter across markets, with potential rate cuts and continued liquidity in the financial system. Overall, Grummes maintains an optimistic outlook on precious metals, emphasizing patience and a long-term perspective for investors.

In this podcast interview, investment manager Lawrence Leperd discusses the current economic landscape, focusing on potential signs of a "crack-up boom" and the challenges facing the US monetary system. Leperd suggests we may be entering a period of significant economic transformation, characterized by record highs in stock markets, gold, and Bitcoin, while expressing skepticism about the stability of current financial structures. The discussion centers on the Federal Reserve's potential monetary policy shifts, with Leperd believing that a new dovish Fed chairman could lead to increased money printing and inflationary pressures. He anticipates a decade of high inflation and potentially significant economic restructuring. Leperd is particularly bullish on gold, silver, and Bitcoin as hedge assets, predicting gold could reach $5,000 and Bitcoin could hit hundreds of thousands of dollars. Leperd draws parallels between the current AI investment landscape and the dot-com bubble, warning that overinvestment in AI could potentially trigger a significant economic downturn. He also discusses the possibility of a gold revaluation, suggesting that the government might eventually reset gold's value as a way to address mounting national debt. Regarding gold and silver mining stocks, Leperd sees tremendous potential for growth. He highlights that these stocks have significantly underperformed the metal prices and believes they could potentially double in the next 12-18 months as investors recognize the long-term upward trajectory of precious metals. The interview concludes with Leperd promoting his book, "The Big Print," which explores the current monetary system's challenges and offers strategies for protecting wealth during potential economic instability. His core message emphasizes the need to return to a sound money standard and prepare for potential inflationary pressures. Throughout the discussion, Leperd maintains a cautious but optimistic tone, acknowledging economic uncertainties while believing that sound assets like gold and Bitcoin offer protection against potential systemic financial challenges.

In this podcast interview, global economic consultant Simon Hunt provides a comprehensive analysis of current geopolitical and economic tensions, focusing on potential conflicts and economic challenges facing the world. The discussion centers on the upcoming Putin-Trump summit, which Hunt believes will likely produce no substantial outcomes, with the Russia-Ukraine conflict expected to continue and be ultimately decided on the battlefield. Hunt suggests significant geopolitical risks exist, particularly in the Middle East, with potential escalations involving Iran, Israel, and the United States. He emphasizes that Washington's broader strategic objective is to prevent the BRICS nations from maturing into a genuine opposition to the current unilateral world order. The upcoming Shanghai Cooperation Organization (SCO) meeting in September could be a pivotal moment in reshaping global dynamics. Economically, Hunt warns of potential recessionary pressures, with particular concerns about Europe's financial stability. He notes that China's economy is experiencing weakening demand, with manufacturing sectors showing signs of strain. The implementation of tariffs and trade uncertainties are creating significant business hesitation and potential long-term economic disruptions. Regarding inflation, Hunt predicts a potential inflationary surge by mid-2025, potentially reaching double-digit levels by 2027-2028. He highlights food prices as a critical indicator, with the FAO food price index showing concerning upward trends. The potential for war and continued monetary stimulus could exacerbate these inflationary pressures. In the commodities sector, particularly copper, Hunt anticipates a market correction with prices potentially falling to around $7,000 before potentially doubling by 2027-2028. He suggests that war could paradoxically become a driver of copper consumption. Ultimately, Hunt's analysis paints a picture of increasing global economic and geopolitical uncertainty, advising listeners to remain flexible, maintain food reserves, and be prepared for potential significant economic disruptions in the coming years.

In this podcast episode, Patrick Karim discusses the potential for a significant capital rotation event in financial markets, focusing on the relationship between gold, stocks, and other assets. Karim emphasizes the importance of using logarithmic charts for accurate long-term financial analysis, explaining that linear charts can distort historical price movements and hide critical trends. The core of Karim's analysis centers on the potential shift of capital from stocks to commodities, particularly gold and silver. He highlights several key indicators suggesting this rotation may be imminent, including the stretched valuation of the stock market relative to currency circulation and the increasing distance from long-term moving averages. Karim points out that gold has been showing signs of breaking out against the S&P 500, which historically precedes periods of economic restructuring. He notes that when such capital rotation events occur, commodities like gold, silver, and uranium tend to outperform stocks for extended periods, potentially spanning 8-12 years. The analysis extends to silver, which Karim sees as particularly promising. He suggests silver could potentially achieve a significant yearly breakout, with potential targets ranging from $65 to $128 over time. For mining stocks, he recommends focusing on individual leaders rather than broad ETFs, as some miners are already stretched and approaching correction territories. The bond market also provides critical signals, with the relationship between two-year and ten-year Treasury yields indicating potential economic stress. The narrowing spread and downward trend of these yields suggest increasing recessionary pressures. Ultimately, Karim's perspective is not about predicting an immediate market collapse, but rather identifying a potential structural shift in asset performance. He advises investors to watch for confirmation signals, such as gold breaking out against the S&P 500 and stocks experiencing a meaningful correction, before making significant portfolio adjustments.

In this podcast interview, Mike McLean, a senior commodity strategist for Bloomberg Intelligence, offers a nuanced perspective on current economic trends, focusing on potential deflationary forces and market corrections. McLean argues that commodities are experiencing a significant downturn, with crude oil down 9% and grains down 16% for the year, primarily due to their previous inflationary peaks in 2022. McLean anticipates a potential market correction, particularly in the U.S. stock market, which he believes is overvalued and approaching a critical point of reversion. He highlights historical parallels with market peaks in 1929 and 1989, suggesting that the current market conditions share similar characteristics of excessive valuation and speculative sentiment. Gold and U.S. Treasury bonds are McLean's preferred assets for the remainder of the year. He notes that gold ETF holdings are up 10% this year, after four consecutive years of decline, and predicts gold could reach $4,000 per ounce. Central bank buying and a potential stock market pullback could further drive gold's performance. The interview also explores the potential impact of tariffs, particularly on industrial metals like copper, and the changing dynamics of global trade. McLean argues that the U.S. is reshaping international trade relationships, which could pressure corporate profits and contribute to market volatility. Regarding cryptocurrencies, McLean is cautious, viewing them as highly correlated with the stock market and potentially vulnerable to a correction. He suggests that the proliferation of stablecoins represents a more practical application of blockchain technology for financial transactions. McLean's overall thesis centers on the cyclical nature of markets, emphasizing that periods of inflation are typically followed by deflationary corrections. He warns investors to be wary of consensus thinking and to pay attention to historical patterns and market signals that suggest a potential downturn. The interview concludes with a reminder that market psychology and sentiment are crucial indicators of potential market movements, and that extreme optimism often precedes significant corrections.

Here is a 300-word summary of the podcast transcript: The podcast features an in-depth discussion with Melody Holt, an expert in housing and mortgage markets, exploring the complex dynamics of the current US housing landscape. Holt's background in macro economics and mortgage lending provides her with a unique perspective on the housing market's evolution and potential risks. Holt argues that the housing market has fundamentally transformed since the late 1980s, shifting from a focus on first-time homebuyers to an investment-driven ecosystem. The average household size has dramatically decreased to 2.5 people, reflecting significant demographic changes. She highlights how the market has become increasingly dominated by investors, short-term rentals, and speculation, rather than serving traditional family housing needs. A critical concern is the rise of non-bank lenders, which now comprise 85% of mortgage lending. These institutions lack the financial cushioning of traditional banks and are potentially vulnerable to economic shifts. Holt warns that the current housing market is facing multiple challenges, including overbuilding, misallocated inventory, and declining affordability for younger generations. Demographics present another significant challenge. The United States is not maintaining population replacement rates, with an aging population of baby boomers who own the majority of homes. Holt predicts a potential significant market correction, potentially as dramatic as the 2008 financial crisis, where home prices could realign more closely with median household incomes. The discussion emphasizes the complexity of the housing market, pointing out systematic issues like securitization, government intervention, and misleading data reporting. Holt advises consumers to be cautious about taking on debt and to conduct thorough personal research before making significant housing decisions. Ultimately, Holt suggests the housing market may be heading toward a period of correction, where prices could dramatically realign with economic fundamentals. She recommends skepticism toward mainstream narratives and encourages individuals to carefully evaluate their personal financial circumstances before committing to major housing investments.