Tom welcomes Graham Summers, President and Chief Market Strategist for Phoenix Capital Research, to discuss the potential for a revaluation of gold by the U.S. government. Summers argues that the U.S. has been living in an “everything bubble” since the abandonment of the gold standard in 1971, with debt levels rising exponentially while GDP growth has stagnated. This has led to a series of asset bubbles, with the most recent being in treasuries, which has allowed the U.S. to issue vast amounts of debt without facing spikes in interest rates. Summers believes that the Trump administration is considering revaluing gold to address the debt crisis. This move would involve revaluing the U.S. gold holdings from the current $42 per ounce to a much higher rate, potentially freeing up trillions of dollars in capital. This capital could be used to retire a significant portion of the national debt or finance other government initiatives, such as a strategic Bitcoin reserve. Summers compares this potential move to FDR’s gold revaluation in 1934, which helped the U.S. navigate the Great Depression.

The discussion also touches on the potential downstream consequences of such a move, including the strengthening of the dollar’s standing and the reestablishment of an implicit link between the dollar and gold. However, Summers acknowledges that such a move would be controversial and politically charged, with Democrats likely attacking it as a devaluation of the dollar. Summers also discusses the broader economic landscape, including the potential for another round of quantitative easing (QE) and the impact of the AI theme on the stock market. He argues that the U.S. is in a “melt-up” phase, where capital is forced out of cash and into risk assets. However, he warns that if the AI trade disappoints, it could lead to a significant bear market. In conclusion, Summers advises investors to be heavily allocated to stocks during this melt-up phase but to have metrics in place to sidestep bear markets. He also emphasizes the importance of owning assets to maintain purchasing power in an inflationary environment.

Timestamps:
00:00:00 – Introduction
00:01:00 – US Debt Bubble History
00:06:50 – A Gold Revaluation?
00:13:40 – Gold Revaluation Controversy
00:18:30 – Gold Revaluation Impacts
00:21:45 – Japan’s Debt Risks
00:27:00 – Seeking Truth
00:33:50 – Effects on Gold Miners
00:37:00 – Rate Cuts and Melt-Up
00:42:00 – Return to Quantitative Easing
00:48:23 – Inflation and Tariffs
00:52:20 – Strategies in a Melt-Up
00:59:23 – Concluding Thoughts

Guest Links:
X: https://x.com/gsummersmba
Website: https://gainspainscapital.com/
Book: https://www.amazon.ca/Into-Abyss-Life-After-Bubble/dp/B0D46VC8NP/ref=sr_1_19?sr=8-19

Graham Summers, MBA is a world-renowned expert in central bank policy and its impact on the financial markets. With over 20 years of experience in market analysis and investment strategy, Graham has personally analyzed over 1,000 businesses and countless investment opportunities. His investment strategies encompass six different asset classes ranging from emerging markets to currencies to real estate . Together, his work has translated to unparalleled capital gains, with his clients outperforming the markets during some of the most volatile periods in capitalism.

A best-selling author and acclaimed communicator, Graham’s cutting-edge investment and economic insights have been featured in dozens of media outlets around the world including CNN Money, Fox Business, Rolling Stone Magazine, Crain’s New York Business, MoneyTalk Radio, and The Huffington Post among many others. Graham earned his MBA from the prestigious Fuqua School of Business at Duke University.

Tom Bodrovics welcomes Keith Weiner, President of the Gold Standard Institute and CEO of Monetary Metals, to the show. Weiner discusses the current “everything bubble” and how new technologies like AI often lead to malinvestment and overinvestment. He argues that the valuation of AI companies is driven by “dumb money” chasing momentum rather than fundamental value. Weiner also explores the role of yield suppression by central banks, noting that falling interest rates have fueled asset bubbles by increasing the net present value of perpetual cash flows.

He is critical of the concept of “yield curve control” used by the Bank of Japan, arguing that the downward trend in rates is driven by underlying economic forces rather than central bank manipulation.

In discussing the rise of 50-year mortgages, Weiner sees this as a symptom of a broken monetary system, where easy credit and government guarantees allow borrowers to outbid more prudent buyers. He also criticizes “useless ingredients” like tariffs, which he views as disrupting supply chains and leading to higher consumer prices.

Finally, Weiner provides an overview of the quantity theory of money, arguing that it is flawed. He contrasts this with gold, which he sees as having a stable, non-diminishing marginal utility that makes it a superior monetary standard compared to fiat currencies. Weiner believes this is driving the accumulation of gold by countries seeking an alternative to the US dollar.

Timestamps:
00:00:00 – Introduction
00:00:17 – Everything Bubble Overview
00:05:52 – AI Bubble and Malinvestment
00:09:26 – Valuing AI Companies
00:12:07 – AI Energy Consumption Tradeoff
00:15:07 – Yield Suppression Mechanisms
00:22:27 – 50-Year Mortgages Critique
00:27:00 – Tariffs as Useless Ingredients
00:30:34 – Quantity Theory Explained
00:33:54 – Gold vs Bitcoin Stability
00:42:13 – Gold Utility and Recycling
00:44:39 – BRICS Gold Initiatives
00:47:18 – Wrap Up

Guest Links:
X: https://x.com/RealKeithWeiner
Website: https://monetary-metals.com
Website: https://goldstandardinstitute.net
Facebook: https://www.facebook.com/keith.weiner.5

Keith Weiner is the founder and CEO of Monetary Metals, an investment firm that is unlocking the productivity of gold. Most people regard gold as a dry asset, to lock away in a vault, incurring storage fees. Many are waiting for it to rise in price. Keith and Monetary Metals are on a mission to change this.

Gold should once again serve to finance productive enterprises and extinguish debts. The dollar performs one of these functions, but not the other. Bitcoin cannot finance anything, as no business can borrow a currency that’s expected to go up a hundred times. Gold is the one thing that fills both roles, par excellence.

Keith writes and speaks extensively, based on his unique views of gold, the dollar, credit, the bond market, and interest rates. When he is not working on the business, he is developing his theory of monetary science, and an arbitrage theory of economics.

Keith also serves as founder and President of the Gold Standard Institute USA. His work was instrumental in the passing of gold legal tender laws in the state of Arizona in 2017. He has met with central bankers, legislators, and government officials around the world.

Tom Bodrovics interviews Miles Harris, creator of the Macro Vigilance & Economic History YouTube channel, to discuss the increasing digitalization of the financial system, with a focus on stablecoins and their implications. Harris explains that stablecoins, particularly those backed by US short-term treasury bills, convert public debt into private revenue streams, with stablecoin providers earning the yield from these treasuries. This dynamic increases demand for US debt, helping to finance the growing US debt level. Harris also notes that regulated stablecoins do not offer yield to primary holders, incentivizing users to seek yields elsewhere, such as through tokenized treasuries, further boosting demand for US debt.

Miles also touches on the global shift towards digital currencies and the potential impacts on monetary sovereignty, particularly in countries like those in Africa and Latin America, where stablecoins could replace local currencies and reduce central banks’ control over monetary policy. Harris highlights the profit incentives for private companies to promote stablecoins aggressively and the potential risks, including a “stablecoin supernova” scenario where high demand for stablecoins leads to a global rush for the exit, threatening the stablecoin peg and causing a crisis. The conversation delves into the differences between various stablecoins, such as Tether (USDT) and the UK’s sterling stablecoin, and the role of tokenization in the financial system. Tokenization, the digital representation of assets, enables fractional ownership and interoperability but also introduces complexities and risks, such as increased surveillance and potential loss of sovereignty over monetary policy.

Harris also discusses the role of gold in the financial system, noting that central banks, particularly in the East, are increasingly buying gold as a settlement option and a means to de-dollarize. He suggests that the ultimate goal of central banks is to capture and tokenize gold, making it more traceable and controllable. Harris advises listeners to hold physical gold and silver as a means of preserving wealth and understanding the broader economic trends at play. The podcast concludes with a discussion on the psychological aspects of navigating the current economic landscape, with Harris emphasizing the importance of understanding risks, taking action, and enjoying the present moment.

Timestamps:
00:00:00 – Introduction
00:01:10 – Financial Digitalization Overview
00:04:05 – Increasing Treasury Demand
00:06:05 – De-dollarization vs Stablecoins
00:10:42 – Central Banks & Risk Factors
00:16:00 – UK Unified Ledger System
00:24:18 – Tokenization Examples
00:31:00 – East-West Gold Dynamics
00:39:04 – Resisting Asset Tokenization
00:43:55 – Gold’s Future Financial Role
00:48:40 – Physical Gold Solutions
00:51:15 – Fear vs Reality Perspective
00:55:00 – Concluding Thoughts

Guest Links:
Substack: https://milesharris.substack.com
YouTube: https://www.youtube.com/@milesharris5315
X: https://substack.com/@MilesHarrisLGA

Miles Harris is an accomplished economist and independent researcher with a BSc and Master’s degree in Economics. For over two decades, since 1999, he has dedicated his studies to dissecting major financial crises around the world, including the Russian default, the Asian financial crisis, Argentina’s economic turmoil, and the 2008 global financial collapse.

After flirting with a career in London he chose instead to focus upon real estate investing in the early 2000s. He has since become a passionate advocate of the Austrian school of economics and enjoy sharing this common sense approach to economics with high school economists where he teaches lessons on economic and financial literacy. In 2020, he launched a YouTube channel which provides global macro insights and champions the importance of sound money.

Through his Substack newsletter and active presence on X, Miles serves as a trusted source for historical and financial insights, emphasizing that history doesn’t repeat itself but often rebrands in new forms. His work decodes contemporary economic chaos by drawing parallels to past events, covering topics such as digital currencies, central bank digital currencies (CBDCs), multipolar global finance, and the algorithmic evolution of monetary systems. With a keen eye for patterns in financial history, Miles provides thoughtful analysis to help readers navigate today’s complex economic landscape.

Tom Bodrovics welcomes Simon Hunt, a consultant on the global economy, to discuss the future of the world economy and copper demand over the next eight to ten years. Hunt presents two potential scenarios for the global economy: one where central banks and governments stimulate the economy leading to stagnflation and high inflation, and another where the slowing economy turns into a recession followed by a systemic crash. Despite these scenarios, Hunt predicts that equity prices will outperform GDP growth as investors seek hedges against rising inflation and a falling US dollar, potentially driving up copper prices.

He forecasts that copper prices will fall by the end of next year and then rise again by the end of 2027 or early 2028. Hunt also discusses the convergence of various cycles that suggest volatile years ahead, with a potential peak in business activity and equity prices next year, followed by six years of decline. Geopolitical tensions, particularly between the US-led unilateral world and the BRICS-led multilateral world, are expected to continue, with potential flashpoints in Africa and the Middle East.

Hunt also highlights the shift in the global economy towards a gold-backed currency within the BRICS nations, which could challenge the US dollar’s dominance. He advises listeners to prepare for volatile times by holding physical gold and precious metals outside the banking system, maintaining cash for daily living, and stockpiling food. Hunt’s insights provide a sobering perspective on the global economy’s future, emphasizing the need for preparedness and a focus on the big picture of geopolitical shifts.

Timestamps:
00:00:00 – Introduction
00:00:30 – Global Economic Scenarios
00:06:50 – Copper Price Forecast
00:10:27 – Converging Economic Cycles
00:14:40 – Geopolitical Tensions
00:20:50 – BRICS Gold & Xi Plans
00:24:45 – Supply Chain Disruptions
00:29:14 – Rare Earths Export Controls
00:31:46 – Russia’s Economic Resilience
00:36:45 – Trade Agreements Details
00:41:00 – China’s Tech Self Sufficiency
00:42:58 – U.S. Debt & China
00:47:35 – Financial Protection Strategies
00:50:37 – Concluding Thoughts

Guest Links:
E-Mail: mailto:[email protected]
Website: https://simon-hunt.com/
Report: https://www.theinstitutionalstrategist.com/products-and-services/frontline-china/

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

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

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

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

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

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

Simon established this company in January 1996.

The Silver Roundtable episode focuses on the current state and future prospects of silver, featuring insights from David Morgan, Bob Coleman, Vincent Lanci, and Steve St. Angelo. The discussion begins with the recent designation of silver as a critical mineral by the U.S. and its inclusion in similar lists by other countries, which could potentially impact its supply and demand dynamics. The panelists debated the implications of these designations, with some suggesting it could artificially keep prices up to support domestic mining activities, while others saw it as a strategic move to secure supplies for industrial and technological advancements.

A significant portion of the conversation revolved around the tightness in the London Bullion Market Association (LBMA) and the potential for a short squeeze in silver. The experts discussed the role of Exchange for Physical (EFP) transactions and how they reflect market sentiment and potential supply issues. They also touch on the increasing industrial demand for silver, particularly from the solar and automotive sectors, and the impact of central bank policies on precious metals.

The panelists also explored the role of silver in the context of global geopolitics, with China’s recent restrictions on silver exports and the potential for other countries to follow suit. They discuss the possibility of central banks and sovereign wealth funds increasing their silver holdings, either directly or through ETFs, which could further drive up prices.

Additionally, the conversation delved into the differences between investing in silver ETFs and silver mining stocks, highlighting the risks and benefits of each. The experts also shared their thoughts on the future of silver, with some predicting a significant price increase over the next few years due to growing demand and potential supply constraints.

Timestamps:
00:00:00 – Introduction
00:00:53 – Critical Minerals Designation
00:08:23 – Industrial Demand Surge
00:13:25 – Supply Shortfalls Analysis
00:20:25 – Global Demand Trends
00:25:47 – Market Tightness LBMA
00:34:36 – ETF Flows Discussion
00:46:43 – Steve’s Demand Charts
00:49:27 – Central Bank & Silver ETFs
00:56:30 – ETFs Risks Vs. Miners
01:04:34 – Future Catalysts Outlook
01:17:10 – Wrap Up

Guest Links:
Bob Coleman – Idaho Armored Vault
X: https://x.com/profitsplusid
Website: https://www.goldsilvervault.com/

David Morgan – The Morgan Report
Website: https://silver-investor.com/
X: https://x.com/silverguru22
YouTube: https://www.youtube.com/@silverguru

Steve St. Angelo – Independent Researcher and Publisher of the SRSrocco Report
Website: https://srsroccoreport.com/
X: https://x.com/srsroccoreport
YouTube: https://www.youtube.com/@SRSroccoReport

Vince Lanci
Substack: https://vblgoldfix.substack.com/
X: https://x.com/Sorenthek

Tom welcomes Alasdair Macleod, Head of Research for GoldMoney and author of the Macleod Finance Substack to discuss the current state of the financial system and the potential implications of recent liquidity strains. He notes that the Federal Reserve’s Repo facility has been used to manage liquidity issues, which he attributes to quantitative tightening and the US Treasury’s significant reliance on T-bills for financing.

Macleod predicts that the Fed will continue to ease monetary policy, potentially leading to more quantitative easing, which could debase the currency and drive up inflation. Macleod compared the current situation to the Weimar Republic’s hyperinflation, noting similarities in political pressures and public responses to currency devaluation. He warned that the US, like Weimar Germany, could face a credit bubble burst, leading to a significant decline in the dollar’s purchasing power and a potential run on banks. However, he does not expect bail-ins to occur, as they would likely cause a bank run. Instead, he anticipates that regional banks may fail, but deposit holders will be protected, leading to further consolidation in the banking sector.

Alasdair also discusses the role of gold in the current financial system, noting that the LBMA’s annual meeting forecasts a significant increase in gold prices by 2026. He suggests that the establishment understands the potential for supply difficulties in the physical gold market and that the recent pullback in metals prices may not alleviate delivery issues in London. Macleod also highlights China’s significant gold holdings and its efforts to insulate itself from US economic policies, including the potential for a gold-backed Yuan. He also mentions Russia’s increasing gold holdings and production.

Macleod concludes by expressing concern about the valuation disparity between equities and bonds, which he believes is more stretched than ever in history. He predicts that when the credit bubble bursts, it will lead to a rapid decline in the current financial system.

Timestamps:
00:00:00 – Introduction
00:00:15 – Repo Facility Liquidity Strain
00:03:55 – Bank Bailouts and Rescues
00:07:40 – 1929 Parallels and Tariffs
00:08:59 – Inflation and Bond Yields
00:10:59 – Weimar Germany Comparisons
00:15:45 – Stock Market Bubble Dynamics
00:19:50 – High Risk Market & US Dollar
00:22:47 – Metals Pullback Delivery Issues
00:28:55 – Silver Squeeze China Shift
00:32:26 – China’s Massive Gold Holdings
00:39:00 – Geopolitical Risks & Gold
00:58:55 – Wrap Up

Guest Links:
X: https://x.com/MacleodFinance
Substack: https://substack.com/@macleodfinance
Website:: https://goldmoney.com
Research: https://www.goldmoney.com/research/

Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money thru demystifying finance and economics. His background includes being a stockbroker, banker, and economist.

Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm.

Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director.

For most of his 40 years in the finance industry, he has been demystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.

Tom Bodrovics welcomes Don Durrett, author, investor, and founder of Goldstockdata.com, to discuss the current economic landscape and the future of gold and silver mining stocks. Durrett expresses concern about the U.S. economy, which he believes has been deteriorating since the early 2000s due to excessive debt accumulation. He argues that the economy has been artificially propped up by low interest rates and money printing, leading to asset bubbles and a hollowed-out middle class. Durrett also highlights the risks posed by the U.S. dollar’s status as the global reserve currency and the potential for de-dollarization, which could lead to a significant loss of wealth for the United States.

Durrett predicts that the current economic cycle will culminate in a severe recession, potentially worse than the 2008 financial crisis. He believes that the Federal Reserve’s attempts to combat inflation and stimulate economic growth will ultimately fail, leading to a prolonged period of economic stagnation and potential currency reset. He sees gold and silver as safe havens in this environment, with gold potentially reaching $6,000 to $8,000 per ounce before a reset occurs.

Durrett also discusses the potential for AI and automation to displace jobs, exacerbating economic inequality and slowing economic growth. Don advises investors to focus on mid-tier gold and silver mining stocks, which he believes offer the best combination of growth potential and risk management. He emphasizes the importance of companies maintaining pristine balance sheets and avoiding excessive debt. He also discusses the concept of optionality, where investors can buy gold and silver in the ground at a significant discount to market prices, providing potential for substantial gains as metal prices rise. Durrett cautions that the stock market is likely to experience a significant correction in the near future, which could provide buying opportunities for investors in gold and silver mining stocks.

Timestamps:
00:00:00 – Introduction
00:00:22 – Fed Rate Cut Reaction
00:02:43 – Bubbles & Cheap Money
00:07:36 – Cost of Living Crisis
00:11:55 – Recession Signals and Layoffs
00:16:55 – Unsustainable Debt Growth
00:24:07 – AI Job Displacement Effects
00:31:12 – AI Stock Market Crash?
00:40:20 – De-Dollarization External Risks
00:47:10 – Gold Silver Miners Outlook
01:01:04 – Valuing Miners & Metal Targets
01:11:00 – Senior Producers
01:24:10 – Understanding Optionality
1:33:00 – Concluding Thoughts

Guest Links:
X: https://x.com/DonDurrett
Website: https://www.goldstockdata.com
Substack: https://dondurrett.substack.com
Amazon Books: https://www.amazon.com.mx/How-Invest-Gold-Silver-Complete/dp/1427650241
Blog Posts: https://seekingalpha.com/author/don-durrett#regular_articles
YouTube: https://www.youtube.com/user/Newager23

Don Durrett received an MBA from California State University Bakersfield in 1990. He has worked in IT-related positions for 20+ years. He has been a gold investor since 1991, with a focus on Junior Mining stocks since 2004. Realizing the value of investing in gold and silver and noticing the lack of available material for first-time investors, Don set out to provide information. First, he wrote a book, How to Invest in Gold & Silver: A Complete Guide with a Focus on Mining Stocks. He followed up the book with a website (www.goldstockdata.com) to provide data, tools, and analysis for gold and silver stock investors. His gold and silver mining stock newsletter is widely regarded as one of the best. He is a frequent guest on financial podcasts and a contributor to SeekingAlpha.com.

Parallel Mike, an organic farmer and creator of Parallel Systems, shares his journey and insights with Tom Bodrovics on the Competent Man podcast. Mike’s diverse background includes being a sailor, boxer, ultra runner, podcaster, new father, and homesteader, all of which have contributed to his unique perspective on life and success. Mike attributes his ability to excel in various fields to his hyper-focused personality and his willingness to say “yes” to new opportunities. He emphasizes the importance of taking responsibility for one’s life and learning from failures.

Mike’s boxing and running careers, though challenging, taught him valuable lessons about discipline, resilience, and the power of the mind. He stresses that success comes from going all in on something and continuously improving oneself. Mike and Tom discuss the importance of listening to different perspectives and engaging in civil debates. Mike shares his experiences with two significant exoduses from his channel, one due to his views on Bitcoin. He believes that challenging opinions and constructive feedback are essential for personal growth and understanding different viewpoints.

The conversation also touches on Mike’s move to Poland with his wife, highlighting the resilience and historical significance of the country. Mike appreciates the lessons he has learned from the Polish people and their experiences, which have shaped his perspective on life and preparedness.

Mike’s advice to his son and others is to never accept victimhood, to see challenges as opportunities, and to always strive for personal improvement. He hopes to impart these values to his son, emphasizing the importance of making the most of one’s time and circumstances. Throughout the podcast, Mike and Tom explore the themes of personal growth, resilience, and the importance of embracing challenges. Mike’s journey serves as an inspiration for those seeking to make the most of their lives, regardless of the obstacles they face.

Guest Links:
Website: https://parallelmike.com
YouTube: https://www.youtube.com/channel/UCYt8UcqG2wvkehnmiF_9Akw
X: https://x.com/parallel_mike
Patreon: https://patreon.com/parallelsystems

Parallel Mike is an organic farmer, investor, and host of the Parallel Systems Broadcast and Parallel Mike Podcast. Passionate about purposeful living, natural health, and self-sufficiency, he turned his life around at 16 after a troubled youth—his father was a notorious British gangster imprisoned for a £40 million drug smuggling attempt. Mike studied Theology, Philosophy, and Social Work, then spent over 12 years as a counselor and therapist, helping others overcome mental barriers.

A former national-level boxer, he later excelled in ultramarathon trail running, finishing top 3 in every race for three years through performance psychology, until injury ended his competition. Devoting himself to finance and monetary history, he foresaw societal collapse and, with his wife, left their houseboat life to build an “ark”: an organic farm in Eastern Europe founded in 2020.

Embracing nature-based solutions for food, medicine, and energy, Mike promotes decentralized living. He coaches investors and life-changers, contributes to podcasts on finance, geopolitics, and self-sufficiency, and fosters an online community of like-minded thinkers.

Tom Bodrovics welcomes John Rubino, a former Wall Street analyst and author, to discuss the current economic landscape and its implications. Rubino expresses skepticism about the Federal Reserve’s recent decision to lower interest rates by 25 basis points, arguing that this move is incongruous with the current stock market bubble and other economic indicators suggesting a potential recession. He predicts that the Fed will continue to ease monetary policy aggressively, potentially leading to dramatically lower short-term interest rates and higher long-term rates, which could result in economic chaos.

Rubino also discusses the narrow performance of the stock market, particularly in tech stocks like Nvidia, and the potential for a crack-up boom, where asset prices inflate rapidly before a sudden collapse. He highlights the risks in the AI sector, where vendor financing could lead to a daisy chain of defaults, potentially bursting the tech bubble. Rubino suggests that the current economic environment resembles the late 1990s dot-com bubble, with a few large stocks driving market performance. The conversation also touches on the repo market and the shadow banking system, where recent bankruptcies and losses could signal broader financial instability.

Rubino predicts that the Fed will eventually resort to quantitative easing and even buying equities to support the economy, which could further distort market signals and lead to a massive crash. Rubino advises investors to focus on stability and real assets like gold and silver, which have maintained their value over centuries. He sees the current pullback in precious metals as a natural consolidation and a buying opportunity. Rubino also discusses the potential for a currency reset, where governments might return to a gold standard to address economic crises.

The discussion concludes with a discussion on commodities, particularly copper and uranium, which Rubino sees as essential for the electrification of the world. He advises investors to consider physical ETFs and high-quality mining stocks as part of their portfolios. Rubino also touches on the oil market, noting that while it may not see the same parabolic growth as other commodities, it still offers investment opportunities, particularly in high-quality dividend-paying stocks. Throughout the discussion, Rubino emphasizes the importance of staying informed and being prepared for potential economic turmoil.

Timestamps:
00:00:00 – Introduction
00:00:46 – Fed Rate Cut Analysis
00:05:10 – Stock Bubble vs Recession
00:11:23 – Currency Reset Scenarios
00:17:22 – AI Stocks Vendor Financing
00:26:10 – Shorting Nasdaq Strategies
00:28:50 – Crack-Up Boom Indicators
00:32:30 – The Coming Return of Q.E.
00:38:20 – Precious Metals Pullback
00:45:02 – Mining Stocks
00:51:19 – Copper Gold Portfolio & Silver
01:01:21 – Uranium & Oil Mkt. Dynamics
01:06:40 – Concluding Thoughts

Guest Links:
Substack: https://rubino.substack.com
Books: https://tinyurl.com/5buyvy6v

John Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022, and now publishes on Substack.

Rudy Havenstein, a senior market commentator and former Reichsbank President, joined Tom Bodrovics on “The Competent Investor” podcast to discuss the current economic landscape and the Federal Reserve’s role. Havenstein expressed his belief that the Fed’s primary concern is managing massive government deficits rather than controlling inflation, which he views as out of control. He criticized the Fed for enabling reckless government spending and creating a moral hazard that benefits the wealthy while harming the middle and lower classes.

Havenstein also touches on the political and social issues, expressing his disapproval of the Fed’s involvement in politics and the potential for inflation to exacerbate social unrest. He mentioned the historical context of hyperinflation leading to extremism and the potential for similar outcomes if current policies continue.

He also discussed the Epstein case, suggesting that it may have been a tool for intelligence agencies to control powerful individuals. The conversation shifted to potential solutions, with Havenstein advocating for a bottom-up approach, focusing on family, community, and local politics. He emphasized the importance of electing representatives who prioritize the average American and suggested that individuals should focus on improving their earning power and helping their communities.

Havenstein also discussed the potential for a higher gold price to benefit countries with significant gold reserves and the importance of understanding market history to navigate future economic challenges. He expressed optimism about America’s resilience and the potential for positive change, despite current challenges. He concluded by expressing his love for America and his hope for a leader who can unite the country.

Timestamps:
00:00:00 – Introduction
00:00:30 – Fed Priorities Overview
00:02:20 – Inflation Skepticism Discussion
00:06:00 – Elite Contempt Critique
00:07:50 – Wealth Inequality Policies
00:10:32 – Inflation & Historical Warnings
00:14:40 – Societal Destruction Risks
00:15:50 – Agendas & Tyranny
00:22:16 – Foreign Policy Criticisms
00:25:08 – Trump Presidency Failures
00:35:20 – Epstein Theories
00:41:43 – Possible Solutions
00:48:45 – Uncivilized Discourse
00:54:27 – Gold Prices & Geopolitics
01:13:52 – Optimistic America Outlook

Guest Links:
X: https://x.com/rudyhavenstein
Substack: https://rudy.substack.com

Introducing Rudolf “Rudy” Havenstein, a Senior Market Commentator and former Reichsbank President. As Bank President during the tumultuous Weimar Hyperinflation, Rudy was instrumental in furthering the disastrous effects of unchecked monetary policies. Today, at the ripe old age of 166 Rudy continues his passion for monetary theory and disdain for kleptocracy.

His experiences has fueled his desire to educate people about the dangers of fiat money. Inspired by the similarities between his past and the issues of today, he created an X account and Substack, where he documents the absurdities of the financial world and shares his insightful commentary on the state of the economy. With a cheeky serious sense of humor, Rudy often pokes fun at the prevailing narratives and calls out the misinformation disseminated by mainstream media.