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Dr. Thomas Kaplan, legendary investor and chairman of NovaGold, joins Jay Martin for a wide-ranging conversation on the future of global power, the collapse of empires, and the rising threat of resource nationalism. Kaplan draws from decades of experience in energy and metals to break down why gold is becoming a strategic asset again, how the U.S. is undermining its own dominance, and why his billion-dollar bet on Alaska’s Donlin project could be the gold trade of the decade.

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0:00 – Intro

1:45 – What’s catching Dr. Kaplan's attention geopolitically

5:06 – What values and alliances underpin U.S. global power today?

14:17 – Can we map the decline of U.S. power across its military, alliances, and currency strength?

16:03 – Has the U.S. military lost its manufacturing edge since WWII?

21:13 – How has the U.S.'s foreign policy behavior affected its alliances?

24:22 – What’s the intent behind the U.S. trade strategy?

26:22 – Are today’s political environments suppressing honest critique?

27:00 – Has China’s Belt and Road Initiative become a rival to U.S. weapons diplomacy?

31:20 – What is the role of raw materials in today’s geopolitics?

32:49 – How do you view resource nationalism today compared to a decade ago?

44:16 – Why is Donlin such a strategic gold asset, and how was the deal done?

1:12:09 – What’s next for Donlin, and what can investors expect going forward?

1:19:40 - How Dr. Kaplan found success in the mining industry

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