Tom welcomes Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, to discuss commodities and their prospects for 2025. McGlone acknowledges challenges such as lower oil and grain prices, harming producers due to a global surplus and decreasing Chinese demand driven by electric vehicle adoption. He anticipates continued declines in industrial metals like copper and explores geopolitical risks, particularly market implications of tensions between the US and adversaries – China, Russia, North Korea, and Iran. McGlone suggests gold as a prudent investment due to its performance during volatile markets when stocks and Bitcoin underperform.

McGlone discusses technological advancements and their impact on the economy. He suggests an investment strategy of rotating between gold and Bitcoin at highs and lows based on their current divergence in performance. McGlone expresses concerns over Bitcoin’s excessive ETF inflows as a sign of market speculation. Regarding silver, he suggests the silver-gold ratio should be higher based on volatility and historical patterns, with potential implications if China buys silver through ETFs to address economic challenges. Anticipating potential corrections in the US stock market, increased unemployment, and bond yield issues could lead to a different silver-gold ratio.

Time Stamp References:
0:00 – Introduction
0:47 – Commodities in 2025
3:22 – Global Demand Decline
5:08 – U.S. & China Deficits
10:38 – Commodities & Tariffs
16:34 – Bitcoin ‘Indicator’
20:22 – Tether & Treasuries
26:07 – Gold/Bitcoin Ratio
30:28 – ETF Demand & Flows
33:16 – Market Correction?
37:04 – 2025 Gold Target
39:42 – Thoughts on Silver
42:25 – Concluding Thoughts
43:45 – Wrap Up

Guest Links:
Twitter: https://twitter.com/mikemcglone11
LinkedIn: https://www.linkedin.com/in/mike-mcglone-a8442513/

Mike McGlone is a senior commodity strategist for Bloomberg Intelligence, a unique research platform that provides context on industries, companies, and government policy, available on the Bloomberg Professional service at BI(GO). Mr. McGlone specializes in the broad investible commodity markets. Mr. McGlone joined Bloomberg in 2016 with over 25 years of futures and commodity trading and investing experience, beginning at the Chicago Board of Trade. Prior to joining Bloomberg, he was a head of US research at ETF Securities. Prior to ETF Securities, Mr. McGlone headed the commodity business at S&P Indices. His previous roles included head of futures research at ABN Amro and VP research, analyst, trader, sales at Aubrey G. Lanston / IBJ Futures.

Mr. McGlone has an MBA from DePaul University in Chicago and bachelor’s of science and arts degrees from Illinois State University. He is a CFA Charter holder and has earned a Financial Risk Manager designation.

Tom Bodrovics welcomes back Lobo Tiggre, the author and publisher of TheIndependentSpeculator.com. Lobo leads a team that provides independent due diligence and evaluations for investors, filling a role similar to consumer reports or brokers. He discusses the growth of their business despite industry downturns, reflecting on Rick Rule’s advice about building teams and filling different market niches.

The conversation shifts to macroeconomic topics, including the impact of fiscal dominance on monetary policy and potential economic consequences. Lobo shares his past prediction of a U.S. recession in 2024 being incorrect and credits Lynn Alden’s fiscal dominance thesis for ongoing deficit spending.

Lobo also explains the implications of soft landings, potential stagflation or reflationary economies, and the role of copper as an economic indicator. He emphasizes the importance of current market trends over ideological theories and due diligence in investment decisions. He shares his highest conviction trades for gold, uranium, and copper for various years, with copper being his top pick for 2025 based on bullish economic context and the favorable supply-demand fundamentals.

Time Stamp References:
0:00 – Introduction
0:40 – The Gang of Rogues
5:16 – Macro Picture & Signs
9:40 – Fed & Fiscal Dominance
14:30 – Voting Harder
16:44 – Industrial Recession?
23:53 – Inflation Waves
32:14 – Dr. Copper?
36:57 – Fundamentals Matter?
42:00 – Copper Grades & Costs
45:45 – Pre Prod. Sweet Spot
52:20 – Promises Vs. Reality
55:14 – High Conviction Play
58:06 – Wrap Up

Talking Points From This Episode

Guest Links:
Website: https://independentspeculator.com
Twitter: https://twitter.com/duediligenceguy
Facebook: https://www.facebook.com/louis.james.965580/
Linkedin: https://www.linkedin.com/in/lobotiggre/

Lobo Tiggre, aka Louis James, is the founder and CEO of Louis James LLC, and the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James.” While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey.

Although frequently mistaken for one, Mr. Tiggre is not a professional geologist. However, his long tutelage under world-class geologists, writers, and investors resulted in an exceptional track record.

A fully transparent, documented, and verifiable track record is a central feature of the IndependentSpeculator. Mr. Tiggre will put his own money into the speculations he writes about, so his readers will always know he has “skin in the game” with them.

Tom Bodrovics welcomes back former congressman Dr. Ron Paul from Texas and Liberty Report host to discuss the link between liberty and the economy. Dr. Paul insists that freer societies are more prosperous, advocating for a sound monetary policy as crucial for economic health. He condemns interventionist policies and criticizes the Federal Reserve’s manipulation of interest rates, citing 1921 as evidence of a hands-off approach leading to a better recovery from an economic downturn.

During the conversation, Dr. Paul expresses his aspiration to terminate the Federal Reserve and proposes steps towards accomplishing this goal, including repealing the Federal Reserve Act and enforcing the Constitution. Although he acknowledges that the process might not be easy due to the nation’s addiction to low-interest rates and easy money, he emphasizes the importance of recognizing inflation as a tax on people’s money and advocates for Fed auditing as a path to transparency.

Dr. Paul supports gold-backed bonds as a means of promoting fiscal restraint and offering individuals a valuable savings opportunity. He denounces tariffs as an ill-conceived solution for economic matters, suggesting instead the elimination of burdensome business regulations. Furthermore, Dr. Paul expresses concerns about government information’s lack of transparency and encourages citizens to educate themselves on constitutional principles in order to safeguard individual liberties.

Dr. Paul concludes by urging listeners to act upon their convictions and principles, underlining the significance of education in history and economics. He also presents his homeschooling curriculum as a substantial contribution to fostering individual liberty and countering excessive government control over education and healthcare. Ultimately, Dr. Paul underscores the importance of personal accountability and the risks of government intervention in diverse areas.

Time Stamp References:
0:00 – Introduction
0:36 – Economics of Liberty
3:24 – Government Efficiency
5:00 – Audit & End The Fed
12:58 – Shelton & Gold Bonds
14:36 – Tariffs & Regulations
23:12 – Accurate Information?
25:36 – What Should We Do?
27:29 – Wrap Up

Guest Links
Twitter: https://x.com/ronpaul
Website: http://www.ronpaullibertyreport.com/
Website: http:///ronpaulinstitute.org

Ron Paul is an American author, physician, and former politician. He was the U.S. Representative for Texas’ 14th and 22nd congressional districts. Ron represented the 22nd congressional district from 1976 to 1977 and from 1979 to 1985 and then represented the 14th congressional district, which included Galveston, from 1997 to 2013. On three occasions, he sought the United States presidency: as the Libertarian Party nominee in 1988 and as a candidate in the Republican primaries of 2008 and 2012. Paul is a critic of the federal government’s fiscal policies, especially the Federal Reserve and the tax policy, as well as the military-industrial complex and the War on Drugs. Paul has also been a vocal critic of mass surveillance policies such as the USA PATRIOT Act and the NSA surveillance programs. Paul was the first chairman of the conservative PAC Citizens for a Sound Economy and has been characterized as the “intellectual godfather” of the Tea Party movement.

A native of the Pittsburgh suburb of Green Tree, Pennsylvania, Paul is a graduate of Gettysburg College and the Duke University School of Medicine, where he earned his medical degree. He served as a flight surgeon in the U.S. Air Force from 1963 to 1968. In addition, Ron worked as an obstetrician-gynecologist from the 1960s to the 1980s. He became the first Representative in history to serve concurrently with a son or daughter in the Senate when his son, Rand Paul, was elected to the U.S. Senate from Kentucky in 2010.

Paul is a Senior Fellow of the Mises Institute and has been an active writer, publishing on the topics of political and economic theory and publicizing the ideas of economists of the Austrian School such as Murray Rothbard and Ludwig von Mises during his political campaigns. Paul has written many books on Austrian economics and classical liberal philosophy, beginning with The Case for Gold (1982) and including A Foreign Policy of Freedom (2007), Pillars of Prosperity (2008), The Revolution: A Manifesto (2008), End the Fed (2009) and Liberty Defined (2011).

Tom welcomes back Martin Armstrong from Armstrong Economics for a discussion on the geopolitical landscape and growing frustration with government. Armstrong expresses his belief in an increasing frequency of impactful events due to disillusionment with western governments. Martin delves into the deep state, historical examples of centralized governments leading to instability, and the need for decentralization and respect for individual sovereignty.

Armstrong shares personal experiences and insights about Trump and RFK’s anti-war stances. Martin touches upon historical issues, including World War II, communism, the Roman Empire, war causes, and the use of sanctions. Concerns are raised about unsustainable debt systems and their correlation with conflict.

Tom pivots the conversation to Argentina’s recent budget surplus, potential application in making cuts to U.S. government waste. Criticisms follow regarding Federal policies to undermine U.S. States and inact gun control.

Predictions for an economic depression by 2032 are shared, with discussions on differences between a recession and a depression, government debt defaults, interconnectedness of economies, and concerns over career politicians. The role of the U.S. dollar as a global reserve currency, and potential implications for the world economy are also discussed.

China and Russia’s potential role in a global economic takeover, natural resources, the Ottoman Empire, monetary crises, gold on the yield curve, practical implications, gun control, authoritarianism, and vigilance are among other topics covered.

Time Stamp References:
0:00 – Introduction
0:35 – Many Geopolitical Shifts
12:32 – Trump & Ending Conflict
27:39 – Cutting Back Gov’t
36:30 – Civil Unrest Preps
46:15 – 2032 – The End Game
53:42 – Trump, BRICS, & Dollar
1:04:54 – Russia’s Resources
1:07:58 – Risks & Solutions
1:13:50 – Shelton & Gold Bonds
1:18:33 – National Guard Concerns
1:21:08 – Wrap Up

Talking Points From This Episode

Guest Links:
Website: http://armstrongeconomics.com
Twitter: https://x.com/strongeconomics
Facebook: https://facebook.com/martin.armstrong.167
Amazon Book: https://tinyurl.com/ybtrslr9

Martin Armstrong is the Owner and Researcher for the website Armstrong Economics. He is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

At age 13, Armstrong began working at a coin and stamp dealership in Pennsauken, New Jersey. After buying a bag of rare Canadian pennies, he became a millionaire in 1965 at the age of 15. He continued to work on weekends through high school, finding the real-world exciting, for this was the beginning of the collapse of the gold standard. Martin became captivated by this shocking revelation that there were not just booms and busts, but also peaks and valleys that would last centuries.

Armstrong progressed from gold coin investments to following commodity prices for precious metals. In 1973, he began publishing commodity market predictions as a hobby, and in 1983 Armstrong began accepting paid subscriptions for a forecast newsletter.

“In Armstrong’s view of the world where boom-bust cycles occur like clockwork every 8.6 years, what matters is his record as a forecaster. He called Russia’s financial collapse in 1998, using a model that also pointed to a peak just before the Japanese stock market crashed in 1989. These days, as the European sovereign-debt crisis roils markets worldwide, he reminds readers of his October 1997 prediction that the creation of the euro “will merely transform currency speculation into bond speculation,” leading to the system’s eventual collapse.”

His Website Armstrong Economics offers a unique perspective intended to educate the public and organizations on the global economic and political environment’s underlying trends. Their mission is to research historical cyclical trends.

Tom welcomes back Christopher Grove to the show. Chrisopher is President and Director of Commerce Resources and an expert on the rare earth element market.

Despite China’s lack of direct involvement in the export halt of germanium, gallium, and antimony to the U.S., it underscores Beijing’s dominance in the sector. With the surge in demand for rare earth elements due to technology advancements, particularly permanent magnets for electric vehicles, no new significant producers have emerged since 2011-2012. Prices have reverted to levels last seen then as a result. China’s manipulation of input feedstock prices has caused unease and encouraged nations to seek alternative rare earth element sources

The US Department of Defense is investing in vertically integrated supply chains, as shown by the Defense Industrial Base Consortium and the Global Partnership Initiative. China’s market dominance remains a concern but presents an opportunity for countries to invest in creating alternative sources. Chris discusses the challenges he faced as CEO of Commerce Resources, including high Canadian mining regulations and the repeal of the uptick rule on the Toronto Stock Exchange. This rule change has led to significant losses for resource companies when they release positive news. Grove plans to list Commerce Resources on the Australian stock exchange in late Q1 or early Q2 of 2025 as a potential solution to address this challenge. The discussion discusses the complexities and challenges of mining in Canada and importance of advocacy efforts to relevant government bodies.

Commerce Resources is completing an updated preliminary economic assessment for its Ashram project and awaiting responses from grant opportunities in Canada and the United States.

Time Stamp References:
0:00 – Introduction
0:47 – Rare Earths & China
8:15 – China & Processing
11:33 – Western Deregulation?
15:50 – Substitution
18:59 – Recycling?
19:57 – Adapting to China
21:34 – Biggest Deposits?
25:45 – Personal Challenges
29:21 – Miners & Shorting
34:52 – Canadian Challenges
38:15 – Commerce Resources
41:33 – Wrap Up

Talking Points From This Episode

Guest Links:
Twitter: https://twitter.com/commercerescce
Website: https://commerceresources.com/

Mr. Christopher Grove is President and Director of Commerce Resources since September 2014. Previously, he worked as Corporate Communications for Commerce since 2004 and has significant contacts within the financial communities in North America and Europe. Mr. Grove joined the Commerce Resource board in 2012 and has been active in representing the company abroad.

Tom Bodrovics engages in a discussion with Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, former Fed Insider, and author of the book “Fed Up.”

Danielle stresses the importance of monitoring private sector actions, particularly in 2025 due to recent job losses and the significance of shelter inflation’s impact on the Federal Reserve. She highlights an upward trend in unemployment rates and potential recession expectations, but does not believe one is necessary. The conversation touches upon central bankers’ confidence bubble and its implications for the current economic climate.

They also delve into commercial real estate markets and the potential repercussions on banks and markets. Serious concerns in this sector have led to double defaults on commercial mortgage-backed securities, with regulators putting pressure on credit rating agencies not to downgrade them.

Tom also inquires about other financial burdens, such as rising unemployment, falling house prices, and mortgage delinquencies, which contribute to significant household financial pressures. Canadian banks have announced larger losses but maintain they are contained. Banks attempt to slow charge-offs by modifying loans and extending terms, but this approach has limitations due to the possibility of re-default.

Danielle concludes the conversation by encouraging listeners to maturely face sacrifices and embrace long-term benefits that come with cutting government waste.

Time Stamp References:
0:00 – Introduction
0:44 – The Economy & Stats
2:49 – Unemployment & Layoffs
3:38 – Powell & Trump
4:37 – Revisions & Recession
6:25 – Bankruptcies & Rates
8:13 – C.B. Confidence/Hubris
11:22 – Dollar Strength & Trump
14:57 – Inflation Thoughts
16:47 – Housing Confidence
19:38 – Commercial Real Estate
20:57 – Consumers & Banking
22:37 – Safe Assets & Dividends
24:14 – Buy Now Pay Later?
26:42 – 2025 and Gov’t Spending
27:49 – Wrap Up

Talking Points From This Episode

Guest Links:
Twitter: https://twitter.com/DiMartinoBooth
Substack: https://dimartinobooth.substack.com/
Website: https://quillintelligence.com/
YouTube: https://www.youtube.com/c/DanielleDiMartinoBoothQI

Danielle DiMartino Booth is CEO and Chief Strategist for Quill Intelligence LLC, a research and analytics firm.

DiMartino Booth set out to launch a #ResearchRevolution, redefining how market intelligence is conceived and delivered, with the goal of not only guiding portfolio managers but promoting financial literacy. To build QI, she brought together a core team of investing veterans in analyzing the trends and providing critical analysis of what drives the markets.

Since its inception, commentary and data from DiMartino Booth’s The Daily Feather have appeared in other financial sources such as Bloomberg, CNBC, Fox Business, Institutional Investor, Yahoo Finance, The Wall Street Journal, MarketWatch, Seeking Alpha, TD Ameritrade, TheStreet.com, and more.

A global thought leader on monetary policy, economics, and finance, DiMartino Booth founded Quill Intelligence in 2018. She is the author of FED UP: An Insider’s Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a full-time columnist for Bloomberg View, a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets.

Before Quill, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas, serving as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy.

DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette, where she worked in the fixed income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.

Tom welcomes back Tim Price from Price Value Partners, to discuss the happenings on the other side of the pond. Price shares concerns over Europe’s chaos, comparing it unfavorably to the US under Trump, who he sees as reducing ‘woke culture’ and neo-Marxist economic policies. He criticizes the media for losing credibility due to untruths and emphasizes the importance of understanding debt economics. Price reflects on his experiences during the exchange rate mechanism crisis and shares skepticism towards state planning, believing it has historically failed. Tim also covers the potential swing from left to right in politics and corruption issues, with Trump’s election seen as a possible catalyst for change.

Additionally, gold or non-fiat money is suggested as an alternative to the corrupted monetary system. Price calls for individual empowerment and market efficiencies, criticizes central banks, and advocates for real assets and value investing. He discusses potential implications of Bitcoin reaching new heights and Tether’s role in it. Throughout the interview, Tim Price encourages listeners to consider traditional investments like gold and silver, often overlooked despite their attractive valuations compared to the stock market.

Time Stamp References:
0:00 – Introduction
0:39 – State of Europe
2:48 – Trump & Pendulum Swings
7:54 – Trends & Growing Debt
10:17 – Bond Mkt Predictions
15:50 – Endemic Issues
20:23 – Milei & Trump
22:04 – Global Cuts & Change
23:00 – Fixing Corrupt Money
26:55 – The Invisible Hand?
31:34 – 40-Year Rate Regime
37:30 – Too Early & Wrong
44:53 – Silvers Potential
48:04 – Finding Cheap Assets
50:00 – Bitcoin 100k
50:55 – Dollar Strength?
55:42 – Time & Cheap Assets
59:43 – Miners Underperformance
1:02:17 – Contraian-isms
1:03:07 – Wrap Up

Talking Points From This Episode

Guest Links:
Twitter: https://twitter.com/TimPrice1969
Website: https://www.pricevaluepartners.com/
War On Cash: https://www.pricevaluepartners.com/war-on-cash/
Articles: https://www.pricevaluepartners.com/commentary
Tim’s Podcast: State of the Markets

Books
Tim’s Book (Amazon): https://www.amazon.ca/Investing-Through-Looking-Glass-Irrational/dp/0857195360

Book Recommendations:
180 Degrees (Amazon): http://tinyurl.com/3vjvpnud

Tim Price has worked in the capital markets for over 30 years. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms.

Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards program and was a winner in 2005 in the category of Defensive Investing. He is now co-manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. He also co-manages bespoke private client portfolios.

Tim writes for MoneyWeek Magazine and The Spectator, and his weekly commentaries are freely available at the Price Value Partners website.

Tom Bodrovics, welcomes back David Morgan, founder of The Morgan Report, for a discussion centered around their respective recent interviews with Dr. Judy Shelton. They highlight her advocacy for the moral obligation of money and her belief in an honest monetary system that fosters freedom and stability. Morgan believes these views align with his life’s work.

The conversation touches upon potential solutions for imposing monetary discipline on the government, including the idea of long-term gold bonds and a bimetallic standard consisting of both gold and silver. The benefits of a bimetallic system include regulation of inflation, but its practicality is questioned due to the current market values of gold and silver.

Morgan also discusses the role of the Federal Reserve in the US monetary system, suggesting that commercial banks create most of the money through loans and advocating for the Treasury to manage monetary policy according to the Constitution. He expresses skepticism towards Central Bank Digital Currencies due to concerns over privacy and potential loss of control by individuals.

David Morgan shares his long-term perspective on investing in silver, emphasizing its importance as a form of financial security and potential return to being a monetary asset. He also discusses the industrial uses of platinum and palladium and expresses his bullish sentiment towards these metals. In conclusion, Morgan advocates for self-reliance, fundamental human values, and focuses on the human spirit despite skepticism towards politics.

David Morgan is working on a documentary called “Silver Sunrise” that explores the monetary system, stress, fear, and control related to money, featuring interviews from renowned figures like G. Edwin Griffin, Ron Paul, Ellen Brown, and Mark Passio, set for release early next year.

Time Stamp References:
0:00 – Introduction
0:30 – Dr. Judy Shelton
6:47 – Silver Standard?
10:07 – Fed’s Role & Ron Paul
13:48 – CBDC Concerns
16:35 – Trumps Cabinet Picks
22:54 – Silver Expectations
25:48 – China, Russia, & India
29:06 – Platinum & Palladium
31:07 – Sentiment in Metals
33:42 – Silver Sunrise Documentary
38:15 – Holiday Wrap Up

Guest Links:
Website: https://silver-investor.com/
Twitter: https://x.com/silverguru22
YouTube: https://www.youtube.com/user/silverguru
Documentary: https://silversunrise.tv

David is a precious metals enthusiast with degrees in finance and engineering, and he originated The Morgan Report. This monthly report covers economic news, the global economy, and substantial capital gains by investing in the Resource Sector. The Model Portfolio includes top-tier, mid-tier, speculative, and special situations.

David considers himself a big-picture macroeconomist whose main job is educating people about honest money and the benefits of a sound financial system.

A dynamic, much-in-demand speaker worldwide, he has appeared on CNBC, Fox Business, and BNN in Canada. He has interviewed- The Wall Street Journal, Futures Magazine, Investing Rules, and numerous other publications.

As publisher of The Morgan Report, he has appeared on CNBC, Fox Business, and BNN in Canada. He has been interviewed by The Wall Street Journal, Futures Magazine, The Gold Report, and numerous other publications.

Tom welcomes back Lawrence Lepard from Equity Management Associates to discuss the current economic macro picture, including rising inflation and potential economic depression despite subdued market crashes. Lepard expresses skepticism towards government statistics suggesting a lack of real growth since 2008 and warns of risks for investors holding traditional assets due to high stock valuations caused by the Federal Reserve’s policies like zero interest rates and quantitative easing.

The conversation then shifts into the importance of liquidity in driving the stock market and the potential implications for the bond market and US federal government spending. Lepard expresses concern about a potential debt doom loop as rising interest rates could result in yield curve control, leading to inflation. They also discuss Trump’s economic policies and the potential impact on the U.S. dollar.

They further debate the current state of inflation and its future developments, with Lepard predicting another wave due to increased government spending. Larry discusses the underperformance of miners in both gold and Bitcoin markets and the shift towards gold as a reserve currency due to mistrust in the US dollar’s stability. Lastly, Lawrence discusses his upcoming book on monetary issues and the importance of sound money.

Time Stamp Reference
0:00 – Introduction
0:38 – Inflation Metrics
2:25 – Equity Valuations?
9:00 – Capital Concentration
12:08 – Excessive Liquidity
16:19 – Bond Markets & Deficits
22:16 – Cutbacks & Obligations
24:24 – Trump & Lower Dollar
31:10 – Inflation & Fed Q.E.
34:28 – Next Rate Print?
36:30 – Bitcoin & Tether
39:54 – Trump’s Goals & Caveats
42:39 – Miners Underperformance
52:45 – China’s Gold Demands
56:21 – Silver Supply Picture
59:38 – Commodities & Value
1:02:48 – Feb. Book & Wrap Up

Talking Points From This Episode

Guest Links:
Newsletter: http://eepurl.com/gOf1dT
Website: http://www.ema2.com
Twitter: https://twitter.com/LawrenceLepard

Lawrence W. Lepard is the Founder and Managing Partner of Equity Management Associates. He has spent his entire 38-year career as an investor, principally focusing on venture capital opportunities.

Before co-founding EMA, Mr. Lepard spent 13 years at Geocapital Partners, in Fort Lee, NJ. There he was one of two Managing General Partners and was responsible for several venture capital funds. Before Geocapital, Mr. Lepard spent seven years at Summit Partners in Boston and California, where he was a General Partner at Summit I and Summit II.

Mr. Lepard received his BA in Economics from Colgate University, and he received an MBA with Academic Distinction from Harvard Business School.

Tom Bodrovics welcomes back Doomberg, author of the Doomberg Substack, for a discussion on the election cycle and the ever expanding geopolitical instability. They discuss the geopolitical implications of the U.S. election, focusing on potential consequences in macroeconomics, energy policy, and peace. Doomberg voices concerns about escalating tensions between the U.S. and Russia during the new administration’s transition period, particularly over Ukraine and Syria.

Doomberg also explores Chris Wright’s appointment as Energy Secretary under Trump, with enthusiasm for Wright’s experience, patriotism, and pro-human energy stance. Our green friend also discusses potential ramifications of the ‘drill, baby drill’ policy, such as increased energy production, economic growth, lower prices for consumers, and challenges for certain energy companies.

Doomberg emphasizes speaking up against narratives, particularly those related to climate change and carbon emissions, expressing optimism about a potential shift back to the center or right. He discusses Trump’s tariff threats towards countries abandoning the use of the US dollar and Putin’s actions in creating dollar alternatives.

The uncertain prospects for peace on the Ukraine front are discussed, with doubt about Trump’s ability to negotiate a ceasefire and concerns around military solutions instead. He also touches upon Elon Musk and Vivek’s roles in the upcoming administration.

The current state of gold mining companies and their undervalued status in the market are discussed, along with the importance of primary energy and artificial intelligence to the U.S. Doomberg concludes by advising listeners to closely monitor political developments both foreign and domestic.

Time Stamp References:
0:00 – Introduction
0:52 – Tipping Points & Elections
5:14 – Unsettling Geopolitics
9:53 – Trump Appointments
13:03 – Drill Baby Drill
18:30 – Trumps Energy Strategy
21:09 – Climate/Energy Narratives
26:16 – Tariffs, BRICS, & Dollar
33:08 – Peace & Ukraine?
36:38 – Middle East & Syria?
37:41 – DOGE Puzzlement
41:15 – Panic in the Swamp
42:44 – Markets & the Election
45:26 – Gold Fundamentals?
47:20 – Miners & Energy Services
49:33 – U.S. Energy and A.I.
52:17 – The Dollar & Trump?
55:06 – (Geo)Political Concerns
56:53 – Wrap Up

Talking Points From This Episode

Guest Links:
Twitter: https://twitter.com/DoombergT
Website: https://doomberg.substack.com

Doomberg is the anonymous publishing arm of a bespoke consulting firm providing advisory services to family offices and c-suite executives. Its principals apply their decades of experience across heavy industry, private equity, and finance to deliver innovative thinking and clarity to complex problems.