Steve St. Angelo: Shale Oil Giant Ponzi? Peak Silver Approaching?

During this 40+ minute interview, Jason asks Steve about his recent article about how the Shale oil industry in the US is collapsing. Jason and Steve talk about the oil markets and how many higher cost shale oil producers have been able to delay bankruptcy. Steve calls shale oil a "Giant Ponzi scheme."Steve is predicting US oil production will collapse in the next few years unless the oil price goes much higher. He also says global consumers cannot afford oil prices above $70/barrel. Next, Jason asks Steve about the gold and silver mining industries. Steve agrees with Jason that at least half the primary gold and silver miners would be bankrupt already if oil prices hadn't collapsed helping to cut costs or if gold and silver weren't much higher in currencies other than the US Dollar. Steve thinks silver miners are a great speculative investment considering how cheap they are. To wrap up the interview, Jason and Steve discuss the supply/demand fundamentals for gold & silver. Steve thinks a lot of silver mine supply from base metal producers that produce silver as a byproduct will come offline soon as copper and base metals continue to collapse.