Tom Bodrovics welcomes Gary Savage, a retired entrepreneur, investor, and president of Smart Money Tracker Premium, to discuss the current state of the markets, with a particular focus on gold, silver, and crypto. Savage believes that Bitcoin has completed the top of its four-year cycle and is now in a declining phase, which could last about a year. In contrast, gold is still in the advancing phase of its eight-year cycle and is expected to enter a parabolic bubble phase.

Gary argues that the bull market for gold started in 1999 or 2001 and is now in its second phase, with the potential for significant gains in the next one and a half to two years. He suggests looking at the gold-silver ratio and the Dow-gold ratio to pick a top in the gold market, with a gold-silver ratio of $20 to $1 or $30 to $1 indicating a potential top. Savage also discusses the current consolidation period in the gold market, which he expects to end around the FOMC meeting in December, followed by a more aggressive bull move. He believes that the suppression of the silver market broke when it couldn’t be held below $33, and that normal corrections will continue from here.

Savage shares his views on the stock market, which he does not see crashing but potentially entering a bubble phase. He expects inflation to continue, driven by factors such as housing and stock market inflation, but kept in check by the current administration’s energy policies. Savage emphasizes the importance of controlling greed and not getting caught up in narratives at market tops.

He recommends focusing on technical analysis and repeatable cycles to remove emotion from trading decisions.

Timestamps:
00:00:00 – Introduction
00:00:16 – Gold Silver Bull Cycles
00:02:03 – Gold Advancing Phase
00:03:57 – Inflation Adjusted Targets
00:07:00 – Avoiding Market Narratives
00:09:26 – Controlling Trading Greed
00:12:22 – Physical vs Leveraged Positions
00:19:02 – Current Consolidation Timeframe
00:22:00 – Blow-Off Top Prediction
00:26:51 – Stocks Bubble Outlook
00:30:25 – Fed Rate Cut Expectations
00:35:20 – Consumer Stress Analysis
00:39:24 – Credible Economic Data
00:42:02 – Wrap Up

Tom welcomes Matthew Piepenburg, a partner at Von Greyerz Gold Switzerland and author of “Gold Matters” and “Rigged to Fail,” to discuss the complexities of modern financial systems and the role of gold and silver as safe havens. Piepenburg argued that the increasing complexity in financial markets, such as derivatives and central banking operations, is often used to obfuscate reality and hide risks. He cited historical examples, including the 2008 financial crisis, to illustrate how leveraged instruments and complex financial products can lead to systemic risks. Piepenburg criticizes the Federal Reserve, describing it as a private corporation that creates money out of thin air, benefiting insiders and exacerbating wealth inequality.

Matthew also discusses the manipulation of gold and silver prices through futures markets and the London Bullion Market Association (LBMA), suggesting that these manipulations are designed to control the perception of these metals’ values. The conversation touches on the current state of the economy, including the impact of quantitative easing and the potential for a debt crisis.

Piepenburg expresses skepticism about the sustainability of current economic policies and the effectiveness of measures like stablecoins in addressing these issues. He advocated for individuals to protect their wealth by investing in physical gold and silver, which he views as strategic assets in the face of fiat currency debasement. Piepenburg also discusses the volatility and potential of silver as an investment, comparing it to gold and highlighting its affordability and industrial uses.

He cautions listeners about the risks associated with equities, particularly in the tech sector, and the potential for a bubble in AI-related investments.

Timestamps:
00:00:00 – Introduction
00:00:45 – Complexity Hiding Fin. Dishonesty
00:10:45 – Federal Reserve System Exposed
00:16:06 – Gold and Silver Manipulation
00:18:50 – Protecting Purchasing Power
00:21:42 – Gold Standard Historical Lessons
00:25:10 – Nixon Shock and Debasement
00:30:34 – Futures Markets Productive Uses
00:35:15 – Leverage, Tokenization & Complexity
00:43:25 – Physical Gold & Silver
00:52:02 – Precious Metals Market Timing
00:56:43 – AI Bubble and Equity Risks
01:03:45 – Concluding Thoughts

Tom Bodrovics welcomes Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, to discuss the latest economic developments and the Federal Reserve’s role. The conversation begins with the recent Fed Minutes, which reiterated a hawkish stance and coincided with the cancellation of the October payrolls report, providing the Fed with an excuse to delay rate cuts. DiMartino Booth suggests that the Trump administration’s actions, such as proposing a $2000 tariff rebate, have been met with resistance from Congress due to concerns about inflation. She also highlights the recent surge in layoff announcements from major corporations, attributing it to a combination of overhiring during the pandemic and the current economic downturn.

Timestamps:
00:00:00 – Introduction
00:00:27 – Fed Minutes Analysis
00:01:28 – Government Shutdown Data
00:02:43 – Scott Bessent Challenges
00:04:49 – Stimulus Checks Critique
00:05:15 – Corporate Layoff Trends
00:07:55 – Fed Data Manipulation
00:10:46 – Fed Politicization History
00:12:55 – Fed Leadership Candidates
00:14:40 – Stacking Fed Reserves
00:16:46 – Repo Rate Spike
00:21:08 – Personal Finance Advice
00:23:17 – Wrap Up

Tom then shifts to the politicization of the Fed, with DiMartino Booth arguing that the institution has become more overtly political in its policymaking. She criticizes the Fed’s use of data as a “weapon of mass destruction” to serve its needs and calls for more accountability. DiMartino Booth also expresses concern about the Fed’s handling of liquidity issues, noting that the recent repo rate spike signals potential problems ahead. She suggests that the Fed may need to provide more liquidity to the system, but cautions that this could exacerbate existing bubbles in the equity markets.

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

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

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

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

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

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

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