The Julia La Roche Show

By Julia La Roche

Julia La Roche brings her listeners in-depth conversations with some of the top CEOs, investors, founders, academics, and rising stars in business. Guests on "The Julia La Roche Show" have included Bi... more

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Number 1: #405 Ted Oakley: Gold Still Cheap at $4,600, The Energy Move Could Be Bigger, & 3 Signs of a Stock Market Top
Ted Oakley, founder and managing partner of Oxbow Advisors, returns to explain why he sold all his silver and much of his gold exposure in late 2025 and early 2026 — then bought it all back, and more, in mid-July. With gold near $4,600 he argues it's still roughly 18–20% below its January high and nowhere near expensive if you're thinking in terms of a one-and-a-half to two-year horizon and a $7,000–$8,000 objective. The driver, in his view, is a loss of faith in the dollar backed by a fiscal picture with no exit: within five years, entitlements plus a slice of defense will exceed total federal revenue. Oakley explains why he'll only own Treasuries inside twenty-four months, why investors stuck in 20- and 30-year bond funds have lost millions with no way out, and why energy may be the bigger opportunity than gold — underowned after years of fossil-fuel divestment, profitable at $70–80 oil, and paying dividends from 6% to 11%. He also lays out the three classic ingredients of a market top, all of which he says are now in place, and previews his forthcoming book Asleep at the Wheel, aimed at boomers who've stopped rebalancing. Thank you to our partners Augusta Precious Metals — To learn more, visit https://juliabuysgold.com/ or text “Julia" to 35052 Monetary Metals - learn more at https://www.monetary-metals.com/julia/ Links: Oxbow Advisors: https://oxbowadvisors.com/ YouTube: https://www.youtube.com/@OxbowAdvisors X: https://x.com/Oxbow_Advisors Book: https://www.amazon.com/Second-Generation-Wealth-What-Want/dp/1966629168 Timestamps: 00:00 – Intro 01:04 – Gold/silver discussion 02:44 – "Is it too late?" Gold at $4,600 03:55 – The real case for hard assets: losing faith in the dollar 05:09 – $40 trillion in debt and Bessent's long-bond buybacks 07:38 – Why Oakley won't own anything past 24 months 10:16 – What gold is signaling — and why energy could move next 12:20 – The energy thesis: underowned, cheap, 6–11% dividends 15:17 – The psychology of buying and selling 19:04 – Why energy isn't a buy-and-hold — and the copper trade 22:08 – Commodities as the AI trade, and cracks in the semis 23:37 – The three ingredients of a market top are all here 26:00 – "Aren't you missing out?" Oakley's answer 29:03 – How the Fed ruined fifteen years of price discovery 31:56 – Half the industry has never seen a real bear market 35:11 – The boomers who won't rebalance 37:00 – Asleep at the Wheel 40:32 – Parting thoughts: learn to go against the grain
August 25, 202646min
Number 2: #406 Chris Whalen Answers Your Questions on Gold, the Fed, and Retirement Risk
In part two of the all-viewer-question edition of The Wrap, Chris Whalen and Julia tackle everything from gold confiscation to credit union safety. Chris argues that a 1933-style seizure is possible in a debt crisis, since heavy government borrowing effectively encumbers every asset in the country, and that offshore physical gold is the only real protection. He explains why rising gold prices pressure the Treasury and gradually erode the dollar's role as the world's medium of exchange, drawing parallels to the monetary fragmentation of post-Roman Europe that he's been researching for his upcoming book. Along the way he critiques Jerome Powell for extending QE long after credit spreads normalized in 2020, pushes back on fears of a boomer-driven market selloff, breaks down how Annaly Capital actually makes money, flags private-credit takeovers of insurance companies as a genuine risk to annuity holders, and shares his own portfolio split. He closes with thoughts on land value taxes, the likelihood of a US VAT, and life in Florida versus New York. Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/ Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Twitter/X: https://twitter.com/rcwhalen Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcover Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 0:00 - Cold open: "No democracy can have sound money" 0:25 - Welcome back — viewer questions only 1:31 - Could the government confiscate gold again like 1933? 4:50 - Inside Chris's new book on gold 6:37 - Gold price outlook: 2026, 2027, 2028 8:30 - Best ways to own metals without holding physical 9:27 - Why we ran surpluses from 1998-2001 10:30 - What Jerome Powell should have done differently 13:44 - Will retiring boomers crash the market? 15:42 - Equal-weight S&P funds at current valuations 16:04 - Nvidia financing its own customers: circular financing? 18:06 - Annaly (NLY) explained: leverage, servicing, and lending 20:51 - Common shares or preferred? 21:41 - Is the 60/40 portfolio dead? Chris's actual allocation 23:47 - Are credit unions safer than banks? 25:22 - Annuity owners: how to protect yourself from insolvency 27:07 - Land value taxes, wealth taxes, and the case for a VAT 28:37 - Florida vs. New York: an honest review 30:00 - Wrap-up and housekeeping
August 29, 202632min
Number 3: #401 Jim Rickards: The Iran War, "Trump's on the Losing Side of That Bet," The Case for $10,000 Gold, and the Japanese Yen Carry Trade Unwind — The Most Important Financial Story in the World
Jim Rickards returns for a wide-ranging macro conversation on a world where geopolitics and economics have fully merged. He lays out the US–Iran standoff as a global game of chicken — Trump betting Iran's economy breaks first, Iran betting the midterm elections break Trump first — and explains why he thinks Tehran holds the stronger hand, why regime change was always a fantasy, and how a handful of drones a week is enough to keep the Strait of Hormuz bottled up. From there he turns to gold: how he used Jim Rogers' 50% drawdown rule and fractal scale invariance to call the bottom, why central bank buying puts a floor under the market, why gold works as a deflation hedge as well as an inflation hedge, and why he stands by his $10,000 target. He also dismantles the popular "debasement trade" narrative, explains what Kevin Warsh's less transparent, market-following Fed means for investors conditioned to expect a rescue, and walks through the unwinding of the Japanese yen carry trade — which he calls the most important story in the world right now, and the one most likely to make 2027 messy. The episode closes on the darker side of AI: increasingly sophisticated voice-cloned scams aimed at older Americans. Thank you to our partners Augusta Precious Metals — To learn more, visit https://juliabuysgold.com/ or text “Julia" to 35052 Monetary Metals - learn more at https://www.monetary-metals.com/julia/ More about Rickards: Rickards is a New York Times bestselling author of Currency Wars: The Making of the Next Global Crisis and several other best-sellers, including The New Great Depression, Aftermath, The Road to Ruin, Death of Money, The New Case for Gold, Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy, and his newest book MoneyGPT: AI and the Threat to the Global Economy. An investment advisor, lawyer, inventor, and economist, Rickards has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He is also the Editor of Strategic Intelligence, a widely-read financial newsletter. Links: http://www.jamesrickardsproject.com/ https://x.com/RealJimRickards Visit CallFort.io or download the app https://apps.apple.com/us/app/callfort/id6752949954 Timestamps: 0:00 – Intro: welcome back, Jim Rickards 1:04 – Geopolitics and economics have merged: chokepoints and economic warfare 3:30 – The US–Iran game of chicken: what each side is betting 6:13 – Regime change isn't happening — and why killing leaders backfired 10:42 – Lost credibility and the Iran–Oman deal the US wasn't part of 14:41 – The midterm clock, and how Iran keeps the Strait closed 17:23 – [Sponsor: Augusta Precious Metals] 19:04 – Gold's drawdown: the Jim Rogers 50% rule and fractal math 24:04 – Why gold goes much higher — and the $10,000 call 25:03 – What's driving gold: central banks, deflation, flat mine supply 31:15 – Why the "debasement trade" narrative is wrong 33:00 – Inside the primary dealer world and the old Fed 35:00 – Kevin Warsh, killing the dot plot, and a whole new Fed 38:16 – [Sponsor: Monetary Metals] 40:03 – The Fed's only real job — and what Friedman got wrong 44:13 – The yen carry trade: the most important story in the world 48:55 – The petrodollar, Japan's Treasuries, and the Bessent bailout 51:43 – Why currency defenses always fail, and why 2027 gets messy 52:50 – AI, sophisticated scams, and the Callfort app 59:10 – What's next: climbing Kilimanjaro
August 13, 20261h 1min
Number 4: #402 Chris Whalen: Private Credit's First Big Unwind — and Why Insurance Is Next
In this episode of The Wrap with Chris Whalen, Chris breaks down the 777 Partners bankruptcy — a sprawling collapse touching insurance, reinsurance, soccer clubs, and airlines that he says is a preview of how private credit ultimately unwinds: slowly, messily, and with fraud along the way. He explains why the contagion risk to insurance matters most for ordinary people, since firms like Apollo, Brookfield, and Blue Owl use insurance balance sheets to fund private credit strategies, leaving annuity and life policyholders exposed. Chris also digs into United Wholesale Mortgage, arguing the real problem wasn't the Two Harbors hedge but years of cash extraction and overvalued servicing assets — and what Oaktree's $1.5 billion rescue means now that "the grim reaper of Wall Street" is in the building. On markets, he describes a manic tape where cycles no longer exist, questions whether AI valuations survive Chinese competitors offering the same functionality at a tenth of the cost, and wonders whether Kevin Warsh will finally let the market take a hit. He then makes the case that the cooler CPI print is masking a genuine inflation problem: diesel is up roughly 35% since February, key industrial chemicals and LNG capacity was destroyed in the Iran conflict, and those input costs are rippling into food, housing, construction, and packaging. Finally, Chris explains why he thinks the gold and silver bull markets remain fully intact, and what the Byzantine Empire taught him about what happens when gold runs short. Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/ Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ 777 Partners blog post: https://www.theinstitutionalriskanalyst.com/post/theira879 Twitter/X: https://twitter.com/rcwhalen Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcover Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 0:00 - Intro 1:37 - 777 Partners bankruptcy: what the demise of private credit looks like 3:56 - Does this accelerate the slow-motion train wreck? 5:45 - Contagion risk to insurance: annuities, life policies, and private credit balance sheets 7:36 - United Wholesale Mortgage, Mat Ishbia, and the Oaktree rescue 10:44 - Oaktree, the "grim reaper of Wall Street," and stress in mortgage lending 11:00 - DSCR loans and the rental-property workaround 12:13 - Monetary Metals: earn a yield on your gold 13:22 - Markets at records: "the numbers are too big" 15:20 - The Warsh Fed: will bailouts end? 16:05 - AI valuations, the price war, and Chinese competition 17:36 - Inflation beneath the surface: input costs are exploding 18:08 - Diesel up 35%, heating oil, chemicals, and the fall squeeze 20:02 - Food prices, farmers, and the Iran war fallout 22:39 - Spillover into housing, construction materials, and packaging 24:19 - Gold's run higher and Chinese buying 25:13 - Silver: a commercial trade, and the supply problem 26:44 - The WGA precious metals top 25 list 28:14 - Lessons from Byzantine monetary history 29:38 - Parting thoughts: private credit surprises, the Middle East, and the midterms 30:39 - Closing
August 15, 202633min
Number 5: #404 Chris Whalen Answers Your Questions on the Fed, Rates & the Next Bailout
In part one of The Wrap's viewer question special, Chris Whalen takes on a full slate of audience questions about the Fed, the Treasury, and where rates go from here. He explains why Kevin Warsh and Scott Bessent have largely written off war-driven inflation as something monetary policy can't fix, and what it would actually take to change that posture. From there he walks through the plumbing most commentary skips: why shrinking bank reserves would push short-term yields down rather than up, how the Treasury can run its own version of quantitative easing through repurchase agreements, and why the Fed's mortgage-backed securities book — much of it now carrying an average life measured in decades — represents what he calls a study in hubris. He also fields the practical questions: whether long Treasuries are worth owning (his answer is no), where he'd park cash instead, what a 5% 10-year does to the deficit math, and how big the next crisis-era bailout would have to be. The episode closes on the yen carry trade, the limits of what Washington can do about it, and Whalen's expectation that nothing difficult gets attempted before the midterms. Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/ Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Twitter/X: https://twitter.com/rcwhalen Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcover Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 0:00 — Cold open: shrinking reserves and the Treasury's repo plan 0:33 — Welcome + what this episode is (part one of viewer Q&A) 1:10 — How long will the Fed stay indifferent to inflation? 4:08 — Could we cut the Fed out of rate decisions and just use SOFR? 5:02 — Would you buy a 30-year bond at these rates? 6:35 — If the Fed shrinks its balance sheet, don't rates go up? 9:43 — What does "Treasury doing QE on the short end" actually mean? 12:30 — A word from Monetary Metals 13:56 — Can the Treasury handle 5% on the 10-year? 15:26 — T-bills — pros, cons, and better alternatives 16:25 — How big does the next bailout have to be? 18:48 — The yen, intervention, and the carry-trade squeeze 21:16 — The biggest macro story of the back half of the year 23:37 — Parting thoughts: Florida, earnings season, and UWM next week
August 22, 202625min