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: #403 Harry Dent on the Everything Bubble — And the Only Safe Haven Left
Economic forecaster and bestselling author Harry Dent makes his debut on the show with one of the most aggressive bearish calls we've hosted. Dent — who built his reputation forecasting the 1980s–2000s boom and Dow 10,000 when almost nobody believed it — walks through the three long-term cycles he uses to map the economy decades ahead: the 39-year generational spending wave, the 45- and 90-year technology innovation cycles, and a geopolitical cycle. His conclusion is that the downturn that should have arrived in 2008 was smothered by roughly $31 trillion in stimulus, creating a bubble that now spans stocks, real estate, and even gold. He lays out what a full reversion looks like — a first-wave crash he thinks could be visible by October, housing down 60% in the middle of the country and more at the high end, and a path back toward the 2009 lows for equities — and explains why he believes long-dated Treasuries, not gold, are the only real safe haven. Dent also makes the case that the bust is not the enemy: it's where innovation and affordability come from, and where the millennial generation finally gets its shot. Looking past the washout, he sees India and Southeast Asia as the growth engines of the next four decades, China as structurally finished, and US tech as the thing to buy when it's on sale. 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: https://hsdent.com/hs-dent-forecast/ 00:00 – Intro: Harry Dent makes his debut 00:59 – How demographics became his life's work 03:23 – The 45- and 90-year cycles that create bubbles 04:15 – Calling the 2007 top back in the 1980s 08:07 – AI is in its infancy — and that's when the biggest crashes happen 09:00 – India is the next China 10:28 – 2008 was 1930 all over again — and $31 trillion papered over it 13:08 – Anatomy of the everything bubble 14:30 – The average Ohio house down 60%. High-end down 70–80% 16:47 – The millennials who got priced out are the ones who win 19:12 – How far stocks fall: 90% on the S&P, 96% on the Nasdaq 22:20 – The first wave: 42% in 2.6 months 24:38 – "I was the most bullish forecaster on earth" 25:40 – Positioning for the first crash: SQQQ and sizing 27:06 – Why TLT and the 30-year Treasury are the trade after that 31:08 – The case against gold: it joined the everything bubble 34:21 – Which house should you sell? Not the one you think 39:15 – China's 22% empty real estate and the coming reckoning 45:00 – Nobody in a bubble sees the bubble because they're high on it 48:55 – Watch October
August 18, 202652min
Number 4: #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 5: #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