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Christopher Whalen of Whalen Global Advisors, LLC and publisher of The Institutional Risk Analyst argues that investors may be overlooking one of gold’s most important signals: credit default swaps on U.S. government debt. He explains why rising concern over America’s creditworthiness can strengthen the case for gold, why long-term interest rates may remain elevated even if short-term rates fall, and why inflation is likely to remain a persistent problem. Whalen also discusses the dollar’s changing role in global reserves, the risk of inflating away U.S. debt, and why he expects a significant reset in housing and parts of the stock market.

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0:00 The overlooked indicator driving gold

1:02 Why the Fed may keep rates unchanged

3:22 Short-term rates down, long-term rates higher

5:37 Why mortgage rates could stay elevated

8:38 Whalen’s outlook for gold and silver

11:03 What credit default swaps reveal about U.S. debt

14:14 Why U.S. credit risk can lead gold

16:06 How the dollar’s global role is changing

18:21 Why countries still need U.S. Treasuries

20:30 Diversifying into foreign currencies

23:13 Will America inflate away its debt?

26:05 Why the fiscal problem keeps getting pushed forward

27:31 A potential housing reset in 2028

30:04 Tech valuations and the AI bubble

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Chris Vermeulen, technical analyst and founder of The Technical Traders, argues that the broader stock market remains firmly bullish even as money rotates out of Big Tech and into other areas of the market. He sees the S&P 500 and Nasdaq setting up for another major leg higher, potentially ending in a euphoric blow-off phase. At the same time, he remains cautious on gold, silver, miners, and long-term bonds, arguing that recent rallies are still countertrend moves until the charts confirm a broader reversal.

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0:00 Is the gold rally a trap?

0:59 Money rotates out of Big Tech

3:14 What the broader stock market is signaling

5:20 Why stocks may have another major leg higher

7:16 Chris Vermeulen’s ETF trading strategy

12:16 Why gold is still technically in a downtrend

16:18 What would confirm a new metals bull move?

18:16 Managing positions during sharp rallies

23:23 Silver’s bounce and key resistance

26:13 Bitcoin and the danger of bear-market rallies

26:38 Why copper is bucking the trend

28:48 Rising yields and financial stress

31:35 What would make TLT attractive again?

33:17 The Technical Traders

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Patrick Karim of North Star Bad Charts argues that investors should ignore the headlines and let price action determine the trade. He explains why gold and silver are bouncing but have not yet confirmed the larger breakouts many investors are waiting for, while copper remains in a cleaner long-term uptrend. Patrick also breaks down the key moving averages, resistance levels, and chart structures he is watching across equities, oil, bonds, and precious metals—and why patience matters more than trying to predict the next move.

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0:00 Why Patrick ignores the headlines

3:52 The indicators he uses to read markets

9:34 How he confirms a breakout

13:24 Gold is bouncing—but hasn’t broken out yet

18:42 Why gold may need more time to build a base

24:56 Silver’s next key resistance levels

27:43 Copper’s stronger long-term setup

30:38 The oil breakout level that matters

35:11 What bond yields are signaling

38:36 Why Patrick remains cautious on bonds

41:05 Gold, silver, copper, and bonds recap

42:29 Where to follow Patrick Karim

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Brien Lundin argues that gold’s recent pullback is a normal correction within a broader bull market, driven by temporary fears around Fed tightening, oil-driven inflation, and weak summer seasonality. He explains why rising long-term yields reflect growing concern over debt and currency depreciation, why central bank buying continues to support gold, and why an eventual equity correction could create another major buying opportunity. Lundin also outlines his outlook for silver, and mining stocks.

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0:00 Why has gold stalled near $4,000?

1:22 Gold’s correction and the next buying window

4:05 What past gold bull markets can teach investors

5:47 Why the Fed may be forced back into easing

10:07 Rising yields, debt, and currency depreciation

13:41 Could the AI stock bubble trigger a market correction?

18:19 Central banks continue buying the dip

21:10 Where gold could finish this cycle

25:38 Why silver may outperform gold

28:17 Silver’s volatility and physical market bottlenecks

32:18 The outlook for gold and silver miners

36:12 What major mining earnings reveal

38:08 The New Orleans Investment Conference

Copyright © 2026 Cambridge House International Inc. All rights reserved.

Mike McGlone of Bloomberg Intelligence argues that markets are approaching a major turning point as elevated bond yields, stretched equity valuations, and persistent inflation place growing pressure on risk assets. He explains why the Federal Reserve is effectively trapped, why gold, commodities, and crypto may have already sent warning signals, and why a stock market decline could trigger a broader deflationary reset. McGlone also outlines his bullish case for long-term Treasuries, which he believes could become one of the strongest opportunities of the current market cycle.

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0:00 Are markets approaching a major turning point?

0:45 The Fed holds rates steady

1:21 Why the Fed is trapped

3:03 Rising volatility and weakening risk assets

5:16 Why 5% bond yields threaten every market

7:59 Copper, China, and global deflation

11:41 Gold’s rally may have run its course

14:23 What happens when stocks begin falling?

17:20 Why oil could fall below $70

20:25 The bullish case for Treasuries

22:29 A potential trade of a lifetime

25:10 Will the Fed rescue the stock market?

26:13 Why deflation may replace the inflation trade

28:56 Where to follow Mike McGlone

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Andy Schectman argues that rising bond yields, persistent inflation, and declining confidence in U.S. debt are creating a powerful long-term case for precious metals. He explains why central banks and major buyers continue accumulating physical gold despite recent price weakness, how China is building the vaults, exchanges, and payment systems needed to challenge Western paper markets, and why the shift toward physical settlement could reshape global price discovery. Andy also compares the outlook for gold, silver, and platinum, with gold remaining his preferred asset for a changing monetary system.

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0:00 Is gold preparing for another major move?

1:49 Interest rates, bond yields, and America’s debt trap

8:38 The real inflation rate and gold’s performance

11:30 Central banks and major buyers accumulate physical gold

13:32 Stablecoins, Treasuries, and the future of interest rates

18:10 When will gold respond to money creation?

20:18 Who is taking delivery from COMEX?

23:38 Could higher gold prices weaken the dollar?

24:00 The Global South builds a new gold settlement system

28:15 Hong Kong’s vault expansion and China’s long strategy

32:33 How much gold is China really buying?

36:01 Falling mine supply and rising physical demand

40:01 Gold revaluation and the July 4 prediction

45:04 Paper markets versus physical price discovery

49:15 Gold, silver, or platinum?

53:15 Where to follow Andy Schectman

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Pascal Lottaz argues that the war with Iran has exposed the limits of American military power and left Washington without a clear path to victory. He explains how Iran has used the Strait of Hormuz, decentralized military command, and lower-cost weapons to withstand U.S. pressure, while America faces shrinking petroleum reserves and shortages of key munitions. The discussion also examines Israel’s role, the failed memorandum of understanding, China’s strategic advantage, and the risk that the conflict settles into another prolonged American war.

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00:00:00 America’s changing military power

00:00:56 Israel’s role in the war with Iran

00:04:22 The Strait of Hormuz and America’s oil vulnerability

00:07:32 Strategic petroleum reserves and inflation risks

00:15:30 America’s unclear endgame in Iran

00:16:37 Why regime change failed

00:26:24 How Iran gained leverage over the United States

00:30:29 Why the memorandum of understanding collapsed

00:38:11 Iran’s strategy for a prolonged war

00:44:14 How Iran built a military designed to survive

00:49:46 U.S. weapons shortages and industrial limits

00:51:18 How the conflict benefits China

00:58:32 Could this become another forever war?

01:03:04 Where to follow Pascal Lottaz

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Doomberg argues that the oil market is pricing in limits on how far the United States can escalate its conflict with Iran, despite warnings of a major supply shock. The conversation covers depleted missile defenses, Iran’s growing leverage over the Strait of Hormuz, the shift toward a multipolar world, China’s role in gold price discovery, rising natural gas demand, uranium’s supply setup, and the financial risks behind Strategy’s Bitcoin accumulation model.

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00:00:00 The decline of American military dominance

00:00:47 Introduction

00:01:08 Why Doomberg sees a strategic defeat in Iran

00:05:04 What the oil market is pricing in

00:05:58 America’s missile shortage

00:08:38 Why oil has not reached $150

00:09:17 China’s role in balancing global oil demand

00:10:18 Why Doomberg trusts the oil market

00:11:42 Could oil prices move lower?

00:13:55 Iran, Russia, China, and a multipolar world

00:15:27 Could the war last for decades?

00:17:15 China’s crackdown on paper gold trading

00:19:44 Paper gold versus physical gold

00:21:00 The natural gas supply and demand debate

00:24:14 China’s nuclear expansion and uranium demand

00:25:19 Doomberg’s approach to commodity investing

00:26:30 Bitcoin as a debasement indicator

00:27:50 The risks behind Strategy’s Bitcoin model

00:31:23 Financial engineering and shareholder dilution

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Host of the Jay Martin Show and the VRIC, Jay Martin is on with Darrell to dive deep into China’s crackdown on paper gold trading. He connects China’s strategy, the Shanghai Gold Exchange, record central bank buying, and declining demand for U.S. Treasuries to a broader loss of confidence in the dollar system. Jay also outlines why he believes tangible assets, particularly gold and critical raw materials, will play a larger role as governments rebuild domestic supply chains and prepare for a more fragmented global economy.

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00:00:00 Introduction

00:00:31 China’s crackdown on paper gold

00:02:14 How paper claims can suppress gold prices

00:03:23 Physical gold and paper gold begin to separate

00:05:17 Why gold price discovery matters

00:06:16 Inflation, affordability, and dollar purchasing power

00:08:16 Measuring houses, cars, and groceries in gold

00:09:43 The Nixon gold shock and today’s parallels

00:13:20 What paper gold actually represents

00:16:25 How investors will know if gold is suppressed

00:17:57 Central banks accelerate physical gold buying

00:20:38 What gold buying reveals about global trust

00:21:32 The decline of reserve currency systems

00:23:17 Gold overtakes Treasuries in central bank reserves

00:24:30 The Shanghai Gold Exchange and Hong Kong vault expansion

00:27:22 What could change Jay’s outlook

00:28:26 The U.S. Treasury market as America’s credit card

00:31:08 The Jay Martin Show and Commodity University

00:33:40 Why capital is moving toward raw materials

00:35:20 Closing remarks

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Colonel Douglas Macgregor returns to assess the escalating conflict with Iran, the risk of a wider regional war, and the economic consequences of prolonged instability in the Middle East. He explains why he believes rising oil prices, strained missile supplies, mounting debt, and growing involvement from Russia and China could place the United States under severe pressure. The discussion also covers the upcoming U.S. midterm elections, and why Canada and the United States need greater control over critical minerals, refining capacity, and energy infrastructure.

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00:00:00 Introduction

00:00:38 Why the Iran conflict resumed

00:02:30 Investor confidence and Middle East instability

00:03:58 Oil prices and the risk of a global downturn

00:04:53 Has the United States actually won the war?

00:07:29 The changing objectives in Iran

00:12:51 America’s financial and military constraints

00:13:46 China and Russia’s strategic interest in Iran

00:15:43 Iran’s nuclear program and the abandoned agreement

00:21:26 Could the conflict turn nuclear?

00:24:58 Why the United States should leave regional wars

00:26:24 How close are we to World War Three?

00:29:01 The midterms and the future of U.S. politics

00:32:12 Rising costs and public anger in America

00:33:38 Where to follow Douglas Macgregor

00:34:16 Critical minerals and resource sovereignty

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