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The Competent Investor

Tom Bodrovics

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Frequency: 1 episode/5d. Total Eps: 120

The Competent Investor brings you deep-dive conversations with the world's top investors, economists, and market strategists. Every episode unpacks the macro forces shaping markets, reveals actionable insights, and delivers conversations that compound your understanding of where capital is flowing.

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Jaime Carrasco: The Fed Can’t Stop What’s Coming | Why Gold is Headed to $25,000

Friday, October 9, 2026 • Duration 41:21

Jaime Carrasco, Senior Portfolio Manager at Harbourfront Wealth Management, argues that rising global interest rates signal a deepening credit crisis rather than a healthy economy, likening the situation to water overwhelming the Titanic. He views the current pullback in gold prices not as a weakness but as a strategic opportunity to build positions, emphasizing that central banks continue to accumulate physical gold as a hedge against the ongoing debasement of fiat currencies.

Carrasco contends that the real problem is not assets becoming more valuable but the purchasing power of money eroding, a trend he expects to accelerate as governments are forced to print money to manage unsustainable debt levels. He draws a sharp distinction between owning real assets and holding credit-based derivatives, warning that the latter could prove worthless in a systemic reset reminiscent of the 1930s.

Carrasco highlights the precious metals sector, particularly producers like Agnico Eagle, as one of the few areas trading at a discount to intrinsic value, offering a value proposition similar to Warren Buffett’s investments in the late 1990s. He sees a massive opportunity in silver, noting the historically extreme 70-to-1 gold-silver ratio compared to an 8-to-1 mining ratio, and points to growing industrial demand and Asian physical buying as catalysts for a rebalancing.

Geopolitically, Carrasco favors Latin America for its resource wealth and relative insulation from the credit and energy crises afflicting Europe and other regions. He stresses the importance of patience and a disciplined asset allocation, recommending a significant weighting in precious metals and direct share ownership. For investors, the core message is to recognize the long-term monetary shift underway and position accordingly in tangible assets and well-managed producers before the broader market fully acknowledges the scope of the developing storm.

Timestamps:
00:00:00 - Introduction
00:00:56 - Gold as Crisis or Opportunity
00:03:43 - Fiat Currency Devaluation
00:09:03 - Positioning in Real Assets
00:14:48 - Gold Pullback as Opportunity
00:22:50 - Interest Rates and Bonds
00:29:00 - Gold Silver Ratio Opportunity
00:35:48 - Asset Allocation Strategy
00:40:00 - Geopolitical Risks Latin America
00:45:00 - Portfolio Construction Details
00:55:10 - Volatility Versus Risk
01:00:00 - Timeline for Positioning
01:07:34 - Concluding Thoughts

Guest:

Jaime Carrasco — Senior Portfolio Manager & Senior Investment Advisor at Harbourfront Wealth Management
Jaime Carrasco is Senior Portfolio Manager & Senior Investment Advisor at Harbourfront Wealth Management. From 2014-2018 he worked as Director of Wealth Management and Associate Portfolio Manager for ScotiaMcLeod. Before this, he worked for Macquarie Group, CIBC Wood Gundy, BMO Nesbitt Burns, Gordon Capital, and Merrill Lynch.

Jaime is a leading Canadian investment professional with 25 years of experience providing wealth management and investment counsel to affluent families, businesses, and institutions. He has garnered a reputation for questioning and challenging the status quo and exploring the most innovative investment strategies.

Jaime, whose mother tongue is Spanish, also speaks Italian and French. He completed a BA in political science and economics at the University of Toronto in 1988. While a student, he worked for CS Yacht, a company that built luxury sailboats, thus spending his summers as a skipper for the Canadian establishment members. Jaime credits this experience and having survived sailing through Hurricane Bob in 1991. This experience taught him lessons that have become a metaphor for his financial investment strategies.

"Like one's financial wealth, sailing is not about controlling the wind, but rather about adjusting the sails."
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2029 | The End of America and the Coming Financial Collapse

Tuesday, October 6, 2026 • Duration 42:24

Porter Stansberry warns that the United States is on an irreversible path toward a major fiscal and societal crisis by 2029, drawing a historical parallel to the downfall of the Knights Templar. He explains that when a sovereign becomes insolvent, it inevitably turns on its creditors, and the largest creditor to the U.S. government is not bondholders but the recipients of unfunded Social Security promises. The root of this decay, he argues, is the abandonment of the gold standard, which has enabled unchecked money printing and triggered the Cantillon effect—where newly created currency flows first to the wealthy and connected, systematically eroding the middle class and destroying the single-income household. This monetary debasement has fueled profound cultural and moral collapse, manifesting in diseases of desperation, addiction, and a loss of faith in American institutions.

Stansberry identifies the legal doctrine of "disparate impact" as the American version of Marxism, arguing it has corrupted everything from education and law enforcement to banking, leading to urban decay and institutional inefficiency. He contends that the banking system is now acutely vulnerable due to massive unrecognized losses on bond portfolios, a situation made untenable by the rise of AI, which will soon allow depositors to effortlessly seek market-based yields, triggering bank runs. To survive the coming reset, Stansberry outlines tiered investment strategies. For the very wealthy, he recommends buying deeply undervalued timberland.

For most investors, he advocates a "permanent portfolio" that replaces traditional bonds with property and casualty insurance stocks to hedge against inflation and volatility. For those still accumulating wealth, he details a "honeycomb" portfolio—a concentrated, seven-sector strategy centered on gold and enhanced with modest leverage to maximize returns while minimizing risk. He concludes that the window to prepare is closing, urging immediate action before the crisis becomes obvious to everyone.

Timestamps:
00:00:00 - Introduction
00:00:54 - Friday the 13th Origins
00:02:03 - Social Security Crisis Warning
00:06:53 - Cantillon Effect Explained
00:07:53 - Disparate Impact Doctrine
00:22:06 - Banking System Risks
00:28:19 - AI Transforming Banking
00:33:14 - Permanent Portfolio Strategy
00:41:26 - Honeycomb Portfolio Approach
00:44:10 - Being Pro-Active00:57:20 - Concluding ThoughtsGuest Links:X: https://x.com/porterstansbWebsite: https://www.porterstansberry.com/Instagram: https://www.instagram.com/porterstansberry/Substack: https://substack.com/@porterstansberryPorter Stansberry is one of the most recognized voices in independent financial publishing over the past quarter century. He built Stansberry Research from a single newsletter into a company that went public at a $3 billion valuation, then walked away to start over on his own terms.In 1999, Porter Stansberry launched what would become Stansberry Research with a borrowed laptop and $36,000 in seed financing from publisher Bill Bonner. The operation began in a modest Baltimore apartment, where he wrote his first newsletter, initially called the Pirate Investor, and built a subscriber base through the quality and directness of the analysis itself.The model was simple in concept and difficult in execution: deliver genuinely useful investment research to individual investors who had no access to the same quality of analysis available to institutional clients. That founding principle shaped everything that followed.Before starting his own firm, Porter had already established a foothold in financial publishing by becoming the first American editor of the Fleet Street Letter, the world's oldest English-language financial newsletter. The role gave him a grounding in the tradition of long-form, independent financial analysis, a tradition he would spend the next two decades expanding.Porter Stansberry departed from MarketWise in 2020 and founded Porter & Co. in April of that year. He left the institutional structure of a public company behind and returned to the model he had started with: a small, editorially-independent team producing research without compliance committees, corporate mandates, or outside investors determining the agenda. — Founder of MarketWise, OneBlade, and Porter & Co.Porter Stansberry is one of the most recognized voices in independent financial publishing over the past quarter century. He built Stansberry Research from a single newsletter into a company that went public at a $3 billion valuation, then walked away to start over on his own terms.In 1999, Porter Stansberry launched what would become Stansberry Research with a borrowed laptop and $36,000 in seed financing from publisher Bill Bonner. The operation began in a modest Baltimore apartment, where he wrote his first newsletter, initially called the Pirate Investor, and built a subscriber base through the quality and directness of the analysis itself.The model was simple in concept and difficult in execution: deliver genuinely useful investment research to individual investors who had no access to the same quality of analysis available to institutional clients. That founding principle shaped everything that followed.Before starting his own firm, Porter had already established a foothold in financial publishing by becoming the first American editor of the Fleet Street Letter, the world's oldest English-language financial newsletter. The role gave him a grounding in the tradition of long-form, independent financial analysis, a tradition he would spend the next two decades expanding.Porter Stansberry departed from MarketWise in 2020 and founded Porter & Co. in April of that year. He left the institutional structure of a public company behind and returned to the model he had started with: a small, editorially-independent team producing research without compliance committees, corporate mandates, or outside investors determining the agenda. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

Tony Greer: Banana Skins & Moon Shots | Waiting for the Bond Market to Capitulate

Friday, October 2, 2026 • Duration 44:03

Tom welcomes back trader Tony Greer to the show. Tony describes the current market as one of the most challenging environments he's ever navigated. He explains that a "perfect storm" of colliding weather systems is making trading exceptionally difficult. Elevated energy prices, driven by conflict with Iran and a persistently high diesel crack spread, are causing real-world inflation that isn't fully captured in headline data. This is exerting immense pressure on the bond market, which has broken out of a long-standing range to the downside, sending yields sharply higher.

Greer points out that this dynamic is crushing the natural resources sector. A strong U.S. dollar, itself a product of higher rates, is knocking down commodities like gold, uranium, and rare earths, which have seen their recent rallies completely reverse. He notes that institutional money has likely fled these trades entirely. Meanwhile, the equity market is being led by a narrow group of technology stocks, particularly in semiconductors and AI, which seem completely detached from rising rates and fuel costs—a situation he finds unsustainable and reminiscent of the dot-com bubble, highlighting a sentiment top where a random retiree brags about her Nvidia stock.

Looking ahead, Greer is adopting a defensive posture focused on survival. He is "slapping singles" by trading small, being disciplined with stops, and waiting for a clear macro signal. His immediate plan is to look for pullbacks in leading tech sectors for a safer entry. He dismisses the idea that the Federal Reserve is in a pickle, arguing its control over money supply and expectations gives it immense power to eventually engineer a turnaround.

Timestamps:
00:00:00 - Introduction
00:02:20 - Market Whipsaw and Challenges
00:04:22 - Inflation and Diesel Prices
00:07:00 - Bond Market Tailspin
00:09:10 - Bond Market Focus
00:14:30 - High Rates Market Pressure
00:17:55 - Fed Position and Policy
00:21:05 - Market Resilience and Sentiment
00:24:26 - Icarus Prints Explained
00:29:00 - Energy Crisis and Oil
00:36:11 - Impact on Miners and Firms
00:38:02 - AI Bubble and Passive Flows
00:41:10 - New Gold ETFs YASU
00:44:55 - New Financial Order & Real Assets
00:55:36 - Favorite Lessons & Mentors
— Trader, Editor of 'The Morning Navigator', and Co-Founder of 'The Macrodirt Podcast'After graduating from Cornell University in 1990 Tony followed in his father’s footsteps to a Wall Street trading operation. He quickly learned his career path would be vastly different. He says, "I would not be sitting in the same seat on the same trading desk managing the same risk for the same firm for over 30 years."We have clearly entered a new era in financial markets.He began in the treasury department of Sumitomo Bank on the 107th floor of the World Trade Center downtown Manhattan. Tony was an FX trading assistant while the Quantum Fund was breaking the Bank of England in 1992.In 1993 he joined Union Bank of Switzerland as an FX and commodities trader, spending half a year as a Vice President in their Zurich treasury department. Then returned to New York City early in 1995 to join J. Aron & Company, the privately held commodity trading arm of Goldman Sachs.He managed risk for the Goldman Sachs Commodities Index, in precious and base metals trading, and futures and options trading on the New York Mercantile Exchange.He started his first venture in 2000 – Machine Trading which happened right before the tech bubble burst. That decision was his first excruciating life lesson in market timing. It turned out to be an extremely valuable learning experience.He believes there is a massive opportunity with both the unprecedented situation in global markets and in the way financial news is consumed. In 2016, he started TG Macro, LLC. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

David Murrin: Surviving the Shocks and Brutality of the West's Arrogance

Tuesday, September 29, 2026 • Duration 35:39

In this discussion, global forecaster David Murrin outlines his view that conflicts in Ukraine, the Middle East, and the Pacific are not isolated but a coordinated confrontation between democracies and an axis of autocracy led by China. He traces China's rise to a multi-decade strategy developed after the Third Taiwan Strait Crisis, which involved seducing the West into moving its industrial base to China. This was coupled with systematic intellectual property theft and a military buildup, including island bases and anti-ship ballistic missiles designed to push U.S. aircraft carriers beyond their effective combat range. This area-denial bubble, now augmented by hypersonic weapons, has eroded decades of American military dominance. Iran has adopted similar tactics, using resilient missile architecture and cheap drones to challenge U.S. forces and allies, while depleting Western interceptor stockpiles that would be critical in a Pacific conflict.

Murrin argues that higher defense budgets alone are insufficient; the West must prioritize innovation and adaptability over rigid systems. He points to Ukraine as a model of rapid adaptation, where lessons are immediately applied, unlike the slow-moving Western military-industrial complex. However, he warns that cognitive warfare, particularly from Russia, has induced societal paralysis in Western nations, leading to delayed responses and a dangerous collective delusion. This has left countries like the UK with degraded militaries and insufficient political will to rearm, making NATO vulnerable to mass-produced drone threats from a newly industrialized Russia.

Economically, Murrin sees the world trapped in a hegemonic war cycle peaking around 2030, driving sustained inflation, higher commodity prices, and pressure on bond markets. He advises avoiding bonds and dollar-denominated assets, favoring precious metals as a safe haven. Despite the dire outlook, Murrin emphasizes building resilience, trusted sources of information, and hope, believing that free societies can ultimately prevail if they confront reality and demand protection from their governments.

Timestamps:
00:00:00 - Introduction
00:00:47 - China's Coordinated Strategy
00:05:09 - Dismantling US Military Dominance
00:09:11 - Innovation Over Defense Budgets
00:11:49 - Trump's Questioned Motivations
00:14:05 - UK Defense Negligence Exposed
00:17:01 - Gray War and Cognitive Warfare00:19:44 - Cognitive Warfare on Populations00:22:45 - Ukraine Visit and Adaptability00:29:18 - Market and Economic Outlook00:35:24 - Financial Reset and Multipolar World00:37:45 - Investment Technologies Discussed00:40:50 - Resilience and Mindset Advice00:46:54 - Concluding Thoughts — Global Forecaster and AuthorDavid Murrin began his unique career in the oil exploration business amongst the jungles of Papua New Guinea and the southwestern Pacific islands. There, he engaged with the numerous tribes of the Sepik River, exploring the mineral composition of the region. Before the age of adventure tourism, this region was highly dangerous, very uncertain and local indigenous groups were often hostile and cannibalistic. David's work with the PNG tribespeople catalyzed his theories on collective human behavior.In the early 1980s, David embarked on a new career, joining JP Morgan in London. Watching his colleges on the trading floors, he quickly identified modern society also behaved collectively. He was sent to New York on JPMs highly rated internal MBA equivalent finance program. Once back in London, he traded FX, bonds, equities, and commodities on JPMs first European Prop desk. In 1991, he founded and managed JPMs highly successful European Market Analysis Group, developing new behavioral investment techniques which were utilized to deploy and manage risk at the highest level of the bank.In 1993, David founded his first hedge fund, Apollo Asset Management, and, in 1997, co-founded Emergent Asset Management as CIO. His primary role was overseeing trading across all fund products as well as being particularly active in the firm's private equity business. He co-founded Emvest, Emergents African land fund, in 2008 and acted as its Chairman until its sale from the group in 2011. In addition, through Emergents Advisory Business, David was responsible for the critical fund-raising for Heritage Oil, allowing it to expand significantly by investing in its Uganda exploration program. He took full control of Emergent in 2011, combining his management of the Geomacro fund with the role of Chief Executive Officer until 2014.David has been described as a polymath and his career of more than three decades has been focusing on finding and understanding collective human behavioral patterns including deep-seated patterns in history and then using them to try and predict the future for geopolitics and markets in today's turbulent times. He has a remarkable track record.Davids advisory and future trends speaking are based on his direct investment experience combined with a framework that can be used to explain and qualify decisions within an investment team, aid risk assessment and reduce biases in collective investment decisions.In the desire to share his observations and predictive constructs, David has written four books. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

Peter Alexander: China | America's Fiercest Competitor or Enemy

Wednesday, September 23, 2026 • Duration 28:38

Peter Alexander, an American investor with 30 years of on-the-ground experience in China, argues that Western perceptions are polarized and often miss the nuance of China’s strategic direction. He was prompted to speak publicly by a sense of civic duty, seeing a need for a more balanced, non-conventional perspective amid a debate dominated by collapse narratives or hegemonic rivalry.

Alexander traces the shift in American attitudes from indifference to resentment after the 2008 global financial crisis and the Trump era, noting that China’s resilience-focused policies—like massive debt restructuring rather than consumer stimulus—are often misread as economic weakness. He explains that China’s model emphasizes building strategic optionality: developing alternative financial infrastructure like the Cross-Border Interbank Payment System (CIPS) and gold settlement mechanisms not to replace the dollar, but to mitigate risk of sanctions, as seen after Western actions against Russia and Iran. This multipronged approach, from the Shanghai Cooperation Organization to BRICS, reflects a longstanding effort to create a multipolar world without direct confrontation.

Alexander challenges the narrative of an imminent Taiwan invasion, suggesting the 2027 timeline was a manufactured controversy

Timestamps:
00:00:00 - Introduction
00:01:33 - Wife's Push Into Debate
00:05:37 - Journey From Wall Street
00:08:12 - Changing US Attitudes To China
00:14:30 - No Stimulus Debt Restructuring
00:20:07 - Deconstructing Rivalry Essay
00:25:53 - Manufacturing Outsourcing Dynamics
00:34:54 - Surveillance State Misconceptions
00:38:28 - 1996 Geopolitical Awakening
00:44:41 - Strategic Optionality BRICS
00:52:15 - Gold Settlement System SIPS
01:11:26 - Gold Attitudes And Standards
01:29:30 - AI Development Realities
01:47:48 - Party Politics And Purges
01:57:26 - Concluding Thoughts

Guest:

Peter Alexander
Peter Alexander is a veteran of China’s financial markets with a career that began as a China analyst on Wall Street before relocating to Shanghai in 1996.

During his first decade in China, Peter led the local business units for several large American financial groups. It was during his last corporate position, project managing the establishment of a joint venture, where he recognized the growing demand for genuine unfiltered and independent China market insights. It was at that point, in 2004, when Peter established Z-Ben Advisors, a boutique advisory practice servicing C-suite and portfolio decision makers. Peter’s clients include globally recognized investors, managers and multinationals. Throughout Peter’s tenure residing in China, he’s maintained a minimal public profile preferring to exclusively center on direct client engagement. That changed in 2025 as it became clear that the rise and growing reach of “China macro influencers” were dispensing with grossly errant, or at a minimum woefully incomplete, views on China. To counter this, Peter began accepting media requests making numerous appearances on CNBC and Bloomberg where he pointedly counters or expands upon the conventional China talking points. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

Rick Rule: Unlocking the Power of Compounding in Resources and the Importance of Long-Term Thinking

Thursday, September 17, 2026 • Duration 44:08

Rick Rule, president and CEO of Rule Investment Media, argues that a sustained decline in the purchasing power of the US dollar is inevitable due to the staggering $40 trillion in on-balance-sheet and $120 trillion in off-balance-sheet liabilities. He explains that while short-term interest rate hikes may temporarily strengthen the dollar, the political class will ultimately choose to inflate away these obligations rather than default, setting the stage for a replay of the 1970s inflationary era. In this environment, he positions physical gold as the primary savings defense, with high-quality gold stocks like Franco-Nevada and Agnico Eagle serving as a leveraged investment layer that historically outperforms bullion. He warns that speculative junior mining stocks require significant work, expertise, and psychological tolerance for volatility.

The discussion extends to the broader resource sector, where decades of underinvestment have created structural supply deficits in commodities like copper and uranium. Rule notes that these deficits cannot be quickly resolved, making price rationing inevitable. For uranium specifically, he highlights strong fundamentals driven by Japanese reactor restarts and long-term contracting, though he cautions that the market’s progress is often misaligned with speculators’ short-term expectations.

Regarding silver, he emphasizes that its major price moves are historically led by generalist investor inflows following gold’s momentum, rather than industrial demand alone. He also sees contrarian value in Canadian oil and gas, citing geopolitical tensions and fiscal necessity. Rule concludes by advising investors to distinguish between savings, investment, and speculation, urging them to limit speculative holdings to the number of hours they can dedicate to diligent research.

Timestamps:
00:00:00 - Introduction
00:00:15 - Dollar Value and Washington
00:05:23 - Deflation Versus Inflation Forces
00:08:13 - Gold Commodities and Resources
00:10:50 - Gold Stocks in 1970s
00:13:20 - Interest Rates Impact on Gold
00:16:48 - Geopolitics and Energy Security
00:21:47 - Uranium Market Dynamics
00:27:06 - Uranium Production Deficit
00:34:08 - Silver Supply Realities
00:39:51 - Canadian Oil and Gas
00:42:40 - Investing in Resource Companies
00:52:36 - Resource Bull Market Outlook00:55:05 - Wrap Up — Investor, Speculator, Founder & CEO of Rule Investment MediaRick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors.Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

John Rubino: The Debt Spiral Endgame Has Begun | Are You Prepared?

Tuesday, September 15, 2026 • Duration 42:10

Tom Bodrovics welcomes back former Wall Street analyst John Rubino for a discussion on the incoherence between Federal Reserve and Treasury policies, with the Fed signaling possible rate hikes while the Treasury intervenes to suppress long-term yields. Rubino argues this contradictory approach signals a loss of confidence in fiat currencies and points toward a global debt spiral, exacerbated by $10 trillion in U.S. debt refinancing this year and reduced foreign demand, particularly from Japan. He sees precious metals as ultimate beneficiaries once governments resort to aggressive yield curve control, leading to a monetary reset likely backed by gold. Silver benefits from both monetary and industrial demand, especially in solar and batteries. Copper also stands to gain from electrification and AI-driven power needs.

Rubino highlights diesel prices and the Iran conflict as underappreciated inflation drivers, and warns of a frozen housing market with three groups of potential forced sellers: baby boomers, Airbnb owners, and Wall Street landlords, which could trigger a 30-40% price decline. He also flags private equity risks in commercial real estate and insurance.

For investors, he recommends starting with large-cap miners and gradually moving down the market cap ladder, using dollar cost averaging and put options for protection. Despite near-term recession risks, Rubino points to optimistic developments in longevity research, next-generation batteries, and cheap solar energy as potential long-term positives.

Overall, the discussion emphasizes an accelerating global debt crisis, incoherent policy responses, and the need for defensive positioning in hard assets.

Timestamps:
00:00:00 - Introduction
00:00:13 - Fed and Treasury Incoherence
00:06:40 - Higher Rates Impact on Gold
00:09:50 - Silver's Dual Industrial Role
00:12:38 - Diesel Prices and Recession Risk
00:15:07 - Geopolitical Energy Disruptions
00:18:05 - Agriculture Drought and El Nino
00:23:50 - Monetary Reset Discussion
00:27:14 - AI Catalyst and Concerns
00:30:38 - US Debt Spiral Bailout
00:32:29 - Housing Market Freeze
00:38:18 - Private Equity Risks
00:41:23 - Copper Miners Investment Strategies
00:45:34 - Picking a Portfolio of Miners
00:54:22 - Recession & Future Risks — Former Wall Street Analyst, & Publisher John Rubino SubstackJohn Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022, and now publishes on Substack. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

Graham Summers: Gold’s Monetary Revival Is Underway

Saturday, September 12, 2026 • Duration 41:52

Graham Summers, President and Chief Market Strategist for Phoenix Capital Research, discussed the complex state of the bond market, noting the historic shift as the 40-year bull market in bonds ended in 2022. He analyzed Treasury Secretary Bessent’s recent increase in bond buybacks to $6 billion per auction, interpreting it primarily as a verbal intervention to maintain stability and signal support rather than a massive quantitative easing program.

Summers stressed that while rising yields and national debt exceeding 100% of GDP are noteworthy, the situation remains orderly and not yet resembling a debt crisis. The conversation explored the application of a "wartime economy" framework to understand current fiscal and monetary policy. The intense U.S.-China AI arms race is driving massive deficits and direct government investment in sectors like critical minerals and domestic production, including gold and uranium.

Summers highlighted the administration’s unprecedented moves, such as designating gold as a critical mineral and the Treasury Secretary explicitly discussing gold’s role in sanctions and as a strategic monetary asset. He argued this signals a fundamental shift where hard assets are regaining strategic and economic relevance after decades of being sidelined.

On inflation, Summers pointed to volatile oil prices, which the administration has proven capable of influencing through strategic statements. He cautioned that sustained high energy costs could eventually feed through to data, but the current inflationary picture is not as acute as the 2021-2022 period. When assessing market risks, he advised focusing on leading indicators like high-yield credit, market breadth, and the price action of the most heavily weighted stocks, noting none currently point to an imminent disorderly crash.

Timestamps:
00:00:00 - Introduction
00:00:33 - Bond Market and Treasury Buybacks
00:02:20 - End of Bond Bull Market
00:05:46 - Treasury Interventions and Signals
00:09:35 - Debt Structure and Fed Changes
00:15:05 - Global Yields and US Dominance
00:17:18 - Wartime Economy and AI Race
00:22:06 - Debt to GDP Analysis
00:27:30 - COVID Liquidity and Announcements
00:29:38 - Oil Prices and Inflation
00:35:30 - Gold as Critical Mineral
00:41:16 - Uranium and Critical Minerals
— President and Chief Market Strategist for Phoenix Capital ResearchGraham Summers, MBA is a world-renowned expert in central bank policy and its impact on the financial markets. With over 20 years of experience in market analysis and investment strategy, Graham has personally analyzed over 1,000 businesses and countless investment opportunities. His investment strategies encompass six different asset classes ranging from emerging markets to currencies to real estate . Together, his work has translated to unparalleled capital gains, with his clients outperforming the markets during some of the most volatile periods in capitalism.A best-selling author and acclaimed communicator, Graham’s cutting-edge investment and economic insights have been featured in dozens of media outlets around the world including CNN Money, Fox Business, Rolling Stone Magazine, Crain’s New York Business, MoneyTalk Radio, and The Huffington Post among many others. Graham earned his MBA from the prestigious Fuqua School of Business at Duke University. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

Mike McGlone: The Last Big Trade May Not Be the Next - Gold, Stocks and Bitcoin

Thursday, September 10, 2026 • Duration 40:30

Tom welcomes back Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone for a discussion on the outlook for energy, metals, and the broader macro markets. Diesel prices at all-time highs, driven by geopolitical disruptions and refining bottlenecks, are likely unsustainable. McGlone pointed to natural gas as a leading indicator: the January futures contract, the apex of the curve, has declined this year despite a supply glut, signaling downward pressure ahead for diesel, gasoline, and crude oil. The U.S. has become a massive net energy exporter, with record production and growing surpluses from Canada, Brazil, and Guyana, which will eventually overwhelm temporary supply constraints.

Mike expects energy prices to fall, potentially accelerated by political pressure ahead of midterm elections. Copper, trading near all-time highs, is a “sock puppet” to the stock market, highly correlated and overextended. Managed money positions are extremely long, and CME inventories are at record levels relative to global exchanges, suggesting a liquidation risk if equities correct. Gold, while at elevated levels, is flashing warning signals: its volatility and correlation with the S&P 500 are at extremes, and historically, when gold gets exciting, investors should be cautious. The metal’s outperformance versus the long bond and equities may indicate a peak, with a potential enduring top similar to 2007.

The U.S. stock market is historically expensive relative to GDP and debt, and McGlone sees a normal post-inflation deflationary reversion as likely. The next big trade may be long Treasury bonds, with the 30-year yielding over 5%, offering attractive risk-off value. Political cycles, tariffs, and the administration’s aggressive stance could accelerate a correction, and McGlone expects a significant shift in the midterms.

Overall, he advises caution across risk assets, favoring bonds and anticipating a period of mean reversion that could define trading opportunities in the coming months.

Timestamps:
00:00:00 - Introduction
00:00:40 - Diesel Prices at All-Time Highs
00:03:03 - Natural Gas as Leading Indicator
00:04:21 - Geopolitical Issues Impacting Energy
00:05:45 - US Energy Surplus and Reversion
00:07:30 - Crack Spreads and Production
00:13:44 - Treasury Bonds and Yields
00:17:20 - Copper Stock Market Correlation
00:23:44 - Equity Market Triggers00:29:52 - Mid-Terms and Inflation00:33:48 - Gold Signals and Concerns00:37:22 - Silver and Metals Peaks — Senior Commodity Strategist for Bloomberg IntelligenceMike McGlone is a senior commodity strategist for Bloomberg Intelligence, a unique research platform that provides context on industries, companies, and government policy, available on the Bloomberg Professional service at BI(GO). Mr. McGlone specializes in the broad investible commodity markets. Mr. McGlone joined Bloomberg in 2016 with over 25 years of futures and commodity trading and investing experience, beginning at the Chicago Board of Trade. Prior to joining Bloomberg, he was a head of US research at ETF Securities. Prior to ETF Securities, Mr. McGlone headed the commodity business at S&P Indices. His previous roles included head of futures research at ABN Amro and VP research, analyst, trader, sales at Aubrey G. Lanston / IBJ Futures.Mr. McGlone has an MBA from DePaul University in Chicago and bachelor's of science and arts degrees from Illinois State University. He is a CFA Charter holder and has earned a Financial Risk Manager designation. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.

Doomberg: Russia Still Holds The Key to Inflation and Millions Freezing this Winter

Friday, September 4, 2026 • Duration 41:58

In this conversation, Tom Bodrovics and Doomberg explore the geopolitical and energy market implications of the ongoing Ukraine war, with a focus on the diesel crisis and Europe’s precarious energy dependence. Doomberg argues that the primary driver of elevated diesel prices is not the Iran conflict but Ukraine’s systematic attacks on Russian refinery assets, which reduce global refining capacity and tighten distillate markets. He notes the irony that Europe, heavily reliant on diesel imports, is among the most exposed to these price spikes. While the world is adapting through higher refinery utilization and alternative supply deals, the situation remains fragile, with inventories low and any further disruption potentially triggering a severe crisis.

The discussion then turns to the broader strategic miscalculation of treating Russia as anything less than a great power. Doomberg emphasizes that Russia’s energy leverage, nuclear arsenal, and industrial capacity make it a formidable adversary, and that Europe’s decision to sever energy ties without viable alternatives was strategically naive. He predicts that the war’s outcome will be determined by military imposition, not diplomacy, and points to signs of Ukraine’s degrading air defenses as a harbinger of a potential phase shift in the conflict. The threat of escalation, including the risk of false-flag attacks on civilian aircraft, underscores the dangerous volatility of the current moment.

Full Video is available on Substack

Timestamps:
00:00:00 - Introduction
00:00:24 - Diesel Crisis and Molecular Risks
00:04:19 - Russia Energy Dependency Examined
00:11:14 - Ukraine War Geopolitics and Endgame
00:14:44 - Air Defenses & Mental Models
00:25:00 - Escalation and False Flag Risks
00:27:04 - Iran Sanctions and China Leverage
00:39:03 - Canada Energy Alignment Strategy
00:40:48 - Substack Subscribers
00:44:54 - Narratives & Bovine Excrement
00:54:24 - Investor Positioning and AI Risks
00:55:55 - Finding Satisfaction

Guest:

Doomberg — Head Writer For The Doomberg Team and Creator of the Doomberg Substack
Doomberg is the anonymous publishing arm of a bespoke consulting firm providing advisory services to family offices and c-suite executives. Its principals apply their decades of experience across heavy industry, private equity, and finance to deliver innovative thinking and clarity to complex problems. Markets, macro, and the minds that move money. — Full episodes, charts, heatmaps, and guest profiles. — Subscribe in any podcast app. — Exclusive deep dives and newsletter. — Real-time market commentary. — Full video episodes.