Jesse Day

Gold, Copper, Platinum - The Next Major Bull Cycle Ahead

• Top takeaway Frames copper, gold, nickel and the PGEs as an early-stage, supply-constrained bull cycle, and argues institutional money is starting to turn toward gold, citing the Morgan Stanley CIO's 60/20/20 portfolio advocacy.
• Views nickel as an under-the-radar market with a strong setup, and notes that PGE exposure through miners is scarce because supply is concentrated in Russia and South Africa.

PTX Metals' CEO argues copper's bull market is early, with constrained supply and AI, grid, and electrification demand supporting prices near record highs. Gold's pullback from record highs looks like a natural drawdown to the guest, with central-bank buying and unattractive bonds and cash supporting demand. The guest prefers nickel exposure as a byproduct of copper mines rather than pure-play projects, citing Indonesian supply and stainless-steel-driven demand. The guest is bullish on platinum group metals: supply concentrated in South Africa and Russia, hybrids sustaining catalytic converter demand. PTX Metals is upgrading W2's 2.3-billion-pound copper equivalent resource (all metals valued in copper terms) while drilling new Abitibi gold targets.

GOLD Just Became a Real Alternative to the Dollar (Here’s Why): Nick Campbell

Gold's structural bull case rests on central bank diversification away from the USD, accelerated by the 2022 dollar weaponization. Copper supply stays tight because major mines need roughly 25 years from discovery to production, supporting prices above $6/lb. Phoenix Metals controls the consolidated Greenwood copper-gold district in British Columbia, with bulk-tonnage (large-volume, low-grade) potential of up to a billion tonnes. CEO Nick Campbell's track record spans Silvercrest and Artemis, both of which he helped grow from small-cap juniors to multi-billion-dollar producers. First Lexington drill results are due October 2026, with a PEA (Preliminary Economic Assessment) on the permitted mill targeted for next year.

'There's No Deposits Anywhere' - Why $7 Copper is Only the Beginning: Ian Harris

• Top takeaway Jesse Day anchors the macro side of the discussion, citing Chile's 2026 output forecast cut of about 2.6% to roughly 5.27 million tons and the aging US power grid — illustrated by a multi-week Northwest Indiana outage — as evidence of supply and infrastructure strain
• Day provides market-performance context for the bull thesis — copper up about 16% YTD, the COPX ETF up around 30%, and Copper Giant up 135% YTD — and presses Harris on whether Copper Giant's valuation has become stretched after the run

Copper supply cannot respond to today's record prices because new mines take roughly twenty years from discovery to first pour. Most large near-surface copper deposits are already found, so any future supply will come from deeper, slower projects. Aging US power grids, AI data centers, and EVs create a triple copper demand effect spanning generation, transmission, and end use. Copper Giant's Mocoa project gained a strategic ally when Trafigura signed an off-take deal before the PEA was even published. Colombia's new pro-mining president plus $47 million in treasury let Copper Giant accelerate Mocoa toward a year-end PEA.

THESE Critical Metals Set to FLY as Supply Squeeze Accelerates: Daniel Major

• Top takeaway Day (host of Commodity Culture) frames the interview around a supply-squeeze thesis, opening by arguing now is the moment to bring critical mineral supply online outside China given geopolitical fragmentation and supply-chain bifurcation.
• States his own view that 'the bull case for uranium is getting stronger than ever,' positioning uranium equities as still early in the cycle and echoing Rick Rule that 'the share of money is ahead of us.'

Eastport's CEO argues a long-term critical-minerals bull market is under way, driven by US-China bifurcation and rising electrification demand. Copper demand could reach 35 million tonnes by 2040 versus mine supply expected to peak near 25 million tonnes in 2030, leaving a structural deficit. China controls 80 to 90 percent of rare-earth processing and is using export tariffs to bifurcate supply chains and lift non-China prices. Uranium demand could reach 320 million pounds by 2040 against mine supply stuck near 200 million, supporting long-term contracts near 96 dollars a pound. Eastport is advancing six critical-minerals projects in Botswana, led by copper at Matsutama, rare earths at Semarula, and nickel-copper at Selebi East.

'Extremely Bullish' on COPPER - 'There's Not Enough Mines' as Demand SOARS

• Top takeaway Host Jesse Day highlights that copper has hit new all-time highs four times in 2026 and has remained resilient while other commodities came under pressure since the war in Iran began
• Day frames US jurisdiction and government funding (Fast 41 permitting, Department of War and Department of Energy support) as positive structural tailwinds for domestic critical-minerals juniors like Visionary

Aging flagship copper mines like Bingham Canyon and Grasberg outlast a thin pipeline of major new discoveries, anchoring a long-term supply squeeze. Sulfide and laterite are not interchangeable nickel ores — North American sulfide concentrates are cleaner and favored for battery and stainless-steel markets. Visionary Metals secures a major strategic backer — Teck (14% owner) can earn up to 70% in two Wyoming nickel-copper projects by spending on exploration. Per the guest, junior miners rerate hardest on first discovery — small $10–20M valuations can leap to $100–200M after a meaningful drill intercept. US critical-metals policy is no longer just talk: Fast 41 speeds permitting while the Departments of War and Energy put real funding behind domestic projects.

Gold Is the Real Monetary Barometer | Jesse Day

• Top takeaway The speaker argues gold functions as the monetary barometer and the true unit of account by which all value is measured, whether or not market participants acknowledge it publicly.
• He contends the broad market appears to be in a roaring bull market in nominal terms, but pricing assets in gold reveals the broad market is actually going down.
• He frames metals and mining as a space that focuses on commodity supply-demand fundamentals rather than headline market moves.
• He anchors his thesis by pointing out that gold and silver have served as money for thousands of years.

Gold functions as the monetary barometer — the unit of account against which all other assets are ultimately measured. Priced in gold rather than dollars, the broad market looks like a roaring bull market but is actually trending down. Metals and mining investors anchor on supply-demand fundamentals rather than paper-price narratives. Gold and silver have served as money for thousands of years, a reminder of monetary history beyond fiat frames.

Buy the Best Gold Companies Instead of Juniors | Jesse Day

• Top takeaway Argues that investing in the biggest names in the gold sector removes the geological-evaluation risk that comes with junior explorers and developers
• Believes investors can still earn very good returns over the next three to five years (as of 2026) by owning the best of the best major gold producers
• Calls the value proposition in the gold sector extraordinarily favorable over the 3-5 year horizon from 2026
• Combines time-in-the-market with market timing, treating both as part of his investment approach

The guest argues that buying the biggest names in the gold sector removes much of the junior-specific risk that retail investors face. Evaluating explorers and developers requires the kind of geological knowledge most investors lack, so producers are easier to assess. The speaker frames the next three to five years as an attractive window for the gold sector overall. His approach blends time in the market with tactical timing rather than committing to a single style.

'I Still Like SILVER' - $200 a 'When, Not If' Question: Gianni Kovacevic

• Top takeaway Jesse Day hosts Commodity Culture, prompting Kovacevic through silver, gold, the broad market, copper, lithium and phosphate, and noting First Phosphate CEO John Pasalequa will appear on a follow-up episode.

Kovacevic treats $200 silver as a 'when, not if' call, anchored to a 40:1 silver-to-gold ratio off an $8,000 gold target. Silver producers trade like silver is $40 even at $60 metal, opening a re-rating window for major silver miners. Agnico Eagle at $200 is his highest-conviction gold pick, with cash flow strong enough to survive a $500 gold pullback. Lithium is the most mispriced sector globally; DLE (Direct Lithium Extraction) will feed 20-30% of a market that triples by 2030. Copper sits in a $5.50-$7 plateau, so he prefers junior drill plays where one discovery hole can drive multi-bagger returns.

Col. Macgregor: 'Dollar Collapse, Bank Runs, Global Depression' If War Doesn't End NOW

• Top takeaway Host Jesse Day frames the conflict as 'a war for natural resources and commodities,' citing export restrictions, energy chokepoint risk, and market manipulation as part of the same picture, and uses the episode to pitch his Commodity Culture newsletter breakdown at reidplaza.com/commodityculture.

Col. Macgregor argues an extended Iran war risks dollar collapse, bank runs, and global depression; he sees 4.7% bond yields approaching a 5% debt-service threshold. He frames gold as the primary hedge, projecting $15,000/oz within 2-3 years and citing $39T US debt plus central-bank buying as the repricing engine. Macgregor says physical oil trades near $140/bbl despite lower paper prices, signaling supply-chain dislocation that Hormuz and Bab el-Mandeb closures will intensify. He names gold, oil, and cash as personal holdings, flags Palosades Gold for cash and uranium exposure, and singles out copper and uranium as winners. He calls for 'Fortress North America' mineral sovereignty, criticizing 35 years without a new US refinery and the practice of shipping raw ore to China.

Panic Selling To Cause 'Unavoidable' CRASH in Markets, Then GOLD Soars: Michael Pento

• Top takeaway As host, frames the interview around whether markets have reached maximum complacency — repeated index all-time highs while wars rage in the Middle East and Ukraine — and presses Pento on valuations and the timing of a correction.
• Raises government intervention, noting the administration already took a stake in Intel and asking whether stakes in mega-cap tech names or Bank of Japan-style yield curve control could follow.
• Observes that energy markets appear manipulated, citing reports that physical barrels of oil are selling well above futures prices and that short-term traders who saw an 'obvious setup' were the patsies.
• Highlights factional conflict inside Iran between moderates and the IRGC, argues peace-talk headlines are unreliable in the fog of war, and poses the scenario of a forever war with Iran holding the Strait of Hormuz.
• Notes gold and silver have corrected significantly from all-time highs hit earlier in the year after the Iran war kicked off, while central-bank buying tailwinds remain intact.

The guest argues $1.5 trillion of margin debt — a record share of GDP — sets up markets for fast, panic-driven forced selling. Gold's biggest gains come when real interest rates fall, so he expects miners to soar once recession forces rate cuts and QE (quantitative easing). He projects US deficits will roughly triple to $6 trillion in the next recession, forcing yield curve control — the Fed capping bond yields. Today he stays net long via GDX (the gold miners ETF) and dividend payers, adding physical gold and junior miners only once recession begins. War headlines whipsaw his model between disinflation and reflation, so he has neutralized the portfolio and expects eventual hyper stagflation (inflation plus stagnation).

Bert Dohmen: Wars, Famine and a 90% Crash Ahead - 'Worse Than the 1930s'

• Top takeaway As host of Commodity Culture, Jesse Day structures the conversation around the brewing private credit crisis, the recent pullback in gold despite the war, and the parallels he sees between today's market and the late 1970s.
• He presses Bert Dohmen on the geopolitical impact on global markets, the risk of US-dollar hyperinflation spreading to other fiat currencies, and how long a post-crash recovery could realistically take.

Bert Dohmen warns a private credit crisis could trigger a global depression worse than the 1930s, with massive capital destruction ahead. The guest argues gold's pullback is a healthy washout; once the last bulls leave, inflation (not war) drives the next leg higher. Dohmen forecasts an 80 to 90 percent market plunge, with seven stocks now driving 40 percent of the S&P 500's capitalization. The guest favors broad (DVC) and agricultural (DBA) commodities as the Strait of Hormuz closure threatens a global food shortage. In a hyperinflation scenario, Dohmen advises borrowing aggressively to buy real assets, the playbook used by Hugo Stinnes.

The Quiet Money Printing Has Already Started - Jesse Day

• Top takeaway Jesse Day remains firmly bullish on uranium and has been buying uranium stocks, arguing an unresolved supply deficit that only much higher prices can fix makes the sector an asymmetric bet.
• He believes the Fed is drifting into de facto yield curve control through quiet Treasury purchases and expects more direct US government intervention in public markets, citing stakes in Intel and Lithium Americas.
• He views the current gold and silver pullback as a cyclical dip within a secular bull market and finds the sector's large producers, ETFs and royalty streamers very attractive at current valuations.
• He favors the 'beta of the sector' over juniors — Agnico Eagle is his top pick, bought on expectations it could double or triple within 2-5 years.
• He cautions uranium is among the most volatile sectors — his default advice to novice investors is 'no' — and he dollar-cost averages while keeping cash in reserve on a five-year horizon.

The guest reads the Fed's Treasury bill holdings jumping from $195 billion to half a trillion as quiet yield curve control (central bank capping rates). He expects more money creation, arguing debt, deficits, war spending, and political pressure leave no fiscal solution regardless of which party holds power. Hard assets are the bet against currency debasement: gold is treated as the real monetary yardstick, and miners look cheap against their net asset values. Gold and silver miners offer large-producer exposure without junior (early-stage explorer) risk, with Agnico Eagle his top pick on management quality. The uranium thesis rests on simple math: supply stays constrained while nuclear demand grows, and the deficit resolves only through much higher prices.

'We're in an Energy Supercycle' - $120+ Oil in Play: Josef Schachter

• Top takeaway He runs the episode through an investor's lens, opening on the supercycle and $120 oil premise and pressing the guest on where the most opportunity sits in oil and gas and which parts of the market to avoid.
• He steers the war-versus-fundamentals debate directly, asking how much of the recent price move is conflict premium versus supply-demand imbalance, and pushing on whether US crude output is rolling over as shale depletion claims circulate.

Schachter argues only higher prices can ration energy supply, because industry spending already falls far short of demand growth. He sizes the Iran conflict's contribution at roughly $20 per barrel, calling today's crude rally a war premium rather than a demand shift. Oil's mid-60s breakeven sets the floor; at $100, tier three shale wells turn economic and drilling activity expands again. He favors Canadian, US, and reopening UK North Sea exposure while steering clear of anything inside Middle East war zones. China's demand stays resilient, and he argues the US supplies about half of global demand growth this year.

SILVER Market Shifting From West to East - 'Real Price Discovery' Ahead: Andy Schectman

• Top takeaway The host argues a years-long Iran conflict is potentially the most likely outcome, noting metals have risen on peace hopes and fallen when war resumed since the conflict began.
• He anchors the episode in gold officially surpassing US Treasuries as the largest reserve asset, asks whether central banks are preparing for a monetary reset, and notes Serbia recently repatriated its gold from Switzerland.

New physical-settlement metals exchanges in Hong Kong, Dubai, and Singapore are shifting gold and silver price discovery away from Western paper futures. Central banks are buying record gold regardless of price, which the guest reads as quiet preparation for a multipolar, gold-linked monetary system. Silver sits below $60 in a sixth straight supply-deficit year; the guest argues fundamentals set value while paper markets set price. BRICS nations are building payment rails that settle trade in gold — de-treasurization, the guest says, not sudden de-dollarization. Wartime dips reflect futures algorithms pricing Fed policy, the guest says, while eroding fiat purchasing power is what actually drives gold.

THESE Gold & Silver Stocks a Screaming BUY - 'More Bullish Than Ever': John Feneck and Don Durrett

• Top takeaway Day frames the hit taken by the metals and the miners as caused by the war in Iran rather than by fundamentals, which he says are stronger than ever.
• He challenges the guests on why US critical minerals names have not responded to roughly $112 billion committed by the US Export-Import Bank and Project Vault.

Durrett frames the metals selloff as a correction, not the end of the gold bull market, which he says only breaks below $3,000. Both guests attribute the drop since March 1st to the Iran war rather than mine fundamentals, and warn of another seasonal dip this fall. Feneck's development picks include Silverco, Blackrock Silver and Silver 47, each trading far below its spring highs on unchanged plans. Durrett's stock lists split by horizon: quality North American producers for a year, developers for three-to-five-year multi-bagger attempts. Feneck is bullish on tungsten equities despite an 8-9x spot price surge, because China supplies about 80% and no ETF or futures market exists.

'10 TIMES Higher' - What SILVER Will Do as Fiat Collapse Accelerates: Alasdair Macleod

• Top takeaway The host sets the episode's thesis by opening on silver's fall from about $70 to the $60 range and pressing the guest on whether that is a buying opportunity or a moment for caution, framing the discussion around what silver does as fiat currencies weaken.
• He steers the interview toward macro transmission channels, asking the guest to map the current energy shock onto the 1970s oil embargo and gold's response, and separately to connect a coming credit-market collapse to rising authoritarianism and new surveillance-style laws in the UK, Germany, France and Canada.

The guest argues silver's next leg is driven by fiat debasement, not industrial demand, so waiting for a better entry can forfeit the move. Silver's structural deficit, meaning consumption outpacing mine supply, is projected to run a sixth straight year in 2026. China stopped exporting silver to hold prices near $50, then reversed the policy and silver ran to about $120 by early October. Hong Kong's new gold clearing system, live with at least six major banks, opens a route for Chinese-owned gold to reach world markets. The 1973 oil embargo is his template: gold nearly doubled in four months once investors read inflation as falling currency purchasing power.

New Hong Kong GOLD System Changes Everything - 'This is a BIG DEAL': Eric Yeung

• Top takeaway The host presses the case that gold and silver miners look undervalued, barely outperforming the metals despite record producer earnings and falling share prices.
• He asks whether investors should hold extra cash for an AI-bubble sell-off that would drag down even high-quality names, and he frames China's CIPS as a potential SWIFT competitor.

Hong Kong's new gold clearing house could shift global gold trading toward physical settlement, challenging the paper-heavy LBMA (London Bullion Market Association) market. The guest expects the new hub to run 50-70% physical backing, versus roughly 99 paper claims per physical ounce in London. India's mid-May restrictions on purified silver imports drove silver from the mid-80s to the high-50s; a reversal could restore the mid-80s. China's CIPS payment system saw daily volumes jump roughly 50% since the Iran war began, steering surplus yuan toward gold reserves. Miners still price in lower metals despite record earnings; the guest suggests gradual positioning and keeping cash for a sell-off.

SILVER Miners 'Printing Cash' - 'Most Undervalued' Play in Precious Metals: Steve Penny

• Top takeaway TOP: He argues the next big move in metals will be retail-driven, with the retail public buying into a price rise, and notes that during the last run-up to $120 the shops were packed with people trying to sell silver instead.
• He says he bought Agnico Eagle shortly before earnings after watching Newmont report and see its stock fall, and offers it as a proxy for producers reporting record results and being sold off.
• He says he built a fairly large oil and gas position before the Strait of Hormuz closure and the Iran war started, but is now sitting on the sidelines in energy because a single presidential post can move the oil market either way.
• He invokes the line that more people lose money waiting for a correction than in the correction itself, and argues dry powder matters in what he calls the most fragile overall market environment in a century.

Silver miners earn record profits at $50-$60 silver yet trade as if prices stay lower, the guest's central mispricing argument. He expects a long range-bound stretch - gold $3,500-$5,000 - before the next major precious metals leg higher. Uranium priced in gold is unusually cheap after 15 months of underperformance, and he expects it to outpace gold. Rather than pick stocks, he sells cash-secured puts and prefers large producers or uranium ETFs over developers. Royalty and streaming names hold margins better than pure-play miners when prices fall, yet trade like them.

US Debt Dominoes Collapsing as Crisis Threatens To Go Global: Jay Martin

• Top takeaway As host, he argues the Strait of Hormuz ceasefire looks shaky — Iran has attacked commercial vessels since it was announced and Israel's Lebanon campaign continues — and calls the insider trading around the administration's contradictory announcements blatant.
• Questions whether countries like Turkey selling reserves explain the post-war gold sell-off and asks whether the pullback is a buying opportunity.

Central banks now hold gold as their largest reserve asset because global appetite for funding new US debt keeps falling. Energy-shocked importers like Turkey sell Treasuries and then gold to keep the lights on, signaling a cascade of forced reserve selling. America's $2 trillion deficit and $1 trillion interest bill form a spiral: weak auction demand forces higher rates and more borrowing. The Strait of Hormuz closure doubled energy bills for oil-importing nations and exposed how fast sovereign dominoes can fall. Martin argues high-quality silver producers and developers are undervalued, with six straight supply deficits and rising defense demand supporting the metal.

Don't Sleep on E-Fuels, the Energy Play That Could Pay Off BIG Time

• Top takeaway The host presses on whether the case survives if European mandates and subsidies are scrapped, and on why investors should commit capital before commercial proof rather than wait on the sidelines, comparing the timing question to early-stage exploration companies.
• He closes by pointing viewers to the company's website, its social profiles and a synthetic fuel documentary he made in which the guest was interviewed.

Synthetic fuels cost roughly five to seven times what fossil fuels do today, and closing that gap is the real adoption barrier. The guest argues hydrogen production drives about 70% of the cost, making electrolyzer efficiency the decisive lever. Synthetic fuels contain no refining impurities and carry 5% to 10% more energy density by weight than fossil equivalents. EU law requires 1.2% sustainable aviation fuel by 2030, rising to roughly 5% by 2035, underwriting mandated early demand. This is a sponsored interview with Syntholene's CEO; his sub-$2 per kilogram hydrogen claim still awaits third-party validation.