Jonathan Wellum

We Must Not Abandon Capitalism For Socialism | Jonathan Wellum

• Top takeaway The guest is positioning for both outcomes: owning growth and commodity "picks and shovels" while hedging with gold, silver and uranium against a debt-and-debasement break he sees as coming, though he concedes he does not know whether it hits in 2027.
• He argues the US fiscal math eventually breaks, with the 10-year near 5% and interest costs around $1.6 trillion, roughly 25-26% of government revenue, on top of trillion-plus deficits.
• He says Trump's deregulation, tax cuts and reshoring push could drive strong US nominal growth (early in the year he thought the US could do 6% nominal), but the gains take a few quarters to appear.
• On Canada, he argues vast resource wealth (potash, uranium, oil and gas) has been stifled by bad policy, wants pipelines to ports and broad deregulation, and calls Canadian oil and gas undervalued with what he calls phenomenal cash flow.
• His advice: stay invested with roughly 15-18% in short-term interest-bearing securities, avoid hiding in cash with inflation coming, and apply discipline — "the plans of the diligent lead surely to abundance".

Guest Jonathan Wellum argues Western capitalism needs repair rather than replacement, warning that socialism carries a 100% historical failure rate. Canada's Saskatchewan holds vast potash (a key fertilizer mineral) and uranium, giving it bargaining power the guest says Trump's Belarus threat ignores. Slow permits, high financing costs, and carbon taxes drove capital out of Canadian resources, which the guest blames for the country's stagnant growth. The guest pairs growth stocks with gold, silver, copper, and uranium so portfolios survive both an AI boom and debt-fueled debasement. With US interest costs nearing a quarter of federal revenue, he urges staying invested and disciplined rather than hiding in cash.

Why This Metals Cycle Could Be Structural, Not Speculative

• Top takeaway The guest argues this metals cycle is structural rather than a repeat of 1980 or 2011, because structural deficits in silver and copper are too large for prices to fall deeply, even after last year's frothy run corrected into what he sees as a solid base.
• He points to the debasement trade, citing worldwide debt near 350% of GDP as of the interview date, and expects some form of inflation to deal with it, which supports building positions in metals and mining companies over a 3-5 year horizon.
• On gold, he argues it is being reintegrated into the monetary system: central banks have been accumulating it, it now exceeds US Treasuries as a reserve asset, and it remains the best collateral in a world where countries do not trust each other.
• He estimates roughly $250 billion must be invested in new copper mines over the coming years, noting that large mines take decades to develop and are hard to find, which he expects to put a price floor under copper that is unique to current circumstances.
• His advice is to expect volatility, avoid buying into running prices, dollar-cost average with discipline, and hold companies you are committed to, since long-term fundamentals for these metals remain strong.

Silver and copper face structural deficits — persistent supply shortfalls — with demand that keeps growing despite price moves. New copper mines take roughly a decade to develop, and an estimated $250 billion of additional mining investment is still needed. Global debt near 350% of GDP makes some inflation or currency debasement likely, favoring scarce real assets such as gold. Central banks keep accumulating gold, reflecting declining trust between nations and demand for collateral without counterparty risk. Wellum argues today's structural supply shortfalls distinguish this cycle from the 1980 and 2011 manias and should limit price downside.

Extreme Valuations + Rising Volatility = 'Wild Ride' Ahead For Markets | Jonathan Wellum

Wellum argues extreme valuations and macro risks will drive severe market volatility through the back half of 2026, with tech concentration echoing the 2000 dot-com bubble. Post-correction leadership will rotate into energy, materials, and staples, with Wellum favoring insurance companies like Markel and Kinsale for portfolio defense. Precious metals and mining equities offer strong fundamentals under the 5Ds framework (Debasement, Debt, De-dollarization, Demographics, Deglobalization), with AI improving exploration efficiency.

Here's The Latest Outlook From Lacy Hunt, Ed Dowd, Lyn Alden + A Dozen Other Experts

Highlights from the Spring 2026 Thoughtful Money conference featuring 15+ expert speakers discussing macroeconomic trends and recession risks. Lacy Hunt delivered the keynote address, followed by presentations from Ed Dowd, Luke Gromen, Brent Johnson, and Lyn Alden among others. Jeff Clark provided a bonus video focused specifically on gold and silver mining stocks for resource investors.

A Market "Retrenchment" Ahead Looks Likely | Jonathan Wellum

Jonathan Wellum warns of a high probability for a market retrenchment driven by macroeconomic headwinds and surging oil prices. Investors should exercise caution and consider reviewing their portfolio allocations to mitigate downside risks in the current environment. Surging energy prices act as a hidden tax on the economy, threatening corporate profit margins and overall market stability.