Stijn Schmitz

David Hunter: Imminent Global Depression 'Bigger Than 2008', Big Reversal Coming For Gold

• Top takeaway The host frames Hunter's thesis as a sequence - an imminent equity top, then a deflationary global bust, then money printing that ends in an inflationary crack-up boom - and asks why policymakers would not print earlier to limit the drawdown.
• He raises the gold re-monetization debate, saying many analysts he speaks to expect a soft or hard gold reset, and asks whether miners are set up to outperform if gold rises faster than their cost inputs.

Hunter argues extreme bearish bond sentiment marks a major top in rates, with the 10-year Treasury back at 2007 levels. He expects oil to roll over into the $60s, driving a downside inflation surprise as a struggling consumer weighs on growth. He sees a 3-6 month melt-up first, with his S&P target at 10,000, before a 70-80% global bust he calls bigger than 2008. Hunter predicts gold at $7,000 and silver at $200 within months, sharp corrections in the bust, then $20,000 gold by the early 2030s. Miners are the cheapest sector, he says, as disciplined management, record earnings, and near-zero institutional ownership set up a re-rating.

John Feneck: Why These Critical Metals Will Explode Higher, 'Uncharted Territory' For Gold

• Top takeaway He frames the session around whether gold's bull case survived a painful year, noting gold flipped negative a year to the day of recording and is down about 5%, and keeps pressing for the order of magnitude of the opportunity rather than a linear one.
• He steers into the developer closeology framework, asking why a project with an obvious logical buyer might not be acquired quickly, and presses both the guest and CEOs to be forthright about their stories and to ask hard questions of management.

The guest keeps gold's bull case intact through a painful consolidation, with $3,900–$4,000 support and $3,600 the next test if it breaks. He argues the Federal Reserve has no more bullets for aggressive hikes, calling current bond yields the highest since 2002. His portfolio uses GDX and GDXJ (gold miner sector ETFs) as a hub, then adds juniors and developers seen as eventual takeover targets. Critical minerals now make up roughly a quarter of his book, anchored by tungsten names as China supplies 81% of world output. He favours Nevada and Colombian explorers over riskier jurisdictions like the Congo, where nationalization concerns warrant a bigger discount.

Justin Huhn: The Uranium Blow-Off Top, AI Hyper-Scalers & 'Huge Value' in The Miners

• Top takeaway The host structures the interview around where the uranium cycle stands, pressing on who is signing floor-with-no-ceiling contracts and what the fundamental price ceiling is given uranium's small share of reactor operating costs.
• He draws out the supply-side and valuation case by asking about the developer landscape and the miner opportunity, and frames the setup as a generational opportunity for investors.

Uranium term contracts now sign with high floors and often no ceilings — security of supply is outweighing price, the guest argues. Spot uranium has chopped near $90 for months, but long-term contract terms — this market's best leading indicator — keep pointing higher. Hyperscalers are circling SMR builders daily, and any construction start triggers fuel buying years before delivery — a coming demand disruptor. Uranium is only about 7-10% of a reactor's operating cost, so even $200-pound prices would not break reactor economics. Uranium equities sit at 52-week lows despite bullish physical markets, and the guest sees huge value until a supply-mindset shift triggers re-rating.

Florian Grummes: Food Shortages, Inflationary Spiral & Why Gold Miners Will Benefit 'Tremendously'

• Top takeaway As host, Schmitz frames equities trading near all-time highs while long-end Treasury yields surge and the Middle East energy disruption continues, pressing Grummes on what could break.
• He argues double-digit yields would sharply raise US interest expense and deficits, calling it the possible start of an inflationary spiral, and probes gold's re-rating potential as investors add the metal.

Grummes argues central banks will print through every crisis, so the fiat system keeps debasing rather than breaking — an accelerating loss of purchasing power. Gold's long bull market stays intact; the $3,950-$4,050 support zone decides whether dips near $4,000 are buys or $3,500 comes into play. Producers earn strong margins at $4,000 gold, yet mining stocks can still drop 20-50% in corrections, with tax-loss selling pressuring shares into December. Grummes favors stocks drifting lower on shrinking volume — sellers exhausted — and wants positions set by mid-December for the miners' strong Q1 window. A proposed US diesel export ban could strain European supply chains and food supply; he advises households to stock weeks of essentials.

Rick Rule: A 'Generational Opportunity' In Gold Miners, 'Substantially' Higher Gold Prices Ahead

• Top takeaway The host frames the environment as an inflationary feedback loop of rising rates, interest expense and debt, and cites roughly 8% annual US money-supply growth since 1971 in asking whether an acceleratory phase has begun.
• He argues the coming decade could mirror the 1970s but worse, since far higher government debt-to-GDP means each extra point of interest rates adds much more in interest payments; he also notes US federal debt passing $40 trillion for the first time.

Rule expects gold substantially higher within five years, but warns rising US interest rates could pressure it near term. When inflation fears drive rate hikes, gold can climb alongside them: in the 1970s rates rose fourfold while gold rose 26-fold. Majors that stopped exploring must buy ounces to replace production, setting up strategic, tactical, and single-asset acquisition opportunities. Catching the miner opportunity takes three disciplines: valuation work, a five-year hold, and tolerance for 50% drawdowns. Oil producers now defer about $2 billion of sustaining capital (upkeep spending) daily, pointing to systemic supply shortfalls by 2029 or 2030.

Douglas Macgregor: Why The Energy Crisis Will Get Much Worse

• Top takeaway Asks Macgregor how close the West is to a major energy shock, citing talk of a US diesel export ban and Red Sea disruptions.
• Probes the gold revaluation case, pointing to M2 money supply growth of about 8% a year and China settling trade in gold rather than seeking reserve-currency status.

Douglas Macgregor argues Iranian control of the Strait of Hormuz has cut oil flows to a tenth of normal, making a deal unlikely. Attacks on Red Sea pipelines and terminals have halted Saudi oil shipments to Europe, potentially removing 35% of world oil from the market. The guest calls diesel the lifeblood of industrial society and sees a US export ban as a sign of crisis severity. Macgregor argues war escalation and currency debasement could destroy the fiat system, while central bank buying keeps gold demand rising. BRICS nations are building parallel financial systems to escape dollar sanctions exposure, and markets are grossly underestimating the energy shock.

Michael Gentile: Gold Suppression, Bond Markets 'Revolting' & Why Juniors Will Outperform

• Top takeaway As host, he steers the discussion through the structural drivers of the gold bull market, the in-ground-ounce leverage thesis for juniors, and the merits of polymetallic deposits, drawing out specific portfolio examples from the guest.

Michael Gentile commits roughly 90% of his net worth to junior miners, treating gold's pullback from $5,500 to $4,000 as a normal consolidation. Juniors at $30-100/oz in the ground sit far below Agnico's $500/oz Rupert Resources deal; outsized returns depend on selecting buildable assets. The guest argues only assets profitable at $2,000-2,500/oz earn major miner interest; projects needing $4,000+ gold rarely get built regardless of cycle. If central banks intervene to cap bond yields, the guest argues this would accelerate gold, since 5% rates already consume 40% of U.S. revenue. Adding to winners rather than trimming them after gains lets junior portfolios compound over time; positions are sized so a single mistake costs only 1-2%.

Dr. Mark Thornton: Rigged Markets, Why The Real Bubble Is In Government Bonds & Revaluing Gold

• Top takeaway The host puts Willem Middelkoop's soft-monetary-reset thesis to the guest, asking whether Washington is engineering a controlled gold revaluation of around $10,000 per ounce to repair its balance sheet.
• He argues oil is still historically cheap once adjusted for M2 money supply rather than CPI, questioning whether real demand destruction has actually set in.
• He frames the setup as nearing calamity, citing diesel at all-time highs, 10- and 30-year Treasury yields forming 'hockey stick' charts, a US grains harvest a few percentage points light, and the post-WWII deleveraging as the historical comparison at roughly 125% debt-to-GDP.

Economist Mark Thornton argues worldwide socialist-style governance is driving borrowing, money printing and protectionism, pushing the fiat system toward inflation or hyperinflation. Wars in Ukraine and the Persian Gulf have idled diesel, crude and fertilizer capacity, pinching mining through sulfuric acid shortages and raising food prices. Real wages have barely moved while credit-card balances compound at 25% to 30%, so a squeezed consumer sits beneath asset bubbles benefiting the wealthy. Government bonds are the real bubble: past 100% of debt-to-GDP, economies end in deflationary depression or hyperinflation, and he expects the inflationary route. Central-bank buying and years of underinvestment anchor his constructive gold and silver outlook; a US gold revaluation would not fix deeper problems.

Doomberg: 'Mad Max Style' Great Reset, $150 Oil & 'On The Tipping Point' in Middle East

• Top takeaway The host frames the simultaneous Iran and Ukraine wars as the big tail risk, questioning whether the two conflicts escalate until they envelop the entire world, and calls current headlines 'almost surreal.'
• He opens by asking whether markets are resilient enough to weather the East-West pipeline damage, noting the line carried roughly 5% of global crude supply and the Iran war had already run almost 200 days of disruptions as of the interview.
• He steers the discussion toward market mechanics: how long Iran can sustain its leverage before markets adapt, whether refined-product tightness bleeds into crude, and whether China stepping back into oil shows its earlier demand throttle was temporary.

Doomberg argues the damaged East-West pipeline (which moved about 5% of global crude) costs more to repair than for Houthis to destroy again. Houthi advances in Yemen threaten 'metastable' Gulf states whose stability rests on perceived US power; a Saudi collapse is a low-probability, high-impact event. The guest says wars are endurance contests, and Iran plus the Houthis can absorb more pain than Western consumers already strained by costly diesel. Refining is the bottleneck: oil is worthless without refineries, and $100 diesel crack spreads (refined-product minus crude price) are pushing refiners past safe capacity. Russia has publicly ordered strikes to devastate Ukraine's energy infrastructure, and Doomberg treats Russian announcements — not rumors — as the reliable signal.

Francis Hunt: Why Silver Just Broke Out, The End of Cycle & Western Collapse

• Top takeaway Hosts the interview by asking Hunt what is on his radar now and frames the prior months as a 'glorious pullback' in the South Korean KOSPI that Hunt had earlier called to roll over
• Presses Hunt on the timeline and global scope of the financial crisis, and asks whether US gold re-monetization at ~$4,400/oz could plug the fiscal shortfall, which Hunt dismisses as 'not enough'

Hunt calls a major reset underway and urges aggressive gold and silver accumulation as US fiscal credibility erodes. He frames silver as showing relative strength over gold after breaking out of a falling wedge continuation pattern on the daily chart. Hunt expects both metals higher into year-end, capping silver below $1,200/oz and gold near $5,600/oz. He sees a multi-year dollar debasement trade with a major Western financial crisis likely within three years. Hunt recommends geographic relocation away from Europe and North America, favoring the Southern Hemisphere for safety.

Marc Faber: Imminent Financial Collapse, Money Printing & Gold

Faber argues the post-1982 asset bull run fueled by money printing will eventually end, though timing is unknowable — could be tomorrow or in a decade. Real economic growth in Western democracies is questioned; nominal asset gains mask declining purchasing power for the middle and lower classes. US federal interest payments have become the largest single expenditure at $1.1 trillion annually, with the Taylor rule implying neutral rates should be above 6%. Faber has advocated for 40 years that individuals hold gold personally because central banks can no longer be trusted to preserve purchasing power. Energy prices have lagged gold significantly since 1917 in inflation-adjusted terms, suggesting potential relative opportunity in the energy complex.

Don Durrett: Gold Miners 'The Most Asymmetric Upside' & The Point of No Return for Gold

• Top takeaway Stijn hosts Palisades Gold Radio and frames the discussion around whether US debt above $40 trillion and gold's August breakout confirm the bull-market thesis.
• He pushes Don on silver's industrial-vs-monetary split, on whether further intervention or yield-curve control is needed for gold to keep rising, and on whether a bond-market break turns this cycle into a multi-year paradigm shift rather than a finite bull.

Don Durrett argues gold's $3,750 floor and $15,000 ceiling reflect a seven-stage debt bubble now entering stage five (interventions). He expects a near-term pullback to $4,100-$4,200 before gold's next leg higher toward $6,500 in November. Silver should outpace gold 2x via a 2-4% silver-to-gold ratio, targeting $200-$500 as the bull matures. Junior miners deliver compounding leverage — producers could 3-bag and developers 10-bag as free cash flow multiples expand. Treasury interventions starting July 2026, signaling bond market fragility, are the catalyst that wakes Wall Street to gold.

Mario Innecco: Imminent Financial Repression, Decade-Long Bear-Market for Bonds & Gold

• Top takeaway Stijn Schmitz hosts the conversation, framing questions around historical macro comparisons and gold's re-rating potential
• He notes that while gold and bonds compete in portfolios to some extent, in an inflationary spiral even attractive bond yields are not enough to compensate investors

Bond bull ended in 2021, debt-driven financial repression is forcing capital toward hard assets — secular commodities bull market underway. Gold and silver are scarce stores of value that cannot be printed, hedging the devaluation of fiat currencies under rising debt. Japan is the most leveraged creditor nation; its repatriation of overseas capital could destabilize global bond markets. Precious metals remain under-owned at under 1% of investable assets in the West, leaving room for institutional re-rating. Silver could outperform gold on industrial demand, persistent supply deficits, and possible Basel III tier-one status.

Willem Middelkoop: The Next Financial Crisis, 'Perfect Storm' For Commodities & Mining Discoveries

Weimar lite is already underway as foreign holders have dropped below 30% of US Treasuries and the Fed has absorbed $330B in a year. Central banks have bought around 1,000 tonnes of gold per year for five straight years -- about a third of global mine output. Gold is being reintroduced into the monetary system without any formal conference, as central banks now hold more gold than Treasuries. Gold producers print record free cash flow at PE ratios of 10-11, roughly a tenth of Magnificent Seven valuations. Discovery investors hold at least 1% stakes in tier-one deposits, scaling back after runs but never selling through production.

Matthew Piepenburg: 'Screaming Indicators' For Gold's Rise & Generational Wealth Creation

Piepenburg argues the gold bull market remains in its early chapters, supported by $365 trillion in global debt and central bank buying. He frames gold as global reserve collateral replacing the US dollar, citing central bank stacking and the COMEX losing its price-fixing power. Real inflation runs well above the official 4.1% rate, making the dollar debasement an invisible tax on savers and middle-class households. Generational wealth can come from miners bought at 40 percent discounts during shakeouts, if investors pick low-cost producers with patience to hold. The US holds 261 million ounces of gold booked at $42.22 per ounce; eventually revaluing to market could let the Fed monetize without printing.

Michael Oliver: 'Nuclear Event' Hitting US Markets & Silver 'Most Explosive' Upside

• Top takeaway Raises the possibility that a market-wide liquidity crunch could pull gold down with stocks, then accepts the guest's counter that gold historically acts as an alternative asset and tends to hold or rise during equity bear markets.
• Notes the unusual late-episode divergence where gold miners surged at the same time US equities were being heavily sold off, reading it as an asset-class rotation signal.

The miners-to-gold ratio (the GDX/gold spread) is breaking a 13-year ceiling — what Oliver calls the most explosive set-up in his career. Silver sits only modestly above its 1980 high while gold trades 4.5x and base metals trade 4 to 6x higher, framing catch-up upside. Long-term US Treasury yields just printed a quarter-century high, framing a US bond crisis bigger than the stock market. The dollar index is breaking lower after a year near 99, which could compound losses for foreign holders of US equities.

Henrik Zeberg: Why The Stock Market Will 'Blow-off Top' Next Quarter | Recession Worse Than 2008

• Top takeaway As host of Palisades Gold Radio, he frames the discussion around macro developments since the previous February interview, noting the 170+ day energy disruption tied to the Strait of Hormuz and the S&P 500 rip to fresh all-time highs.
• He drives the interview with substantive questions on the depth of the coming recession, the projected NASDAQ drawdown magnitude, gold's fate in a liquidity crunch, gold miners as a portfolio lever, and what investors can concretely do to prepare.

Zeberg predicts a major US equity top within the next quarter and a decline deeper than 2008, citing consumer debt and tech valuations. The guest argues the US consumer is in the worst financial shape outside deep recessions, citing depleted savings and rising credit delinquencies. Gold could realistically reach $25,000 to $30,000 per ounce within five to seven years, but only after a pullback to around $3,100 first. Private credit's opaque, non-bank structure could trigger a credit crunch larger than 2008's subprime crisis, with the contagion hard to map in advance. Expect gold to drop sharply in the first crash phase as the US dollar rallies; the major uptrend resumes only after the Fed returns.

Art Berman: Iran War Causing 'Phase-Shift' in Oil Markets, 'Will Never' Return to Normal

• Top takeaway Frames the discussion around two questions for the Iran war context: why no larger disruptions to daily life despite the Iran war's severity, and whether diesel price spikes signal those disruptions are about to materialize
• Pushes the conversation toward alternative supply, raising crude sourness/mix, refinery compatibility, and the geography of bypass routes from the Persian Gulf

Iran war oil losses have settled around 5 million barrels per day — historically massive, though demand destruction and inventory draws have cushioned the immediate impact. Oil markets have a 'savings account' (inventories) and a 'paycheck' (daily production) — the savings cushion is finite and being drawn down fast. Berman calls the Iran war a 'phase shift' for oil — even after a political settlement, the market will not return to its pre-war normal. Comparative inventory points to potential $140 oil by November if current drawdown rates continue, based on a 0.78 R-squared historical fit. Diesel crack spreads above $100 reveal a refining squeeze; the industry's adaptive response has bought time, but no new oil is being created.

Ted Oakley: 'An Accident Waiting To Happen', Why You Need to Own Hard Assets & Oil and Gas

A 35-40% mid-July correction left gold miners cheap on cash flow — Oakley's firm is buying producers back at these levels. Roughly 10% in gold and miners is the minimum hedge against Western debt loads, aging demographics, and continued money printing. Royalty models sidestep cost creep because the operator pays the royalty before operating expenses rise. Energy stocks stay profitable at $70 oil, and U.S. dependence on imported uranium and critical minerals leaves long-term supply at risk.

Peter Carlin: Why The Financial System is Imploding, The Rise of Gold & Oil Shortages

• Top takeaway The host frames the conversation around the tension between a historic precious-metals consolidation and equity markets trading at or near all-time highs on AI/semis, while energy markets wrestle with the Gulf shipping disruption.
• He presses Peter Carlin on how investors should actually play crude, whether the Iran-China renminbi settlement threatens USD reserve status, and what tailwinds remain for gold outside a worst-case war scenario.

The oil crisis isn't supply — it's a refining mismatch: Western refineries run sour crude, while 50% of global sour supply comes from the Gulf. The US Strategic Petroleum Reserve is now two-thirds sour, drawing down fast as distillate inventories shed 3.5% in a single week. China is settling Iranian oil in renminbi through the CIPS system — a live test of a gold-backed monetary alternative to the dollar. The guest argues gold is the only meaningful asset to devalue the US dollar against, with $30,000 a rough arithmetic target on US foreign debt. Silver is the ultimate fear barometer with 2.5x gold's upside, but retail margin traders whip it around — buy weakness, don't chase breakouts.