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Dr. Mark Thornton: Early Innings for Gold, Silver Manipulation, Black Swans & Failing Markets
Stijn Schmitz welcomes Dr. Mark Thornton to the show. Dr. Mark Thornton is Economist and Senior Fellow at the Mises Institute. The discussion centers on the current state of precious metals, monetary policy, and economic systems, with a particular focus on gold and silver’s role in the global financial landscape. Thornton argues that gold is fundamentally money, and governments have only recently forced their way into replacing commodity money with fiat currency. He suggests that the current precious metals market is still in its early stages, with central bank buying and distrust in the US dollar driving significant interest. The gold and silver markets are experiencing growing pains, with increasing investor attention and potential for further price appreciation. The conversation delves into the fundamental differences between Austrian and Keynesian economics. Thornton criticizes Keynesian economics as a state-controlled ideology that promotes government spending and manipulates interest rates, whereas Austrian economics advocates for market-driven monetary systems and private property rights. He highlights how central bank policies create economic bubbles and exacerbate wealth inequality by favoring asset-rich individuals. Thornton sees potential for a significant monetary transformation, potentially triggered by the current precious metals bull market. He believes the collision between Western and Eastern financial markets, coupled with the rise of cryptocurrencies, could lead to a fundamental restructuring of monetary systems. The possibility of a return to a gold standard or a gold-backed settlement currency is discussed as a potential future scenario. The economist also warns about potential economic bubbles in artificial intelligence and private equity, arguing that the Federal Reserve’s monetary policies have created unsustainable conditions across various sectors. He believes that while central banks have been able to temporarily extend economic cycles, their power is not infinite, and a significant market correction is inevitable. Thornton concludes by emphasizing the importance of understanding Austrian economic principles and encourages listeners to explore the works of economists like Friedrich Hayek to gain deeper insights into monetary systems and economic dynamics. Timestamps: 00:00:00 – Introduction 00:01:19 – Gold as Money 00:04:21 – Central Bank Distrust 00:05:52 – Bull Run Early Stages 00:09:35 – Historical Parallels 1980s 00:14:15 – Return to Gold Standard 00:18:16 – Bond Markets Unraveling 00:24:07 – Austrian vs Keynesian Economics 00:31:19 – Flexible Inflation Targeting 00:33:53 – Silver Monetary Role 00:45:46 – AI Private Equity Bubbles 00:51:11 – Future Recession Outlook 00:55:41 – Concluding Thoughts Guest Links: Website: https://mises.org X: https://x.com/DrMarkThornton E-Mail: mailto:[email protected] YouTube: https://www.youtube.com/results?search_query=mark+thornton+minor+issues Book-Hayek: https://mises.org/library/book/hayek-21st-century-essays-political-economy Dr. Mark Thornton is a Senior Fellow at the Mises Institute and formerly held the Peterson-Luddy Chair in Austrian Economics. He hosts the podcasts Minor Issues and Unanimity and is Book Review Editor of the Quarterly Journal of Austrian Economics. His books include The Economics of Prohibition, Tariffs, Blockades, and Inflation, The Bastiat Collection, and The Skyscraper Curse. He has served on multiple editorial boards, taught economics at several universities, and worked as Assistant Superintendent of Banking and adviser to Alabama Governor Fob James. He holds degrees from St. Bonaventure University and Auburn University and has debated the “War on Drugs” at the Oxford Union. Dr. Thornton has been featured in major outlets such as The Economist, Forbes, New York Times, Wall Street Journal, and USA Today, along with numerous international and regional newspapers. His commentary appears regularly on the Mises Institute’s platforms and on programs such as Boom-Bust, the Tom Woods Show, and the Scott Horton Show.
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58:19
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58:19
Francis Hunt: First Innings for Gold, Hyper Stagflation & Why Platinum Will Outperform Silver
Stijn Schmitz welcomes Francis Hunt to the show. Francis Hunt is the Renegade Trader, Analyst, & Founder of The Market Sniper. In this wide-ranging discussion, Hunt presents a comprehensive view of the current economic landscape, focusing on precious metals, debt, and potential financial system transformations. Hunt argues that the world is experiencing a significant economic paradigm shift characterized by debt debasement and financial repression. He believes we are in the early stages of a precious metals bull market, with gold, silver, and particularly platinum presenting substantial investment opportunities. He emphasizes the scarcity of these metals, especially platinum, which he sees as dramatically undervalued compared to its rarity. The discussion explores the potential risks in the current financial system, particularly around AI investments and government interventions. Hunt is critical of government policies, viewing them as mechanisms designed to reduce individual economic freedom. He suggests that governments are likely to implement increasingly aggressive tax policies and financial controls, which he terms “tax scavenge mode.” Francis predicts a complex economic future characterized by “hyperstagflation” – a period of economic stagnation combined with inflationary pressures. He recommends investors protect themselves by holding physical precious metals, with gold as the foundation, followed by silver and platinum. He also suggests that mining stocks could provide opportunities, though they carry more volatility. Geopolitically, Hunt sees interesting developments with the BRICS nations potentially introducing a gold-backed currency, which could force Western economies to reconsider their monetary strategies. He’s particularly skeptical of government statistics and mainstream narratives, encouraging investors to look beyond official reports. Ultimately, Hunt’s message is one of cautious opportunity. While he sees significant economic challenges ahead, he believes informed investors can protect and potentially grow their wealth by understanding these trends and positioning themselves strategically in precious metals and select investments. Timestamps: 00:00:00 – Introduction 00:00:50 – Precious Metals Bull Thesis 00:01:50 – Bull Market Top Criteria 00:03:45 – AI Contagion and Debasement 00:07:48 – Debt-Fiat Debasement Era 00:11:45 – Stablecoins and Bailouts 00:12:55 – Gold vs Bitcoin Liquidity 00:15:40 – US Gold Revaluation Skepticism 00:18:45 – BRICS Gold-Backed Currency 00:24:55 – Crisis Opportunity Strategies 00:27:20 – Silver Scarcity and Ratio 00:39:12 – Platinum Monetary Potential 00:45:29 – Hyperstagflation and Super-Cycle 00:55:48 – Market Sniper Wrap Up Guest Links: X: https://x.com/themarketsniper X: https://x.com/thecryptosniper Website: https://themarketsniper.com YouTube: https://www.youtube.com/user/TheMarketSniper Francis is a trader, first and foremost. Unlike most educators in the trading space, Francis walks the walk and talks the talk, with 30 years of experience trading his personal capital on various markets and instruments. Through this passion for trading and his relentless study of markets and economic theory, he uses the Hunt Volatility Funnel trading methodology, a systemized approach, to answer the critical question: What is the next most profitable trade? He believes the actual price of an asset is the most accurate reflection of all the factors that influence it. Practical technical analysis, the study of price action over time, is needed to formulate profitable trade ideas. Indeed, with all the market manipulation and high-frequency trading operations currently in play, technical analysis is all that can be relied upon when it comes to formulating future price trends. A trained eye can often spot such manipulative practices, as is the case with HVF traders. Therefore, the HVF methodology is based purely on technical analysis. Francis is passionate about sharing his knowledge and understanding of markets by utilizing his HVF trading methodology. With entertaining anecdotes and the careful guidance of his students, he has already trained a large community of hundreds of traders and helped them transform from complete newbies to seasoned trading professionals. He genuinely loves sharing his knowledge and strategies with others who are committed to finding freedom through trading. Plus, teaching strengthens his trading abilities while helping to build a vibrant community of successful traders.
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58:52
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58:52
Christopher Whalen: Gold Revaluation, Why AI-Narratives Are False & The Inflationary Boom
Stijn Schmitz welcomes Christopher Whalen to the show. Christopher Whalen is an Investment Banker, Author, and Chairman Whalen Global Advisors. The discussion centers on the current economic landscape, with a particular focus on gold, monetary policy, and the future of the global financial system. Whalen argues that the world is in the early stages of a gold up-cycle, primarily driven by central banks increasingly adopting gold as a key reserve asset. He emphasizes that while the US dollar remains crucial for global trade, its dominance is gradually shifting. Whalen provides insights into the current economic challenges, highlighting inflation as a significant concern. He suggests that the federal deficit and monetary expansion are primary drivers of economic instability. The conversation explores the potential for alternative monetary approaches, including gold-linked bonds and revaluing gold stocks, though Whalen remains skeptical about a complete return to a gold standard. Regarding global currency dynamics, Whalen believes the BRICS settlement currency and attempts to challenge the US dollar’s supremacy are unlikely to succeed in the near term. He argues that the dollar’s utility in financing transactions and its widespread acceptance make it difficult to replace. However, he anticipates a gradual decline in the dollar’s global share, moving towards a more multilateral system reminiscent of the pre-World War II era. On investment strategies, Whalen recommends diversification, particularly advocating for 10-20% of portfolios to be allocated to gold. He is cautious about current equity markets, especially tech stocks driven by artificial intelligence hype. The banking sector presents mixed prospects, with consumer banking relatively stable but commercial real estate posing significant challenges. Ultimately, Whalen remains optimistic about the United States’ economic potential. He believes the country’s natural resources, economic flexibility, and inherent strengths will help manage current financial challenges. The discussion concludes with a nuanced view of economic transformation, suggesting adaptation rather than catastrophic decline. Timestamps: 00:00:00 – Introduction 00:00:54 – Gold’s Long-Term Cycle 00:01:21 – Central Banks Buying Gold 00:03:13 – Inflation and AI Hype 00:05:44 – Monetary Inflation Defined 00:07:04 – Metals as Safe Havens 00:11:13 – Commodity Supercycle Thesis 00:13:03 – Treasury Debt Issuance Strategy 00:15:44 – Gold-Linked Bonds Proposal 00:19:12 – Gold Remonetization Incentives 00:21:36 – BRICS Currency Challenge 00:26:56 – Outgrowing US Debt 00:32:41 – Equities in Inflation 00:36:26 – Banking Sector Health 00:38:32 – Concluding Thoughts Guest Links: Website: https://www.rcwhalen.com/ X: https://x.com/rcwhalen Books (Amazon): https://tinyurl.com/mv3wctcr LinkedIn: https://www.linkedin.com/in/rcwhalen/ Over three decades, Chris has worked as an author, financial professional, and journalist in Washington, New York, and London. After graduating, he served under Rep. Jack Kemp (R-NY) at the House Republican Conference Committee. In 1993, he was the first journalist to report on secret FOMC minutes concealed by Alan Greenspan. His career included roles at the Federal Reserve Bank of New York, Bear Stearns & Co., Prudential Securities, Tangent Capital, and Carrington Mortgage Holdings. Christopher holds a B.A. in History from Villanova University. He is the author of three books: “Ford Men: From Inspiration to Enterprise” (2017), published by Laissez Faire Books; “Inflated: How Money and Debt Built the American Dream” (2010) by John Wiley & Sons; and co-author of “Financial Stability: Fraud, Confidence & the Wealth of Nations,” also with Wiley. He served on FINRA’s Economic Advisory Committee from 2011 to 2023 and was an advisor on Season 5 of SHOWTIME’s “Billions.” Additionally, he was a fellow at Indiana State University (2008-2014), a member of Villanova School of Business’ Finance Department Advisory Council (2013-2016), and a board member of the Global Interdependence Center (2017-2019). Christopher edits The Institutional Risk Analyst and contributes to other publications and forums. He has testified before Congress, the SEC, and FDIC. A regular media commentator on CNBC, Bloomberg, and Fox News, Chris is active on social media under “rcwhalen.” He is also a member of The Mortgage Bankers Association and The Lotos Club of New York.
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41:12
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41:12
Justin Huhn: ‘Unbelievable Opportunity’ in Uranium & The Case for $100+ Term Markets
Stijn Schmitz welcomes Justin Huhn to the show. Justin Huhn is Founder & Publisher of Uranium Insider Pro. In this comprehensive discussion, Huhn provides an in-depth analysis of the current uranium market, highlighting its unique supply and demand dynamics. The uranium market is currently experiencing a significant bull run, with demand projections showing substantial growth. The World Nuclear Association’s 2025 reference scenario indicates uranium demand could be 50% higher by 2040 compared to 2019. Key demand drivers include electricity growth, clean energy mandates, and energy security concerns, with nuclear energy capacity projected to grow at approximately 4% annually. On the supply side, the market faces critical challenges. Major producers like Kazatomprom are struggling to maintain production levels, with most existing mines experiencing declining output. Huhn emphasizes that the industry needs substantially higher prices – potentially over $100 per pound in the term market – to incentivize new project development. The market’s structure is characterized by limited supply and rising prices, with trading volumes declining. Utilities remain cautious, often underestimating future price trajectories. Potential secondary demand drivers include financialization, strategic sovereign stockpiling, and utility inventory restocking. Huhn is bullish on uranium’s long-term prospects, suggesting the market is still in early to mid-stages of its bull cycle. He recommends investors diversify their approach, potentially holding physical uranium through vehicles like Yellow Cake or Sprott Physical Uranium Trust, and maintaining a diversified portfolio of mining stocks. Regarding potential disruptors, Huhn is optimistic about thorium’s long-term potential but doesn’t see it impacting the current uranium cycle. He’s also measured about small modular reactors, believing the focus should remain on building large, proven nuclear reactor designs. For investors interested in the sector, Huhn suggests carefully selecting companies with responsible management, strong capital positioning, and potential for future cash flow generation. Timestamps: 00:00:00 – Introduction 00:01:00 – Uranium Bull Cycle Position 00:02:15 – Nuclear Demand Growth Drivers 00:04:21 – Supply Demand Modeling 00:06:23 – Market Uniqueness Factors 00:07:27 – Bull Market Innings Outlook 00:10:18 – Key Uranium Producers 00:17:48 – Supply Bottlenecks Challenges 00:22:36 – Incentive Price Discussion 00:25:29 – Spot vs Term Market 00:28:48 – Future Demand Projections 00:36:35 – Geopolitical Market Bifurcation 00:39:28 – Thorium and SMR Disruptors 00:45:19 – Portfolio Construction Advice 00:51:00 – Concluding Thoughts Guest Links: Website: https://www.uraniuminsider.com Newsletter: https://www.uraniuminsider.com/newsletter X: https://x.com/UraniumInsider Justin is the Founder and Publisher of the Uranium Insider Pro Newsletter. Through the combination of rigorous fundamental analysis and Justin’s thorough understanding of technical analysis, determinations are made for select companies to be included on Uranium Insider Pro’s “Focus List,” as well as the most opportune times for entry or exit. Justin is frequently asked to offer his commentary on various media forums, including Crux Investor, Smith Weekly, Palisades Gold Radio, Mining Stock Education, and Mining Stock Daily. He also regularly participates in the post-earnings commentary that is broadcast immediately after industry majors release quarterly earnings. Justin is devoted to bringing value to those that are taking their first look at the uranium sector. Until July 2020, he distributed a complimentary newsletter as an educational tool to those investors seeking to familiarize themselves with the complexities and opportunities offered by the uranium sector and the uranium shares. Regrettably, the Uranium Insider Pro subscription letter’s subscriber growth and breadth no longer allow him to provide this tool. The success of Uranium Insider has been gratifying, and the emerging bull market in uranium continues to offer an unusually attractive risk:reward proposition for fellow contrarian investors.
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52:45
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52:45
Jay Martin: The Changing World Order, Gold & Why ‘Globalization Is Over’
Stijn Schmitz welcomes Jay Martin to the show. Jay Martin is Host of The Jay Martin Show & Vancouver Resource Investment Conference. In this wide-ranging discussion, Martin provides deep insights into the current global economic landscape, focusing particularly on gold, commodities, and geopolitical shifts. Martin argues that the current gold market represents more than just another investment trend. Central banks are purchasing gold primarily due to two key factors: diminishing confidence in the US dollar’s value and increasing unpredictability of US geopolitical policy. Unlike previous asset rallies, gold represents a fundamental monetary asset that signals broader economic transformations. They explore the emerging competition between the United States and China, which Martin views through two primary filters: supply and demand dynamics, and economic competitiveness. He suggests we are exiting the 40-year era of globalization, entering a more uncertain geopolitical landscape where countries are carefully navigating alliances and economic interests. Martin highlights significant developments like China’s strategic investments in critical minerals, the potential de-dollarization through mechanisms like the BRICS settlement currency, and the United States’ efforts to re-shore manufacturing and regain control of critical supply chains. He estimates the cost of reshoring could be tens of trillions of dollars, potentially creating unprecedented inflationary pressures. Regarding global commodities, Martin sees a supercycle driven by massive underinvestment over the past 15 years. He uses copper as a prime example, noting consistent decade-over-decade demand growth despite technological disruptions and economic recessions. The discussion also touches on the complex dynamics of the BRICS alliance, which Martin views as a temporarily unified group primarily motivated by reducing dependence on the US dollar. He predicts this alliance will eventually fracture as its members’ fundamental differences emerge. Martin concludes by discussing his upcoming Vancouver Resource Investment Conference and Commodity University, platforms designed to educate investors about the nuanced world of resource investing. Timestamps: 00:00:00 – Introduction 00:01:17 – Gold Cycle Perspective 00:06:53 – Gold Remonetization Thesis 00:10:40 – Mystery Gold Buyer 00:18:20 – Commodity Supercycle Overview 00:24:00 – World View Framework 00:28:28 – Belt and Road Initiative 00:30:19 – De-Dollarization Trends 00:37:51 – US Reshoring Strategy 00:42:40 – Venezuela Conflict Analysis 00:46:24 – Russia’s Geopolitical Role 00:50:40 – BRICS and Multi-Polarity 00:54:28 – Investment Conference Details 00:56:12 – Commodity University Program 01:00:00 – Concluding Thoughts Guest Links: X: https://x.com/JayMartinBC/ Conference: https://cambridgehouse.com/vancouver-resource-investment-conference Website: https://cambridgehouse.com/ YouTube: https://www.youtube.com/@TheJayMartinShow Commodity University: https://www.thecommodityuniversity.com/ Jay Martin is the President & CEO of Cambridge House International Inc. His ideal day begins with a hard workout followed by dark coffee and a couple of hours to read anything related to futurism and geopolitics. Since 2011 he has expanded Cambridge House from Canada’s leading junior mining conferences to become Canada’s most recognizable brand in public venture capital. Today, Cambridge House produces the largest investment conferences in the country in both technology and natural resources and hosts the largest video library of investment content in Canada. Jay sits on the board of the Entrepreneur Organization, a global business community of over 12,000 leading entrepreneurs in 53 countries worldwide.
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