Palisades Gold Radio

Stijn Schmitz welcomes Bill Holter to the show. Bill is a Precious Metals Expert and Broker. In this in-depth discussion about the precious metals market, Holter provides a comprehensive overview of the current dynamics driving silver and gold prices, highlighting a significant structural shift in the global metals market. Holter emphasizes a substantial supply and demand deficit in silver, estimated at 300-400 million ounces, driven by increasing industrial applications such as AI technology and electric vehicle batteries. He notes that physical metal exchanges like Shanghai are experiencing significant premiums over paper markets, indicating a fundamental change in metals trading. This phenomenon, known as backwardation, suggests investors are increasingly prioritizing physical metal ownership over paper contracts. Bill predicts a potential transformation in global currency systems, suggesting that the US dollar is declining while BRICS nations are developing a potentially gold-backed settlement currency. Holter believes this shift could dramatically impact global financial markets, with gold and silver emerging as the only truly trustworthy currencies. Institutional buying is currently driving the precious metals market, with family offices, hedge funds, and even sovereign nations like Russia purchasing significant quantities. Holter sees this as a critical moment for metals, potentially leading to a delivery failure in silver markets that could trigger massive price increases. For individual investors, Holter recommends starting with silver, particularly “junk silver” coins minted before 1965, which offer the most practical and recognizable form of silver ownership. He stresses that it’s not too late to enter the market, warning that current financial systems are fundamentally unstable and that precious metals represent a critical hedge against potential economic collapse. Timestamps: 00:00:00 – Introduction 00:01:00 – 2025 Precious Metals Review 00:01:41 – Structural Supply Deficit 00:02:29 – Industrial Demand & Vaults 00:03:21 – Backwardation and Premiums 00:06:04 – Historical Interventions 00:07:17 – Gold vs Silver Differences 00:09:30 – BRICS Remonetization Outlook 00:11:42 – Failure to Deliver Risks 00:13:58 – Institutional Buying Trends 00:14:56 – Retail Flows and Junk Silver 00:20:10 – Silver Going Mainstream 00:21:48 – Investment Advice for Beginners 00:23:17 – Fiat Collapse and Great Taking 00:26:03 – Concluding Thoughts Guest Links: Facebook: https://facebook.com/groups/jsmineset/ Website: https://billholter.com E-Mail: mailto:[email protected] Bill was a stockbroker for 23 years and a branch manager for 12. He retired and moved his family out of the U.S. to Costa Rica in late 2006. He returned to Texas in 2011. He was a contributor to GATA since 2007 and began writing for Miles Franklin from 2012 to 2015. He then joined with Jim Sinclair and the Holter/Sinclair collaboration from 2015-2022. Bill is a precious metals expert and broker, he clears through Miles Franklin.

Stijn Schmitz welcomes Chris Vermeulen to the show. Chris Vermeulen is Founder & Chief Investment Officer, The Technical Traders. In this episode, Vermeulen provides an in-depth analysis of current market conditions, focusing primarily on precious metals, equities, and potential economic cycles. Chris suggests the precious metals market may be approaching a potential peak, characterized by high volatility and significant price fluctuations. He believes the market is currently experiencing its “last parabolic phase” and warns investors to be cautious. While acknowledging the excitement surrounding precious metals, he emphasizes the importance of having a strategic approach to manage potential risks. A key aspect of Vermeulen’s analysis is the relationship between stock market performance and precious metals. He observes that the stock market, particularly the Magnificent Seven tech stocks, has not yet experienced the significant pullback that typically precedes a precious metals rally. He anticipates that when the equity market begins to sell off, it could trigger a substantial correction in precious metals. Vermeulen recommends a strategy of following price action rather than getting caught up in market narratives. He suggests investors should be prepared to rotate between stocks, bonds, currencies, and cash positions. He is currently bullish on gold, equities, and potentially the US dollar index, while being bearish on oil and energy sectors. Looking ahead to 2026, Vermeulen predicts significant market volatility. He warns that the current low VIX (volatility) index suggests a lack of market fear, which could be a potential warning sign. His analysis indicates that the market might experience a relatively swift pullback, potentially lasting eight to twelve months, which could create opportunities for strategic investors to re-enter markets at more attractive valuations. Ultimately, Chris’s message is about maintaining flexibility, following technical indicators, and being prepared to adapt to changing market conditions. He emphasizes that successful investing is not about predicting exact market tops and bottoms, but about having a disciplined strategy to manage risk and capitalize on market movements. Timestamps: 00:00:00 – Introduction 00:01:00 – Precious Metals Volatility 00:03:34 – Parabolic Phase Thesis 00:07:56 – Timing Physical Positions 00:09:55 – Market Cycle Analysis 00:13:04 – Equities Rollover Indicators 00:16:12 – Current Investment Opportunities 00:20:54 – Oil Gas Outlook 00:28:22 – 2026 Volatility Expectations 00:30:42 – Technical Traders Service 00:32:08 – Concluding Thoughts Guest Links: Website: https://thetechnicaltraders.com/ X: https://x.com/TheTechTraders Chris Vermeulen is the Founder & Chief Investment Officer of The Technical Traders and the visionary mind behind Asset Revesting. In his book Asset Revesting – How to Exclusively Hold Assets Rising in Value, Profit During Bear Markets, and Continue Building Wealth in Retirement, he lays out this investment framework. Chris launched his financial career at 16, parlaying his knack for trading and risk management into funding his final year of college, where he earned a business diploma in operations management. By his twenties, he had achieved financial independence as a full-time entrepreneur and trader. After a setback—blowing up a trading account—Chris dedicated himself to treating trading as a business, completing the Trading Strategy Mastery and Trading Is Your Business courses. A technical analysis expert, he devises systematic methods to spot market opportunities and control portfolio risk, rejecting traditional buy-and-hold approaches that cling to depreciating assets. His efficient asset allocation models balance short- and long-term strategies to minimize drawdowns and consistently outperform benchmarks. Those seeking reliable capital preservation and growth turn to his proven techniques.

Stijn Schmitz welcomes Trader Ferg to the show. Trader Ferg is Full-time Trader & Author of the Trader Ferg Substack. Trader Ferg provides a comprehensive analysis of the precious metals market, with a particular focus on platinum group metals (PGMs). He highlights the significant developments in the platinum market, notably China’s launch of new futures contracts and their strategic cornering of above-ground platinum inventories. Ferg estimates that approximately 85% of global platinum inventories are now held in China, creating a potential supply deficit that could drive prices significantly higher. They also explore the complex dynamics of platinum, rhodium, and other PGMs. Ferg challenges the narrative that electric vehicles will dramatically reduce demand for catalytic converters, arguing that hybrid vehicles actually require more catalytic converter material. Ferg also sees substantial potential in rhodium, having invested 5% of his net worth in the metal and believing it could experience another substantial price surge. Expanding to the broader precious metals complex, Ferg discusses the evolving market dynamics for gold, silver, and other commodities. He emphasizes the increasing importance of physical delivery markets, particularly in China, and the potential breakdown of paper trading markets. Ferg has an optimistic outlook on precious metals, driven by fundamental supply-demand imbalances, central bank buying, and increasing physical demand. His investment approach focuses on finding asymmetric opportunities in overlooked or undervalued sectors. He looks for markets with limited supply responses, consolidated industries, and fundamental misunderstandings about long-term demand. Beyond precious metals, he shows interest in energy services, offshore drilling, and tin production. Timestamps: 00:00:00 – Introduction 00:01:11 – Platinum Bull Drivers 00:02:41 – Chinese Futures Premiums 00:03:40 – Physical Market Shift 00:07:47 – Sponsor Break 00:08:36 – Supply Constraints Analysis 00:14:57 – Demand Surge Factors 00:16:38 – Rhodium Investment Case 00:20:37 – PGM Future Outlook 00:22:33 – Basement Trade Debate 00:26:32 – Silver Physical Crunch 00:33:01 – Gold Portfolio Role 00:39:20 – Other Commodity Setups 00:48:18 – Substack and Wrap Up 00:49:03 – Concluding Thoughts Guest Links: Substack: https://traderferg.substack.com/ X: https://x.com/trader_ferg Trader Ferg is a Full-time trader for going on 8+ years now. He has a habit of hanging out in hated corners of the market that are considered uninvestable. He enjoys sharing his research and thoughts about possible trades and markets.

Stijn Schmitz welcomes Brett Rentmeester to the show. Brett is the Founder of WindRock Wealth Management. Their conversation centers on the current economic landscape, highlighting critical challenges facing the global financial system, particularly the United States. Rentmeester argues that the economy has fundamentally changed since the mid-1970s, when the dollar decoupled from gold. Since then, the economic system has relied increasingly on debt and money printing, creating an unsustainable financial structure. He points to several systemic issues, including declining real wages, skyrocketing costs in healthcare and education, and massive government debt that is increasingly difficult to service. Stijn explores potential scenarios for economic transformation, presenting two primary paths: proactive systemic change or a potential catastrophic reset. Brett suggests we are in a “fourth turning” moment—a generational shift where existing institutions are losing public trust and facing potential fundamental restructuring. A key theme is the potential return to “sound money,” potentially through tokenized gold, cryptocurrency, or a new monetary system backed by hard assets. Brett believes there’s a significant likelihood of monetary reimagination within the next five to ten years, driven by increasing public dissatisfaction with current economic structures. For individual investors, he recommends a diversified approach: maintaining investments in traditional assets while also acquiring hard assets like gold, silver, and real estate. The strategy involves having “one foot in the existing system and one foot out,” preparing for potential significant economic disruption. Regarding potential global conflict, Rentmeester hopes for a collaborative reset rather than a destructive war cycle, emphasizing the importance of proactive monetary reform. His overall message is one of cautious preparation, understanding that while the current system faces significant challenges, there are potential pathways to a more stable economic future. Timestamps: 00:00:00 – Introduction 00:01:03 – Times of Great Change 00:02:33 – Debt Saturation Discussion 00:04:33 – Cracks in Society 00:08:11 – Demographic Challenges 00:11:16 – Fiat Money Creation 00:12:31 – Gold Standard History 00:14:00 – Central Banks Gold Buying 00:15:38 – Crony Capitalism Critique 00:16:44 – US Debt Mathematics 00:20:50 – Why Now Inflection 00:24:56 – Future Paths Outlined 00:28:42 – Global Power Shifts 00:42:03 – Portfolio Construction Strategies Guest Links: Website: https://windrockwealth.com/ LinkedIn: https://www.linkedin.com/in/brettrentmeester/ Brett Rentmeester founded WindRock Wealth Management to bring tailored investment solutions to investors seeking an edge in an increasingly uncertain world. Mr. Rentmeester is a veteran and entrepreneur in the investment business. Through his career, including as a co-founder of Altair Advisers and manager at Arthur Andersen, he was a trusted confidant for business owners, entrepreneurs and family offices. His entrepreneurial spirit led him to create and build a number of successful companies in the financial services industry through partnership with the Jaggi Family Office, where he serves as the Chief Investment Officer. Throughout his career, he has focused on the importance of strong relationships, strategic thinking, and an expertise in alternative investments. Mr. Rentmeester’s media appearances include appearances on the PBS Nightly Business Report program, the Chicago Tribune, and the World Presidents’ Organization. He graduated magna cum laude from the University of Arizona with a degree in Finance and earned his MBA from Northwestern’s Kellogg Graduate School of Management. He has been a multiple-year recipient of the Chicago Magazine Five Star Wealth Award, is a Chartered Financial Analyst charterholder (CFA®) and has the Chartered Alternative Investment Analyst designation (CAIA®).

Stijn Schmitz welcomes Ross Beaty to the show. Ross Beaty is a Renowned Geologist, Serial Mine Builder & Conservation Advocate. Beaty provides a comprehensive overview of the current gold market and mining industry landscape. He suggests that while gold is currently at record highs around $4,300, the market still has potential for growth, driven by strong macro and supply-demand fundamentals. Beaty anticipates a wave of new gold mine production in 2025-2027 that might eventually dampen prices, but remains optimistic about the sector’s near-term prospects. Drawing from his extensive experience building successful mining companies like Pan American Silver and Equinox Gold, Beaty emphasizes the importance of understanding specific commodity dynamics and investing in projects with significant scale and potential. He highlights the critical factors for successful mining investments, including geological potential, project location, commodity demand-supply fundamentals, and management quality. Beaty candidly discusses the mining industry’s inherent risks, noting that even well-planned projects can face unexpected challenges from geological complexities, political instability, community tensions, and volatile metal prices. He advocates for diversification and strategic portfolio management, as demonstrated by Equinox Gold’s recent divestment of Brazilian assets to focus on tier-one projects and manage debt. Beyond his mining endeavors, Beaty is deeply committed to environmental conservation through his philanthropic work. Timestamps: 00:00:00 – Introduction 00:00:58 – Gold Bull Market Phase 00:03:04 – Exploration Under-Investment 00:05:09 – Lessons from Past Cycles 00:06:40 – Investment vs Mining Differences 00:09:49 – Ross’s Company Categories 00:11:40 – Spotting Special Projects 00:13:20 – Project Evaluation Criteria 00:16:28 – Commodity Fundamentals Analysis 00:21:30 – Common Mining Pitfalls 00:23:00 – Growth and Debt Risks 00:24:05 – Industry Dilution Problems 00:26:30 – Equinox Brazil Divestments 00:29:10 – Future Plans Philanthropy 00:30:23 – Concluding Thoughts Guest Links: Website: https://www.equinoxgold.com Foundation: https://sitkafoundation.org Ross Beaty is a renowned Canadian geologist, mining entrepreneur, and philanthropist with over 50 years of experience in the international minerals and renewable energy sectors. Born in Vancouver in 1951 to a forestry entrepreneur father and a teacher mother, Beaty earned degrees in geology and law from the University of British Columbia, followed by an MSc in geology from Imperial College London. His career began in the 1970s, blending scientific expertise with business acumen to build a legacy of resource innovation. Beaty founded Pan American Silver Corp in 1994, where he serves as Chair Emeritus, growing it into a global leader in silver production. He is currently Chair of Equinox Gold Corp’s Board of Directors, a position he has held since its inception in 2017. Over four decades, he has founded and divested more than a dozen public companies, including Equinox Resources (sold in the 1990s) and Alterra Power Corp, a clean energy firm, generating an estimated $6 billion in shareholder value. A former President of the Silver Institute in Washington, DC, Beaty is a Fellow of the Geological Association of Canada, Society of Economic Geologists, and Canadian Institute of Mining. Beyond business, Beaty is a passionate environmental advocate. He co-founded and presides over the Sitka Foundation, focusing on biodiversity conservation in British Columbia through strategic grants and impact investing. He chairs the BC Parks Foundation, serves as a director for Panthera and the Pacific Salmon Foundation, and is Patron of the Beaty Biodiversity Centre at UBC. His accolades include induction into the Canadian Mining Hall of Fame (2018), the Order of Canada (2017), and an honorary Doctor of Laws from UBC (2018). An optimist at heart, Beaty champions a shift from consumerism to conservation. Married to physician Trisha Beaty, he enjoys beekeeping, cider production, and sea kayaking in Howe Sound. His journey from mining magnate to green evangelist exemplifies resilient entrepreneurship.