Stijn Schmitz welcomes Chris Rutherglen to the show. Chris Rutherglen is PhD Scientist/Engineer, Level 3 CFA, and publisher ‘The Gold Investor Research’ Substack. Chris provides a comprehensive analysis of gold and silver market cycles, utilizing a scientific approach to forecasting price movements. He explains that gold typically moves through distinct cycles, with particular focus on the current “rate cut period” and potential future “quantitative easing (QE) period”. Using sophisticated analytical tools, he tracks gold’s price movements relative to the Federal Reserve’s interest rate changes and monetary supply.

Rutherglen suggests gold is approaching its fifth intermediate cycle high, with a potential target range of $4,900 to $5,200. However, he believes the market may extend to a sixth intermediate cycle, potentially reaching around $6,700. Looking further ahead, he proposes a more dramatic long-term projection of gold potentially reaching $24,000 in the 2030s, based on historical debt-to-money supply ratios. For silver, Rutherglen applies similar analytical methods, projecting potential prices around $840, though he emphasizes these are speculative estimates based on current monetary trends. He notes that silver’s current price, while seeming high, is relatively consistent with historical inflation-adjusted prices.

Chris highlights several key indicators for tracking these cycles, including call and put option volumes, central bank purchases, and the relationship between gold prices and moving averages. He stresses that a true QE period would likely require significant economic stress, prompting substantial monetary intervention. His analysis suggests the current gold bull market still has potential room to grow, with the most significant gains potentially occurring during the future QE period. Rutherglen recommends investors remain attentive to economic indicators and be prepared for potential market shifts. Listeners can find more detailed analysis on his Gold Investor Research Substack, where he provides weekly updates and in-depth reports on precious metals market cycles.

Timestamps:
00:00:00 – Introduction
00:00:51 – Gold Cycle Position Overview
00:06:11 – Rate Cut Period Dynamics
00:08:16 – Mid-Cycle Level Explained
00:12:40 – Government Debt Impact
00:18:04 – Sixth Intermediate Cycle
00:22:25 – Market Indicators Analysis
00:25:35 – Gold Price Targets
00:30:18 – Options Volume Insights
00:33:21 – East-West Gold Flows
00:36:05 – Central Bank Purchases
00:37:48 – Bull Run Projections
00:40:06 – Silver Price Analysis
00:48:01 – Concluding Thoughts

Guest Links:
Substack: https://giresearch.substack.com
X: https://x.com/CRutherglen

Chris Rutherglen is a private investor whose primary occupation is in science & engineering with a focus on novel semiconductor devices for microwave and mm-wave applications. He began investing in the precious metal space in 2003 and has done well following a value-oriented investment approach. Although he has never been employed in the finance/investment field professionally, he did complete level 3 of the Chartered Financial Analyst (CFA) program in 2011. Chris has a BS in physics from the California Institute of Technology and a Ph.D. in Electrical Computer Engineering from the University of California, Irvin

Stijn Schmitz welcomes Josh Young to the show. Josh Young is Chief Investment Officer & Founder, Bison Interests. The interview explores the current landscape of the global energy market, focusing on geopolitical risks, supply and demand dynamics, and investment opportunities in the oil and gas sector. Young provides a comprehensive analysis of potential geopolitical tensions, particularly surrounding Iran and the Middle East. He suggests that the current situation presents significant risks to global oil supply, with potential disruptions ranging from 1 to 20 million barrels per day. The geopolitical uncertainty is largely underappreciated by the market, creating potential opportunities for investors who understand these dynamics.

On the supply side, Josh highlights critical challenges in oil production. He notes that companies like Continental Resources are reducing drilling activities at current price levels, indicating that sustainable oil production may require prices in the $80-$90 range. The industry is experiencing a significant downcycle in both offshore and onshore exploration and development, with exploration success rates declining and existing reserves being depleted. Demand dynamics appear more robust than many analysts expect. Young argues that government stimulus, particularly in an election year, and emerging market growth could support oil consumption. He suggests that a potential economic slowdown might not necessarily reduce oil demand, as increased return-to-office trends could offset potential consumption reductions.

Regarding investment strategies, Young cautions against large integrated oil companies trading at high valuations. Instead, he recommends smaller producers with clean balance sheets, debt reduction potential, and attractive valuation metrics. He emphasizes the importance of companies that can pay down debt, buy back shares, and potentially offer high dividends. Young also discusses his Bison Insights substack, where he shares investment ideas in the energy sector. He believes the current market presents unique opportunities, drawing parallels to previous commodity cycles and highlighting the potential for significant returns in carefully selected energy investments.

Timestamps:
00:00:00 – Introduction
00:01:18 – Guest Welcome and Recap
00:03:01 – Silver Prediction Success
00:05:25 – Oil Geopolitical Risks
00:10:45 – Iran Production Impacts
00:16:34 – Risk Pricing Discussion
00:18:56 – China Oil Stockpiling
00:26:53 – Supply Cost Curve
00:30:51 – Underinvestment Trends
00:36:30 – Demand Surge Analysis
00:42:04 – US Consumer Strength
00:51:51 – Investment Pitfalls
00:57:10 – Debt Paydown Strategies
01:01:05 – Concluding Thoughts

Guest Links:
Substack: https://bisoninsights.info
X: https://x.com/BisonInsights
Website: https://bisoninterests.com

Joshua Young has been professionally investing in publicly traded oil and gas securities for nearly two decades, achieving benchmark outperformance as Bison’s CIO. Josh possesses a deep understanding of the E&P business model and operating environment, with notable experience as Chairman of Canadian E&P company RMP Energy (rebranded as Ironbridge Resources). Under Josh’s leadership, the company achieved a successful turnaround, outperforming peers and ultimately being acquired at a 78% premium. Josh is the author of numerous articles on oil & gas investments and is a frequent guest speaker at various energy industry conferences.

Prior to Bison, Josh began his career as a management consultant for Fortune 500 companies and private equity firms. He later worked as an investment analyst for a private equity fund and served as an energy investment analyst at a multi-billion-dollar single-family office, which was nominated as Institutional Investor’s Single Family Office of the Year in 2008. Josh holds a B.S. in Economics with honors from the University of Chicago.

Stijn Schmitz welcomes Clive Thompson to the show. Clive Thompson is Retired Wealth Manager and Swiss Banker and, Host of the ‘Clive Thompson’ YouTube Channel. The episode centers on the current state of precious metals markets, with a particular focus on silver and gold. Thompson highlights a critical shift in the silver market, where industrial demand now exceeds mine supply. He explains that this dynamic is creating significant pressure on the market, with industrial consumers becoming increasingly concerned about potential silver shortages. The gap between physical and paper silver prices has widened dramatically, indicating underlying market tensions and potential supply chain disruptions.

Regarding investment strategies, Thompson advocates for a measured approach to precious metals. He recommends investors gradually accumulate physical silver and gold as a form of insurance against potential financial system instability. He emphasizes that these assets should be viewed as a protective measure rather than a short-term speculation opportunity. The conversation also explores broader economic trends, including rising government debt, central bank behaviors, and potential future monetary systems. Thompson suggests that the increasing global debt burden could lead to significant financial transformations, potentially including the introduction of central bank digital currencies (CBDCs) that might restrict financial freedoms.

On gold and mining stocks, Thompson sees significant potential. He explains that rising gold prices create leveraged profit opportunities for mining companies, with potential for substantial share price appreciation. He advises diversification within mining investments, recommending investors spread risk across different geographical regions and companies. Thompson’s insights are grounded in his extensive financial background, offering a nuanced perspective on precious metals as both an investment and a potential hedge against economic uncertainty. His approach is pragmatic, suggesting investors maintain a balanced portfolio while recognizing the potential volatility and systemic risks in the current financial landscape.

Timestamps:
00:00:00 – Introduction
00:01:03 – Silver Bull Run Fundamentals
00:02:15 – Supply Demand Gap Analysis
00:04:41 – Industrial Off-Take Agreements
00:06:07 – Silver Substitution Challenges
00:09:00 – Rising Investment Demand
00:10:39 – Physical Market Bifurcation
00:12:24 – COMEX Delivery Surge
00:18:48 – Future Price Potential
00:21:18 – Retail Investor Strategies
00:24:51 – Gold Portfolio Drivers
00:32:24 – Global Debt Unsustainability
00:34:08 – CBDC Rationing Scenarios
00:42:17 – Mining Stocks Leverage
00:51:39 – Concluding Thoughts

Guest Links:
Website: https://clivethompson.com/
YouTube: https://www.youtube.com/@clivethompson-jc9my/featured

Clive is a retired wealth manager and former managing director at UBP in Geneva, Switzerland.

Stijn Schmitz welcomes Gerald Celente to the show. Gerald Celente is Author, Founder, and Publisher of Trends Research Institute and Journal. The conversation delves into complex geopolitical and economic trends, with Celente offering a critical perspective on global politics, international conflicts, and economic dynamics. Celente provides a scathing critique of U.S. foreign policy, highlighting the disconnect between political rhetoric and actual actions, particularly focusing on leaders like Trump, Obama, and Biden. He argues that U.S. interventions in countries like Iran, Venezuela, and others are fundamentally driven by oil interests and geopolitical control rather than humanitarian concerns.

Celente extensively explores the shifting global economic landscape asserting that the 21st century will be the “Chinese century.” He points to China’s significant investments in infrastructure, education, and emerging technologies like AI, contrasting this with what he sees as America’s declining innovation and increasing focus on military spending.

Regarding economic trends, Celente predicts a potentially catastrophic economic scenario, which he terms the “greatest depression.” He emphasizes the critical role of precious metals, particularly gold and silver, as safe-haven assets during periods of geopolitical and economic uncertainty. Gerald highlights the massive U.S. national debt, potential digital currency implementations, and the ongoing erosion of the dollar’s global dominance. Celente is particularly critical of mainstream media, describing journalism as “dead” and advocating for comprehensive, multi-perspective reporting.

Guest Links:
Website: https://trendsjournal.com
X: https://x.com/@geraldcelente
Substack: https://trendsinthenews.substack.com

Gerald Celente is the Founder/Director of the Trends Research Institute and Publisher of the weekly Trends Journal magazine. He is the author of the highly acclaimed and best-selling books “Trend Tracking” and “Trends 2000” (Warner Books).

With a 43-year track record of identifying, tracking, and forecasting trends, Celente is world-renowned as today’s #1 Trend Forecaster. Celente has earned the reputation as a trusted name in trends for his many accurate forecasts; among them, the 1987 Stock Market crash, Dot com bust, “Gold Bull Run,” “Panic of ‘08,” the rise of organic foods, and the popularity of gourmet coffee long before Starbucks was a household name.

Celente, who developed the Globalnomic methodology to identify, track, forecast, and manage trends, is a political atheist. Unencumbered by political dogma, rigid ideology, or conventional wisdom, Celente, whose motto is “Think for Yourself,” observes and analyzes current events forming future trends for what they are – not for how he wants them to be.

A true American Patriot, Celente owns three pre-Revolutionary stone buildings on the most historic corner in America, where the seeds of Democracy were sown, Colonial Kingston, New York’s first Capitol.

Self-described as a “Warrior for the Prince of Peace,” Gerald Celente is also the Founder “Occupy Peace & Freedom,” a not-for-profit movement to honor the Constitution and Bill of Rights and restore Freedoms.

Stijn Schmitz welcomes Bob Moriarty to the show. Bob Moriarty is Author, Founder 321 Gold, and a Former Marine Fighter Pilot. The conversation delves into complex geopolitical dynamics, focusing on the current global tensions between the West’s debt-based system and the East’s resource-based system. Moriarty offers a critical perspective on recent global conflicts, suggesting that the United States and Israel are the most aggressive nations, with potentially catastrophic consequences.

Discussing Venezuela, Iran, and global tensions, Moriarty argues that these conflicts are not about oil or resources, but about maintaining Western economic dominance. He believes the current geopolitical landscape represents a fundamental shift, with the West’s debt-based system collapsing while Eastern nations like China, Russia, and Iran are becoming increasingly powerful. He emphasizes that these countries are not enemies of the West, but are simply defending their interests.

Moriarty is particularly critical of U.S. foreign policy, describing current leadership as potentially the worst in world history. He warns of a potential financial collapse, comparing the current economic situation to 1929, but “ten times worse.” He strongly advocates for a return to a gold or silver-backed monetary system as a solution to the impending economic crisis. On precious metals, Moriarty is bullish, believing silver and gold are critical protection during financial chaos.

He sees significant potential in these metals, noting their historical monetary importance and current industrial applications. He predicts a potential return to a gold or silver standard within the next decade. The discussion also touches on global conflicts, including potential tensions with Iran, the Ukraine-Russia war, and U.S. interventionist policies. Moriarty’s perspective is unequivocal: the United States risks significant losses by pursuing aggressive military and economic strategies. He argues that the world is witnessing a fundamental restructuring of global economic and political power, with the Western debt-based system facing inevitable collapse.

Timestamps:
00:00:00 – Introduction
00:01:05 – Venezuela Intervention Analysis
00:05:54 – Attack on China Motive
00:08:42 – Trump’s Warpath Netanyahu
00:10:01 – Iran Protests CIA Role
00:13:36 – Strait of Hormuz Risks
00:16:39 – Ukraine-Russia Conflict Insights
00:22:10 – Debt vs Resource Systems
00:25:47 – Precious Metals Protection
00:29:11 – Fed Investigation Power Play
00:32:59 – Financial Collapse Parallels
00:37:11 – Silver Investment Thesis
00:42:55 – Future Gold Standard Outlook
00:45:41 – 321gold.com and Wrap Up

Guest Links:
Website: http://www.321gold.com
Amazon: https://www.amazon.com/Robert-Moriarty/e/B01A9I4TJU?ref=sr_ntt_srch_lnk_3&qid=1599932580&sr=8-3

Bob Moriarty founded 321gold.com with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind, and nuclear energy. Both sites feature articles, editorial opinions, pricing figures, and updates on both sectors’ current events. Previously, Moriarty was a Marine F-4B and O-1 pilot, with more than 832 missions in Vietnam. He holds fourteen international aviation records.

Stijn Schmitz welcomes back Josef Schachter to the show. Josef Schachter is Founder, Schachter Asset Management Inc. The discussion centers on the current and future outlook for the global energy market, with a particular focus on oil and natural gas production and investment opportunities.

Schachter presents a bullish perspective on the energy sector, forecasting a significant upward trajectory for oil prices. He predicts WTI oil prices will range from $52-$66 in Q1 2026, rising to $74-$84 in Q4, potentially reaching $100 per barrel by 2028-2029. This projection is underpinned by several key factors, including normal demand growth of 1.2-1.3 million barrels per day and constrained OPEC production capabilities. A critical aspect of Schachter’s thesis is the global lack of new oil discoveries and declining production rates. He highlights that shell oil production experiences 30-50% decline rates in the first year, necessitating continuous drilling. He notes, that over a billion people worldwide lack stable electricity access, presenting a significant future demand opportunity for energy resources.

The conversation explores investment strategies within the energy sector, with Schachter recommending a diversified approach based on individual risk profiles. He suggests considering natural gas, light to medium gravity oil exposure, and service industry stocks. Notably, he emphasizes the importance of companies with strong balance sheets, insider ownership, and prudent management. Schachter is particularly optimistic about Canadian energy companies, many of which are currently trading at two to three times cash flow, with potential to expand to seven or eight times during a potential energy super cycle. He points out attractive dividend yields from various energy companies, ranging from 5% to 11%. The conversation also touches on geopolitical factors, including potential developments in Venezuela and the global shift in energy production and consumption.

Timestamps:
00:00:00 – Introduction
00:01:23 – Oil Price Outlook
00:04:39 – Inventory Analysis
00:08:29 – Venezuela Oil Shift
00:10:21 – Rule of Law
00:14:53 – Canadian Stock Impacts
00:17:11 – Investment Opportunities
00:19:00 – Dividend Yields
00:21:30 – Energy Super Cycle
00:22:49 – M&A Activity
00:35:32 – Discovery Shortages
00:40:38 – Global Demand Growth
00:48:16 – Energy Report Details

Guest Links:
Website: https://schachterenergyreport.ca

Josef Schachter is a 40+ year veteran of the Canadian Investment Management Industry, Josef Schachter has experienced several exceptional and turbulent global economic and stock market cycles. With his primary focus in the stock market and the energy sector, Josef is able to weave global political, economic and monetary issues with current energy data into a compelling story of what’s going on, what is to come, and why.

Josef is a frequent guest on Michael Campbell’s Podcast ‘Mikes Money Talks’ and other podcast and radio shows and is often quoted in the media. He is a regular Guest Speaker at the annual World Outlook Financial Conference in Vancouver and he delivers presentations to various companies and organizations. For several years, he was a frequent and notably colourful commentator on BNN Bloomberg’s Market Call.

Josef provided Oil and Gas research to Maison Placements Canada geared to their institutional clients for 15 years ending April 2017, and was acknowledged as the first analyst in Canada to predict the Oil Price Plunge of 2014.

Prior to establishing his firm Schachter Asset Management Inc. in 1996, Josef was the Chief Market Strategist at Richardson Greenshields, a Director of RGCL and a member of its Investment Policy Committee. He holds a Chartered Financial Analyst designation and is a past Chairman of the Canadian Council of Financial Analysts.

Stijn Schmitz welcomes back the legendary Rick Rule to the show. Rick Rule is Investor, Speculator, Founder & CEO of Rule Investment Media. In this wide-ranging interview, Rule provides insights into various commodity markets and economic trends, highlighting key perspectives on precious metals, oil, and global economic dynamics. Reflecting on the remarkable performance of commodities in 2025, Rule notes that gold has actually been steadily growing at 9% compounded annually since 2000. While he doesn’t expect the same parabolic moves to continue, he believes gold will continue to appreciate over the next decade.

For silver, Rule discusses significant market disruptions, including changes in trading patterns in Dubai and China, and notes that industrial demand remains structurally inelastic.

Regarding the broader economic landscape, Rule offers a stark assessment of the US dollar’s purchasing power, which has lost 97% of its value since 1913. He predicts a potential further 75% loss in purchasing power, suggesting that governments will likely continue to inflate away debt obligations. This perspective underpins his strategy of saving in gold and maintaining liquidity in US dollars. In the commodity sector, Rule sees significant opportunities in copper, oil, and select mining stocks. He emphasizes the long-term supply constraints in copper, driven by decades of underinvestment and lengthy permitting processes. For oil, he recommends companies like Exxon and Canadian producers, noting the sector’s current undervaluation.

Timestamps:
00:00:00 – Introduction
00:00:40 – 2025 Commodity Rally Drivers
00:01:25 – Gold Bull Market History
00:02:52 – Silver Shortage Fundamentals
00:05:49 – Silver Market Disruptions
00:08:00 – Silver Demand Inelasticity
00:12:40 – US Dollar Purchasing Power Loss
00:17:13 – Fiscal Challenges and Inflation
00:19:17 – Precious Metals Miners Value
00:23:20 – Private Placements
00:25:25 – Oil and Gas Opportunities
00:32:25 – Hated Commodities Overview
00:36:00 – Coal & Copper
00:44:20 – Concluding Thoughts

Guest Links:
X: https://x.com/@realrickrule
Website: https://ruleinvestmentmedia.com
YouTube: https://www.youtube.com/@RuleInvestmentMedia
Classroom: https://ruleclassroom.com

Rick Rule has dedicated his entire adult life to many aspects of natural resources securities investing. Besides the knowledge and experience gained in a long and focused career, he has a global network of contacts in the natural resources and finance sectors.

Mr. Rule is a frequent speaker at industry conferences and is regularly interviewed for radio, television, print, and online media outlets concerning natural resources investment and industry topics. Prominent natural resources-oriented newsletters and advisories frequently quote him. Mr. Rule and his team have expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water.

Stijn Schmitz welcomes Marc Faber to the show. Marc Faber is Contrarian Investor and Publisher of the Gloom, Boom, & Doom Report. Their discussion centers on global economic trends, monetary policy, and the impact of continuous money printing by central banks. Faber, a proponent of the Austrian school of economics, critically examines the current financial landscape, highlighting how central banks and financial institutions are incentivized to continuously print money, which leads to uneven price increases across various assets. Faber argues that money printing fundamentally distorts economic systems, with financial institutions benefiting first from monetary expansion while average workers experience declining real wages. He points out that while nominal GDP might show growth, real purchasing power for most people has actually decreased. The conversation explores the historical context of economic cycles, with Faber referencing economists like Kondratiev and discussing how societies rise and decline.

The discussion shifts to geopolitical dynamics, particularly the changing global power balance between the United States and emerging powers like China and Russia. Faber suggests that the US is no longer in the dominant position it held post-World War II, with potential competitive challenges emerging from other global powers. Regarding investment strategies, Faber recommends diversification across assets like real estate, precious metals, stocks, and cash. He sees particular potential in gold, silver, and platinum as alternative currencies, and believes these metals can serve as protection against monetary devaluation. He’s especially bullish on platinum, suggesting it might eventually surpass gold in price.

Faber’s investment philosophy emphasizes understanding price dynamics over specific company details, advocating for purchasing assets below their intrinsic value. He remains skeptical of government interventions and central bank policies, viewing them as potentially destructive to long-term economic stability.

Timestamps:
00:00:00 – Introduction
00:00:51 – Precious Metals Bull Run
00:01:25 – Gold Market History
00:02:31 – Money Printing Effects
00:05:33 – Financial Industry Incentives
00:07:15 – Austrian Economics Overview
00:09:10 – Keynesian Policies Critique
00:14:40 – Economic and War Cycles
00:20:25 – Geopolitical Tensions Rise
00:22:47 – Global Financial System Risks
00:24:00 – Safe Currencies Gold Silver
00:27:12 – Approaching Economic Crises
00:33:02 – Portfolio Diversification Advice
00:35:49 – Silver Platinum Investment Benefits
00:42:05 – Newsletter and Personal Reflections
00:45:44 – Concluding Thoughts

Guest Links:
Website: https://www.gloomboomdoom.com/
X: https://x.com/gloomboomdoom

Dr. Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a Ph.D. in Economics magna cum laude.