New Years Day Special on Gold and Silver | Michael Oliver and Jimmy Connor
- Precious Metals: The guest is emphatically bullish on silver and gold, citing a structural breakout in the silver-gold ratio and momentum-driven acceleration in silver’s advance.
- Silver Outlook: Silver is viewed as entering a new price reality with potential to reach $200 near term, driven by monetary demand and industrial uses across solar and AI-related technologies.
- Gold Trajectory: Gold could extend toward and beyond an 8x move from prior cycle lows, supported by central bank buying, monetary debasement, and breakouts versus the S&P 500.
- Commodities Upswing: The Bloomberg Commodity Index has broken out, with base metals like copper and platinum strengthening; the guest expects a multi-year second leg higher in commodities.
- Oil Setup: Oil is a laggard but technically primed for a sharp upside move, potentially jumping $10–$20 quickly and reigniting inflation pressures.
- Market Risks: Rising M2, a weak dollar, and fragile long-duration Treasuries could trigger policy panic and asset rotation into monetary metals and commodities.
- Tech/A.I. Leadership Fading: AI leaders such as NVDA, MSFT, and ORCL are weakening on a relative basis, echoing dot-com-era rotations and signaling broader equity risk.
- Actionable Positioning: The guest advocates exposure to precious metals, oil sector equities, and base metal miners, and buying silver pullbacks; mainstream shifts like MS’s 20% gold allocation reinforce this view.
Hemlo Mining Update | Jason Kosec and Jimmy Connor
- Gold Mining: The guest pitches a long-life Canadian gold asset with plans to extend mine life from 14 to 20+ years and increase production from ~140k oz to ~200k oz annually.
- Optimization Plan: A comprehensive brownfield optimization includes resource-to-reserve conversion, mine design changes, and mill upgrades to reach ~6,000 tpd and 200k oz by 2027.
- Exploration Drilling: A 130 km drill program with a ~$40M exploration budget targets growth (new ounces) and high-definition drilling (resource conversion), focusing on A/B/D/E zones and fold closures.
- Cost Structure: Life-of-mine AISC is ~$1,400/oz, with incremental capex for mill back-end upgrades; the plan leverages underutilized hoist, ramp, and mill capacity for higher throughput.
- Price Assumptions: The company shifts reserve pricing to $2,100–$2,500/oz amid decoupling of spot vs. long-term consensus, enhancing stope continuity and operational efficiency.
- Valuation & Catalysts: Management targets closing a valuation gap versus peers (~$1.5B vs. $3–3.5B comps) through execution, with catalysts including TSX mainboard listing, potential index inclusion, and a Q1 resource update.
- Regional Upside: The Hemlo greenstone belt (47,000 ha) is a prolific region with multi-decade potential; regional exploration will be sequenced after near-mine value creation.
- Context & Comparables: Asset was acquired from Barrick Gold (GOLD), with prior underinvestment creating opportunity for focused optimization and sustained margin preservation.
'It's a PSYOP' – Bankers' Last Ditch SILVER Smash Won't Hold: Mario Innecco
- Silver Market: Guest argues the dramatic silver selloff is a paper-driven anomaly on COMEX/OTC, not reflective of physical markets.
- Market Structure: Claims bullion banks flooded paper shorts and CME failed to trigger circuit breakers, highlighting systemic favoritism toward large financial institutions.
- Physical vs. Paper: Notes heavy delivery demand on COMEX, shrinking registered inventories, and a persistent China premium for silver, reinforcing tightness in physical supply.
- Gold vs. Silver: While gold also corrected, the guest expects silver to outperform on the rebound despite ongoing central bank support for gold.
- Macro Risks: Rising debt, geopolitical instability, and declining trust in institutions raise odds of hyperinflation and currency debasement.
- Policy Capture: Critiques influence of major banks and exchanges (e.g., JPMorgan, CME, BlackRock) and regulatory inconsistencies, viewing them as risks to fair price discovery.
- Investor Stance: Advocates holding/adding physical gold and silver as sound money and a hedge, with U.S. rare minerals initiatives seen as supportive tailwinds.
Markets Tank As New Fed Chair Chosen, How Long Will Crash Last? | Danielle DiMartino Booth
- Precious Metals: Gold and silver saw a sharp selloff, with the guest framing it as a tourist washout that could be a healthy reset if fundamentals improve.
- Industrial Demand: The outlook for silver and related metals hinges on a sustained manufacturing rebound and marginal buyers (e.g., China/India), with restocking visible but renaissance uncertain.
- AI Bubble: The guest argues AI spending is increasingly reliant on leverage, with pressure mounting as private credit tightens and examples like Microsoft and parts of the Mag 7 underperform.
- Private Credit Risks: UBS’s 13.5% default-rate call highlights stress, especially in software-exposed loans, which could constrain financing for AI and broader growth.
- Fed Policy: Anticipated shift toward disinflation management, potential rate cuts under Kevin Warsh, and balance-sheet reduction pose a tightening backdrop despite policy easing signals.
- Manufacturing Rebound: ISM popped on restocking, benefiting equipment and machinery, but global PMIs and layoffs abroad temper the case for a durable industrial upcycle.
- United States: Despite global concerns, the guest still views the U.S. as the preferred market relative to weak growth elsewhere and recent EM selloffs.
- Defensive Positioning: With 2026 framed as a shakeout year, the guest favors defensive stances (e.g., utilities long/financials short) amid rising office delinquencies and tighter financial conditions.
Will Gold Price Collapse Continue? Lyn Alden On Market’s Next Big Moves
- Precious Metals: Alden remains long-term constructive on gold, silver, and platinum despite a sharp pullback, noting prior structural undervaluation and the loss of asymmetry after parabolic moves.
- Bitcoin: She sees near-term headwinds (weak external demand, broader crypto overvaluation, quantum-risk concerns) but still favors dollar-cost averaging with potential outperformance into 2026-2027.
- Critical Minerals: Project Vault highlights a shift to industrial policy; Alden supports strategic stockpiles (uranium, rare earths) and is structurally bullish on commodity-linked supply chains.
- Deglobalization: Expect flatter or declining globalization with more redundancy and resilience, implying less disinflation from supply chains and supportive dynamics for real assets.
- Multipolar World: She expects a US- and China-centered order with other regional poles, which favors sovereign preference for metals over financial assets and supports decentralized settlement like Bitcoin.
- US Equities: The US market remains a global leader given large, diversified, tech-heavy firms; she anticipates continued relative strength while keeping a diversified allocation.
- Rates and Bonds: Post-2020 fiscal dominance suggests choppy-sideways yields rather than a renewed secular bond bull, making long-duration bonds less attractive versus real assets.
Why Initial Jobless Claims Could Blow Up the Stock Market | TCAF 194
- De-dollarization: Guest outlines a structural shift as global investors reduce US exposure, initiate FX hedges, and gradually reallocate away from dollar assets.
- Dollar Weakness: Expectation of a gradually weaker dollar driven by policy uncertainty, budget concerns, and changing portfolio flows beyond traditional Fed and growth cycles.
- Gold: Highlighted as a key alternative for US investors seeking anti-dollar exposure, with China’s Shanghai Gold Exchange expanding global avenues to hold and transact in gold.
- Crypto: Institutions now widely trade crypto; discussed as an alternative to the dollar with policy dynamics supporting broader adoption without posing an immediate existential threat.
- Non-US Assets: Evidence of flows favoring non-US (notably European) bonds while US long-duration safety is questioned; reallocation expected to be slow but persistent.
- Tariff Policy: Tariffs seen as a dial, not a switch; likely path includes a 10% minimum and 30–40% targeted at China plus sectoral levies (autos, metals, semis), sustaining uncertainty.
- Consumer Impact: Retail commentary (Best Buy, Walmart, Ross) suggests tariffs are pressuring demand; services and travel data mixed, reinforcing caution.
- Labor Market Watch: Initial claims and continuing claims are key triggers; a spike above ~255k could rapidly shift Fed expectations and market pricing.
Jonathan Lewinsohn – Credit Microcycles at Diameter (EP. 484)
- Private Credit: Direct lending is now underrated, with a coming wave of capital solutions needed to fix over-levered 2021–22 vintages as refinancing at double-digit coupons becomes untenable.
- AI Infrastructure: Attractive credit opportunities financing data centers and power assets, favoring hyperscaler-guaranteed, amortizing structures while avoiding long-dated chip residual risk.
- Telecom Networks: A continuing microcycle as fiber and fixed wireless reshape broadband; legacy cable faces pressure while fiber build-outs and spectrum needs support selective credit opportunities.
- US Housing: A rate-lock “freeze” creates a coiled spring; focus on building products credits tied to renovations, with upside as transactions normalize and rates eventually ease.
- Chemicals Overcapacity: China’s push in base and specialty chemicals threatens margins globally; positioning for a disruptive microcycle, including potential short opportunities.
- Healthcare Policy: Policy whipsaw and labor inflation create volatility; prefer diversified payor mixes across commercial/Medicare/Medicaid and durable return-on-capital models.
- Asset Backed Finance: Insurance-driven private IG is compelling, but beware residual “stumps” that defer cash and may migrate into less suitable vehicles.
- Macro Integration: Active macro work underpins underwriting across credits, distinguishing cyclical noise from structural shifts and guiding sector allocations.
Donald Trump And The Dollar: Either Weakening It Works Or It Doesn’t
- Dollar Debasement: The guests argue policy is targeting a weaker dollar, setting up a prolonged debasement trade with broad portfolio implications.
- Precious Metals: Gold and silver are highlighted as major beneficiaries of debasement, counterparty risk concerns, and systemic fragility, with price action accelerating.
- Commodities & EM: They expect commodities and emerging markets to outperform, drawing parallels to 2001–2007 when a falling dollar drove strong EM and commodity returns.
- Market Risks: Systemic risks from massive derivatives turnover and potential liquidity freezes are flagged, with the pace of change seen as the key danger.
- Inflation Outlook: Persistent inflation and possible 1970s-style second wave could erode purchasing power, pressuring S&P margins and favoring real assets.
- Energy & Gas: Underinvestment in oil, gas, and uranium plus EU gas policy may tighten supply; natural gas dynamics present both risk and opportunity.
- De-dollarization: BRICS initiatives and waning foreign demand for Treasuries could accelerate de-dollarization, intensifying currency and trade tensions.
- Portfolio Strategy: Emphasis on active management, real assets exposure, and readiness to rotate toward commodities and EM to protect purchasing power.
Jacques Bonneau: How I Pick Junior Miners, Plus 7 Stocks I Like Now
- Commodity Cycle: Guest emphasizes the cyclical nature of junior mining, advocating buying lows, selling highs, and trading rather than buy-and-hold.
- Gold Focus: Bullish on gold with historical cycle analysis and geopolitical tailwinds, noting silver typically lags gold in bull phases.
- Lithium: Identified a bottom and a technical “golden cross,” citing momentum in large producers like SQM (SQM) and Albemarle (ALB) with notable price gains.
- Rare Earths: Geopolitics and U.S.-China dynamics are seen as catalysts; suggests buying rare earth names when they become the “flavor of the month.”
- Copper: Expects copper to follow gold and silver in bull phases, with potential upside in large deposit plays as the cycle matures.
- Strategy & Risk: Highlights the 80/20 rule, importance of management quality, technical signals, and recognizing “mini-bubbles” lasting 4–18 months.
- Jurisdictions: Prefers Canada, South America, and Finland/Americas for lower risk; avoids China and Russia, while viewing Ivory Coast as promising but risky.
- Market Outlook: Sees broad bullish conditions across commodities, with macro-political forces potentially amplifying gold and select metals.
The Financial Crisis Of 2026: Economists Sound Alarm Bells | Hanke & Skousen
- Market Outlook: Expect slow growth with stubborn inflation as money supply accelerates and wealth effects keep consumption elevated.
- Precious Metals: Strong secular bull case for gold and silver, with targets up to $6K–$7K for gold and tailwinds from a weaker dollar and diminishing Bitcoin hedge appeal.
- AI Infrastructure: Data centers and chip-making are boosting industrial demand for silver, supporting sustained consumption despite potential tech stock volatility.
- Uranium/Nuclear: Uranium and nuclear stocks pitched as having better upside than gold/silver, aided by SMR adoption and tight supply dynamics.
- Copper: Ongoing infrastructure build and data center growth underpin copper demand; copper equities were highlighted as attractive.
- Companies Mentioned: Miners cited as examples of recent strength include Kinross Gold (KGC), Newmont (NEM), and Southern Copper (SCCO).
- Risks: Geopolitical tensions (Iran/Hormuz), tariff uncertainty, and potential government shutdowns pose macro risks, while above-ground silver hoarding dynamics could influence supply.
Diversification is more important than ever! | Systematic Investor | Ep.385
- Metals Momentum: Extensive discussion of strong trends in precious metals (gold, silver, platinum, palladium) and broadening strength into base metals (copper, aluminum).
- Commodity Supercycle: Potential for a renewed supercycle tied to monetary system shifts and deglobalization, with metals likely key beneficiaries.
- Weak Dollar: A structurally weaker USD was highlighted as a tailwind for commodities and FX trend opportunities, including short dollar exposures.
- Managed Futures: Positive outlook for diversified, rules-based trend following given multiple concurrent trends across sectors and robust January performance.
- Diversification Edge: Emphasis on breadth across commodities versus narrow, replicator-style allocations that may miss non-core markets during broad trend regimes.
- Risk Management: Volatility estimation speed materially affects outcomes; faster cuts protect in shocks while slower estimates can capture more of enduring trends.
- Geopolitical Risk: Rising geopolitical and trade frictions seen as supportive for trend strategies that adapt to macro regime shifts.
- No Single-Stock Pitch: No specific public equities or tickers were advocated; the focus remained on commodities, currencies, and managed futures allocations.
Peter Krauth: Silver Price at Triple Digits, Here's What Happens Next
- Silver Breakout: Silver’s surge to triple digits is attributed to multi-year supply deficits and accelerating investment demand, with expectations for a healthy consolidation before further gains.
- Miners Re-Rating: The guest argues silver miners are primed for a major revaluation as analysts update models to higher silver prices and margins expand over coming quarters.
- Developers’ Upside: Producers trade near ~2x NAV while developers hover around ~0.2x NAV, implying significant catch-up potential and highlighting developers and quality smaller producers as focus areas.
- Asia Demand: China’s dominant solar manufacturing and refining capacity plus persistent premiums signal strong ongoing demand; India is also paying premiums and substituting into silver jewelry.
- Industrial Offtake: Large buyers like Samsung are securing silver via supply agreements and pre-funding, with potential solid-state battery demand adding to industrial pull.
- Solar Dynamics: Copper substitution faces technical and retooling hurdles; higher panel costs could spur subsidies, creating a feedback loop supportive of silver demand.
- Market Timing: Historical bull-market drawdowns of 15–30% suggest a possible pullback is a buyable reset; the guest expects year-end prices higher than today.
- Equity Leverage: Silver stocks have underperformed the metal in recent years but may flip to positive leverage as cash flows and valuations catch up.
Massive Dump In Gold, Silver: Why Rick Rule Is Selling Now
- Precious Metals: Rick Rule is long-term bullish on gold as a savings asset and expects continued support from negative real yields and central bank demand.
- Gold Miners: He argues gold miners are not overvalued assuming ~$4,200 gold, with upside from earnings surprises as sell-side models use lower price decks.
- Silver: He took profits after a parabolic move, emphasizing a discipline of buying hated assets and selling when love and reduced utility emerge.
- Oil and Gas: High conviction multi-year call driven by chronic underinvestment and capital starvation, setting up tighter supply and better industry economics.
- Macro Backdrop: Negative real yields, rising long-end rates, and the return of bond vigilantes support hard assets over fiat-denominated savings.
- Institutions: He notes institutions are being “dragged” into gold miners by performance, implying continued flows despite decades of neglect.
- No Single-Stock Picks: No specific tickers were pitched; focus was on sector-level opportunities in gold miners and oil and gas, with emphasis on valuation math and risk control.
THE OIL MARKET HAS SPOKEN (Guest: Craig Shapiro)
- Precious Metals: Extended discussion on gold vs. silver dynamics, debasement hedging, Asian buying, and volatility signaling risk-manager-driven de-leveraging.
- Dollar Weakness: Guest argues Trump’s policy mix implies a structurally weaker dollar, with implications for flows out of USD assets and into gold and non-U.S. equities.
- Oil Bull Market: Case made for higher oil due to industry supply discipline, geopolitical risk premium, and the inflation/volatility feedback loop impacting broader markets.
- AI Capex: Shift from software to hardware/memory profits noted; financing moving from internal cash flow to debt as market becomes more selective across the AI value chain.
- Emerging Markets: Weak-dollar beneficiaries and commodity-linked equities highlighted as leaders YTD, with caution about short-term de-risking as cross-asset volatility rises.
- Japan and China: Guest sees both as investable on capital rotation from U.S. assets, Japan’s deficit spending/repatriation tailwinds, and China’s quieter but persistent policy moves.
- Market Volatility: Warns of a regime where commodity and FX vol bleeds into equities, forcing de-grossing; emphasizes risk management and potential for episodic deleveraging events.
What Is Real Money? Why Dollars Aren’t Savings & Gold Returns | @Goldsilver's Alan Hibbard
- Hard Money vs Currency: The guest distinguishes saving (gold, silver, Bitcoin) from investing/speculation, emphasizing preservation of energy/value over time.
- Precious Metals: Gold and silver are framed as primary stores of value resistant to entropy, with caveats on silver’s industrial use and periodic supply shocks.
- Bitcoin: Positioned as digital gold prioritizing security and decentralization over scalability, making it unsuitable as a currency but viable for long-term saving if understood.
- Monetary Trilemma: Discussion of scalability, decentralization, and security trade-offs explains why money and currency must be layered in a system.
- Market Outlook: Signals of dollar weakness, sanctions, and central bank dynamics suggest movement toward a new monetary regime potentially referencing gold.
- Gold Standard: A potential gold-backed framework is explored, with recognition of political, debt, and social constraints that complicate implementation.
- Opportunities & Risks: Holding money (gold/silver/Bitcoin) for long-term savings and using currencies for transactions; risks include Bitcoin volatility and silver’s supply sensitivity.
- Investment Perspective: Focus on emotional tolerance, balance, and minimizing “energy liabilities,” building portfolios that require infrequent intervention.
The End Of The Carry Trade Era And The Biggest Generational Wealth Shift Coming
- Anti-Carry Shift: The guest argues a transition from a carry-trade regime toward an anti-carry environment, with inflation and monetary regime change likely forcing volatility higher.
- Gold’s Role: Gold is framed as a monetary debasement signal and systemic-risk hedge, but the guest expects energy to outperform gold over the next few years given fundamentals.
- Energy Undersupply: Years of underinvestment, shale rollover, and limited spare capacity set up oil and especially natural gas for tighter markets and higher prices.
- Offshore and Oil Sands: Specific opportunities highlighted include offshore drilling contractors (asset replacement value gaps) and long-life Canadian oil sands producers for leverage to rising oil.
- Gas Demand Drivers: AI data centers and LNG exports create a three-way tug-of-war for US gas (consumers, data centers, export markets), threatening the US’s historic price discount.
- Macro Risks: Central bank limits amid inflation, large derivative exposures, and trade/monetary shifts (tariffs, BRICS initiatives) elevate volatility and support real assets.
- Market Perspective: The guest favors a rotation from financialized assets to real assets, prioritizing energy over precious metals near term; no specific stock tickers were pitched.
Rick Rule: Oil/Gas Move is Inevitable, but Copper is Next Bull Market
- Portfolio Moves: Rick Rule sold most of his physical silver after a parabolic move and redeployed into high-quality silver miners, physical gold, and oil & gas equities.
- Silver Stocks: He argues top-tier silver producers should re-rate as the market shifts from discounting $45 silver to $75–$80, offering 50–70% upside even if silver stays flat.
- Stock Selection: Recent outperformance skewed to higher-cost names (e.g., First Majestic, Santa Cruz, Endeavour Silver), while quality producers and brand names like Hecla and Coeur have lagged but still did well.
- Oil & Gas Outlook: He’s building a beta-centric portfolio tilted to majors, expecting the thesis to play out over 2–2.5 years, with key risks being global recession or geopolitical peace that restores supply.
- Copper Thesis: Structural deficits, multiple mine outages, and a $250B capex need suggest a coiled-spring setup despite muted prices for much of the year.
- Uranium Juniors: Shift from spot to term contracting enables bank financing; only a handful of juniors have meaningful resources, so cost position and ROCE discipline are crucial.
- Precious Metals Discipline: He saves in gold and is likely exiting platinum/palladium after an 80% rise, emphasizing a “buy hate, sell love” framework and preference for large caps over juniors given current valuations.
Geopolitical Expert: War Between China and the US Is Inevitable | Q&A by Matters!
- AI: Positioned as the core engine of the modern kill chain and a decisive factor in the West–China strategic contest, with accelerating autonomy in weapons systems.
- Quantum Computing: Highlighted as transformative for both AI sentience and broader technological change, with profound implications for security and society.
- Cryptocurrency: Bearish view arguing crypto is liquidity-driven, fundamentally weak, and vulnerable to quantum attacks that could break blockchain.
- US-China Tensions: Framed as a hegemonic, zero-accommodation clash determining future global order, driving defense and technology priorities.
- Defense Technology: Emphasis on AI-enabled targeting, autonomy, and modern combat skills (e.g., drone operations), underscoring investment relevance of military tech.
- Aerospace & Defense: Sector importance elevated by Ukraine lessons and anticipated Indo-Pacific conflict risks, with capability speed and adaptation as key edges.
- Market Outlook: Warns of Western complacency from prolonged money printing and high asset prices, increasing geopolitical and technological risk exposure.
- No Specific Tickers: No individual public companies were pitched; insights focused on macro themes across technology and defense.
Wheaton Precious Metals | Randy Smallwood and Jimmy Connor
Description: Bloor Street Capital Inc. was paid a fee for producing this event. Bloor Street Capital Inc. and its affiliates may or may not hold … Transcript: Randy, thank you very much for joining us today. How are things in Vancouver? >> Fantastic, Jimmy. Fantastic. Really uh really happy to be back on the show. […]
Marc Faber on What's to Come in 2026 | Marc Faber and Jimmy Connor
Description: Bloor Street Capital Inc. was paid a fee for producing this event. Bloor Street Capital Inc. and its affiliates may or may not hold … Transcript: Mark, thank you very much for joining us today. How are things in Thailand? >> Everything is fine, thank you. It’s cold in the north. >> I How […]
