Show Notes
Stijn Schmitz welcomes Marc Faber to the show. Marc Faber is Contrarian Investor & Publisher of the Gloom, Boom, & Doom Report. Faber begins by discussing the unprecedented high levels of global debt and the unsustainable fiscal deficits in Western democracies, which he believes have been financed by excessive money printing. He argues that quantitative easing, once started, cannot be stopped without causing significant pain that democracies will not accept. Faber questions whether real economic growth has occurred or if it is merely nominal growth driven by money supply expansion. He points to the decline in home affordability and real wages as evidence that the middle class has been destroyed while asset holders have benefited enormously. Faber expresses deep skepticism about official inflation figures, suggesting they are manipulated to reduce government expenses like Social Security adjustments and interest payments. He asserts that true inflation is likely much higher than reported. He is critical of the US Treasury market, noting that while it remains liquid, the rising cost of servicing the national debt—now over $1.13 trillion annually—poses a severe long-term problem. He warns that the entire asset market bubble, especially in AI and semiconductor stocks, will eventually burst, though the timing is uncertain. Regarding gold, Faber reiterates his long-standing advice that individuals should own gold as a hedge against central bank policies, viewing it as a store of value that will likely decline less than other assets in a crash. He also notes that energy and agricultural commodities are historically cheap relative to gold and other assets, presenting potential long-term opportunities. Faber concludes by recommending his Gloom, Boom, & Doom Report for those wanting deeper economic study, ending with a warning that in a severe debt deflation, nearly all assets will fall and the key is to lose the least money.
More from Palisades Gold Radio
Rory Johnston, founder of Commodity Context and host of the Oil Ground Up podcast, joins Palisades Gold Radio to dissect the current energy crisis. He argues that while the market has avoided outright shortages in the West, the war has created a “balkanized” global oil market. The primary issue is not just crude supply, but a severe crisis in refining capacity, particularly for middle distillates like diesel and jet fuel. Diesel crack spreads have hit unprecedented levels (near $100-$120 a barrel), driven by a combination of the Iran war, Ukrainian attacks on Russian refineries, and Houthi strikes on Saudi infrastructure. This has led to a million to 1.5 million barrels per day loss in diesel supply, with emerging markets like Indonesia feeling the pain of outright shortages first.
Stijn Schmitz welcomes Bob Moriarty to the show. Bob Moriarty is Author, Founder 321 Gold, & Former Marine Fighter Pilot. The discussion centers on escalating Middle East conflicts, particularly the Houthi attacks on Saudi Arabia and the broader geopolitical brinkmanship involving Iran, Israel, and the United States.
Stijn Schmitz welcomes Trader Ferg to the show. Trader Ferg is a Full-time Trader and is the Author of the Trader Ferg Substack. The discussion opens with a vivid illustration of emerging fuel shortages, as Trader Ferg shares images of long queues at his local petrol station in Bali, a symptom of diesel and product tightness spreading across Asia. He argues that governments avoid admitting scarcity, instead running down strategic reserves, but this dynamic sets the stage for a prolonged “big refill” cycle that will keep crude and refined products tight for years. He cautions that markets are complacently expecting a quick resolution, while the reality points to sustained supply constraints.
Stijn Schmitz welcomes Jeff Phillips to the show. Jeff Phillips is a Private Investor and President of Global Market Development. Jeff Phillips sees the current pullback in precious metals and junior miners as a buying opportunity within a longer-term commodity super cycle driven by underinvestment, supply chain concerns, and inflationary currency debasement. He cautions that short-term timing remains uncertain, so maintaining cash and avoiding overleverage is essential. Phillips focuses on junior exploration and development companies, typically entering at $5 to $40 million market caps, and stresses that management quality and share structure matter more than geology alone. He looks for experienced teams with significant insider ownership and long-term shareholders rather than warrant flippers.
Stijn Schmitz welcomes David Hunter to the show. David Hunter is Chief Macro Strategist with Contrarian Macro Advisors. Hunter presents a deeply contrarian outlook, arguing that the extreme bearishness in the bond market signals a major bottom in bonds and a top in interest rates, particularly the 10-year Treasury. He believes the current narrative of an inescapable fiscal trap and higher rates is already priced in, and he expects oil prices to roll over into the $60 range, contributing to a downside surprise in inflation as the economy slows.