Palisades Gold Radio

Stijn Schmitz welcomes Doomberg to the show. Doomberg is the head writer For The Doomberg Team and creator of the Doomberg Substack. The interview delves into the complex geopolitical landscape, focusing on the transition from a unipolar to a multipolar world, with particular emphasis on the rising power of China and the potential decline of the United States. Doomberg argues that the world is effectively in the early stages of World War III, which began around 2014, characterized by economic and strategic conflicts between the Western-based financial system and the emerging global south led by China and BRICS countries.

A significant part of the discussion centers on technological transformation, particularly artificial intelligence (AI). Doomberg highlights the rapid acceleration of AI capabilities, with the doubling time of technological advancement potentially shrinking to weeks. He suggests that AI and robotics could fundamentally reshape geopolitical dynamics, potentially mitigating demographic challenges for countries like China.

The conversation also explores critical mineral dynamics, energy markets, and the potential for de-dollarization. Doomberg believes there is substantial room for gold to appreciate as a neutral reserve asset, potentially reaching prices around $5,000 to $21,000 per ounce to rejuvenate US manufacturing and global trade settlements. Regarding the United States’ future, Doomberg remains cautiously optimistic. He argues that despite current challenges, the US has significant advantages, including being the world’s largest energy producer, advanced AI capabilities, and substantial natural resources. However, he emphasizes the importance of strategic focus and avoiding resource-draining international conflicts.

Lastly the conversation touches on Europe’s diminishing global relevance, primarily due to its energy dependence and lack of industrial capacity. Doomberg suggests the European Union is already experiencing structural challenges that could potentially lead to its fragmentation. Ultimately, Doomberg presents a nuanced view of global power dynamics, emphasizing technological innovation, energy resources, and strategic adaptability as key factors in determining future geopolitical landscapes.

Timestamps:

00:00:00 – Introduction

00:00:44 – Geopolitical Landscape Overview

00:02:05 – Historical Empire Parallels

00:03:35 – World War III Framework

00:05:15 – Critical Minerals War

00:07:58 – China’s Energy Security

00:11:43 – Trump’s Venezuela Iran Strategy

00:14:08 – Iran Conflict Energy Markets

00:21:20 – AI Singularity Approach

00:26:37 – Gold & US Power Retention

00:30:59 – BRICS Currency & Settlement

00:35:40 – Critical Mineral Concerns

00:37:22 – U.S. Outcomes

00:40:48 – Europe’s Multipolar Irrelevance

00:45:09 – Commodity Trends

00:51:42 – Silver Fundamentals

00:54:28 – Concluding Thoughts

Guest Links:

Substack: https://doomberg.substack.com

X: https://x.com/DoombergT

Website: https://doomberg.com

Doomberg is the anonymous publishing arm of a bespoke consulting firm providing advisory services to family offices and c-suite executives. Its principals apply their decades of experience across heavy industry, private equity, and finance to deliver innovative thinking and clarity to complex problems.

Stijn Schmitz welcomes Henrik Zeberg to the show. Henrik Zeberg is Head Macro Economist at Swissblock. In this in-depth discussion, Zeberg provides a comprehensive analysis of the current economic landscape, focusing on potential market dynamics and an impending economic recession. Zeberg argues that the current market, particularly in technology and AI, resembles the dot-com bubble, with valuations reaching unsustainable levels. He suggests that while AI will indeed be transformative, the current market exuberance is reminiscent of previous technological bubbles where expectations far outpace immediate economic realities.

The market capitalization to GDP ratio currently stands at approximately 230%, compared to 137% during the dot-com bubble, indicating extreme market overvaluation. Regarding the economic outlook, Zeberg predicts a recession starting no later than the second quarter of 2026, potentially in March or April. He points to significant weaknesses in the job market, with job creation at its lowest levels in 50 years and a growing disconnect between the financial world and real economic conditions. The labor market indicators suggest a substantial economic slowdown, with 50% of consumer spending coming from just 10% of the population.

Henrik anticipates a complex economic cycle involving an initial deflationary period followed by potential inflationary pressures. He expects the Federal Reserve will attempt to intervene, potentially creating a market rally before an eventual significant market correction. He suggests that investors should be prepared for volatility and consider hard assets like real estate, commodities, and precious metals as potential long-term investments.

In terms of investment strategy, Zeberg recommends controlling emotional responses, avoiding getting caught in market euphoria, and being patient. He believes the current environment requires careful navigation, with potential opportunities emerging after a meaningful market pullback. The key is understanding that the era of double-digit growth in speculative assets is likely coming to an end.

Timestamps:

00:00:00 – Introduction

00:00:46 – AI vs Dotcom Bubble

00:04:20 – Current Market Valuations

00:09:58 – Market Cap GDP Anomalies

00:12:07 – Consumer Job Market Weakness

00:15:18 – Delinquency Trends

00:16:38 – Historical Recession Parallels

00:18:40 – Government Debt Constraints

00:21:24 – Fed Intervention Inflation

00:26:25 – Deflationary to Inflationary Shift

00:29:37 – Asset Allocation Strategies

00:32:00 – Key Economic Indicators

00:36:05 – Gold Silver Outlook

00:43:14 – Recession Timeline Prediction

Guest Links:

Substack: https://henrikzeberg.substack.com

X: https://x.com/HenrikZeberg

Website: https://swissblock.net/

Henrik Zeberg is a Macroeconomist (M.Sc. Econ) from the University of Copenhagen. He is a Business Cycles student, Elliott Wave practitioner, and Chartist. He is the Head Macro Economist at Swissblock where he writes the Zeberg letter a comprehensive monthly macroeconomic report.

Stijn Schmitz welcomes William Rhind to the show. William is the Founder and CEO of GraniteShares. Rhind provides insights into the current market landscape, emphasizing the early stages of AI development and the potential for significant transformation across various sectors. Regarding market volatility, Rhind attributes recent fluctuations to multiple factors, including potential Federal Reserve leadership changes, cryptocurrency market movements, and concerns about AI’s impact on software companies. He argues that we are in the early stages of AI development, with significant potential for innovation and disruption across industries.

Rhind highlights the ongoing bull market for hard assets, driven by global economic uncertainties, central bank buying, and concerns about currency debasement. He notes that emerging market central banks are actively diversifying their reserves by purchasing gold, viewing it as a strategic hedge against paper currencies. Platinum receives special attention, with Rhind explaining its unique market dynamics. He points out that platinum is about 30 times rarer than gold and currently sits in a market deficit. The metal’s future looks promising, particularly as previous bearish sentiment around internal combustion engines has dissipated and industrial demand remains strong.

Rhind suggests that while passive investing has benefits, too much concentration can potentially create market inefficiencies. He advocates for a “core and satellite” approach to investing, balancing long-term retirement strategies with more speculative investments.

Timestamps:

00:00:00 – Introduction

00:01:00 – Investor Demand Trends

00:02:00 – Market Volatility Drivers

00:04:28 – AI Bubble Debate

00:06:30 – Dot-com Bubble Comparison

00:10:45 – Commodities in AI Chain

00:12:40 – Energy Sector Opportunities

00:14:12 – Currency Debasement Thesis

00:17:03 – Precious Metals Bull Market

00:19:00 – Central Bank Gold Buying

00:22:02 – De-dollarization and Dollar Outlook

00:28:00 – Silver Market Dynamics

00:32:42 – Platinum Investment Case

00:39:30 – Passive Investing Trends

00:44:40 – U.S. Equity Market Size

00:46:12 – Concluding Thoughts

Guest Links:

Website: https://graniteshares.com

LinkedIn: https://www.linkedin.com/in/william-rhind-5434367

In 2016, Will Rhind challenged himself to find a way to do things differently. As a 18-year veteran of the ETF industry with experience working at, building and running, well-established successful ETF businesses, he made a keen observation: investing just isn’t as exciting as it once was. He asked himself, how do you bring back that excitement? As an experienced entrepreneur, he decided to answer that question by launching his own ETF company – GraniteShares was born. Will’s focus on disrupting the financial industry has taken GraniteShares from an idea to a successful start-up garnering the attention of Bain Capital and other well-known ETF investors who support his passion to create products that will change the way people see investing. Will spends his time outside of GraniteShares with his wife and three children. He’s on the Board of Directors of the Bath University Foundation, has a passion for classic cars, Manchester United, and travel – especially back to his roots in Aberdeen, Scotland, “The Granite City.” Will has over 25 years of experience in the industry.

Stijn Schmitz welcomes back Shawn Khunkhun to the show. Shawn Khunkhun is CEO, President, & Director, Dolly Varden Silver Corp. The interview centers on the current state of the precious metals market, with a particular focus on silver and gold. Khunkhun explains that silver has been in a structural deficit for years, with annual demand exceeding supply by approximately 200 million ounces. After a significant price surge from $40 to $120, the market recently experienced a correction, which Khunkhun views as a healthy part of the bull market. Khunkhun remains bullish on silver, arguing that production cannot meet demand until the next decade. He highlights growing industrial demand, particularly from the electric vehicle market and solar panel industries. The silver market is complex, with only one in four ounces coming from primary mines, making price incentives challenging for producers.

The conversation shifts into geopolitical factors affecting precious metals, including the growing divide between physical and paper markets. Khunkhun emphasizes the different cultural attitudes towards gold and silver in Eastern and Western countries, noting that many regions view these metals as critical wealth preservation tools, especially during economic uncertainty.

Recently, Dolly Varden merged with Contango Ore in a strategic move to create a more robust precious metals company. Khunkhun sees this as an opportunity to leverage Contango’s cash flow and expertise to develop Dolly Varden’s silver properties, creating a unique North American precious metals business. Looking ahead, Khunkhun believes the precious metals market is still in its early stages. He anticipates continued volatility but sees significant potential for growth, particularly if global asset allocation to precious metals increases from its current less than 0.5%. He remains optimistic about gold and silver, suggesting potential prices of $150 per ounce for silver and potentially $8,000 to $9,000 per ounce for gold in the future.

Timestamps:
00:00:00 – Introduction
00:00:41 – Precious Metals Volatility Surge
00:03:02 – Strong Bull Case Silver
00:04:20 – Incentivizing Silver Production Levels
00:06:34 – Industrial Demand Substitutions
00:09:09 – Paper vs Physical Markets
00:11:33 – Geopolitical Physical Demand
00:16:00 – Silver Premiums East/West
00:21:15 – Gold Future Recession Impact
00:24:12 – Financial Reset Possibilities
00:26:17 – Company Merger Rationale
00:31:22 – Mining M&A Activity State
00:39:22 – Volatility Concerns

Guest Links:

Website:: https://dollyvardensilver.com

X: https://x.com/SilverVarden

LinkedIn: https://www.linkedin.com/company/dolly-varden-silver-corp

YouTube: https://www.youtube.com/channel/UCK4YE6ftyxv4G-6zu9BYJvgerved=0

Mr. Shawn Khunkhun has over 20 years of expertise in capital markets and mineral exploration, with a strong focus on creating shareholder value. Over his career, he has facilitated over $2 billion in capital raises, playing a transformative role in advancing exploration, development, and production companies. In his leadership roles as CEO, Director, and Executive Chairman, Mr. Khunkhun has been instrumental in elevating the profiles of undervalued companies and driving strategic growth.

Mr. Khunkhun’s success in incubating and scaling companies through capital raises, acquisitions, and spinouts is powered by an extensive network of high-net-worth investors, private equity, institutional investors, analysts, brokers, and bankers.

Mr. Khunkhun currently serves as a Director of Goldshore Resources and Gladiator Metals and as Director & Executive Chairman of Strike Point Gold. Additionally, he advises West Red Lake Gold Mines, Nations Royalty, and NexGold and is the Founder of Argenta Silver.

Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. This interview centers on the current state of precious metals markets, particularly gold and silver, highlighting significant market dynamics and future potential. Dr. Prins explains the recent volatility in precious metals, particularly the substantial price drop in silver, as primarily driven by technical trading events rather than fundamental market shifts. Nomi emphasizes that the sell-off was more a result of programmatic trading and margin announcements than actual market valuation changes. A key focus is the growing disconnect between paper and physical silver markets, with Shanghai exchanges showing substantial premiums for physical silver. Dr. Prins attributes this to increased eastern interest in physical metals, driven by geopolitical considerations, store of value concerns, and industrial necessities. She notes that the silver market is experiencing its fifth consecutive year of supply deficits, with the total deficit now equivalent to one year’s demand.

Regarding gold, multiple drivers are propelling its momentum, including geopolitical tensions, central bank purchasing, and potential future scarcity. Central banks are increasingly viewing gold as a strategic asset, with some institutions like Morgan Stanley recommending higher gold allocations in investment portfolios. Dr. Prins believes the precious metals market is still in its early stages, comparing it to being in the “first or second innings” of a potential long-term bull market. She highlights the critical minerals landscape, pointing out that 80% of critical minerals are processed outside the West, with China dominating processing capabilities for rare earth elements and other strategic metals. Looking forward, she sees significant investment opportunities in the sector, potentially offering substantial returns for long-term investors who understand the fundamental shifts in global commodity markets. Her analysis suggests that geopolitical tensions, supply chain restructuring, and increasing demand for critical minerals will continue to drive precious metals and related investments.

Timestamps:

00:00:00 – Introduction

00:00:47 – Recent Metals Volatility

00:02:51 – Shanghai Silver Premium

00:03:14 – Physical vs Paper Silver

00:06:22 – Silver Supply Deficits

00:08:05 – Incentivizing New Supply

00:09:38 – Industrial Demand Pain Points

00:11:07 – Gold Bull Market Drivers

00:14:15 – Central Bank Gold Buying

00:17:28 – Long-term Investment Strategy

00:19:49 – Global Debt Levels

00:22:07 – Demographics and Economic Growth

00:25:19 – Critical Minerals Supply Chains

00:28:58 – Concluding Thoughts

Guest Links:

X: https://x.com/nomiprins

Website: https://nomiprins.com

Substack: https://prinsights.substack.com

Dr. Nomi Prins as a Wall Street insider and outspoken advocate for economic reform, Nomi Prins is a leading authority on how the widespread impact of financial systems continues to affect our daily lives. She has spent decades analyzing and investigating economic and financial events at the ground level and meeting with those that shape the world’s geopolitical-economic framework. She continues to break stories by conducting independent research, writing best-selling books, and traversing the globe to share her knowledge and demystify the world of money.

Before becoming a renowned journalist and public speaker, Nomi reached the upper echelons of the financial world where she worked as a managing director at Goldman Sachs, ran the international analytics group as a senior managing director at Bear Stearns in London, was a strategist at Lehman Brothers and an analyst at the Chase Manhattan Bank. During her time on Wall Street, she grew increasingly aware of and discouraged by the unethical practices that permeated the banking industry. Eventually, she decided enough was enough and became an investigative journalist to shed light on the ways that financial systems are manipulated to serve the interests of an elite few at the expense of everyone else.