Palisades Gold Radio

Stijn Schmitz welcomes Tavi Costa to the show. Tavi Costa is Founder & CEO of Azuria Capital LLC. Costa argues that the U.S. is approaching a fiscal breaking point, emphasizing that current bond yields are unsustainable when measured against record debt levels. He notes that with over a quarter of U.S. debt rolling over in the next twelve months at higher rates, the situation is becoming increasingly asymmetric. He predicts eventual intervention through yield curve control or other mechanisms to suppress yields and weaken the dollar, which would benefit hard assets, mining, and emerging markets.

Costa sees a global sovereign debt dilemma eroding confidence in instruments backed only by military strength rather than tangible assets. He believes this paradigm shift echoes the 1940s but with even higher equity valuations today. Gold’s resilience alongside rising yields signals, in his view, that the market is pricing in an inevitable monetary reset or remonetization of gold. He highlights that gold backing for U.S. Treasuries has fallen from fifty percent to just three percent, implying a massive revaluation would be needed to restore discipline. Geopolitical conflicts are seen as symptoms of overwhelming debt, further fueling the thesis for hard assets.

Costa’s investment strategy focuses on a few concentrated macro themes: mining, Latin America, and energy. He structures his mining portfolio using a three-tier framework combining cash-flowing producers, strategic developers, and bold exploration companies. He finds silver miners particularly attractive due to strong balance sheets and high free cash flow yields. Costa cautions against chasing critical metals purely on narrative, advocating a first-principles focus on business quality. He is launching Azuria Capital with a mining fund embodying this approach, aiming to capitalize on what he views as a generational opportunity in the resource space.

Timestamps:

00:00:00 – Introduction

00:00:38 – US Treasury Markets Signal

00:05:05 – Global Debt Issues Explored

00:08:25 – Sponsor Message Bellasets

00:09:14 – Emerging Markets Comparison

00:18:20 – Sponsor Message Palisades

00:19:09 – Gold Reset Thesis

00:27:20 – Geopolitics and Wars

00:32:40 – Latin America Investment Shift

00:35:40 – Portfolio Construction Framework

00:43:20 – Mining Investment Pitfalls

00:49:50 – Azeria Capital Launch

00:57:36 – Concluding Thoughts

Guest Links:

X: https://x.com/tavicosta

LinkedIn: https://www.linkedin.com/in/otavio-tavi-costa-76368628

Substack: https://tavicosta.substack.com

Otavio (“Tavi”) Costa is the Founder and CEO of Azuria Capital LLC. He invented a macro model that identifies the current stage of the U.S. economic cycle through a combination of 16 factors.

His research is regularly featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. Tavi is a native of São Paulo, Brazil, and fluent in Portuguese, Spanish, and English. Before joining Crescat, he worked with the underwriting of financial products and international business at Braservice, a large logistics company in Brazil.

Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. degree in Business Administration with an emphasis in Finance and a minor in Spanish. Tavi played NCAA Division 1 tennis for Liberty University.

Stijn Schmitz welcomes Justin Huhn to the show. Justin Huhn is Founder & Publisher of Uranium Insider Pro. Justin Huhn presents a firmly bullish outlook for uranium, describing the current phase as the middle of a long-term secular bull market. The most critical forward indicators, he argues, are the terms in the long-term contracting market, where suppliers are now securing agreements with high floors and often no ceilings, signaling a market where security of supply is beginning to outweigh price sensitivity. He notes that supply has failed to respond adequately to demand, with greenfield projects moving slowly, while a combination of reactor restarts, life extensions, and an unprecedented global build-out of around 80 reactors is underpinning a structural deficit that will persist for five to seven years. A major new demand driver is the entry of hyperscalers and big tech, who are not only signing power purchase agreements but also exploring SMRs, with hundreds of units in planning. Although SMR demand is conservatively modelled to materialize only after 2030, Huhn expects actual construction starts much sooner to trigger early fuel procurement, adding further competition for available pounds.

On the supply side, he dismisses the notion that new mine supply will pressure prices, emphasizing that developers like NexGen are likely to sell responsibly into term markets on similarly bullish terms, meaning extra production will not dent the price trajectory. The spot market has been quiet, but Huhn views current equity weakness as a significant value opportunity, given the deep disconnect between physical market strength and stock prices. He advocates a dynamic trading approach that uses physical market signals, charting, and sentiment to trade around the core long-term bull thesis, which has allowed his portfolio to outperform in this environment.

Ultimately, Huhn forecasts uranium prices well above $200 per pound, supported by inelastic demand and a multi-year supply gap, with the sector poised for a rerating as investors recognise that supply growth is necessary, not bearish, against massive nuclear energy expansion.

Timestamps:

00:00:00 – Introduction

00:00:50 – Uranium Market Cycle

00:03:30 – Strong Bull Case

00:06:10 – Term Contract Trends

00:09:15 – Forward Market Indicators

00:10:57 – Nuclear Fuel Costs

00:18:15 – Global Nuclear Buildout

00:24:24 – Geopolitical Energy Security

00:28:42 – Small Modular Reactors

00:35:53 – Uranium Supply Landscape

00:36:07 – Mining Equities Opportunity

00:47:35 – Investment Strategies

00:51:45 – Concluding Thoughts

Guest Links:

Website: https://www.uraniuminsider.com

Newsletter: https://www.uraniuminsider.com/newsletter

X: https://x.com/UraniumInsider

Justin is the Founder and Publisher of the Uranium Insider Pro Newsletter. Through the combination of rigorous fundamental analysis and Justin’s thorough understanding of technical analysis, determinations are made for select companies to be included on Uranium Insider Pro’s “Focus List,” as well as the most opportune times for entry or exit.

Justin is frequently asked to offer his commentary on various media forums, including Crux Investor, Smith Weekly, Palisades Gold Radio, Mining Stock Education, and Mining Stock Daily. He also regularly participates in the post-earnings commentary that is broadcast immediately after industry majors release quarterly earnings.

Justin is devoted to bringing value to those that are taking their first look at the uranium sector. Until July 2020, he distributed a complimentary newsletter as an educational tool to those investors seeking to familiarize themselves with the complexities and opportunities offered by the uranium sector and the uranium shares. Regrettably, the Uranium Insider Pro subscription letter’s subscriber growth and breadth no longer allow him to provide this tool.

The success of Uranium Insider has been gratifying, and the emerging bull market in uranium continues to offer an unusually attractive risk:reward proposition for fellow contrarian investors.

Stijn Schmitz welcomes back CEO of the Feneck Consulting Group, John Feneck to the show. The conversation begins with gold’s recent consolidation, noting it has turned negative year-to-date and is down around 5%. Feneck asserts the bull case remains intact, citing support at 3,900–4,000 and dismissing comparisons to the 2016 rate cycle because the Federal Reserve lacks room for aggressive hikes. He highlights Fed Chair Worsh’s hawkish rhetoric as a temporary headwind but points to improving inflation data and a divided policy landscape. The bond market saw a notable intervention by Scott Besson in August, which briefly buoyed sentiment before the Fed’s Jackson Hole messaging reversed gains.

Geopolitical tensions—wars in Ukraine and the Middle East, plus U.S. election uncertainty—create a favorable backdrop for gold, though markets have become somewhat desensitized. Shifting to mining equities, Feneck describes a hub-and-spoke portfolio strategy, using GDX and GDXJ as core holdings and adding select junior explorers and developers.

Timestamps:

00:00:00 – Introduction

00:00:55 – Gold Market Fundamentals

00:01:40 – Fed Policy and Gold

00:04:22 – Treasury and Bond Markets

00:05:42 – Geopolitical Tensions Impact

00:09:46 – Gold Mining Sector Overview

00:12:48 – Junior Mining Stock Picks

00:19:45 – Development Projects Acquisitions

00:22:02 – Gold Price Targets Analysis

00:23:53 – Critical Minerals Investments

00:29:52 – Jurisdiction and Sovereignty Risks

00:32:11 – Investment Timeframes Outlook

00:35:36 – Concluding Thoughts

Guest Links:

X: https://x.com/feneckconsult

YouTube: https://youtube.com/feneckcommoditiesreport

LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport

E-Mail: mailto:john.feneck@yahoo.com

Website/Newsletter: https://www.feneckconsulting.com/

Conference: https://topshelf-partners.com

John Feneck’s upcoming conferences:
Events are invitation only. If interested, please email John at john.feneck@yahoo.com

In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he’s a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.

Stijn Schmitz welcomes back Florian Grummes to the show. Florian is the Founder and Managing Director of Midas Touch Consulting. The discussion opens with concerns about equity markets at all-time highs, rising Treasury yields, and Middle East energy disruptions. Grummes argues the financial system is walking on a tightrope, but central banks will continue printing money to sustain the “paper Ponzi scheme,” delaying any systemic break. He sees the US midterm elections as a near-term uncertainty, expecting markets to struggle until then, followed by a possible year-end rally. On energy, he believes oil prices are being managed and warns that a proposed US diesel export ban could severely stress Europe, potentially leading to supply chain issues and food shortages, advising listeners to prepare by stocking essentials.

Grummes remains bullish on oil producers, citing a strong uptrend, and foresees an inflationary spiral driven by rising bond yields and money supply expansion. He emphasizes that gold’s fundamental drivers are intact: central bank buying, Asian demand, a shift from bonds to precious metals, and ongoing liquidity injections. Technically, gold is in a correction since January, with support around $4,000; a break below could target $3,500, but he views dips as buying opportunities. He highlights the long-term secular bull market in gold and expects miners to benefit from healthy margins and strong balance sheets, though near-term tax-loss selling may create pressure.

For mining investments, he stresses the importance of management track record, jurisdictional safety, concentrated portfolios, and having an exit strategy. He favors stocks with declining volume on pullbacks, indicating weak hands are being squeezed out. Grummes concludes by inviting listeners to his website and Substack for daily and weekly analysis.

Timestamps:

00:00:00 – Introduction

00:00:40 – Current Market Overview

00:01:49 – Paper Ponzi Scheme Concerns

00:02:43 – Middle East Energy Disruptions

00:03:38 – Midterm Elections Impact

00:06:28 – US Geopolitical Weakness

00:09:12 – Diesel Export Ban Feasibility

00:10:10 – Oil Producers Outlook

00:11:24 – Preparing for Supply Shortages

00:12:50 – Economic Slowdown Implications

00:16:22 – Fiat Currency Debasement

00:20:48 – Gold Market Fundamentals

00:28:10 – China Gold Trade Strategy

00:33:16 – Gold Miners Opportunities

00:37:47 – Investment Pitfalls Advice

00:42:38 – Stock Setup Opportunities

00:43:45 – Concluding Thoughts

Guest Links:

Website: https://www.midastouch-consulting.com

X: https://twitter.com/FlorianGrummes

Substack: https://substack.com/@midastouchconsulting

Telegram: https://t.me/MidasTouchConsulting

Free Newsletter: http://eepurl.com/d5Euf

LinkedIn: https://www.linkedin.com/in/floriangrummes/

Seeking Alpha: https://seekingalpha.com/author/florian-grummes

Facebook: https://www.facebook.com/Midastouchconsulting

Florian Grummes is an independent financial analyst, advisor, consultant, mentor, trader & investor as well as an international speaker with more than 30 years of experience in financial markets. 

Florian is the founder and managing director of his company Midas Touch Consulting, which is specialized in trading & investments as well as consulting, analysis & research with a focus on precious metals, commodities and digital assets.

Via Midas Touch Consulting he is publishing daily and weekly gold, silver, bitcoin & cryptocurrency analysis for his numerous international readers. Florian is well known for combining technical, fundamental/macro and sentiment analysis into one often accurate conclusion about the markets.

Stijn Schmitz welcomes back Investor, Speculator, Founder & CEO of Rule Investment Media, Rick Rule to the show. Mr. Rule begins by discussing his current focus on preparing for increased market volatility by deeply re-valuing his major holdings, emphasizing the importance of understanding value over price to capitalize on market fluctuations. He notes that while few sectors are truly hated now, geopolitical war zones and lesser-known jurisdictions like Ivory Coast and Kazakhstan present unique opportunities. Addressing gold, Rule expresses a substantially higher outlook over five years, though he warns of short-term headwinds from rising US interest rates. He draws parallels to the 1970s, explaining that high interest rates and a rising gold price can coexist if driven by inflation fears, but also highlights the current environment’s worse government debt ratios and less favorable demographics, balanced by technological advances.

The conversation shifts to gold miners, with Rule bullish on their potential to outperform the metal due to structural underinvestment in exploration, driving significant merger and acquisition activity. He identifies strategic, tactical, and arbitrage-driven acquisitions as key themes for the sector, noting that single-asset producers are prime takeover targets. On energy, Rule remains long-term bullish on oil due to chronic underinvestment in sustaining capital, though he cautions that a near-term resolution to geopolitical conflicts could cause a sharp price drop. He concludes with advice for resource investors: do the necessary fundamental work, maintain patience for multi-year holds, and cultivate tolerance for volatility. Finally, Rule directs listeners to his free resources at ruleinvestmentmedia.com, the Rule Classroom, and his bank, Battle Bank.

Timestamps:

00:00:00 – Introduction

00:01:03 – Preparing for Market Volatility

00:04:31 – Investing in Hated Sectors

00:05:28 – Raising Cash for Opportunities

00:07:53 – Gold Price Outlook

00:11:12 – Parallels to the 1970s

00:12:30 – Technology and Demographics

00:17:30 – Debt, Inflation, & GDP

00:22:04 – Gold as Portfolio Liquidity

00:31:30 – Gold Miners Leverage Potential

00:33:00 – Mining M&A Opportunities

00:46:00 – Energy Sector Analysis

00:52:50 – Rule Investment Media

Guest Links:

X: https://x.com/@realrickrule

Website: https://ruleinvestmentmedia.com

YouTube: https://www.youtube.com/@RuleInvestmentMedia

Classroom: https://ruleclassroom.com

Battle Bank: https://battlebank.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.