Stijn Schmitz welcomes Dr. Arthur Laffer to the show. Mr. Laffer is a Renowned American Economist and Best-Selling Author. In this wide-ranging discussion, Dr. Laffer provides deep insights into economic policy, drawing from his extensive experience as an economist and advisor to President Reagan. Dr. Laffer emphasizes the importance of five key pillars of economic prosperity: taxes, spending, monetary policy, regulatory policy, and trade policy. He argues that lower tax rates, spending restraint, sound monetary policy, minimal regulations, and free trade are essential for economic growth.

Reflecting on his work with Reagan, he highlights how reducing tax rates from 70% to 28% and implementing strategic monetary policies transformed the US economy. Discussing current economic challenges, Dr. Laffer is optimistic about the US economy. He addresses concerns about national debt, arguing that while the numbers appear large, they are not as dire as they seem when considering debt-to-wealth ratios and debt service costs. He warns against income redistribution policies, presenting a mathematical theorem that demonstrates how such transfers invariably reduce total economic production. On monetary policy, Dr. Laffer criticizes recent Federal Reserve approaches, advocating for a price rule similar to the gold standard. He sees gold and cryptocurrencies as refuges from poor monetary management, believing private market solutions can create more stable currencies. He’s particularly impressed with stablecoins like Tether and their potential to provide monetary alternatives.

Regarding global trade and geopolitics, Dr. Laffer advocates for peace through economic strength. He believes in free trade and mutual prosperity, arguing that countries should focus on becoming trading partners rather than adversaries. He’s critical of over-regulation and redistributionist policies in Europe and supports market-driven solutions to challenges like climate change. Throughout the interview, Dr. Laffer’s core message remains consistent: economic prosperity comes from creating incentives for production, minimizing government intervention, and allowing free markets to solve problems.

Timestamps:
00:00:00 – Introduction
00:00:49 – US Economy Strength
00:04:10 – Supply Chain Concerns
00:05:29 – China Trade Partnership
00:06:10 – Trump’s Reshoring Policies
00:09:02 – Globalization Perspectives
00:10:15 – European Economy Critique
00:12:13 – Monetary Policy Insights
00:16:45 – National Debt Analysis
00:25:50 – Unfunded Liabilities View
00:29:09 – Redistribution Theorem Explained
00:35:01 – Gold’s Safe Haven Role
00:38:46 – Peace Through Strength
00:45:05 – BRICS Currency Alternatives
00:49:25 – Tether and Gold
00:52:42 – Concluding Thoughts

Guest Links:
Website: https://laffercenter.org
X: https://x.com/LafferCenter
Amazon Book: https://tinyurl.com/4tdtp5pm

Widely known as the “Father of Supply-Side Economics,” Dr. Arthur B. Laffer is one of the most influential economic minds of the last century. He is best known for the Laffer Curve, a groundbreaking theoretical construct illustrating the critical tradeoff between tax rates and government revenue—an idea Time Magazine named one of the few advances that “powered the 20th century”.

Dr. Laffer’s career spans the highest levels of academia and public policy. He served as the first Chief Economist at the Office of Management and Budget and was a core member of President Ronald Reagan’s Economic Policy Advisory Board during both terms. His counsel was instrumental in triggering the global tax-cutting movement of the 1980s, advising leaders ranging from Margaret Thatcher to Donald Rumsfeld.

An alumnus of Yale and Stanford, Dr. Laffer held distinguished professorships at the University of Chicago, USC, and Pepperdine. Today, he is the Chairman of Laffer Associates, providing institutional research and consulting from his base in Nashville. A prolific author of works including The End of Prosperity and Trumponomics, Dr. Laffer continues to shape the global conversation on fiscal policy and market incentives.

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.

Stijn Schmitz welcomes Mario Innecco to the show. Mario Innecco is Financial and Macro Economic Analyst, and also host of the ‘Manneco64’ YouTube Channel. The discussion centers on the current bull market in gold and silver, driven by several fundamental factors. Innecco highlights four primary drivers: de-dollarization, global debt challenges, geopolitical uncertainty, and the transition from a paper to a physical precious metals market. The de-dollarization trend is particularly significant, with countries seeking alternatives to the US dollar-dominated system. Central banks are increasingly buying gold, potentially aiming to hold 40% or more of their reserves in physical gold. The massive global debt, now around 300 trillion dollars, is making it increasingly difficult for governments to manage financial obligations, leading to potential financial repression and currency devaluation.

Mario emphasizes the importance of the Shanghai Gold Exchange in challenging the traditional Western paper trading markets. The exchange represents a shift towards physical trading, which could fundamentally change how precious metals are valued. He suggests that the transition from a paper to a physical market makes it harder to manipulate gold and silver prices.

Looking at potential price targets, Innecco draws parallels with historical bull markets, suggesting gold could reach as high as $8,300 based on previous price movements. He also discusses the possibility of a gold revaluation by the US Treasury, which could provide a financial windfall without adding to the national debt. The conversation extends to silver, which Innecco believes will continue to outperform gold, particularly in the latter stages of the current bull market. He recommends a conservative investment approach, suggesting investors allocate 90% to physical precious metals and 10% to mining stocks.

Timestamps:
00:00:00 – Introduction
00:01:12 – Gold’s Fundamental Drivers
00:04:30 – Debt and Financial Repression
00:05:10 – Paper Market Ending
00:09:42 – Silver Market Bifurcation
00:11:01 – Central Bank Buying
00:14:56 – Global Debt Inflation
00:19:51 – Gold Revaluation Potential
00:23:03 – Mystery Gold Flows
00:26:29 – BRICS Currency Remonetization
00:29:00 – Historical Bull Parallels
00:34:26 – Silver Bullish Breakout
00:39:27 – Commodity Rotation Outlook

Guest Links:
X: https://x.com/maneco1964
YouTube: https://www.youtube.com/c/maneco64

Mario Innecco is a seasoned financial markets and macroeconomics analyst with over 25 years of experience in the industry. He began his career in private banking in Geneva, Switzerland, before spending two decades in the City of London, specializing in exchange-traded derivatives, government bonds, interest rates, and broader economic trends. During this time, he advised major financial institutions and corporate clients on market strategies and risk management.

A dedicated proponent of the Austrian School of Economics, Mario founded the maneco64 YouTube channel in November 2015, which serves as a platform for alternative economics and contrarian views. Through his videos, blog articles, and social media, he educates a worldwide audience on the intricacies of the fiat monetary system, financial markets, and the enduring value of precious metals like gold and silver.

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