Tom Bodrovics hosts Michael Oliver from Momentum Structural Analysis (MSA) and Vince Lanci, author of the Goldfix Substack, to discuss the dynamics of the silver market from short, medium, and long-term perspectives. Michael Oliver, a technical analyst, provided insights based on historical price patterns and momentum indicators, while Vince Lanci offered a trader’s perspective, focusing on market sentiment and physical demand. Oliver highlighted that silver has been confined to a narrow price range for decades, similar to other commodities like copper and lead. He argued that the recent breakout above $50 suggests a potential for a significant upward move, possibly reaching $500 or more, based on historical ratios. He cited past instances where commodities like copper and lead experienced dramatic price increases after breaking out of long-term ranges. Oliver also discussed the significance of the silver-to-S&P 500 ratio, which has recently broken out of an 11-year base, indicating a strong bullish signal.





Some Competent Links:Website: https://competentinvestor.comSubstack: https://competentmanpod.substack.com/X: https://x.com/CompetentManPodRumble: https://rumble.com/c/c-7699939



Lanci, on the other hand, emphasized the role of physical demand and the decoupling of traditional financial correlations. He noted that the recent rebalancing of the Bloomberg Commodity Index, which includes silver, is a known event and unlikely to significantly impact the silver price in the short term. Lanci also discussed the potential for a shift in asset allocation from tech stocks to precious metals, driven by concerns over inflation and debt.



The conversation also touches on the broader economic landscape, including the potential for a severe recession and the impact on precious metals. Oliver and Lanci agreed that a stock market collapse could lead to a significant shift in asset allocation, benefiting gold and silver. They also discussed the potential for institutional adoption of precious metals as a store of value, driven by a loss of trust in fiat currencies. In conclusion, both experts expressed bullish views on silver, with Oliver predicting a potential move to $500 or more in the coming months, and Lanci highlighting the role of physical demand and the potential for a shift in asset allocation. They also agreed that the broader economic landscape, including the potential for a recession, could further support the price of precious metals.



Timestamps:00:00:00 – Introduction00:00:57 – Short-Term Silver Pressures00:05:05 – Long-Term Silver Perspective00:10:29 – Spread Chart Breakouts00:14:25 – Disciplines Synergy Discussion00:14:57 – Breaking Financial Correlations00:19:29 – Government Tolerance Policies00:20:53 – Capital Rotation Scenarios00:23:18 – Dollar and Bond Weakness00:38:13 – Recession Bubble Warnings00:42:44 – Commercial Real Estate Risks00:46:42 – Institutional Metal Adoption00:51:32 – Oil Market Outlook01:01:00 – Concluding Thoughts



Michael Oliver Guest Links:Website: http://www.olivermsa.com/X: https://twitter.com/Oliver_MSAEmail: mailto:michaeloliver@olivermsa.com



J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F.

Tom Bodrovics welcomes John Johnston to the show. John Johnston is a Veteran Commodities Trader & Substack Publisher. JJ discuess the current state of the markets and the looming impact of AI technology. Johnston expresses concern over the rapid advancement of AI, warning that it may render many human activities and skills irrelevant. He believes AI could create a “super creature” that is smarter than humans, making traditional measures of wealth and value obsolete.





Regarding the current market dynamics, Johnston explains that the high stock market and gold prices are not due to inflation, but rather a reflection of the declining value of fiat currencies. He notes that central banks are buying gold as a hedge against distrust in the financial system, while the general public in the US is not as compelled to own gold compared to other countries like China. Johnston also laments the declining standards of education and historical/cultural awareness among the general population, which he sees as a crisis of meaning and purpose. He contrasts this with his own upbringing, where he was exposed to a broad range of literature and knowledge by a young age.



Ultimately, Johnston expresses deep uncertainty and trepidation about the future, as the rapid technological changes outpace human understanding. He advocates for buying gold as a hedge, while acknowledging the challenges and volatility of the silver market. Johnston’s insights paint a sobering picture of the societal and existential challenges humanity may face in the years ahead.



Timestamps:00:00:00 – Introduction00:00:35 – AI Transformative Impact Ahead00:05:41 – Redefining Wealth Post-AI00:07:26 – Dollar Crash and Gold Stability00:09:29 – Central Banks Buying Gold00:14:12 – America’s Identity and Meaning Crisis00:19:40 – Education and Historical Ignorance00:28:23 – Gold vs Silver Market Dynamics00:33:12 – Physical Selling – Supply00:37:09 – Concluding Thoughts



Guest Links:Substack: https://jj745.substack.com



John Johnston, known as JJ, is a veteran commodities trader with 48 years of experience. He began his career as a runner on Wall Street, became an account executive at Conti Commodities in 1976, and in 1977 purchased seats on the NYMEX and COMEX, trading from the pits for the next three decades.Over his career, he worked for firms including Drexel Burnham Lambert, Rudolf Wolff, REFCO, Mann Financial, The Standard Bank of South Africa, and ADM Investor Services.



Through his Substack (jj745.substack.com), JJ shares a blend of old-school trading wisdom, selective technical analysis, market history, and lore. As he says, “I never try to be right. I try to be honest. I never want a reader to think what I think. I want the reader to know what I know.”

Tom welcomes back Jaime Carrasco, senior portfolio manager and senior investment advisor at Harbourfront Wealth Management, to discuss the significant themes and market dynamics of 2025. Carrasco highlights the remarkable performance of gold and silver, which is currently hitting all-time highs. He attributes this to the end of the petrodollar system and a massive power shift from credit to hard assets, with gold leading this transition. Carrasco emphasizes that the easy money made in the past three years of building positions is over, and the focus should now be on the next leg up for precious metals. Carrasco identifies several key indicators supporting this shift, including the unwinding of the Japanese carry trade, rising long-term interest rates, and geopolitical tensions. He argues that central banks are losing control and will resort to printing money, which will drive up the price of gold.





Carrasco also notes that the value of fiat currencies is declining, making gold and silver more attractive as hedges against government policies and currency devaluation. The discussion touches on the importance of understanding the credit cycle and the role of gold as a hedge against bad government policies. Carrasco mentions that central banks are increasingly positioning themselves in gold, surpassing US treasuries in gold reserves. He predicts that the transition from credit to hard assets will continue, with gold and silver acting as lifeboats in a drowning monetary system.



Carrasco also discusses the performance of his conservative portfolio, which beat the benchmark by over 40% in 2025. He attributes this to the strengthening of positions in precious metals and the revaluation of fiat currencies against gold. He advises investors to focus on allocation rather than price, suggesting that a 30% allocation to precious metals is a good starting point. The conversation also covers the role of silver, which Carrasco sees as having more room to grow due to a structural deficit in production. He highlights the importance of stock selection and the potential for significant gains in silver producers. Carrasco also touches on the energy sector, noting that while oil is necessary, the energy complex is changing, and nuclear power may play a bigger role in the future. In conclusion, Carrasco advises investors to position themselves for the coming chaos by focusing on gold and silver as monetary insurance. He believes that the current environment presents an opportunity for significant gains in precious metals and that investors should start building their allocations now.



Timestamps:00:00:00 – Introduction00:00:48 – 2025 Big Themes00:01:20 – Portfolio Performance Review00:02:35 – Credit Cycle Challenges00:03:00 – Petrodollar System End00:03:35 – Japan Carry Trade Unwind00:04:28 – Debt Cycle Printing Press00:05:19 – Gold Hedge Against Policy00:06:14 – Mortgage Renewal Impacts00:07:03 – Investment Positioning Strategies00:07:58 – Silver Catch-Up Potential00:16:27 – 2026 Forward Themes00:38:23 – Stock Selection Criteria00:47:42 – Energy Sector Insights00:58:03 – Concluding Thoughts



Guest Links:X: https://x.com/ijcarrascoLinkedIn: https://www.linkedin.com/in/carrasco1/Website: https://www.harbourfrontwealth.comE-Mail: mailto:jaime@jcwealth.ca

Tom Bodrovics welcomes back Lobo Tiggre, author and founder of the Independent Speculator, to reflect on the year’s investment landscape and a look ahead to 2026. Tiggre, known for his cautious approach, highlights that he avoids the “prediction racket” and instead focuses on strategic speculation. He notes that while he didn’t make money on certain metals like rare earths, antimony, or gallium, he successfully capitalized on copper, gold, silver, and uranium.





Tiggre emphasizes that his approach is about “hits and misses” rather than precise predictions, and he remains bullish on copper for 2026 due to structural imbalances and strong demand drivers, particularly from electric vehicles and AI infrastructure. Tiggre also discusses the risks associated with gold and silver, suggesting that while these metals have potential for significant gains, they also carry higher risk, especially if the market enters a consolidation phase. He cautioned against chasing all-time highs and advises taking profits to secure gains.



Reflecting on the 2011 peak in gold and silver, Tiggre underscores the importance of learning from past market cycles and maintaining a disciplined approach to investing. He also touches on the potential impact of a dramatic fall in the gold-to-silver ratio, suggesting it could signal the end of the bull market, but he believes current supply constraints in silver are temporary.



The conversation also delves into the broader economic context, with Tiggre discussing the influence of fiscal dominance and the Fed’s policies on commodity markets. He expresses optimism about the long-term prospects for metals like gold and silver, citing the ongoing debasement of fiat currencies. Tiggre also shares his thoughts on the AI bubble, acknowledging the potential for a short-term market correction but viewing it as a buying opportunity for real assets like metals.



Timestamps:00:00:00 – Introduction00:00:33 – 2025 Hits and Misses00:03:24 – Avoiding Prediction Racket00:06:46 – Copper Top Pick 202600:11:42 – Copper Supply Constraints00:20:03 – Gold Silver Risks00:26:51 – Lessons from 2011 Peak00:37:55 – Taking Profits Discipline00:45:00 – Gold Silver Ratio Concerns00:50:07 – Fed Policy Fiscal Dominance00:55:16 – Reshoring Job Creation00:58:44 – AI Bubble Risks01:01:04 – Wrap Up



Guest Links:Website: https://independentspeculator.comX: https://x.com/duediligenceguyFacebook: https://www.facebook.com/louis.james.965580/LinkedIn: https://www.linkedin.com/in/lobotiggre/



Lobo Tiggre, aka Louis James, is the founder and CEO of Louis James LLC, and the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James.” While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey.



Although frequently mistaken for one, Mr. Tiggre is not a professional geologist. However, his long tutelage under world-class geologists, writers, and investors resulted in an exceptional track record.



A fully transparent, documented, and verifiable track record is a central feature of the Independe...

Jim Rogers, a renowned investor, author, and world traveler, shares his insights and experiences during a podcast interview. Rogers, known for his adventurous spirit, discussed his record-breaking journeys across the globe by motorcycle and car, highlighting the unique perspectives and economic lessons he gained from these experiences. He emphasized that traveling by motorcycle offers a more immersive and meditative experience, allowing him to be fully present in the environment, while traveling by car provides practical advantages such as the ability to rest and plan.





Rogers’ travels, which began after his early retirement at 37, provided him with valuable insights into global economics and cultures. He noted that governments often make mistakes in controlling supply and price of commodities and that personal responsibility and market feedback are crucial for investors. Rogers’ observations in countries like China and Russia underscored the differences between capitalism and oppressive systems, with capitalism generally leading to greater success and opportunities.



Throughout his journeys, Rogers learned that change and adaptability are key to successful investing. He advised investors to look for countries that are cheap and changing for the better, as these often present the best opportunities. Rogers also stressed the importance of infrastructure in driving economic growth and opportunities. He recounted his experiences in Japan during the stock market bubble, noting that people’s attitudes and beliefs about prosperity can significantly impact their perception of risk and opportunity.



Rogers emphasized the value of discipline, hard work, and preparation in achieving success. He shared that his upbringing in a poor environment taught him the importance of diligence and focus. Reflecting on his life, Rogers advised listeners to chase their dreams and not be afraid of failure, as the regret of not trying can be more profound than the failure itself. He closed the conversation by encouraging everyone to pursue their dreams, as it is the only way to truly know if they can be achieved.



Guest Links:Website: https://jimrogers.comX: https://x.com/iamjimrogers



Jim Rogers—a legend in finance whose story screams entrepreneurial grit and world-shaking decisions.



Born James Beeland Rogers Jr. on October 19, 1942, in Baltimore, Maryland, Jim’s family uprooted to Demopolis, Alabama, when he was just a kid. Even as a boy, his hustler spirit shone through. Picture this: young Jim scouring streets for empty bottles to cash in or hawking peanuts at packed baseball games. That early hustle? It foreshadowed a life of smart risks.



A sharp mind led him to Yale University, where he earned a bachelor’s in history in 1964. Not one to stop, he crossed the pond to Oxford University, nailing another bachelor’s in Philosophy, Politics, and Economics by 1966. Talk about a powerhouse education for navigating life’s big leagues.



Fresh out of Oxford, Jim hit Wall Street, starting at Dominick & Dominick. By 1970, he jumped to Arnhold and S. Bleichroder, an elite investment bank. There, fate intervened: he met George Soros. Sparks flew—not romantically, but professionally. In 1973, they launched the Quantum Fund, a hedge fund that redefined investing. It exploded in success, turning heads and fortunes. By 1980, Jim cashed in, stepping away to explore the world on his terms.



Today,

This episode, hosted by Tom Bodrovics, (Recorded morning of Dec 16) features a panel discussion with Eric Yeung, Just Dario, and London Paul to delve into the current dynamics of the silver market. The conversation highlights several key developments, including significant contracts on exchanges, particularly the COMEX, where a large number of contracts are standing for physical delivery. This trend is attributed to projections of increased industrial demand, particularly from Asia, driven by the growing need for silver in electric vehicles (EVs) and semiconductors. The panel discusses the unusual timing of these contracts, typically seen in December, and the potential implications for the market.





The discussion also touches on the recent outage experienced by the CME, which some panelists suggest was orchestrated to manage a large request for physical settlement. This incident is seen as a maneuver to control the price of silver, which has been rising despite attempts to suppress it. The panel notes that the physical demand for silver is outpacing supply, leading to a tight market and increased lease rates at the LBMA.



London Paul emphasizes the global strain on physical silver, citing increased demand from China, Russia, and India. He notes that China’s recent margin hikes on the Shanghai Futures Exchange are aimed at flushing out speculative paper positions, rather than addressing the underlying physical demand. The panel agrees that the market is increasingly driven by physical demand, with open interest in paper contracts remaining low despite rising silver prices.



Eric Yeung highlights the potential for significant volatility in the silver market, particularly as the COMEX approaches its delivery month in March. He suggests that the market could see extreme price movements, including limit up and limit down days, as physical demand continues to outstrip supply. The panel also discusses the potential for more outages at exchanges and the importance of monitoring lease rates and backwardation in China as indicators of market stress. Overall, the discussion underscores the growing industrial demand for silver, the tightening of the physical market, and the potential for significant price movements as the market continues to navigate these challenges.



Timestamps:00:00:00 – Introduction00:01:24 – Contracts Standing for Delivery00:06:01 – Open Interest and LBMA Tightness00:10:25 – Chinese Industrial Demand Surge00:12:38 – CME Cooling Outage Analysis00:20:13 – Shanghai Margin Raises Impact00:30:42 – Backwardation Driving Demand00:34:12 – Shanghai Silver Prices Parity00:37:38 – Future Price and Retail Shift00:43:45 – Samsung Battery Silver Needs00:51:10 – Market Stress Indicators Ahead01:09:11 – Concluding Thoughts



Eric Yeung Guest Links:X: https://x.com/KingKong9888



Just Dario Guest Links:https://justdario.com



Guest Links:X: https://x.com/thesiriusreportWebsite: https://www.thesiriusreport.com/YouTube: https://www.youtube.com/@thesiriusreport



The Sirius Report is an independent website providing analysis and an alternative perspective on current affairs and global events that we believe are shaping a new political, economic and social paradigm. We are fully self-funded and are not backed by an...

During the podcast, trader and editor of ‘The Morning Navigator,’ Tony Greer, shares his insights on the increasingly attractive commodities trade. Greer attributes this attractiveness to a combination of under-investment, regulatory changes, and a focus on rebuilding manufacturing and energy production. He highlights the significant performance of gold miners, up 141% year-to-date, and the broader commodities sector, which has seen a flywheel effect with various commodities taking off in sequence.





Greer discusses the potential for commodities to rally for three to four years, driven by the Federal Reserve’s balance sheet expansion and the resulting inflation. He also touches on the potential rebalancing of passive funds into outperforming sectors like commodities and energy. Greer’s current positions include gold, gold miners, industrial miners, airlines, and Bitcoin, which he bought at $82K after a pullback.



The conversation also covers the potential for a bubble in AI and the shift in Bitcoin sentiment following a large sell-off by a whale. Greer shares his approach to risk management, using trailing stop losses to avoid holding losing positions. He also discusses his preference for focusing on a few trusted sources of information and his upcoming conference in Nashville.



Greer’s outlook for the next year includes higher commodity prices, potential volatility in Bitcoin, and a significant move in gold miners. He also touches on the potential for stablecoins to help maintain the dollar’s reserve currency status. The podcast concludes with Greer expressing his excitement for his upcoming conference and his appreciation for the host’s new role.



Timestamps:00:00:00 – Introduction00:01:00 – Commodities Breaking Out00:11:15 – Passive Funds & Rebalancing00:13:05 – Bitcoin Perspectives00:18:13 – Determining Crowded Trades00:20:40 – US Bond Markets00:25:10 – Consolidation & Sentiment00:26:24 – Risk Management & Stop Loss00:30:09 – Wall Street Narratives Critique00:35:00 – Best Information Sources00:37:15 – 1-Year Market Outlook00:41:00 – Conference Conclusion



Guest Links:Conference: https://tgmacro.com/conference/Website: https://tgmacro.com/X: https://x.com/@TgMacroSubstack: https://tgmacro.substack.comYouTube: https://www.youtube.com/channel/UCib_uMS-YG4sAQ1S655jBXQ



After graduating from Cornell University in 1990 Tony followed in his father’s footsteps to a Wall Street trading operation. He quickly learned his career path would be vastly different. He says, “I would not be sitting in the same seat on the same trading desk managing the same risk for the same firm for over 30 years.”



We have clearly entered a new era in financial markets.



He began in the treasury department of Sumitomo Bank on the 107th floor of the World Trade Center downtown Manhattan. Tony was an FX trading assistant while the Quantum Fund was breaking the Bank of England in 1992.



In 1993 he joined Union Bank of Switzerland as an FX and commodities trader, spending half a year as a Vice President in their Zurich treasury department.

Tom welcomes Michael Pento to the show, following the FOMC meeting on November 10th. Michael shares his views on the Federal Reserve’s decisions and the broader economic landscape. Pento criticizes the Fed’s move to cut rates by 25 basis points and initiate $40 billion in U.S. Treasury purchases, arguing that these actions are unjustified given the current economic conditions, which include record-high asset bubbles and a prolonged miss of the inflation target. He characterizes the Fed’s actions as “monetary malfeasance” and expresses concern about the long-term impacts on the middle class, who have been struggling with affordability issues for years.





Pento highlights the dangers of the Fed’s interventions, which he believes have exacerbated wealth disparities and created an unsustainable economic environment. He warned that the current economic setup, characterized by excessive debt and asset bubbles, could lead to a catastrophic event rather than a minor economic tremor. Pento also discusses the potential for a liquidity crunch, which could cause a significant market correction, and the possibility of a deflationary event or a credit crisis.



Regarding Bitcoin and other cryptocurrencies, Pento expresses skepticism about their long-term value, viewing them as speculative assets with limited utility. However, he acknowledges that liquidity from the Fed’s actions could support short-term price increases in cryptocurrencies.



Pento also touches on the global trend of central banks accumulating gold reserves, viewing it as a sign of diminishing confidence in the U.S. dollar as the world’s reserve currency. Pento’s inflation-deflation economic cycle model indicates stress in liquidity markets, leading him to reduce his equity exposure. He emphasizes the importance of being cautious and prepared for potential market disruptions, suggesting that investors should consider holding a core position in physical gold and be ready to adjust their portfolios based on economic conditions. He also warns about the risks of a chaotic bond market and the potential for a significant economic event in the near future.



Timestamps:00:00:00 – Introduction00:00:15 – FOMC Rate Cut Reactions00:03:36 – Bonds & Mainstreet Markets00:07:25 – Stagflation Deflation Dangers00:09:71 – Global Gold Reserves00:10:15 – Bond Yields Outlook00:11:45 – Recession Inevitability00:13:30 – Liquidity Model Insights00:16:10 – Eastern Gold Reserves00:17:17 – Treasury Gold Valuation?00:18:31 – Miners & Institutional Money00:20:00 – Pressure & Can-Kicking00:22:50 – Liquidity Crunch Ramifications00:24:55 – Silver Price Action & Physical00:30:50 – Concluding Market Risks



Guest Links:Website: https://pentoport.comE-Mail: mailto:mpento@pentoport.comX: https://x.com/michaelpento



Michael Pento is the President and Founder of Pento Portfolio Strategies with more than 30 years of professional investment experience. He worked on the floor of the NYSE during the mid-90s. Pento served as an economist for both Delta Global and EuroPacific Capital. He was also the portfolio creator and consultant to Delta/Claymore’s commodity portfolios, which were distributed through Claymore/Guggenheim’s sales network.

Tom Bodrovics welcomes Jesse Felder, the founder, editor, and publisher of The Felder Report, to The Competent Investor. Felder highlights the unusual correlation between stocks and gold, noting that while they typically move inversely, they have been moving together recently. This is attributed to a transitional period where the market is shifting from favoring financial assets to favoring real assets like gold and commodities. Felder suggests that gold’s performance indicates a potential struggle for financial assets in the future.





The discussion also covers the potential impact of a market correction, comparing it to the dot-com crash. Felder argues that a significant correction could have a more profound negative wealth effect due to the larger size of the equity market relative to the economy. He also warns about the risks of a corporate earnings bubble, driven by massive deficit spending, which could lead to a prolonged period of stagnant earnings growth.



Felder expresses concerns about the AI bubble, noting that the massive investment in AI technologies and data centers could lead to oversupply and underperformance.



He believes that the energy sector, particularly oil and gas exploration and production, could be a good counterbalance to the tech-heavy market, as it is relatively uncorrelated with the broader market and has been starved of capital for years.



The conversation also touches on the challenges faced by the Federal Reserve in managing inflation and supporting the economy. Felder argues that the Fed’s focus on wealth effects and low-interest rates has created risks, and that a future recession could lead to a fiscal debt crisis. He also discusses the implications of a Trump-led Fed, suggesting that it could lead to a replay of the 1970s stagflation.



Timestamps:00:00:00 – Introduction00:00:18 – Gold Stocks Correlation00:02:22 – Market Correction Wealth00:06:09 – Negative Wealth Effect00:11:03 – AI Bubble Concerns00:15:23 – AI Business Model Shifts00:17:54 – Data Center Overspending00:22:16 – AI Funding Constraints00:24:33 – Energy Sector Opportunities00:29:25 – Capital Cycle Commodities00:31:34 – Stagflation Treasury Yields00:34:57 – Fed Policy Challenges00:42:48 – Investment Strategies Insights00:50:23 – Concluding Thoughts



Guest Links:X: https://x.com/jessefelderWebsite: https://thefelderreport.comArticles: https://thefelderreport.com/blog/



Jesse Felder is the Founder, Editor, and Publisher of The Felder Report. He began his professional career at Bear, Stearns & Co. and later co-founded a multi-billion-dollar hedge fund firm headquartered in Santa Monica, California. Since moving to Bend, Oregon in 2000 and founding The Felder Report shortly thereafter his writing and research have been featured in major publications and websites like The Wall Street Journal, Barron’s, Yahoo!Finance, Business Insider, RealVision, Investing.com, and more. Jesse also hosts and produces the Superinvestors and the Art of Worldly Wisdom podcast.

Your host Tom Bodrovics welcomes Martin Armstrong, CEO and Chairman of Armstrong Economics Ltd., to discuss the geopolitical and economic landscape, with a focus on the Ukraine conflict and broader global dynamics. Armstrong argues that the mainstream narrative around Ukraine is misleading, driven by propaganda rather than facts. He suggests that the West, particularly NATO, has been using Ukraine as a pawn to weaken Russia, a strategy reminiscent of Cold War tactics. Armstrong criticizes the portrayal of Russia as an aggressor, asserting that Russia has no interest in invading Europe and that the current conflict is more about weakening Russia than about Ukraine itself. He also highlights the internal political struggles within Russia, including the attempted coup against Yeltsin and the rise of Putin, who has been a target of Western neoconservative elements.





Armstrong discusses the potential for a peace deal, emphasizing that the real enemy is the EU, not Russia, and that the EU’s economic instability is a significant factor in the ongoing conflict. He also touches on the broader geopolitical implications, including the potential for increased civil unrest and international war, which he correlates with economic decline.



Armstrong also addresses the role of the Federal Reserve, arguing that its original design was brilliant but has been corrupted over time, leading to policies that stimulate government spending rather than the domestic economy. He predicts more volatility, rising civil unrest, and increasing authoritarianism in the near future. Armstrong also discusses the implications of the tariffs imposed by the Trump administration, suggesting that they may be unconstitutional and could damage Trump’s credibility if found so by the Supreme Court. The conversation also touches on the potential for conflict in Venezuela, which Armstrong sees as more about energy reserves than drugs, and the broader geopolitical tactics at play.



Timestamps:00:00:00 – Introduction00:00:16 – Ukraine Aggregate Demand Flatline00:17:10 – Peace Deal Negotiations00:36:45 – Venezuela Conflict Risks00:44:26 – Trump Tariffs Constitutionality00:45:47 – Global Conflicts and Trump00:50:47 – Japanese Yields and Markets00:55:42 – Silver Market Demand Surge00:58:54 – Federal Reserve History01:09:31 – Concluding Thoughts



Guest Links:Website: https://armstrongeconomics.comX: https://x.com/strongeconomicsFacebook: https://www.facebook.com/martin.armstrong.167Amazon Book: https://tinyurl.com/ybtrslr9



Martin Armstrong is the Owner and Researcher for the website Armstrong Economics. He is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.



At age 13, Armstrong began working at a coin and stamp dealership in Pennsauken, New Jersey. After buying a bag of rare Canadian pennies, he became a millionaire in 1965 at the age of 15. He continued to work on weekends through high school, finding the real-world exciting, for this was the beginning of the collapse of the gold standard. Martin became captivated by this shocking revelation that there were not just booms and busts, but also peaks and valleys that would last centuries.



Armstrong progressed from gold coin investments to f...