Palisades Gold Radio

Lobo Tiggre: Why There’s Not A Single Gold Mining Stock I Would Buy Today

Recorded on: July 21, 2026 Stijn Schmitz welcomes back Lobo Tiggre to the show. Lobo Tiggre is the Author and Founder of the Independent Speculator. The discussion centers on the current state of precious metals and commodities, with Tiggre offering a fundamentally driven, contrarian perspective. He asserts that while gold’s long-term value proposition remains spectacular, driven by de-dollarization and central bank buying, the market is at a critical juncture following a significant correction. He does not believe the bottom is confirmed, suggesting a potential cyclical low could be sub-$3,000 gold, and he is holding cash for such an opportunity rather than chasing current prices. This patience extends to gold miners, where he acknowledges compelling value but warns that stocks will not be immune to further drawdowns in the metal, advocating for a “buy low” strategy to maximize returns. Tiggre expresses increasing fondness for silver, noting its dual monetary and industrial drivers, though he cautions about political risk in key jurisdictions like Mexico. On energy, he remains very bullish on oil long-term due to understated supply disruptions but is not chasing the recent price rebound, preferring to sell puts to acquire positions at lower levels. He sees a potential inverse opportunity in copper, where escalating war fears could create an oversold condition in a market with strong structural supply constraints. The conversation highlights uranium as a particularly compelling setup, with the spot price lagging the consistently rising long-term contract price, suggesting an upward snap is likely. Tiggre advises that in a major market drawdown, the safest and best companies become obvious bargains, eliminating the need for high-risk speculation. His overarching strategy is a barbell approach, balancing blue-chip producers with higher-risk, high-reward exploration stocks, all while waiting for truly low-risk entry points. Timestamps: 00:00:00 – Introduction00:00:37 – Gold Value Proposition00:03:37 – Market Bottom Analysis00:04:44 – Bull Market Debate00:08:19 – Price Levels and Drawdowns00:11:10 – Central Bank Buying Durability00:14:57 – Gold Miners Value Proposition00:19:10 – Portfolio Allocation Strategy00:23:59 – Mining Developers Analysis00:26:40 – Silver and Silver Miners00:29:46 – Oil and Gas Sector00:34:10 – Copper Market Dynamics00:35:14 – Oil/Copper Shopping List?00:40:03 – Uranium Investment Setup00:45:19 – Concluding Thoughts 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 IndependentSpeculator. Mr. Tiggre will put his own money into the speculations he writes about, so his readers will always know he has “skin in the game” with them.

Steve Hanke: What Everyone Is Getting Wrong on Iran War, The Commodity Super Cycle & Gold

Stijn Schmitz welcomes back Steve Hanke back to the show. Steve Hanke is a Professor of Applied Economics at Johns Hopkins University. Hanke highlights the two major wars—the U.S.-Israel conflict with Iran and the Ukraine war—as critical disruptors of global commodity flows. He notes that the Strait of Hormuz is effectively closed, with Iran controlling it, and the Houthis threaten the Red Sea chokepoint, severely constricting crude and refined product supplies. Russia’s cutoff of diesel exports and domestic fuel shortages compound the strain. Oil markets are in backwardation, with spot prices above futures, signaling dangerously low inventories that have cushioned prices so far but are nearing depletion. Hanke warns that once physical inventories run out, oil prices could spike dramatically, potentially later this summer. He advises going long on oil, especially major producers, as a straightforward trade for most investors. On gold, Hanke maintains a bullish outlook, projecting a peak around $6,000 per ounce based on historical ratios to real disposable income. He attributes recent pullbacks to dollar strength and rising interest rates but sees central bank buying as a fundamental driver. He also discusses the pressure on the Fed to monetize debt, which could fuel inflation and support gold. The conversation shifts to the broader commodity supercycle, fueled by deglobalization, underinvestment, and the need for larger precautionary inventories. Copper and tungsten are identified as clear bullish plays due to supply deficits. Hanke notes that high diesel prices are squeezing mining and agriculture, potentially raising output prices. He also touches on dollarization, recommending developing countries adopt the U.S. dollar to expand its use rather than de-dollarize. The interview concludes with Hanke emphasizing the importance of money supply growth as the key determinant of nominal GDP and inflation. Timestamps: 00:00:00 – Introduction 00:01:05 – Key Developments on Radar 00:04:58 – Oil Predictions vs Reality 00:10:53 – Inventory and Flow Analysis 00:14:40 – Crack Spreads and Refining 00:16:27 – Demand Destruction Dynamics 00:20:51 – Anticipated Oil Price Spike 00:22:32 – Long Oil Opportunity 00:27:37 – Gold Bull Market Outlook 00:29:38 – Central Bank Buying Drivers 00:45:54 – Concluding Thoughts Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 Amazon Book: https://www.amazon.com/Capital-Interest-Waiting-Controversies-Additions/dp/3031633970 E-Mail: mailto:hanke@jhu.edu Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal’s Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk’s Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor’s Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan’s Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. Prof. Hanke has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universität Liechtenstein, the Universidad San Francisco de Quito, the Free University of Tbilisi, Istanbul Kültür University, Varna Free University, and the D.A. Tsenov Academy of Economics in recognition of his scholarship on exchange-rate regimes. Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris.

Rory Johnston: What Everyone Is Getting Wrong About The Oil Price Amidst Iran War

Stijn Schmitz welcomes Rory Johnston to the show. Rory Johnston is a Commodity Market Research Specializing in Oil and Gas. Johnston describes an unprecedented period of volatility in oil markets, where the supply-demand balance swung radically within a single month. Following a ceasefire in the Strait of Hormuz, a surge of previously stranded tankers created a temporary mini-glut, flipping market structures from severe backwardation into contango. However, this glut proved fleeting as inbound empty tankers, initially driven by the most risk-tolerant owners, have dried up, leaving Gulf loadings constrained by available shipping capacity. Consequently, supply is tightening aggressively again. The most significant factor absorbing the supply shock is China, which swung its crude imports down by five million barrels per day without clear economic damage domestically. Johnston explores speculative explanations, including massive refined product stock releases, a coal-to-petrochemical feedstock switch, or a geopolitical understanding with the US. He also suggests China may be using the crisis as a successful dry run for weathering a potential blockade in a Taiwan conflict scenario. This swing, totaling roughly half a billion barrels, dwarfs the collective releases from IEA member states. Beyond crude, the refined products market, particularly diesel, is critically tight. Diesel crack spreads have soared to staggering levels, driven by drone attacks damaging Russian refineries, prior damage in the Middle East, and China slashing product exports. Johnston clarifies that strategic petroleum reserves function as a supply boost, not passive inventory, and that operational tank minimums at hubs like Cushing primarily affect regional price differentials to discourage exports, not trigger infinite crude spikes. He concludes that the overriding vulnerability is refining capacity, which is easy to target and hard to defend, making North American facilities a potentially valuable geopolitical safe haven in the current drone warfare era. Timestamps: 00:00:00 – Introduction 00:00:29 – Guest Rory Johnson Introduction 00:01:06 – Energy Supply Demand Dynamics 00:04:30 – Mini-Glut and Market Flip 00:07:45 – Hormuz Traffic and Tankers 00:10:44 – China Import Swing Explained 00:15:00 – China Inventory Releases Analyzed 00:20:45 – Western SPR and Inventories 00:25:30 – Commercial vs Strategic Stocks 00:29:00 – Global Oil Deficit Calculation 00:34:00 – Refining Capacity Tightness 00:42:00 – Product Shortages and Prices 00:48:00 – Refinery Investment Outlook 00:52:50 – Concluding Thoughts Guest Links: Substack: https://www.commoditycontext.com/ X: https://x.com/Rory_Johnston Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto’s Munk School of Global Affairs and Public Policy, host of the Oil Ground Up podcast, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. He is a leading voice on oil market analysis, advising institutional investors, global policy makers, and corporate decision makers. His views are regularly quoted in major international media including the Financial Times, New York Times, Wall Street Journal, Bloomberg News, Reuters, BNN Bloomberg, CBC, and Financial Post, and he frequently appears on numerous market and industry podcasts (e.g., Bloomberg’s Odd Lots, Hidden Forces, etc.). Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank where he set the bank’s energy and metals price forecasts, advised the bank’s executives and clients, and sat on the bank’s senior credit committee for commodity-exposed sectors.

I Asked The Greatest Junior Mining Investors What They Are Buying Right Now | Rule Symposium

In this special multi-guest episode filmed on the floor of the 2026 Rule Symposium, industry veterans share contrarian views amid a healthy pullback in precious metals. Gold and silver sit 30-50% off highs, creating “fire sale” prices for quality names while central banks quietly stack physical gold and currencies face ongoing debasement. 13 Featured experts: Adrian Day, Rick Rule, Brien Lundin, Dr. Nomi Prins, Tavi Costa, Jeff Phillips, Matthew Piepenberg, Robert Quartermain, Brent Cook, Rob McEwen, Sean Roosen, Shawn Khunkhun, and Willem Middelkoop Key takeaways:Best setup in years: ultra-low valuations, extreme negative sentiment, cashed-up juniors & developers in safe jurisdictions.Focus areas: pure-play silver miners, copper (supply deficit + electrification), uranium, permitted gold developers, royalty/prospect generators.Rick Rule: invest in yourself first—knowledge + relationships beat hot tips.Long-term secular bull remains intact; producers generate massive free cash flow at current prices; expect M&A.Volatility is normal—buy quality while fear is high. Perfect primer for resource investors seeking high-conviction ideas from the conference. Find Out More About Palisades Goldcorp, Canada’s Leading Junior Resource Investment Company:► Website: https://palisades.ca Timestamps:00:00:00 – Introduction00:00:35 – Rick Rule – Invest in Yourself00:04:55 – Brent Cook – Quality Projects00:07:20 – Jeff Phillips – Healthy Pullback00:09:44 – Dr. Nomi Prins – Silver & Confidence00:12:14 – Matt Pipenburg – Buying Opportunities00:16:54 – Robert Quartermain – Dakota Gold00:20:03 – Rob McEwen – Macro Commodities Outlook00:24:45 – Sean Roosen – Liquidity & Energy – Hard Assets00:30:09 – Shawn Khunkhun – Good Valuations00:31:52 – Willem Middelkoop – The Big Picture00:35:00 – Tavi Costa – Rate Hikes & Geopolitical Drivers00:39:00 – Adrian Day – Sentiment & Opportunity00:42:09 – Brien Lundin – Debt, Deficits, Metals & Mining00:43:05 – Rick Rule Wrap Up

Rick Rule: Why Gold Is Still ‘Stupidly’ Under Owned, Oil Shortages, Silver & Palisades Goldcorp

Stijn Schmitz comes to you from the Rule Symposium in Boca Raton, Florida. Rick Rule begins by emphasizing the importance of investing in oneself through knowledge and relationships, arguing that this foundational step precedes successful capital allocation. He notes that the easy money in commodities has been made, but the “sure money” lies ahead, particularly in gold. Rule explains that gold maintains purchasing power, having increased at 8% compounded nominally in US dollars over 26 years, while he predicts the US dollar could lose 75% of its purchasing power in the next decade. He highlights that precious metals currently represent only 0.5% of US savings assets, far below the four-decade mean of 2%, suggesting a potential fourfold demand increase if reversion occurs. Turning to oil, Rule describes a structural supply deficit due to chronic underinvestment in sustaining capital, amounting to roughly a trillion and a half dollars. He contrasts this with temporary disruptions, warning that the coming shortage will require massive capital input and cannot be quickly resolved. On silver, he shares his recent speculative strategy: he sold silver after a hyperbolic price spike, reallocating to physical gold, oil stocks, and silver equities, which he views as offering better risk-reward profiles. Rule also discusses the mining sector, cautioning that rising input costs Timestamps: 00:00:00 – Introduction 00:00:25 – Investing in Yourself 00:02:10 – Contrarian Investing Approach 00:03:50 – Gold Purchasing Power 00:06:00 – Gold Market Share Reversion 00:09:20 – Conditions to Sell Gold 00:11:00 – 1970s Inflation Parallels 00:12:30 – Rising Mining Costs 00:15:20 – Palisades Gold Corp 00:16:20 – Junior Mining Optionality 00:21:00 – Silver Speculation Strategy 00:24:50 – Silver Miners Valuation 00:26:20 – Oil Underinvestment Issues 00:37:50 – BattleBank Services 00:43:40 – Concluding Thoughts 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.