Hemke’s recurring economic worldview is that financial markets have become increasingly detached from underlying physical reality, and that paper claims, leverage, and market…
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Craig Hemke appears as a precious-metals commentator and host associated with Sprott Money, with a recurring focus on gold, silver, and the monetary system. In the supplied material, he frames markets through a long-horizon, macro-and-structure lens rather than short-term trading. He repeatedly references historical parallels, especially 1929-era speculation and the gap between financial markets and the real economy. His own site is a higher-trust source here and supports that he presents himself as an author/commentator in this space.
Hemke’s recurring economic worldview is that financial markets have become increasingly detached from underlying physical reality, and that paper claims, leverage, and market structure can obscure true supply-demand conditions. He tends to favor physical gold and silver as stores of value and as better long-term protection than cash, bonds, or other paper assets. He emphasizes structural distortion in precious metals pricing, including the role of ETFs, exchange trading, and alleged price suppression or weak price discovery, and he often interprets events as part of a broader monetary reset or historical cycle. Overall, he is bullish on tangible assets and skeptical of central-bank control, fiat purchasing power, and financial engineering.
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Preview:Craig Hemke of TF Metals Report joins Dr. John Lindau to discuss the 2026 precious metals correction. Hemke argues the fundamental case remains intact — US debt compounding at ~8% toward $80 trillion, yield curve control inevitability, de-dollarization, and physical supply shortages. He sees gold's path from $4,000 to $8,000 to $16,000 as mathematical inevitability driven by debt-based monetary expansion. Despite a brutal 5-month correction (gold down ~$1,700, silver down >50%), he believes the lows are in, with risk/reward skewed to 10-20% upside in H2 2026. Key factors include India's gold/silver import ban, China's shift to physical-only gold trading, and the US-Iran war's role in accelerating de-dollarization.
Preview:Nomi Prins joins Sprott Money's monthly "Ask the Expert" segment to argue that gold and silver are in a historic supercycle driven by structural deficits in physical supply, central bank gold accumulation (especially China's shift from Treasuries to gold), and the Fed's fundamental inability to control real-asset inflation. She contends the Fed's mandate to maintain financial stability will always override inflation-fighting rhetoric, making recent gold weakness on rate-hike fears a temporary distortion. She supports the thesis with historical parallels to 1907 and 1929, long-term return data showing gold's purchasing-power preservation, and the massive paper-to-physical disconnect in silver ETFs like SLV.
Preview:Chris Vermeulen says gold and silver are in a short-term reset, with charts pointing to one more sharp washout before a tradable base forms. He also sees Bitcoin weakening and thinks the broad market is still in a bull trend but choppy, with a possible final upside burst or a deeper pullback depending on whether recent highs hold.
Preview:Eric Sprott argues that the recent selloff in gold and especially silver is a manipulative, bank-driven shakeout rather than a change in fundamentals, and he expects precious metals to recover as debt, currency debasement, and industrial demand reassert themselves. He also warns that AI-heavy equities may be vulnerable if rising costs and financing pressure crack the current market leadership.
Preview:This is a gold-bull interview framed around Brian London’s view that the precious-metals bull market is still early, structurally supported by central-bank buying, Western investor re-entry, and worsening debt dynamics. He argues the recent selloff in miners and silver is an overdone pullback, not a trend change, and that lower prices should be bought while seasonal weakness finishes playing out.
Preview:Craig Hemke argues the recent weakness in gold and silver does not change the long-term bull case: the real issue is the dollar’s declining purchasing power against scarce hard assets. He ties the metals outlook to fiscal deficits, rising debt service, and the likelihood that the Fed and Treasury will eventually coordinate to cap yields, which he thinks would be bullish for gold and silver.
Preview:Craig Hemke argues that the real driver of gold and silver is not the nominal dollar price but the ongoing devaluation of the dollar through deficit spending, monetization, and negative real rates. He expects the Fed and Treasury to work more closely together to cap yields, keep the system financed, and tolerate more dollar weakness, which he says should ultimately support precious metals even if short-term price action is choppy.
Preview:Chris Vermeulen argues that US equities remain in a strong, tech-led uptrend, with broadening participation starting to improve via equal-weighted stocks and small caps, while silver and gold are in a mixed short-term setup after big runs and likely need a deeper pullback before the next durable leg higher. He treats near-term precious-metals weakness as potentially healthy rather than broken, but says the immediate directional path is unclear until key levels resolve.
Preview:Alasdair Macleod argues that fiat risk is rising fast, bond yields are breaking higher, and gold/silver are being structurally mispriced by paper markets. His core message is that investors should stop thinking in nominal price targets and instead treat precious metals as protection against a deteriorating currency system.
Preview:Craig Hemke and Stephanie Pomboy argue that the Fed’s real constraint is the balance sheet, not the policy rate, because the government’s financing needs and global bond-market stress make rate cuts alone ineffective. Pomboy’s core view is that deglobalization, higher energy costs, and declining foreign appetite for Treasuries point to persistently higher inflation and structurally stronger demand for hard assets like gold and silver.
Preview:Craig Hemke argues the precious-metals bull market is being driven by negative real rates, persistent liquidity support, and inflation that central banks cannot fully fight without damaging a weak economy. He says silver’s strength, tight supply, and lack of mainstream enthusiasm for miners suggest the move still has substantial room to run.
Preview:Craig Hemke argues the recent weakness in gold and silver is mostly a misread of macro conditions, not a collapse in the long-term precious-metals thesis. He says rising rates, a firmer dollar, and temporary central-bank selling explain much of the move, while the bigger setup still points to easier Fed policy, possible yield-curve control, and a eventual shift away from derivative-dominated pricing.
Preview:Chris Vermeulen argues that equities are the best place to be right now, while gold, silver, and miners are in a corrective, trendless phase that could last months. He sees precious metals as still structurally bullish long term, but tactically weak in the near term, with downside risk to gold around 3,500–3,600 and silver around 40 if the selloff deepens.
Preview:Craig Hemke and David Jensen argue that real-asset pricing is being distorted by derivatives markets, with crude oil the clearest example. Jensen says physical oil, diesel, silver, and other essentials are already behaving differently from quoted futures prices, and that rising geopolitical and supply-chain stress could force a re-pricing toward physical scarcity. He remains constructive on gold and silver, but especially on selectively owned miners with low energy sensitivity and strong jurisdictions.
Preview:Don Durrett argues the gold and silver mining bull market is only in the early innings and could ultimately send gold toward $7,000–$8,000, with exceptional upside in select miners. He says the key is not near-term margins or Q1 2026 noise, but identifying companies with real leverage, low valuation, and a clean path to cash-flow expansion as the sector re-rates.
Preview:Craig Hemke interviews technical analyst Chris Vermeulen about the April setup for oil, equities, the dollar, gold, and silver. Chris argues that the Middle East conflict has made crude oil the key near-term market driver, with higher oil likely pushing inflation, yields, the dollar, and equity volatility higher while pressuring precious metals in the short run. He stays bullish on gold and silver over the longer cycle, but thinks the near-term path could include a sharp washout before a better buying opportunity.
Preview:Craig Hemke argues that precious metals have been hit by a violent, arguably irrational repricing driven by rising yields, a stronger dollar, and reported central-bank selling, but he thinks the long-run fundamentals for gold and silver remain intact. He says the Fed is far more likely to cut rates and add liquidity than to hike, especially if equities weaken further, and he recommends steady dollar-cost averaging rather than trying to time the swings.
Preview:Craig Hempky and Joe Mazumdar discuss the violent end-of-March pullback in gold, silver, and mining shares, framing it as a combination of geopolitical shock, higher energy costs, and a shift in rate expectations. Joe argues the main tactical risk is not just lower metals prices but rising operating costs—especially diesel, sulfur, and transport inputs—which could squeeze margins for remote open-pit and off-grid operations.
Preview:Craig Hemke argues the recent gold and silver selloff is mostly a short-term, dollar-driven, algo/liquidity event inside an ongoing bull market, not a thesis break. He remains bullish because he sees low COMEX open interest, tightening physical supply, strong central-bank demand, and a policy backdrop that could favor harder assets, with gold still targeting $6,000.
Preview:Craig Hempy interviews David Morgan about silver’s sharp selloff, the role of physical demand versus paper derivatives, and what it could mean for miners. Morgan argues the current move is different from prior washouts because physical buying — especially out of Shanghai — has been driving price discovery, even though futures-market selling still has power to force abrupt drawdowns. He remains bullish on silver, calling for a long-term trip toward triple-digit prices, while expecting near-term volatility and possibly a sideways consolidation that could help validate the move and set up the mining sector.
Preview:Craig Hemke argues the silver smash was a futures-driven washout, not a fundamental change in the precious-metals thesis. He sees the bigger picture as intact: ongoing currency debasement, heavy central-bank gold demand, persistent deficits, and a likely move toward lower rates/yield-curve control that should remain supportive for gold and, by extension, silver.
Preview:Craig Hempy interviews Bob Thompson of Raymond James Vancouver about gold, silver, and mining shares in early 2026. Bob’s core view is bullish: he thinks the precious-metals trade is still early, driven by a broader global monetary transition, eastern buying, and rising institutional recognition that fiat currencies are weakening versus gold. He also argues that mining equities have not yet fully repriced because capital has not rotated out of tech and analysts have not updated their commodity assumptions.
Preview:Craig Hemke argues that gold’s move is fundamentally driven by debasement of fiat currencies and that silver’s recent breakout is being validated by persistent industrial and investment demand against constrained supply. He thinks the precious-metals rally is not just a short squeeze, sees central-bank buying and multipolar geopolitics as supportive, and expects mining equities to rerate more meaningfully once fourth-quarter earnings hit and broader capital starts moving in.
Preview:Tavi Costa argues 2026 is setting up as a strong year for hard assets, especially energy and mining, because commodity markets are still under-owned, supply response is constrained, and capital discipline has left the sector short of reserves and new discoveries. He sees mining equities as still cheap relative to metal prices, but says the bigger medium-term catalyst is M&A and a broader rotation from financial assets into physical assets as debt burdens, inflation pressure, and policy constraints intensify.
Preview:Craig Hemke presents a thesis centered on gold revaluation as a deliberate US policy tool — marking Treasury-held gold from its archaic $42.22/oz book value to near-market prices ($9,000–$10,000/oz) to generate $1–2 trillion without bond issuance, specifically to fund a sovereign wealth fund. He extends this into price forecasts: gold reaching $5,200–$6,000 in 2026 via a pattern of 20% rallies followed by multi-month consolidations, and silver potentially hitting $100 by summer. The core driver is physical market stress — backwardation, lease rates, vault depletion, and four years of supply deficits — not technical chart patterns. He sees the revaluation mechanism and physical squeeze as structural trends unlikely to reverse.
Preview:Craig Hemke argues that the gold and silver bull market is being driven less by chart patterns than by physical tightness, government behavior, and macro policy that he expects to stay supportive into 2026. He is notably bullish on silver and gold, with year-end targets of about $120 silver and $6,000 gold, while warning that near-term volatility can be brutal and that certain policy or demand shocks could still create pullbacks.
Preview:Craig Hemke and Rob Kientz discuss a structural shift in COMEX silver: open interest is flat while prices rise, US banks are net long for the first time ever, and paper-market dynamics are diverging from gold. They dismiss COMEX-collapse rumors as bogus but argue something genuinely changed in 2025 — the US sovereign wealth fund and balance-sheet monetization signal a new paradigm. The core thesis: metals aren't rising on speculation; they're repricing dollar devaluation, and mining equities are lagging far behind the reality of higher-for-longer metals prices.
Preview:Craig Hemke argues that 2025’s explosive gold and silver moves are rooted in a structural scarcity and currency-debasement story, not a one-off delivery squeeze or a single market event. He is bullish on both metals into 2026, with especially strong emphasis on silver miners as a leveraged way to play the move.
Preview:Eric Sprott and Craig Hemke argue that gold and especially silver have moved into a structural breakout because physical demand is outrunning the ability of paper markets and inventory systems to contain it. They say the old suppression regime is failing, that exchange deliveries and Asian demand are unusually strong, and that a major model-portfolio shift toward precious metals could force much higher prices and valuations across the silver/mining space.
Preview:Craig Hempy of Sprott Money interviews technical trader Chris Vermeulen about the precious-metals breakout. The core message is bullish: silver has already broken out and may rapidly extend toward the high-60s, gold remains a strong but slower-moving laggard with upside targets around $5,175–$5,200, and miners still look constructive though less explosive than silver. Both speakers frame the setup as a trend-following continuation trade rather than a top-picking environment.
Preview:Andrew Maguire joins Craig Hemke on Sprott Money to argue that the COMEX pricing mechanism for gold and silver is broken — institutional players have fled, speculative momentum traders get repeatedly rinsed, and physical supply-demand is now setting prices outside the LBMA/COMEX ring fence. Silver is in persistent backwardation heading into December delivery, which Maguire calls unprecedented and a sign the banks have lost liquidity and control. He sees $80 silver as the logical extrapolation and views gold's massive 2024-2025 rally as driven by sticky institutional ETF buying and sovereign/central bank demand, not speculation. The ratio of gold to silver is artificial, and when physical markets fully set the price, silver has massive upside.
Preview:Michael Belkin, author of the Belkin Report, turns cautious on gold and gold stocks after being aggressively bullish all year. His proprietary model now shows a correction phase lasting 2-3 months. Core concern: gold has become a "meme stock" — GLD ranks #7 on retail fear/greed meters, and gold's 200-day correlation to the S&P 500 has spiked to 0.7. He's taking profits, shifting to large-cap defensive gold names, and shorting Bitcoin miners and meme stocks. Long-term gold thesis (central bank buying, dollar replacement) remains intact, but near-term he expects a washout of speculative latecomers before the next leg up.
Preview:Chris Vermeulen of TheTechnicalTraders.com joins Craig Hemke on Sprott Money to assess the sharp pullback in precious metals after gold's parabolic run to $4,400 and subsequent retreat below $4,000. Vermeulen sees the selloff as an emotional washout — a buying opportunity — with Fibonacci targets pointing to $4,680 and eventually $5,100–$5,200 for gold. He draws a 2008 analog where equities roll over, money rotates into metals, and silver, platinum, and miners deliver large percentage rallies. Near-term caution (November seasonality, continued miner weakness) is paired with a call to hold through mid-November, after which seasonal tailwinds and sentiment reset should fuel the next leg higher.
Preview:Craig Hempy hosts a monthly wrap-up with Lobo Tiggre on Sprott Money, focused on the October pullback in gold and silver, the health of the broader precious-metals bull market, and why uranium is structurally stronger than rare earths. Tiggre argues the gold and silver corrections are healthy consolidation rather than a trend break, with central-bank buying, de-dollarization, and inflationary policy supporting the metal complex, while rare earths remain too politically driven and operationally uncertain for disciplined speculation.
Preview:Josh Phair, CEO of Scottsdale Mint, discusses the current silver market squeeze, arguing that a physical shortage in London — evidenced by skyrocketing lease rates (40-100% annualized) and backwardation in futures — is driving prices. He sees this as part of a broader "metal war" where nations are repatriating physical metal. He believes silver is still "fairly early" in its move, with a different fundamental setup than 1980 or 2011, driven by new investor bases, industrial demand, and structural market changes. He notes refiners are overwhelmed and some have stopped buying scrap, creating a counterintuitive gridlock where both selling and buying pressures coexist. He acknowledges extreme volatility ahead and the possibility the squeeze could resolve in weeks — or keep going.
Preview:The panel argues silver’s breakout above $50 is a major regime change, even though the intraday reversal looks ugly. David Morgan emphasizes long-running supply deficits and tight physical markets; Michael Oliver frames silver as leaving a 50-year price range and potentially moving into a much higher “new reality”; Craig Hemke ties the move to backwardation, algorithmic selling, and a likely 2026 macro backdrop of rate cuts and easier Fed policy.
Preview:Chris Vermeulen (The Technical Traders) joins host Craig Hempe on Sprott Money's monthly precious metals update. The core message: gold, silver, Bitcoin, uranium stocks, and US equities are all in strong uptrends with more upside likely, but parabolic moves are flashing warning signs of eventual reversals. Gold targets ~$4,100, silver is gunning for all-time highs (~$49-50) with a longer-term potential of ~$85. Bitcoin targets $135K-$160K. Vermeulen repeatedly warns that euphoric, vertical moves tend to give back a large chunk of gains, and urges risk management via trailing stops rather than trying to pick tops.
Preview:David Jensen joins Craig Hemke to discuss the precious metals market at the end of September 2025. Gold is up 11% and silver 16% on the month, with silver near all-time highs and gold already in record territory. Jensen argues the London physical market is under extreme stress, evidenced by backwardation across the entire 12-month futures curve and lease rates above 5%. He contends that vault holdings of "free float" silver in London are effectively near zero, with the 140M oz not held by ETFs being unavailable to market. The thesis: a multi-year physical deficit has finally overwhelmed the paper/promissory-note pricing system created in 1987, and the market is now entering a period of true physical price discovery that could produce "multiples" of current prices.
Preview:Alasdair MacLeod argues that fiat currencies are in terminal decline, with the US dollar entering a Weimar-like collapse phase. He sees the current period as analogous to Germany's 1920-1921 interlude before hyperinflation hit in 1922-1923. The core thesis: dollar purchasing power is crashing, bond yields will break above 5%, and a combination of collapsing dollar + tariffs + recession will trigger a credit crisis in 2026. The only defense: get out of credit and into physical gold and silver as final settlement money.
Preview:Chris Vermeulen joins host Craig Hemke on Sprott Money's monthly Precious Metals Projections. Vermeulen presents a bullish technical thesis on gold and silver, highlighting a clean breakout above $3,500 gold with Fibonacci targets at ~$3,730 and ~$4,100. Silver targets ~$49. He argues miners are now leading — GDX and SILJ hitting multi-year/all-time highs — which historically confirms a strong physical metals rally ahead. He frames this against an equity market topping phase, with the Magnificent 7 showing potential head-and-shoulders patterns and broad selling. He advises using Fibonacci extensions to navigate uncharted all-time-high territory rather than buy-and-hold, and notes gold/silver could overshoot targets if equities capitulate. Short-term caution: the breakout needs a weekly close above resistance, and this week's jobs data/Fed announcement could cause volatility.
Preview:Craig Hemke argues the gold and silver breakouts are being driven by fiat debasement, not metals becoming “more expensive,” and he sees the move as still early. He thinks rising bond yields, debt pressure, and eventual yield curve control/extra Fed balance-sheet support could be very bullish for precious metals, while silver may need to consolidate before a later push toward and through its old highs.
Preview:Nomi Prins joins Craig Hemke on Sprott Money's monthly wrap-up to discuss Fed independence under threat, the likelihood of accelerated rate cuts, and a structural bull case for gold ($4,000 by year-end, $5,000 by end-2026), silver (just designated a critical mineral alongside copper), uranium, and rare earths. She argues the lines between Treasury and Fed are already blurred historically, that Trump/Bessent will push for a compliant Fed chair by May 2026, and that policy tailwinds plus central bank buying create a multi-year commodity super-cycle favoring junior miners in allied jurisdictions.
Preview:Craig Hempky interviews Danielle DiMartino Booth about the US economy, Fed policy, and the risk that policy mistakes could lead to financial repression or even hyperinflationary dynamics. Booth argues the labor market data already show recession-like weakness, that the Fed is behind the curve, and that political pressure on the Fed/Treasury relationship is dangerous for inflation and the dollar.
Preview:Chris Vermeulen sees the stock market (S&P 500, NASDAQ) at a critical tipping point that mirrors 2007: a weak rally dragged by the Magnificent 7 with a trend sell signal already triggered, potentially setting up a 15-25% correction. Meanwhile gold is on the verge of a breakout with a measured-move target of ~$4,100 (and possibly much higher), supported by bullish seasonality from August onward. Miners (GDX) have already broken out as a leading signal, and gold itself awaits a close above its regular-trading-hours resistance to confirm the next leg. Silver and silver miners remain noisier and lagging but could catch up in a sector-wide precious metals run.
Preview:Michael Oliver of MSA (Momentum Structural Analysis) presents a deeply bullish thesis on gold, silver, and mining stocks, arguing that gold's recent four-month consolidation is about to resolve upward and that silver has already entered an explosive acceleration phase. He sees the S&P 500 forming a classic "broadening top" pattern that marks a major equity peak, which will trigger Fed rate cuts, drive capital into monetary metals, and catalyze a historic rally in miners. He targets gold at $8,000 (an eight-fold gain from its prior low), silver blowing through $50 this year en route to $60–$70, and miners potentially tripling relative to gold. The conversation is an interview hosted by Craig Hemke of Sprott Money.
Preview:John Rubino joins Sprott Money's Craig Hemke to discuss Fed independence under Trump, the likelihood of dramatically lower interest rates, and the potential for yield curve control, a dollar crisis, and eventual monetary reset involving gold. He argues gold could reach $10,000–$15,000/oz in a currency-reset scenario, silver could go parabolic into the hundreds, and mining stocks remain attractive. The conversation frames the current moment as the probable prelude to financial chaos, with a crack-up boom as the most likely mechanism over the next 3–5 years.
Preview:The guests argue that the recent surge in gold and silver is being driven by a bigger macro shift: a weaker dollar, potential Fed regime change, and rising odds of some form of gold revaluation. Clive Thompson floats $15,000/oz as a plausible revaluation level and says silver would “go through the roof” if gold is reset, while Craig Hempky frames the move as part of a broader loss of confidence in the dollar and the U.S.-led monetary system.
Preview:Chris Vermeulen presents a bullish technical outlook for equities near-term but warns of a 5-9% correction. He's structurally bullish on gold (target ~$4,100) and silver (target $38.70-$41) based on bull flag patterns, Fibonacci extensions, and seasonal tailwinds. He draws a 2007-2008 analogy where stocks made nominal new highs, then rolled over while gold surged. He prefers physical gold and silver over miners due to equity-market drag risk during corrections.
Preview:Craig Hempy hosts Joe Mazumdar for a month-end wrap on precious metals. Joe says the first half of 2025 was strong for gold, silver, and especially platinum, but he thinks the next leg is being shaped less by metal prices than by jurisdiction risk, financing conditions, and M&A trends that favor producers and near-producers. He is constructive on copper and platinum longer term, cautious on Mexico and Peru, and thinks rate-cut expectations, tariff uncertainty, and generalist profit-taking could keep pressure on mining shares near term.
Preview:Eric Sprott says the gold and silver bull market is still in an early-to-middle stage, with silver his highest-conviction trade because of supply deficits, short-covering, and industrial demand. He argues the strongest upside now may be in neglected miners and lower-grade deposits, where rising metal prices can cause outsized margin expansion.
Preview:Craig Hemke and Chris Vermeulen argue that gold, silver, and miners are set up for a summer rally while broad equities may be nearing a short-term push higher and then a rollover. Their core read is that a weakening dollar, bullish precious-metals price structure, and improving miner leadership all point to higher metals prices, but the same cross-asset behavior also looks like an early warning of a broader market top rather than a clean risk-on breakout.
Preview:David Morgan, publisher of The Morgan Report, joins Craig Hempy on Sprott Money's monthly wrap-up to discuss silver's frustrating price action. Silver has been range-bound for weeks while gold rallied, pushing the gold-silver ratio above 100 — a level Morgan calls worrisome and anomalous. He attributes the disconnect to bank-driven gold accumulation (gold as their "money of last resort") while retail participation remains absent. Morgan argues COMEX pricing is a paper-derivative game where only ~1% of contracts ever receive physical delivery, and that the recent massive metal flows from London to the US started with tariff fears, morphed into arbitrage, and potentially involve a need to shore up vaults ahead of audits. On silver miners, he sees genuine value but maintains his edict: physical first, then miners as a diversification play. He also updates on his delayed documentary, Silver Sunrise.
Preview:Craig Hemke of TF Metals Report discusses a recent ECB economist note warning about counterparty risk in gold derivatives markets, arguing the paper validates long-standing concerns about fractional-reserve precious metals trading. He forecasts gold reaching new all-time highs in the next 60 days (potentially $3,700–$3,800), driven by declining physical supply, central bank buying, and dollar weakness. He sees silver breaking out from its $32–$34 range toward $35–$39 once momentum triggers kick in, though an annual-chart breakout is likely needed for retail/institutional capitulation.
Preview:Michael Lebowitz of Real Investment Advice discusses the crosscurrents in the US economy at mid-2025: slowing growth complicated by tariff distortions, soft vs. hard data divergence, and uncertainty around whether tariffs prove inflationary or deflationary. He leans toward economic slowdown but acknowledges bullish counter-forces. On bonds, he argues fundamentals favor lower yields (PPI falling, tariffs ultimately deflationary) but narratives are driving rates toward 5%. On gold, he advises separating long-term thesis (dollar debasement insurance) from short-term trading noise, calling the recent pullback healthy.
Preview:Andrew Slay (Sprott Money) interviews Kai Hoffmann (Soar Financially) on Europe's economic and energy struggles, Germany's deindustrialization, geopolitical irrelevance, creeping capital controls, and the coming digital euro/CBDC transition. Hoffmann sees the EU as uncompetitive and ignored in Ukraine negotiations. Slay argues the green energy agenda is deliberately sabotaging grids to justify 15-minute cities and CBDCs. Both agree gold remains a long-term wealth protector, with pullbacks as accumulation opportunities. Hoffmann predicts a monetary reset is 2-3 years out, not imminent.
Preview:Technical analyst Chris Muan sees a classic dead-cat bounce in US equities — short-term bullish but a bear market signal has flashed on weekly charts, mirroring the 2007-08 top. Gold is in a parabolic, crowded FOMO phase with a near-term target of ~$3,750 but a sharp correction to $2,200-2,400 is likely within 6-12 months as a broader financial reset unfolds. Silver could spike to $38 but remains a volatile, difficult trade that will get hammered in liquidation events. The overarching thesis: we are entering a bear market phase that will eventually drag everything down, including precious metals.
Preview:Andrew Slay argues that the gold-to-silver ratio near 100:1 makes silver dramatically undervalued and likely the higher-upside metal versus gold. He says rate cuts, weaker currencies, and growing distrust in banks and the broader financial system should all support precious metals, while miners and Bitcoin-linked “gold” substitutes remain too unproven or too risky for serious capital.
Preview:Bob Thompson argues the April selloff was a leverage-driven deleveraging shock that temporarily hit everything, but the bigger force is a weakening U.S. dollar that should keep supporting gold and eventually broader commodities. He says gold is still early in a bull market, silver and junior miners have not yet caught up, and China is a new buyer that Western investors are underestimating.
Preview:Rob Kientz (The Freedom Report, Kinesis US bullion operations head) joins Craig Hemke on Sprott Money's "Ask the Expert." Kientz details his work with C4SM to pass state-level gold/silver legal tender laws (8 states passed so far, Florida close). He argues Fort Knox gold is almost certainly not fully there and that any "audit" will be avoided because the truth would crash the dollar. On markets: the dollar's plunge from 110 to 98 DXY signals de-dollarization is accelerating; gold's $100+ up days reflect the market pricing in an unsalvageable fiat system. He sees a deflationary collapse coming, with gold eventually hitting "stupid ridiculous numbers" ($10,000-$15,000+). China may enter a deflationary depression, Europe is panicking and seeking war, and the US is trapped managing short-term optics while the long-term solution requires austerity nobody wants.
Preview:Craig Hemke (TF Metals Report) joins host Steve for a wide-ranging interview. Hemke argues Trump's tariff escalation with China is dangerously simplistic game theory — hubris that ignores how prepared China may be. He floats the idea that China holds ~25,000 metric tons of gold (vs. the ~2,000 it reports), positioning for a potential dollar-alternative system. On the COMEX, a headline-grabbing 106,000-contract open interest for April gold delivery was likely a data error, though physical tightness is real and meaningful. Hemke sees current gold weakness as hedge-fund liquidation during margin calls, not a thesis break, and expects the gold bull trend to resume after a multi-week consolidation similar to Nov-Dec 2024. His 2025 outlook: central bank buying provides a floor, gold likely already got above $3,100 as he predicted, and further upside by year-end depends on unfolding macro chaos.
Preview:Rick Rule lays out a long-term gold thesis grounded in US fiscal arithmetic: $130T+ in total obligations, persistent negative real rates for savers, and gold's tiny 0.5% allocation vs. a 2% four-decade mean. He expects the dollar to lose 75% purchasing power over 10 years — repeating the 1970s playbook — taking gold "much higher." On gold miners, he sees the sector entering a virtuous M&A and quality-rotation sweet spot. He also flags copper's structural supply deficit but warns that recession risk from economic nationalism could cap commodity upside.
Preview:David Jensen analyzes the physical gold and silver markets, arguing that central bank gold leasing is temporarily masking a severe shortage while silver — with no central bank backstop — is approaching a breaking point. He highlights massive metal flows from London to US vaults, record COMEX deliveries, and a silver lease rate spiking to implied ~20% annualized, signaling acute physical tightness. His core thesis: the fractional-reserve London paper market is nearing a settlement crisis that will force a repricing of precious metals.
Preview:Chris Mulan (TheTechnicalTraders.com) joins Craig Hemy on Sprott Money's monthly precious metals projections. Chris sees the S&P 500 in a short-term downtrend with a panic washout likely to produce a near-term oversold bounce, while the NASDAQ is already more damaged. Gold is in a blowoff phase targeting ~$3,050 short-term, but he warns it's becoming a crowded trade with limited upside. He's cautious on silver and miners — gold is the safe haven while riskier assets could get sold. Oil is testing critical support and a breakdown would signal economic slowing and could benefit miners via lower energy costs. GDX shows a strong chart pattern with a measured move toward $44–47, though a falling stock market could cap upside.
Preview:Michael Oliver, founder of Oliver Momentum Structural Analysis, delivers a stark warning: the 15-year S&P 500 bull market — an 18-fold NASDAQ gain since 2009 — is a historic bubble on the verge of breaking. When it does, the crash could be worse than 1987 or 2008, and the fleeing capital will pour into gold, silver, mining stocks, and T-bonds. He argues gold's sideways consolidation since 2020 was a launch pad, not a top; the long-term bull trend that began in 2016 is alive and accelerating. His proprietary momentum structural analysis suggests silver and the miners (XAU/GDX) are on the cusp of a performance breakout versus gold, with the XAU-to-gold spread recently breaking a multi-decade downtrend line — a signal historically associated with the acceleration phase of precious metals bull markets.
Preview:Craig Hemke argues the recent surge in gold is not mainly about tariffs, but may reflect a deeper effort to onshore, audit, and potentially revalue U.S. gold reserves as part of a broader balance-sheet / debt-management plan. He ties the London-to-New York gold flow, delivery delays, and the Fort Knox audit chatter to the idea that authorities want to know what gold actually exists before any monetization or bond-backstopping scheme is attempted.
Preview:Craig Hemke of TF Metals Report discusses gold's surge toward $3,000, arguing that the mainstream tariff narrative is likely cover for a deeper structural tightness in physical gold markets. He points to persistent futures-spot spreads, surging lease rates, elevated GLD borrowing costs, and a 4-8 week delivery delay at the Bank of England as evidence the London vault float is under real stress. He speculates the Trump administration may be quietly positioning to monetize US gold holdings (carried at $42/oz) via gold-backed bonds or balance-sheet revaluation, and urges retail investors to recognize the disconnect between subdued Main Street premiums and the institutional tonnage-level scramble.
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