Palisades Gold Radio

Collin Kettell
  • 4.6 (265)
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  • Semiweekly

Podcast by Palisades Gold Radio

  1. 1d ago

    Douglas Macgregor: The ‘Most Intense’ Operation of Iran War, Boots on The Ground & The Role of Gold

    Colonel Douglas Macgregor, a decorated combat veteran and former advisor to the U.S. Secretary of Defense, joins Palisades Gold Radio to discuss the escalating geopolitical landscape and its implications for global markets. He argues that the world is de-globalizing and the post-1945 order is collapsing, with Washington trapped in a struggle for global hegemony it can no longer afford. Macgregor dismisses any notion of a negotiated resolution in the Middle East, predicting a massive air assault on Iran that will likely fail to achieve its objectives, potentially leading to the use of tactical nuclear weapons—a dangerous precedent that could legitimize their use by other nations. Macgregor highlights the strategic failures of U.S. military power, noting that despite unprecedented defense spending, the U.S. cannot defend its allies against Iranian and Houthi missile attacks. He points to the destruction of Gulf oil infrastructure and the collapse of U.S. credibility as key consequences. This military impotence, combined with financial strain, is accelerating the shift toward resource sovereignty and regional blocs. He emphasizes that the U.S. is losing the competition for critical minerals and rare earths, particularly in Africa, while China and Russia are gaining ground, and suggests that Canada and Latin America offer the best opportunities for U.S. resource security. On the economic front, Macgregor argues that the Federal Reserve has lost control over inflation and that the U.S. is heading toward financial destruction. He predicts a commodity super cycle driven by underinvestment and geopolitical fragmentation, with gold prices set to rise dramatically, potentially reaching $10,000 an ounce by 2030. He dismisses short-term market fluctuations as noise, framing gold as a long-term hedge against the inevitable deterioration of the U.S. economy and the collapse of the current global financial system. Timestamps 00:00:00 – Introduction 00:01:21 – Middle East Escalation Assessment 00:03:11 – De-globalization and Hegemony 00:05:41 – Elections and Policy Continuity 00:06:32 – Preparatory Strikes on Iran 00:07:23 – Massive Air Assault Expected 00:08:47 – Tactical Nuclear Weapons Question 00:12:57 – Dangerous Precedent of Nukes 00:14:21 – Saudi War and US Credibility 00:16:21 – China Containment and Military Limits 00:19:21 – Energy and Mining Impact 00:22:50 – Conspiracy Theories Debunked 00:25:47 – Resource Sovereignty and Trade 00:31:27 – China’s Gold Accumulation and Remonetization Guest Links https://douglasmacgregor.com https://x.com/DougAMacgregor https://substack.com/@coloneldoug https://www.youtube.com/@macgregorwarriordiplomacy https://breakingdefense.com/author/doug-macgregor/ About the Guest Douglas Macgregor is a decorated combat veteran, an author of five books, a PhD, and a defense and foreign policy consultant. Macgregor was commissioned in the Regular Army in 1976 after 1 year at VMI and 4 years at West Point. In 2004, Macgregor retired with the rank of Colonel. In 2020, the President appointed Macgregor to serve as Senior Advisor to the Secretary of Defense, a post he held until President Trump left office. He holds an MA in comparative politics and a PhD in international relations from the University of Virginia. Macgregor is widely known inside the U.S., Europe, Israel, Russia, China and Korea for both his leadership in the Battle of 73 Easting, the U.S. Army’s largest tank battle since World War II, and for his ground breaking books on military transformation: Breaking the Phalanx (Praeger, 1997) and Transformation under Fire (Praeger, 2003). Macgregor’s recommendations for change in Force Design and “integrated all arms-all effects” operations have profoundly influenced force development in Israel, Russia and China. In 2010, Macgregor traveled to Seoul, Korea to advise the ROK Ministry of Defense on force design. In 2019, Transformation under Fire was selected by Lt. Gen. Aviv Kohavi, Chief of the Israeli Defense Force (IDF), as the intellectual basis for IDF transformation. His fifth book, Margin of Victory: Five Battles that Changed the Face of Modern War from Naval Institute Press is available in Chinese, as well as, English and will soon appear in Hebrew. In 28 years of service Macgregor taught in the Department of Social Sciences at West Point, commanded the 1st Squadron, 4th Cavalry, and served as the Director of the Joint Operations Center at SHAPE during the 1999 Kosovo Air Campaign for which he was awarded the Defense Superior Service medal. In January 2002, at Secretary of Defense Donald Rumsfeld’s insistence the USCENTCOM Commander listened to Colonel Macgregor’s concept for the offensive to seize Baghdad. The plan was largely adopted, but assumed no occupation of Iraq by U.S. Forces. Macgregor has also testified as an expert witness before the Senate and House Armed Services Committees and appeared as a defense analyst on Fox News, CNN, BBC, Sky News and public radio. He is fluent in German.

  2. 2d ago

    Josef Schachter: ‘Massive Upside’ In Oil Stocks & The Iran War Restart

    Josef Schachter, author and president of the Schachter Energy Report, joins Palisades Gold Radio to assess the global energy system amid shifting Middle East geopolitics. Despite ongoing conflict, crude flows out of the Persian Gulf are running above pre-war levels—Saudi Arabia is even discounting barrels into Asia—yet refined products tell a different story. LNG, sulfur, nitrogen, and fertilizer exports remain constrained, and diesel shortages persist as Ukrainian strikes on Russian refineries remove key supply from global markets. Schachter outlines three scenarios for the Iran conflict and assigns rough probabilities: a durable peace deal (30%), a limited air campaign that resolves nothing (roughly one-third), and a wider regional war (roughly one-third). With WTI near $97 and Brent near $105, he estimates $22–$25 per barrel of risk premium is priced in against an equilibrium value of roughly $75. A credible peace deal, in his view, could take another $20–$25 off crude—but he cautions that restocking strategic reserves, rebuilding damaged infrastructure, and restoring commercial inventories will take time, delaying rather than derailing the commodity super cycle he expects to run into the mid-2030s. On equities, Schachter argues energy stocks are discounting $70 oil while cash flow multiples of 2–3x sit well below proved developed producing reserve values—a classic cycle-bottom setup. He explains his framework for evaluating producers, the criteria he applies to entrepreneurial names (management track record, large land positions, infrastructure access, and supportive jurisdictions), and why Canadian producers offer cheaper entry points and greater drilling inventory than U.S. peers. He also covers natural gas, where growing LNG export capacity and data-center power demand could unlock higher prices, and outlines where investors can find his research and buy-signal alerts. Timestamps 00:00:00 – Introduction and Middle East war outlook 00:00:46 – Energy system: crude flows vs product shortages 00:04:54 – US election impact on markets and Iran policy 00:06:32 – Saudi production, diesel shortage, refinery issues 00:08:49 – Logistics, restocking, and commodity super cycle 00:15:19 – Escalation scenario: oil at $120-130 and risks 00:21:26 – Refinery damage and Persian Gulf escalation risks 00:24:07 – Odds of peace vs war and oil risk premium 00:27:16 – War delays super cycle; demand and restocking 00:29:12 – Long-term commodity bull market until 2034-36 00:36:14 – Buying the dip: integrated vs small producers 00:38:01 – What to look for in entrepreneurial explorers 00:42:00 – Natural gas stocks, LNG exports, power demand 00:45:11 – Where to find research and closing remarks Links https://schachterenergyreport.ca About the Guest Subscription Discount for Palisade Listeners, $100 off the first year of our subscription, use coupon code “POD100” https://schachterenergyreport.ca/subscriptions/ Josef Schachter is a 40+ year veteran of the Canadian Investment Management Industry, Josef Schachter has experienced several exceptional and turbulent global economic and stock market cycles. With his primary focus in the stock market and the energy sector, Josef is able to weave global political, economic and monetary issues with current energy data into a compelling story of what’s going on, what is to come, and why. Josef is a frequent guest on Michael Campbell’s Podcast ‘Mikes Money Talks’ and other podcast and radio shows and is often quoted in the media. He is a regular Guest Speaker at the annual World Outlook Financial Conference in Vancouver and he delivers presentations to various companies and organizations. For several years, he was a frequent and notably colourful commentator on BNN Bloomberg’s Market Call. Josef provided Oil and Gas research to Maison Placements Canada geared to their institutional clients for 15 years ending April 2017, and was acknowledged as the first analyst in Canada to predict the Oil Price Plunge of 2014. Prior to establishing his firm Schachter Asset Management Inc. in 1996, Josef was the Chief Market Strategist at Richardson Greenshields, a Director of RGCL and a member of its Investment Policy Committee. He holds a Chartered Financial Analyst designation and is a past Chairman of the Canadian Council of Financial Analysts.

  3. 5d ago

    Simon Hunt: Imminent Global Oil Shortages, The Iran War Restart & Why The US Empire Ends in 2032

    Simon Hunt, a financial and geopolitical analyst, delivers a stark warning about an imminent escalation in the Middle East, arguing that the “House of Saud” is at risk of falling. He details a secret meeting in Tehran between Saudi Arabia’s defense minister and Iran’s security council, suggesting a major realignment. Hunt contends that the Houthi war on Saudi Arabia is a separate conflict that is successfully damaging oil infrastructure, and that a full-scale attack on Iran would lead to the closure of the Strait of Hormuz, crippling global energy supplies. He predicts a period of at least three years of extremely high prices for diesel, gasoline, and fertilizers, culminating in a major financial crash between 2030 and 2032. The conversation frames the current conflicts as a single, coordinated war against the US-led order, orchestrated by Beijing and Moscow. Hunt argues that America’s long-term strategy to control global resources is failing, as Iran is fully backed by Russia and China. He suggests we are witnessing the end of the American empire and the birth of a multipolar world, with a potential for a major war between 2028 and 2032. For investors, he advises a nimble, short-term approach, predicting a recession in 2027 followed by a resurgence of double-digit inflation by 2029. Hunt’s key actionable takeaways are to treat gold as a security and liquidity hedge, not a speculative trade, and to watch Beijing rather than Washington for the true revaluation of the metal. He highlights that Chinese households have accumulated over 28,000 tonnes of physical gold, which could revalue their economy by $20 trillion. Ultimately, he recommends focusing on short-term market cycles and avoiding long-term investment commitments in the face of extreme volatility and geopolitical risk. Timestamps: 00:00:00 – Introduction 00:01:34 – Iran War Restart Analysis 00:03:11 – Houthi War on Saudi Arabia 00:06:42 – Strait of Hormuz Closure Threat 00:09:32 – Second Strike Odds & US Risks 00:13:37 – Energy War & Relative Power 00:18:52 – 3-5 Year High Energy Prices 00:22:54 – Global Fuel Shortages Loom 00:25:48 – Elections & War Timing 00:27:17 – Beijing & Moscow Pulling Strings 00:30:58 – End of Empire & Multipolar World 00:33:10 – Resource Wars & Demographics 00:36:28 – 2027 Recession & Fed Strategy 00:40:41 – Gold as Security & China’s Hoard Links mailto:simon@shss.com https://simon-hunt.com/ https://www.theinstitutionalstrategist.com/products-and-services/frontline-china/ About the Guest Simon Hunt began his career in 1956 in Central Africa as a PA to the Chairman of Rhodesian Selection Trust, one of the two large copper companies in what was then Northern Rhodesia, now Zambia. In 1961, he came back to London and joined Anglo American Corporation of South Africa as a PA to one of the Board Directors, followed by being part of a small sales and marketing team for copper. From there, he helped start up a new copper development organization, CIDEC, financed by copper producers, which he then joined, focusing on conducting end-use studies of copper in Europe. He then went into the City to gain financial experience and founded Brook Hunt in 1975. He was instrumental in setting up the company’s cost studies and end-use analyses. Simon appeared as material witness and consultant in two ITC anti-dumping cases in 1978 and 1984, winning both at the commission level. He has spent 2-4 months every year in China since 1993, and until a few years ago would be visiting some 80 wire and cable and brass mill factories across the country every year. He now restricts these factory visits to a smaller number, all of which he has known for many years. Simon also spends many weeks each year traveling around Asia. The focus of the company’s services is on the global economy, including the changing geopolitical and financial structures, China’s economy and its copper sector, and then the global copper industry as each part is interconnected. Simon is the author of the “Frontline China Report Service,” which is marketed by the TIS Group. The Service provides regular reports on China’s economy, politics, and financial outlook. Simon established this company in January 1996.

  4. 6d ago

    Michael Every: Resources Are The Real Driver of War – The Iran War Restart

    Michael Every argues that the current geopolitical landscape is defined by a single, multi-front conflict between the US and China, with the wars in the Middle East and Ukraine serving as key battlegrounds. He predicts a re-escalation of the US-Iran conflict immediately after the US midterm elections, viewing it as a deliberate US strategy to destabilize global energy and commodity supply chains. The core objective, he suggests, is not necessarily to seize resources, but to create a “two-speed” world where the US and its allies have cheaper, more reliable access to critical inputs like oil, LNG, and food, while adversaries like China face far higher costs and logistical hurdles. A surprising data point Every highlights is the massive divergence in global oil prices. While Brent crude futures may sit around $115, the actual cost of a barrel of Middle Eastern crude delivered to Shanghai can be as high as $150 due to war risk insurance, longer shipping routes around Africa, and a shortage of tankers. In contrast, Canadian crude delivered to the US via pipeline costs roughly $70. This deliberate fragmentation of commodity markets, he argues, is a powerful, underappreciated tool of US statecraft, mirroring China’s dominance in rare earths. He also notes that shipping a barrel from the Persian Gulf to Asia now costs $20-30, up from a normal $2-3, illustrating the extreme tightness in refined product markets. The key actionable takeaway for investors and businesses is to prepare for a world of “higher for longer” inflation and interest rates, driven by the expensive process of rearmament, reindustrialization, and supply chain restructuring. Every advises against assuming a return to the free-flowing, low-cost global economy of the past. He is skeptical of a return to a gold standard, arguing that governments will need “soft money” to finance this expensive geopolitical competition. Instead, he recommends focusing on resilience, diversification, and understanding that physical resources and supply chain control are the ultimate sources of power in this new era. Timestamps 00:00:00 – Hormuz Attacks Spike Shipping Costs 00:00:44 – War with Iran: Imminent Restart? 00:03:48 – Why Not Preemptive Strike? 00:05:09 – Conflict Drivers: US-China Cold War 00:09:21 – US-China Power Dynamics 00:12:15 – Demographics: Least Dirty Shirt 00:16:44 – Ukraine: Another Front of Same War 00:20:41 – Resources as Power Leverage 00:23:29 – Iran War: Resource Control or Weaponization? 00:26:31 – Energy Tightness and Price Disparities 00:31:51 – US Leverage: Oil, LNG, Copper, Agriculture 00:35:02 – Fertilizers and Sulfur Supply Gaps 00:36:26 – Escalation: Air Campaign or Ground Troops? 00:38:29 – Targeting Energy and Desalination Plants 00:40:02 – Merging Wars: Ukraine and Middle East 00:43:24 – East Asia Flashpoints and Tail Risks 00:45:25 – Implications for Life, Business, and Investing 00:50:00 – Gold’s Role in a Fragmented World 00:55:50 – Follow Michael Every’s Work Links https://www.rabobank.com/ https://hk.linkedin.com/pub/michael-every/14/832/389 https://x.com/TheMichaelEvery About the Guest Michael Every is a Global Strategist at Rabobank. He analyses major financial developments and contributes to the bank’s various economic research publications for internal and external customers and to the media. Michael has over two decades of experience working as an Economist and Strategist. Before Rabobank, he was a Director at Silk Road Associates in Bangkok, Senior Economist and Fixed Income Strategist at the Royal Bank of Canada in both London and Sydney, and an Economist for Dun & Bradstreet in London. Michael holds a Masters degree in Economics (with distinction) from University College London and speaks a smattering of languages, including Thai.

  5. 6d ago

    Chris Vermeulen: The Financial Reset, When Gold WIll Bottom & Oil to ‘Push Higher’

    Chris Vermeulen, Chief Market Strategist at TheTechnicalTraders.com, joins Palisades Gold Radio to deliver a critical technical analysis of the current market landscape. He issues a stark warning: gold and silver have officially entered a bear market, with charts pointing to significant further downside. Vermeulen identifies key Fibonacci retracement targets, suggesting gold could fall to the $3,100–$3,300 range and silver toward $39 per ounce. He advises investors to remain patient and wait for these technical bottoms before re-entering, emphasizing that precious metals should be treated as an insurance policy rather than a momentum trade. The conversation pivots to the broader equity markets, where Vermeulen highlights a critical juncture. He notes that while a potential 50% rally in semiconductors is possible, the on-balance volume reveals massive institutional distribution, signaling a likely sharp break to the downside if current support fails. He connects the AI stock bubble directly to the escalating debt bubble, warning that leveraged margin buying is propping up the market. Vermeulen advocates for a disciplined approach: holding cash as a powerful strategic position, waiting for clear directional signals, and focusing on high-probability, low-volatility trades that compound over time. He also provides insights on oil, uranium, and copper, urging caution in crowded trades. Timestamps: 00:00:00 – Gold and Silver Enter Bear Market 00:01:12 – Gold’s Downside Targets and Support 00:04:27 – Fibonacci Retracement Levels for Gold 00:06:47 – Long-Term Bull Case and Entry Strategy 00:09:50 – War and Gold Correlation Explained 00:11:42 – Money Rotation from Tech to Broad Market 00:12:55 – Semiconductor Chart and Market Signals 00:16:32 – AI Bubble Tied to Debt Bubble 00:20:20 – Oil Price Targets and Middle East Risk 00:22:29 – Energy Stocks vs. Crude Oil 00:24:12 – Uranium Divergence and Outlook 00:27:08 – Silver’s Downside and Support Levels 00:29:48 – Platinum and Palladium as Leading Indicators 00:31:26 – Power of Cash in Bear Markets 00:35:44 – Technical Traders and Trading Philosophy Guest Links: Website: https://thetechnicaltraders.com/ X: https://x.com/TheTechTraders Guest Biography: Chris Vermeulen is the Founder & Chief Investment Officer of The Technical Traders and the visionary mind behind Asset Revesting. In his book Asset Revesting – How to Exclusively Hold Assets Rising in Value, Profit During Bear Markets, and Continue Building Wealth in Retirement, he lays out this investment framework. Chris launched his financial career at 16, parlaying his knack for trading and risk management into funding his final year of college, where he earned a business diploma in operations management. By his twenties, he had achieved financial independence as a full-time entrepreneur and trader. After a setback—blowing up a trading account—Chris dedicated himself to treating trading as a business, completing the Trading Strategy Mastery and Trading Is Your Business courses. A technical analysis expert, he devises systematic methods to spot market opportunities and control portfolio risk, rejecting traditional buy-and-hold approaches that cling to depreciating assets. His efficient asset allocation models balance short- and long-term strategies to minimize drawdowns and consistently outperform benchmarks. Those seeking reliable capital preservation and growth turn to his proven techniques.

  6. Oct 23

    The Largest & Highest Grade Uranium Mine In Africa – And Palisades Owns 9%

    Check out the Palisades Newsletter, here: https://palisades.ca/blog/the-hard-road-to-dasa-palisades-largest-uranium-position-secures-us414m-loan-from-u-s-government/ Stijn Schmitz welcomes Stephen G. Roman to the show. Stephen is the Chairman, President and CEO of Global Atomic. The discussion centers on Global Atomic’s DASA uranium project in Niger, which stands as the highest-grade uranium deposit in Africa. Stephen recounts his lifelong involvement in uranium, from his father’s discovery in Elliot Lake to incorporating Global Atomic in 2005 and securing permits in Niger’s Tim Mersoï Basin. The DASA deposit was discovered in 2010, but development was delayed by the Fukushima disaster and a decade-long uranium downturn. Despite these challenges, the company advanced feasibility studies, obtained a mining permit in 2021, and began underground mining in 2022, leveraging the experienced workforce from the shuttered Cominak mine. A pivotal moment came with the July 2023 coup in Niger, which caused most international operators to lose their uranium assets. Global Atomic retained its permits because it had strictly followed Niger’s mining code, having commenced mine construction within the required timeframe, unlike other companies. Find Out More About Palisades Goldcorp, Canada’s Leading Junior Resource Investment Company: ► Website: https://palisades.ca Palisade Radio Links: ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 The coup caused a two-year delay, but the company maintained its team and restarted development once borders reopened. Stephen details the recent approval of a $414 million loan facility from the U.S. Development Finance Corporation (DFC), which required re-educating new board members after the U.S. election. Remaining conditions include securing a shipping port and harmonizing the mining permit tenure with the loan. Options include ports in Algeria, Nigeria, or Benin, with logistics being actively negotiated. Stephen emphasizes strong government relations, noting meetings with Niger’s president and ministers, who support the project for its employment and economic benefits. The government holds a 20% stake in the operating company, and Stephen expects this to remain steady under the existing mineral convention. DASA is projected to produce 4–5 million pounds of uranium annually, with potential to double output as market conditions allow. The company recently raised $57 million and is exploring additional bridge financing. Key upcoming catalysts include finalizing DFC conditions, first drawdown, and construction milestones like the process plant steel erection. The DFC backing is also attracting interest from U.S. utilities for off-take agreements, signaling growing confidence in the project. Guest Links: Website: https://globalatomiccorp.com/ Stephen G. Roman is the founder, Chairman, President and CEO of Global Atomic Corporation, and was previously the President & CEO of TSX listed Harte Gold Corp. Mr. Roman has successfully identified, financed, developed, and brought into commercial production many mining and oil and gas projects in the past 40 years and notably he was the founder, Co-Chairman and Director of Gold Eagle Mines Ltd., that was acquired by Goldcorp Inc. for $1.5 Billion in 2008. Previously he was a Policy Advisor to the Minister of National Defence, Canada, spearheaded the privatization of two major petrochemical companies in Central Europe, was Director and VP Exploration of Denison Mines Limited and was instrumental in the initial creation and leadership of Gabriel Resources, Belo Sun Mining, Exall Energy, Silvermet and Polar Star Mining among others. Mr. Roman received the “Bill Dennis Award” for Canadian Mineral Discovery from the Prospectors & Developers Association of Canada (PDAC) in March, 2016.

  7. Oct 23

    Brett Rentmeester: The US Will ‘Return to Gold’, Imminent Debt-Spiral & The Fourth Turning

    Brett Rentmeester, founder of Windrock Wealth Management, argues that we are entering a “Fourth Turning”—a roughly 100-year crisis cycle in American history, following the American Revolution, Civil War, and Great Depression/WWII. He identifies four major tailwinds that powered the last 40 years of conventional investing (falling inflation, falling interest rates, rising equity multiples, and massive debt accumulation) as now reversing into headwinds. With US debt at $40 trillion, interest payments consuming 28% of tax revenue, and the 10-year Treasury at 5.1%, Rentmeester warns of a “death by a thousand cuts” rather than an outright default—characterized by financial repression, higher inflation, and eroding purchasing power. Rentmeester highlights a critical duality: while the old system cracks, the US retains advantages in technology (AI, robotics, energy abundance) and dollar infrastructure (stablecoins, treasury-backed crypto rails). He recommends a playbook shift away from the traditional 60/40 stock-bond portfolio toward hard assets—precious metals (gold, silver), energy infrastructure, strategic metals, and defense technology. He notes gold’s potential for “much higher” revaluation if governments are forced to back fiat currencies with bullion, citing Judy Shelton’s advisory role to the Fed and central bank accumulation as evidence. Key data points include the CAPE ratio at 40.5 (near dot-com peak), healthcare insurance costs rising 22% annually versus government-reported 2.5% CPI, and the average car payment at $787/month. Investors should expect higher inflation and interest rates over the next decade, making bonds selectively risky and equity index returns likely to disappoint. Rentmeester advocates owning physical precious metals held outside the banking system, adding mining equities and tactical paper contracts as part of a three-pronged metals strategy, and maintaining exposure to energy infrastructure, natural gas, and strategic metals (copper, uranium, rare earths) that benefit from reshoring and geopolitical tensions. He also suggests reducing exposure to Europe and regions vulnerable to debt crises while positioning for continued defense spending growth. Timestamps 00:00:00 – Cycle Change and Fourth Turning 00:01:26 – Historical Crisis Cycles Explained 00:03:22 – Drivers of the 100-Year Cycle 00:04:14 – Tailwinds Turning to Headwinds 00:08:37 – Debt Spiral and Fiat Crisis 00:10:11 – Equity Multiple Expansion Risks 00:12:38 – Approaching Debt Spiral Danger 00:13:44 – Failing Institutions and Trust 00:15:58 – Inflation Distortions and War Impact 00:19:17 – Global Debt Problem Scope 00:21:06 – US Advantages and Tech Hope 00:24:23 – Government Tools to Prolong Dollar 00:27:18 – Consequences for Next 50 Years 00:30:16 – Wealth Management Geopolitical Strategy 00:31:49 – Commodities and Resource Sovereignty 00:36:32 – Energy Complex and Oil Opportunities 00:39:23 – Gold as Real Return Hedge 00:42:51 – Government Gold Accumulation 00:44:39 – Mining Stocks Leverage Potential 00:46:03 – Consolidation Buying Opportunity 00:48:03 – Critical Metals and Defense 00:49:43 – Windrock Wealth Management Overview Links https://windrockwealth.com/ https://www.linkedin.com/in/brettrentmeester/ About the Guest Brett Rentmeester founded WindRock Wealth Management to bring tailored investment solutions to investors seeking an edge in an increasingly uncertain world. Mr. Rentmeester is a veteran and entrepreneur in the investment business. Through his career, including as a co-founder of Altair Advisers and manager at Arthur Andersen, he was a trusted confidant for business owners, entrepreneurs and family offices. His entrepreneurial spirit led him to create and build a number of successful companies in the financial services industry through partnership with the Jaggi Family Office, where he serves as the Chief Investment Officer. Throughout his career, he has focused on the importance of strong relationships, strategic thinking, and an expertise in alternative investments. Mr. Rentmeester’s media appearances include appearances on the PBS Nightly Business Report program, the Chicago Tribune, and the World Presidents’ Organization. He graduated magna cum laude from the University of Arizona with a degree in Finance and earned his MBA from Northwestern’s Kellogg Graduate School of Management. He has been a multiple-year recipient of the Chicago Magazine Five Star Wealth Award, is a Chartered Financial Analyst charterholder (CFA®) and has the Chartered Alternative Investment Analyst designation (CAIA®).

  8. Oct 21

    Rory Johnston: ‘Ragingly Tight’ Diesel Markets, Skyrocketing Inflation & The Escalating Iran War

    Rory Johnston, founder of Commodity Context and host of the Oil Ground Up podcast, joins Palisades Gold Radio to dissect the current energy crisis. He argues that while the market has avoided outright shortages in the West, the war has created a “balkanized” global oil market. The primary issue is not just crude supply, but a severe crisis in refining capacity, particularly for middle distillates like diesel and jet fuel. Diesel crack spreads have hit unprecedented levels (near $100-$120 a barrel), driven by a combination of the Iran war, Ukrainian attacks on Russian refineries, and Houthi strikes on Saudi infrastructure. This has led to a million to 1.5 million barrels per day loss in diesel supply, with emerging markets like Indonesia feeling the pain of outright shortages first. Johnston highlights the compounding effect of skyrocketing shipping costs, which have risen tenfold due to the inefficient “dark transit” system in the Strait of Hormuz and attacks on vessels. This has fractured the global market into isolated pockets of oversupply and undersupply, making it expensive to arbitrage regional imbalances. He is skeptical of political fixes, dismissing the Trump-Putin diesel deal as a “drop in the bucket” (roughly 125,000 barrels per day) and warning that a US diesel export ban would be counterproductive, as it would reduce refining incentives and spike global prices. The only durable solutions, he argues, are ending the wars in Ukraine and the Middle East. Looking ahead, Johnston sees a potential scenario where crude prices fall (even to $60) while diesel remains expensive ($150-$160) due to lingering refining constraints. He notes that the market is still in a deficit of 2-3 million barrels per day, drawing down stockpiles, but believes a resolution to the Iran war could flip crude into oversupply. A key wildcard is China, which could loosen its export quotas and provide critical diesel supply through the winter, as it did in 2022-2023. He also flags that a “Super El Nino” could provide a lucky reprieve by moderating winter demand for heating fuels. Timestamps 00:00:29 – Introduction: Rory Johnston on energy crisis 00:00:41 – Assessing Middle East supply disruptions 00:01:28 – Impact of high prices on emerging markets 00:02:26 – Shipping rates surge and tanker inefficiency 00:05:20 – Iran attacks on tankers and fleet impact 00:09:56 – Refining capacity crisis and product tightness 00:15:19 – US-Russia diesel deal and export ban debate 00:20:05 – Ukraine refinery attacks and energy truce 00:24:44 – Outlook: product tightness vs crude recovery 00:30:57 – Demand destruction through diesel prices 00:35:36 – Escalation risks and stock drawdowns 00:39:22 – Saudi Arabia’s challenges and Houthi attacks 00:43:03 – Natural gas and LNG market tightness 00:44:46 – Wrap-up and where to follow Rory’s work Links https://www.commoditycontext.com/ https://x.com/Rory_Johnston About the Guest 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.

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Podcast by Palisades Gold Radio

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  • Creator
    Collin Kettell
  • Years Active
    2018 - 2026
  • Episodes
    34
  • Rating
    Explicit
  • Copyright
    © All rights reserved
  • Show Website
    Palisades Gold Radio

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