Palisades Gold Radio

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Rory Johnston: What Everyone Is Getting Wrong About The Oil Price Amidst Iran War Jul 17, 2026

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Stijn Schmitz welcomes Rory Johnston to the show. Rory Johnston is Commodity Market Research - Specializing in Oil & 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.

I Asked The Greatest Junior Mining Investors What They Are Buying Right Now | Rule Symposium Jul 16, 2026

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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 Jul 11, 2026

Show notes

Stijn Schmitz welcomes Rick Rule to the show. Rick Rule is Investor, Speculator, Founder & CEO of Rule Investment Media. 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

Dr. Nomi Prins: The Greatest Opportunities in Resources, Right Now | Silver, Uranium & Oil Jul 09, 2026

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Stijn Schmitz welcomes Dr. Nomi Prins to the show. Dr. Nomi Prins is Founder of Prinsights Global and Substack. The discussion opened with Dr. Prins identifying the most significant investment opportunities in a market she sees as distorted by exaggerated paper selling. She argued that silver presents the greatest potential due to a historic disconnect between its heavily traded paper price and a persistent six-year physical supply deficit. Despite price volatility driven by algorithmic and ETF trading, demand for physical ounces from industry, particularly from Asia for solar applications, remains insatiable. Pure-play silver miners, which remain highly profitable even at current price levels, are therefore positioned as attractive opportunities. The conversation shifted to uranium, where a different dynamic prevails. Uranium prices have held a new, high platform level due to utility companies securing long-term contracts well above the spot price, a sector lacking a significant futures market. Consequently, uranium miners have underperformed the commodity itself, creating a clear re-rating opportunity for stocks. For gold, Dr. Prins highlighted that its bull case is supported by sustained central bank buying, particularly in Asia and the Middle East, as nations seek independence from dollar-based monetary policy. She noted that over the long term, gold has significantly outperformed inflation, purchasing power, and treasuries. With major producers sitting on large cash reserves and facing their own supply constraints, well-managed junior developers in favorable jurisdictions with high-grade assets are becoming prime targets for acquisition, offering significant upside. On the oil and gas sector, Dr. Prins observed that markets have normalized to a stable trading range after war-related spikes. This stability, combined with the ongoing need to replenish depleted strategic petroleum reserves globally, supports current price levels. She pointed to specific opportunities in regions like South America, where companies are producing the right grade of crude, often offering high dividends to supply U.S. refineries historically reliant on heavier oil. Her firm’s strategy focuses on identifying these macro-driven distortions and vetting junior companies through rigorous analysis of management and jurisdictional stability.

Tavi Costa: These Are The Biggest Opportunities in Mining Right Now Jul 08, 2026

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Stijn Schmitz welcomes Tavi Costa to the show. Tavi Costa is Founder & CEO of Azuria Capital LLC.. Costa outlines a bullish macro view for precious metals, arguing that the recent sell-off in gold and silver presents a compelling accumulation opportunity within a secular bull market. He notes that gold itself is down 25 to 30 percent, while quality producers have corrected 40 to 50 percent, leaving them technically oversold. He favors large, well-established miners such as Agnico Eagle and Newmont as liquid ways to play this window over the next six to twelve months. Silver is also in an accumulation phase, though he cautions against fixating on a single price entry point. Copper, which has remained resilient near all-time highs, is expected to surge dramatically once current headwinds fade, offering significant operating leverage in the mining equities. Costa emphasizes the strategic role of energy in a resource portfolio, describing it as an efficient hedge for metals investors. He highlights the historically low weighting of energy in the S&P 500 and points to structural demand drivers like data centers, electrification, and onshoring. Natural gas, in his view, is the only near-term solution to meet this demand, given the longer timelines for nuclear or renewables. He sees opportunities in midstream assets and in Latin America, where excess energy supply could attract strategic partnerships. The conversation also touches on agricultural commodities, which Costa believes are consolidating in a pattern similar to oil before its breakout. Regarding critical minerals, Costa expresses skepticism, calling the sector a “disease” marked by misallocated capital. He warns that institutional money chasing small markets like rare earths often overlooks poor business fundamentals, and he advises focusing instead on copper, gold, and silver, which offer clear structural demand and supply constraints. He distills his investment approach into three pillars: metals and mining, energy, and Latin America. Costa is currently in the process of launching a fund and shares his research on Substack, with a formal announcement expected soon.

Adrian Day: Sentiment ‘Unbelievably Lopsided’ for Gold, Still ‘Very Undervalued’, Silver and Oil Jul 08, 2026

Show notes

Stijn Schmitz welcomes Adrian Day to the show. Adrian Day is CEO of Adrian Day Asset Management & Manager of EuroPacific Gold Fund. Adrian Day observes a significant opportunity in the resource sector, noting that gold and silver equities are trading at valuations near all-time lows, compounded by deeply negative sentiment. He points out that bullish sentiment for gold has plummeted to single digits, even hitting zero percent on one occasion, creating what he views as an exceptionally lopsided and contrarian setup. While acknowledging that gold bullion cannot be valued using traditional discounted cash flow models, he argues it is undervalued on an inflation-adjusted basis and relative to global debt and money supply, suggesting the current cycle has a long way to run before any potential overshoot. Day emphasizes that key indicators for market tops are primarily sentiment-driven, such as overwhelming bullish media coverage, unsolicited stock tips from the public, and lines forming outside bullion dealers. Harder data points include accelerating flows into gold ETFs and the emergence of premiums on physical products. For investors new to or underweight the sector, he recommends buying across the spectrum, highlighting that even the largest, most conservative royalty and streaming companies are trading at historically low multiples. When evaluating junior exploration companies, his focus is overwhelmingly on the quality of the management team and the strength of the balance sheet, with the specific mineral property being the least important factor. He stresses the importance of management with a relevant track record and the presence of large, supportive, long-term shareholders who can ensure access to capital during difficult markets. For mid-tier producers, he prefers companies with diversified assets in concentrated jurisdictions to mitigate single-mine risk. Briefly touching on other commodities, Day notes that oil and gas stocks have dramatically underperformed the broad market this year and have not retreated significantly from recent highs, though he is waiting for lower entry prices. He also sees potential in thermal coal projects serving Asian markets, where energy security has become a paramount concern.

Michael Gentile: The Iran War to Accelerates Gold’s Rise & The Silver Bull-Thesis Jul 01, 2026

Show notes

Stijn Schmitz welcomes Michael Gentile to the show. Michael Gentile is Strategic Investor & Co-Founder, Bastion Asset Management. Gentile remains very bullish on precious metals, maintaining a five-to-ten-year investment horizon. He argues that short-term volatility in gold and silver does not alter the long-term macro thesis driven by unassailable U.S. debt levels. With U.S. debt approaching $40 trillion and interest expenses potentially consuming 40% of government revenues, Gentile sees currency debasement as the only path forward, which favors gold. He notes that while central bank buying has driven gold’s rise from $1,350 to over $4,000, mainstream investors still allocate only 1-2% of portfolios to gold, leaving significant room for a second wave of demand that could turbocharge prices. Gentile highlights a historic opportunity in gold equities, where producers are generating record free cash flow due to expanding margins—from $400 to $2,000 per ounce—while tech company free cash flow dries up. This undervaluation extends to junior miners, where he focuses on resource-stage companies with assets that can realistically become mines. He seeks companies trading at $20-$50 per ounce in the ground that could be acquired for $300-$500 per ounce as majors deploy their high margins. He stresses that most juniors will never become mines, so rigorous asset selection is critical. Beyond gold, Gentile discussed his first royalty investment in Silver Crown Royalties, attracted by its pure silver focus, cost-of-capital advantage, and ability to monetize byproduct silver from gold mines. He sees copper as having strong long-term supply-demand dynamics but finds better value in junior copper developers with buildable assets. He avoids niche commodities like tungsten due to unpredictable long-term pricing and stays away from short-term trading in oil and gas or fertilizer inputs, preferring deep, broad markets. Gentile announced a European roadshow in October, including a London conference featuring his top 20 portfolio companies.

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