Competent Man Podcast

During a conversation with Tom Bodrovics, Kevin Muir, the publisher of The Macro Tourist Newsletter and co-host of The Market Huddle, expressed significant concerns about the current state of the markets. Muir highlighted the stark contrast between the extreme bearish sentiment of 2023 and the current widespread optimism, suggesting that the market may be overvalued and due for a correction. He compared the current environment to the dot-com bubble, emphasizing that while AI and other technologies may be revolutionary, the market's exuberance has priced in expectations that may not be realistic. Muir argued that the rapid rise in gold prices, driven by central bank buying and investor nervousness, could negatively impact the stock market. He noted that gold's recent gains have been unprecedented, and its rise could signal broader economic instability, potentially leading to a market correction. Muir also discussed the role of fiscal policy in driving economic growth, arguing that the U.S. and other countries have been spending more aggressively, which has supported markets. However, he cautioned that this spending could eventually lead to inflation and crowd out private sector investment. Muir expressed skepticism about the AI bubble, comparing it to the dot-com bubble and suggesting that many investors are overlooking the risks. He also discussed the potential for a significant market correction, predicting that it could be larger than many investors expect. Despite his concerns, Muir identified energy as an underappreciated sector, noting that the demand for energy, particularly from developing countries, could drive significant growth in the coming years. Throughout the discussion, Muir emphasized the importance of understanding what is already priced into the market and being cautious about investing in overvalued assets. He also highlighted the potential for geopolitical and economic shifts to impact markets, particularly in light of Trump's potential influence on monetary policy and the U.S. dollar. Muir's insights provided a contrarian view of the current market environment, urging investors to be mindful of the risks and potential for a correction.

Rick Rule, founder and CEO of Rule Investment Media, discusses the current state and future of the metals and commodity markets with host Tom Bodrovics. Rule highlights the psychological and strategic considerations for investors in these markets, noting that while the market has significant potential, it may also experience volatility and corrections. He shares his personal strategy of selling 25% of his junior mining investments to secure profits and reduce downside risk, while reinvesting in physical gold and other high-quality assets. Rule emphasizes the importance of understanding one's psychological tolerance for risk and market volatility, drawing from his extensive experience in the industry. He also discusses the current dynamics in the silver market, attributing recent dislocations to logistical issues rather than a systemic crisis. Rule expresses his belief in the long-term potential of precious metals, driven by factors such as inflation and geopolitical instability. He also touches on the challenges facing the mining industry, including rising capital costs, permitting issues, and increasing social rents. Additionally, Rule critiques the involvement of governments in natural resource investments, arguing that governments are typically poor investors and that regulatory reforms and tax code changes could stimulate investment in the U.S. He also shares his optimism about the oil and gas sector, viewing it as a hated but potentially lucrative investment opportunity. Throughout the discussion, Rule stresses the importance of fundamental analysis and a long-term perspective in investing, while also acknowledging the potential for short-term market manipulations. He concludes by promoting his new venture, Battle Bank, which aims to provide financial services to natural resource investors, and his website, Rule Investment Media, where he offers personalized rankings of natural resource stocks.

During the podcast, host Tom Bodrovics and guest Eric Yeung, an investor and former contract manufacturer in China, delve into the complexities of the current silver market. Yeung highlights the deliberate complexity of the system, designed to obscure understanding, and shares his insights gained from extensive research. The discussion begins with the London Bullion Market Association (LBMA) and its reported shortage of physical silver, with Yeung citing sources indicating a drastic reduction in the LBMA's free float of physical silver from 5,000 to 0 metric tons in just two weeks. This scarcity has led to unprecedented events, such as the SLV ETF temporarily halting share redemptions for physical silver and the spike in lease rates, which Yeung interprets as banks refusing to lend or lease silver bars. Yeung suggests that the system's freeze is due to one of the major banks ceasing to lend physical silver, causing a domino effect. He posits that the current price action and the dwindling free float are key factors in this market stress. The conversation also touches on the role of the US dollar in this equation, with Yeung noting that fluctuations in the dollar's value can affect the market due to its role as the funding cost for exchanges and bilateral contracts. The exchange for physical (EFP) mechanism and ETFs are discussed as integral parts of the system, with Yeung explaining how ETFs serve as physical metal reserves for bullion banks. The potential outcomes of the current situation are explored, with Yeung presenting a best-case scenario of an orderly unwinding of bullion banks' short positions and a gradual price increase for silver. The worst-case scenario, however, involves a technical default by the LBMA, leading to a loss of confidence and a potential shift in the global pricing mechanism for precious metals to exchanges like the COMEX and the Shanghai Gold Exchange (SGE). The conversation also touches on the potential for central banks, including those in the BRICS countries, to add silver to their reserves, using it as collateral for international trade, similar to gold. Yeung believes this shift is part of a broader move away from the US dollar-dominated system, with China and other global south countries developing a new monetary order based on gold and silver collateral. The podcast concludes with Yeung advising listeners to own physical gold and silver as a hedge against fiat currency risks and suggesting that miners could be a viable alternative if physical metals become scarce.

During the podcast, Tom Bodrovics interviews Mart Wolbert, founder of the Contrarian Codex Newsletter, to discuss the current state and future prospects of the uranium market. Wolbert highlights the significant increase in the term price of uranium, which has risen to $82-$83, driven by cost inflation and project delays. He notes that despite this increase, the market remains tight, with a substantial supply-demand deficit projected through 2040. Utilities, particularly in the US and Europe, are facing challenges in securing adequate fuel supplies, leading to a shift towards longer-term contracting and higher prices. Wolbert emphasizes that the uranium market is complex and requires multiple factors to align for a balanced supply. He discusses the potential for new supply sources, such as uranium extraction from phosphate tails and re-enrichment of tails, but notes that these depend on higher prices and technological advancements. He also highlights the geopolitical considerations surrounding Kazatomprom, a major Russian uranium producer, and its influence on global uranium supply. The conversation also touches on the role of artificial intelligence (AI) in driving future demand for uranium, as data centers require significant power. Wolbert believes that while AI will increase demand, it is not the primary driver of the current uranium bull market. He also discusses the importance of diversifying investments to mitigate risks, including holding positions in gold, silver, oil, gas, and other commodities. Wolbert shares his sentiment rating for the uranium market, which is currently very optimistic but not yet euphoric. He advises listeners to be cautious and prepare for potential market corrections, using the analogy of a desert trek to emphasize the importance of planning for challenging times. He concludes by encouraging listeners to stay informed and consider the long-term prospects of the uranium market.

Jaime Carrasco, Senior Portfolio Manager and Senior Investment Advisor at Harbourfront Wealth Management, discussed the current state and future of precious metals with Tom Bodrovics. Carrasco emphasized the importance of focusing on allocation rather than the price of gold and silver, highlighting that only 2% of Western wealth is currently allocated to the sector. He noted the historical context, recalling that during their first conversation in March 2020, gold was around $1,575 and silver was around $15.50, contrasting with the current prices of approximately $4,000 for gold and $50 for silver. Carrasco outlined his strategy, which involves maintaining a minimum 30% allocation to the precious metals sector and rebalancing portfolios to manage volatility. He discussed the significance of central banks accumulating gold, with some now holding more gold than US treasuries, signaling a shift in the global monetary system. He also touched on the potential for gold to reach much higher prices, citing historical precedents and the current monetary environment. The discussion also covered the role of silver, which Carrasco believes is poised for significant gains due to its industrial demand and monetary properties. He mentioned the gold-silver ratio and its historical significance, suggesting that silver could outperform gold in the current bull market. Carrasco highlighted the importance of having a long-term strategy and not getting caught up in short-term price movements. He advised investors to focus on building and maintaining their allocations in precious metals, as this sector is likely to outpace others during monetary crises. He also mentioned the potential for a monetary reset, drawing parallels with historical events and the role of precious metals in rebuilding the monetary system. Throughout the conversation, Carrasco stressed the need for investors to educate themselves and take action, as the current environment presents a unique opportunity to protect and grow wealth through precious metals.

In this episode of The Competent Investor, host Tom Bodrovics engages with market analyst Bob from Profit's Plus and contributor Jim Hunter to dissect the evolving precious metals landscape, focusing on gold and silver amid a global bull market. The discussion highlights structural shifts since the 2008-2011 cycle, including reduced futures open interest, which has tempered leverage and whipsaws, though silver remains volatile due to its small market size and susceptibility to stops. Key insights include the interplay of backwardation and contango, where spot prices exceeding futures—driven by physical demand from fabricators and investors—creates arbitrage opportunities, potentially reversing metal flows from New York to London to alleviate tightness and elevated leasing rates. Bob unpacks Basel III's role in de-leveraging unallocated accounts, boosting physical demand from Asia (e.g., India and China) while Western retail selling earlier this year gave way to post-Labor Day buying from high-net-worth individuals, tightening specific products like sovereign coins and rounds. ETF inflows, such as SLV's recent 5 million share creation, underscore paper market influences, but borrowing fees spiking to 9.8% signal dislocations, with authorized participants struggling to provide liquidity despite physical backing. Manipulation is framed nuancedly: short-term spoofing by banks affects daily pricing but hasn't derailed long-term gains (gold up over 10x this decade), while industry greed—high buy/sell spreads and sensational marketing—has eroded retail trust more profoundly, pushing flows to ETFs. Broader risks include counterparty exposure in ETFs, sub-custodian vulnerabilities under London law, and energy-intensive mining costs rising amid industrial demand for silver in solar and batteries. The panel views metals as a confidence barometer against fiat debasement and systemic debt, with central banks stockpiling gold as a hedge. Long-term bullishness prevails, though mining stocks appear overbought, and volatility looms from potential economic warfare or bubbles. Emphasis falls on physical ownership for true risk mitigation in an analog world increasingly strained by digital narratives and energy constraints. (Word count: 300)

In a conversation between Tom Bodrovics and London Paul, the discussion revolves around the evolving global geopolitical landscape, with a particular focus on the role of gold and the shifting dynamics between the East and West. Paul emphasizes that China's strategic vision for gold is deeply rooted in its historical love for the metal, which began with significant gold imports from the West around 2012. This love for gold was catalyzed by discussions with architects of a multipolar world, who predicted the eventual failure of the U.S. financialization model, a prediction that materialized with the 2008 financial crisis. China's gold strategy involves not only accumulating physical gold but also developing gold hubs globally to facilitate trade in gold, thereby internationalizing the yuan. Paul highlights that China's approach to gold is part of a broader strategy to move away from the U.S. dollar, which China views as a weaponized tool. This strategy includes making the yuan fully convertible into gold for trade partners, effectively creating a gold-backed currency. Paul also notes that China's gold reserves are significantly higher than publicly acknowledged, with estimates suggesting around 40,000 tons, a figure that includes both government and privately held gold. The conversation also touches on the de-dollarization trend, where countries are moving away from the U.S. dollar in international trade, a process accelerated by U.S. sanctions and the weaponization of the dollar. Paul argues that the U.S. is facing significant economic and financial challenges, including a massive debt burden and a declining global influence. In contrast, China's economy is seen as more robust, with a real economy that produces and trades goods, rather than relying on financialization. Paul also discusses the implications of digital currencies and digital IDs, cautioning against fear-mongering and misinformation. He argues that while surveillance and control mechanisms exist, the introduction of new technologies like digital currencies does not fundamentally change the existing power dynamics. Instead, he advises focusing on solutions and understanding the realities of the financial system. The discussion concludes with a reflection on the current geopolitical tensions, particularly the Ukraine conflict, and the broader implications for global stability. Paul emphasizes the importance of rational thinking and understanding the complexities of international relations, rather than succumbing to fear and misinformation.

Tom Bodrovics interviews Tom Luongo, producer of the Gold Goats and Guns newsletter, discussing various economic and political topics. Luongo shares his journey from being summarily let go at Newsmax to launching his successful newsletter. He emphasizes the importance of maintaining objectivity and adaptability in the face of unexpected challenges. A significant portion of the discussion revolves around Luongo's collaboration with Dexter, highlighting their differing approaches to analyzing events. Luongo tends to see linear narratives and cause-and-effect relationships, while Dexter views events more stochastically. Despite their differences, they respect each other's perspectives and have found a productive middle ground in their analysis. The conversation delves into the assassination of Charlie Kirk, with Luongo suggesting it was a message from a higher power, likely aimed at warning Donald Trump. He believes the goal of such chaos is to destabilize society and create an environment where Marxism or nihilistic libertarianism can take hold, both of which he views as anti-civilizational. Luongo also discusses the importance of rebuilding the middle class, particularly through housing and economic policies. He criticizes the current system for making it difficult for young people to enter the housing market and start families. He advocates for the IPO of Fannie and Freddie, arguing that it would help stabilize the housing market and provide more opportunities for younger generations. The interview touches on the role of the Federal Reserve and the potential revaluation of gold, which Luongo believes could significantly impact the economy. He criticizes those who use fear and doom-mongering to gain followers, emphasizing the need for honest and collegial discussions. Luongo concludes by stressing the importance of strengthening local communities and rebuilding civilization from the ground up. He believes that by making small, efficient improvements in our daily lives, we can create a better world for future generations.

During the podcast, Vincent Lanci, a Professor of MBA Finance, Commodity Portfolio Manager, and Publisher of the GoldFix Substack, discussed his concerns about the global economy and the implications for gold. Lanci noted a significant shift in his tone regarding gold, attributing it to a series of events and conversations that led him to believe China might be accelerating its plans to monetize gold. He highlighted China's liberalization of gold ownership and the increasing purchases of gold by Chinese banks, indicating a strategic move by China to diversify its reserves and potentially challenge the US dollar's dominance. Lanci also discussed the geopolitical tensions between the US and China, suggesting that China's patience with the US has worn thin due to Trump's rhetoric and actions. He mentioned China's pushback against US policies and its strategic moves, such as aligning with India and other BRICS countries, as signs of a potential economic war. Lanci believes that the US is in a precarious position, unable to withstand a recession due to high stock valuations and the need to rebuild its manufacturing base. He argued that the US is creating a bubble to avoid a recession, which could lead to a significant economic crisis if China decides to escalate its gold strategy. Lanci also touched on the role of oil in the global economy, noting that the traditional signal of geopolitical tension through oil prices has been broken. He suggested that investors should look at refined products like gasoline and diesel for better indicators of global unrest. Lanci believes that the US is prioritizing inflation over recession, as a recession could lead to a collapse in stock markets and a loss of confidence in the US economy. He advised investors to own a barbell portfolio, with one end focused on stocks and the other on gold and miners, to hedge against potential economic downturns. Lanci also discussed the potential for stablecoins to play a significant role in the global economy, suggesting that they could be used to absorb excess liquidity and support the US dollar. He believes that stablecoins could be a force in the market, but their success will depend on the anchor tenants that adopt them. Lanci also noted the potential for gold to be revalued, which could instill confidence in the metal and lead to further price increases. He suggested that a revaluation of gold could be bullish for the metal, as it would encourage more companies to hold it and potentially lead to further price increases.

In this podcast, Tom Bodrovics interviews Doomberg, the head writer for The Doomberg Team and creator of the Doomberg Substack, to discuss various geopolitical and economic topics. Doomberg begins by analyzing a recent post by Donald Trump about Ukraine, suggesting that Trump's words were sarcastic and aimed at distancing the U.S. from direct involvement in the conflict. Doomberg argues that the mainstream interpretation of Trump's post as a shift in policy is misleading and that Trump is, in fact, disengaging from the Ukraine situation. The conversation then shifts to the broader geopolitical landscape, with Doomberg discussing the increasing military capabilities of countries like Russia, China, Iran, and North Korea, which vastly exceed NATO's current capabilities. He criticizes the Western techno-arrogance that underestimates these countries' advancements and highlights the potential for a catastrophic outcome if the U.S. and its allies underestimate their adversaries. Doomberg also delves into the future of the United Nations (UN) and NATO, suggesting that both organizations may face significant challenges and potential restructuring. He argues that the UN, with 16% of its budget coming from the U.S., may be sleepwalking into a position where it needs to reassess its power and relevance. Similarly, he believes that NATO has run its course and that the U.S. will focus more on the Western hemisphere, rebuilding its military supply chains, and re-industrializing. The discussion then turns to the energy sector, with Doomberg critiquing the green energy transition as built on a fundamental lie—that it is possible to wean off fossil fuels without sacrificing standard of living. He explains the limitations of solar and wind power, emphasizing that they are neither base load nor dispatchable, and that relying too heavily on them can lead to grid instability. Doomberg also highlights China's strategic moves in the energy sector, including stockpiling critical minerals and converting coal into oil products, as indicators of its long-term planning and preparation for potential conflicts. Doomberg further discusses the potential bifurcation of energy markets between the BRICS countries and the G7, with the BRICS countries potentially replacing treasuries and European debt with gold for settling energy trades. He also touches on the potential use of crypto and stablecoins by the U.S. to devalue its debt, suggesting that this could be a form of financial repression and yield curve control. The podcast concludes with Doomberg emphasizing the importance of lateral thinking as a valuable skill for interpreting complex geopolitical and economic situations. He advocates for supplementing linear thinking with lateral thinking to gain a more comprehensive understanding of global events and to make more informed decisions.

During the podcast, host Tom Bodrovics and guest Michael Oliver, from Momentum Structural Analysis (MSA), discussed various market dynamics and trends. Oliver emphasized that the S&P 500 is at the top of a major bubble, which has been evident since late 2024 or early 2025. He noted that the recent surge in the S&P, despite making new highs, is a counter-trend rally within a broken long-term uptrend. Oliver highlighted that historical patterns, such as those seen in 2000 and 2007, suggest that the current market structure is similar to past market tops. Oliver also discussed the underperformance of key sectors like financials, healthcare, and industrials, which together make up a significant portion of the market. He contrasted this with the strong performance of tech sectors, particularly information technology and communication services, which have driven the recent market rally. This narrow leadership, Oliver argued, is a sign of market weakness and potential rollover. The conversation also touched on the bond market, particularly the T-bond market, which Oliver described as being in a critical state. He noted that the market has not behaved as an alternative to stocks, as it typically would, and that this anomaly could signal broader market issues. Oliver also discussed the potential for a bond vigilante resurgence if the market structure breaks. Turning to cryptocurrencies, Oliver expressed concern about Bitcoin's momentum structure, which he believes is at risk of breaking. He noted that Bitcoin's price action has been closely correlated with the NASDAQ 100, and a breakdown in Bitcoin could potentially drag down the NASDAQ as well. In contrast, Oliver sees gold and silver as having significant upside potential, with silver poised for a dramatic breakout. He also mentioned that silver miners are outperforming gold miners and could see substantial gains in the near future. Oliver concluded by discussing the potential for a return to a gold-backed currency, driven by global trends and the failure of central bank policies. He sees gold as a prime beneficiary of the current market dynamics and expects rapid and significant changes in the near future.

Nicole Schaefer, a leadership coach who uses horses to teach leadership skills, discusses the importance of authentic leadership and the role of horses in developing self-awareness and effective communication. She highlights the societal shift towards gender-specific initiatives, including those for men, which aim to create safe spaces for individuals to be seen and heard without conforming to societal expectations. Schaefer emphasizes the importance of leading from one's core values and principles, rather than adhering to societal norms or expectations. Schaefer's leadership coaching involves working with horses, which provide honest and candid feedback, helping individuals become more self-aware and authentic. Horses do not react to performance or expectations but rather to the individual's true self, making them excellent mirrors for personal growth. This approach helps leaders understand their energy levels, body language, and communication styles, enabling them to connect more effectively with their teams. The conversation also touches on the concept of "me first leadership," where leaders show vulnerability and create a safe space for their teams to do the same. This approach fosters innovation, creativity, and a sense of community within the team. Schaefer shares her personal experience with burnout, attributing it to a disconnect between her values and her work environment. She emphasizes the importance of honoring one's values and taking time to recharge and reflect, rather than constantly pushing for productivity. Schaefer's work with horses helps individuals understand their spatial bubbles, energy levels, and communication styles, enabling them to build more effective relationships and teams. She also discusses the importance of pausing and allowing for creativity and innovation, rather than constantly pushing for productivity. Schaefer's upcoming projects include working with residents in pediatric medicine to build interpersonal skills and confidence, as well as expanding her coaching services to more individuals.

Tom Bodrovics normally your host instead joins Gabriel Custodiet to discuss a range of topics from precious metals investing to the complexities of welding and self-sufficiency. Tom is known for his podcast "Palisades Gold Radio," which focuses on contrarian investing, economics, and the monetary system, particularly from an Austrian or libertarian perspective. The show has garnered over 100,000 subscribers on YouTube, despite algorithmic challenges, and features notable guests like Rick Rule, Doug Casey, and Matthew Pipenburg

This discussion with David Marin explores the importance of resilience, competence, and lateral thinking in navigating the challenges facing society. Marin shares his personal journey as a dyslexic individual who developed unique problem-solving abilities through adversity. He argues that lateral thinkers, often misunderstood, possess valuable skills that are crucial for leadership and innovation, especially as the world faces increasing conflict and disruption. Marin emphasizes the need for educational systems that nurture diverse learning styles and the importance of parents deliberately fostering resilience in their children through exposure to hardship and challenges. He cautions against the dangers of overprotection, which can stifle personal growth and adaptability. Marin also delves into the dynamics of partner selection, advocating for lateral individuals to seek compatible matches to cultivate fulfilling relationships. Looking ahead, Marin foresees a looming "extinction event" for linear thinkers as artificial intelligence increasingly automates repetitive tasks. He believes lateral individuals, with their ability to think creatively and adapt, will be better positioned to thrive in this shifting landscape. Ultimately, Marin emphasizes the importance of self-awareness, emotional intelligence, and a willingness to confront one's fears as key components of building resilience and competence, both on an individual and societal level.

Tom Bodrovics’s speech from the 2025 Cornerstone Forum — now featured on the Competent Man Podcast. Tom’s message about taking back control of your wealth, health, freedom, and future is both a call to action and a reminder that we’re all the drivers of our own lives. Enjoy the full video, and feel free to […]

Tom welcomes Drew Weatherhead to the Competent Man Podcast. This interview reflects on his transformative journey from a blue-collar past as a welder to a present marked by creative endeavors as a podcaster and author. His path mirrors that of the interviewer, Tom, highlighting themes of shared experience and resilience. A pivotal aspect of Weatherhead’s […]

Chuck Sun, born September 10, 1956, in Sherwood, Oregon, is a trailblazing American former professional motocross racer who made history as the only Asian American to win a national championship in American professional motorcycle racing. Competing in the AMA Motocross Championships from 1976 to 1983, Sun claimed the prestigious AMA 500cc motocross national championship in […]

Jaime Carrasco’s background is in finance and wealth management. From 2014-2018 he worked as Director of Wealth Management and Associate Portfolio Manager for ScotiaMcLeod. Before this, he worked for Macquarie Group, CIBC Wood Gundy, BMO Nesbitt Burns, Gordon Capital, and Merrill Lynch. Jaime is a leading Canadian investment professional with 25 years of experience providing […]

Faisal holds a bachelor’s degree in applied science in chemical engineering from the University of Waterloo and an MBA from HEC Paris. After completing his MBA, he interned as a trader on the Sterling Pound Interest Rate Derivatives desk at Barclay’s Capital in London. He then returned to Canada to focus on his father’s silicone […]

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