December 4, 2025
Here’s what was covered in episode 344:
Macro Musings - Episode 344 opened with a look back at a strong 2025 and an even more bullish setup for 2026. Gold is holding firmly around $4,200 with strong underlying support near $4,100 — and could correct all the way to $3,600 and still be in a powerful bull market. Silver recently kissed $59 and is consolidating near $57–$58, with a “six handle” (above $60) in the next 30–60 days seen as entirely realistic. Copper has been the standout mover during the brief podcast hiatus, breaking to fresh all-time highs. Near-term support is now above $5 per pound. A mix of Trump-era tariffs, a bifurcated market between COMEX and Asia, and ongoing supply disruptions (landslides, seismic issues, and guidance cuts at major producers) are colliding with rising demand from AI, data centers, EVs, and grid buildout. Structural deficits expected from 2026 onward are already being felt through premiums and negative treatment charges in Asia. On the macro front, the hosts emphasized the need to separate “the market” from “the economy.” Despite record Black Friday sales funded largely with credit and rising credit rejection rates, GDP remains solidly positive and inflation is hovering near 3%. Algorithms care about growth and inflation — not human hardship — and continued 3%+ growth with cooling inflation is expected to drive new highs in the S&P and Nasdaq into 2026.
Market Takes - Uranium and lithium were highlighted as two of the most compelling value opportunities in the resource space right now. While gold, silver, and copper producers and developers have already made major moves, many uranium names — producers, near-term producers, and explorers — remain 20–40% below their 52-week highs. Even with spot prices around the mid-$70s and term/contract prices in the mid-$80s, the view is that uranium is still not high enough to incentivize sufficient Western supply, especially if the U.S. is serious about domestic mining, enrichment, SMRs, and nuclear on military bases. Nick and Gerardo contrasted countries like Germany — who shut down nuclear reactors and now pay roughly double France’s power prices — with nations restarting reactors (Japan, Taiwan) and those doubling down on nuclear. The conclusion: the grid transition will require enormous amounts of both copper and uranium, and investors who quietly position now, while attention is elsewhere, stand to benefit. The broader equity market continues to be driven by flows into broad-based ETFs and retirement accounts every two weeks. Hedge funds now manage far less than ETFs, and the relentless buy-the-market behavior is being reinforced by new programs like the “Trump Accounts,” which will seed every newborn’s investment account with capital funneled into broad index exposure. The message: you don’t have to like the system, but you should understand it and position accordingly.
Bizarro Banter -Politics and national security took a darker turn this episode. The discussion centered on the recent U.S. strike on a suspected drug boat near Venezuela and the subsequent “kill all” order on survivors — an action that appears to violate long-standing rules of engagement that explicitly protect unarmed shipwreck survivors. The Secretary of Defense’s attempt to blame subordinates while claiming to have been “in the bathroom” during the key moment was called out as cowardly and demoralizing. This incident was juxtaposed with the administration’s simultaneous full pardon of a former Honduran president convicted of importing 450 tons of cocaine into the U.S., along with other questionable pardons, including a massive financial fraudster whose restitution was effectively erased. All of this, combined with ICE tactics that increasingly target non-violent undocumented workers rather than hardened criminals, led to a broader critique of hypocrisy, selective enforcement, and creeping erosion of civil liberties. Despite the political frustration, the hosts reiterated that they remain “issue people,” willing to agree with figures as different as Rand Paul, Thomas Massie, Marjorie Taylor Greene, or Tucker Carlson when they’re right on policy — and just as willing to call them out when they’re wrong.
Premium Portfolio Picks - Standouts this week:
December 4, 2025
Here’s what was covered in episode 344:
Macro Musings - Episode 344 opened with a look back at a strong 2025 and an even more bullish setup for 2026. Gold is holding firmly around $4,200 with strong underlying support near $4,100 — and could correct all the way to $3,600 and still be in a powerful bull market. Silver recently kissed $59 and is consolidating near $57–$58, with a “six handle” (above $60) in the next 30–60 days seen as entirely realistic. Copper has been the standout mover during the brief podcast hiatus, breaking to fresh all-time highs. Near-term support is now above $5 per pound. A mix of Trump-era tariffs, a bifurcated market between COMEX and Asia, and ongoing supply disruptions (landslides, seismic issues, and guidance cuts at major producers) are colliding with rising demand from AI, data centers, EVs, and grid buildout. Structural deficits expected from 2026 onward are already being felt through premiums and negative treatment charges in Asia. On the macro front, the hosts emphasized the need to separate “the market” from “the economy.” Despite record Black Friday sales funded largely with credit and rising credit rejection rates, GDP remains solidly positive and inflation is hovering near 3%. Algorithms care about growth and inflation — not human hardship — and continued 3%+ growth with cooling inflation is expected to drive new highs in the S&P and Nasdaq into 2026.
Market Takes - Uranium and lithium were highlighted as two of the most compelling value opportunities in the resource space right now. While gold, silver, and copper producers and developers have already made major moves, many uranium names — producers, near-term producers, and explorers — remain 20–40% below their 52-week highs. Even with spot prices around the mid-$70s and term/contract prices in the mid-$80s, the view is that uranium is still not high enough to incentivize sufficient Western supply, especially if the U.S. is serious about domestic mining, enrichment, SMRs, and nuclear on military bases. Nick and Gerardo contrasted countries like Germany — who shut down nuclear reactors and now pay roughly double France’s power prices — with nations restarting reactors (Japan, Taiwan) and those doubling down on nuclear. The conclusion: the grid transition will require enormous amounts of both copper and uranium, and investors who quietly position now, while attention is elsewhere, stand to benefit. The broader equity market continues to be driven by flows into broad-based ETFs and retirement accounts every two weeks. Hedge funds now manage far less than ETFs, and the relentless buy-the-market behavior is being reinforced by new programs like the “Trump Accounts,” which will seed every newborn’s investment account with capital funneled into broad index exposure. The message: you don’t have to like the system, but you should understand it and position accordingly.
Bizarro Banter -Politics and national security took a darker turn this episode. The discussion centered on the recent U.S. strike on a suspected drug boat near Venezuela and the subsequent “kill all” order on survivors — an action that appears to violate long-standing rules of engagement that explicitly protect unarmed shipwreck survivors. The Secretary of Defense’s attempt to blame subordinates while claiming to have been “in the bathroom” during the key moment was called out as cowardly and demoralizing. This incident was juxtaposed with the administration’s simultaneous full pardon of a former Honduran president convicted of importing 450 tons of cocaine into the U.S., along with other questionable pardons, including a massive financial fraudster whose restitution was effectively erased. All of this, combined with ICE tactics that increasingly target non-violent undocumented workers rather than hardened criminals, led to a broader critique of hypocrisy, selective enforcement, and creeping erosion of civil liberties. Despite the political frustration, the hosts reiterated that they remain “issue people,” willing to agree with figures as different as Rand Paul, Thomas Massie, Marjorie Taylor Greene, or Tucker Carlson when they’re right on policy — and just as willing to call them out when they’re wrong.
Premium Portfolio Picks - Standouts this week:
December 4, 2025
Here’s what was covered in episode 344:
Macro Musings - Episode 344 opened with a look back at a strong 2025 and an even more bullish setup for 2026. Gold is holding firmly around $4,200 with strong underlying support near $4,100 — and could correct all the way to $3,600 and still be in a powerful bull market. Silver recently kissed $59 and is consolidating near $57–$58, with a “six handle” (above $60) in the next 30–60 days seen as entirely realistic. Copper has been the standout mover during the brief podcast hiatus, breaking to fresh all-time highs. Near-term support is now above $5 per pound. A mix of Trump-era tariffs, a bifurcated market between COMEX and Asia, and ongoing supply disruptions (landslides, seismic issues, and guidance cuts at major producers) are colliding with rising demand from AI, data centers, EVs, and grid buildout. Structural deficits expected from 2026 onward are already being felt through premiums and negative treatment charges in Asia. On the macro front, the hosts emphasized the need to separate “the market” from “the economy.” Despite record Black Friday sales funded largely with credit and rising credit rejection rates, GDP remains solidly positive and inflation is hovering near 3%. Algorithms care about growth and inflation — not human hardship — and continued 3%+ growth with cooling inflation is expected to drive new highs in the S&P and Nasdaq into 2026.
Market Takes - Uranium and lithium were highlighted as two of the most compelling value opportunities in the resource space right now. While gold, silver, and copper producers and developers have already made major moves, many uranium names — producers, near-term producers, and explorers — remain 20–40% below their 52-week highs. Even with spot prices around the mid-$70s and term/contract prices in the mid-$80s, the view is that uranium is still not high enough to incentivize sufficient Western supply, especially if the U.S. is serious about domestic mining, enrichment, SMRs, and nuclear on military bases. Nick and Gerardo contrasted countries like Germany — who shut down nuclear reactors and now pay roughly double France’s power prices — with nations restarting reactors (Japan, Taiwan) and those doubling down on nuclear. The conclusion: the grid transition will require enormous amounts of both copper and uranium, and investors who quietly position now, while attention is elsewhere, stand to benefit. The broader equity market continues to be driven by flows into broad-based ETFs and retirement accounts every two weeks. Hedge funds now manage far less than ETFs, and the relentless buy-the-market behavior is being reinforced by new programs like the “Trump Accounts,” which will seed every newborn’s investment account with capital funneled into broad index exposure. The message: you don’t have to like the system, but you should understand it and position accordingly.
Bizarro Banter -Politics and national security took a darker turn this episode. The discussion centered on the recent U.S. strike on a suspected drug boat near Venezuela and the subsequent “kill all” order on survivors — an action that appears to violate long-standing rules of engagement that explicitly protect unarmed shipwreck survivors. The Secretary of Defense’s attempt to blame subordinates while claiming to have been “in the bathroom” during the key moment was called out as cowardly and demoralizing. This incident was juxtaposed with the administration’s simultaneous full pardon of a former Honduran president convicted of importing 450 tons of cocaine into the U.S., along with other questionable pardons, including a massive financial fraudster whose restitution was effectively erased. All of this, combined with ICE tactics that increasingly target non-violent undocumented workers rather than hardened criminals, led to a broader critique of hypocrisy, selective enforcement, and creeping erosion of civil liberties. Despite the political frustration, the hosts reiterated that they remain “issue people,” willing to agree with figures as different as Rand Paul, Thomas Massie, Marjorie Taylor Greene, or Tucker Carlson when they’re right on policy — and just as willing to call them out when they’re wrong.
Premium Portfolio Picks - Standouts this week: