March 5, 2026
Here’s what was covered in episode 355:
Macro Musings - Markets are navigating a volatile geopolitical backdrop after the latest escalation in the Middle East. Oil has surged roughly 20% in recent days as tensions involving Iran intensified, while broader equity markets have shown notable swings without a full-blown volatility spike. The VIX remains relatively muted compared to the volatility seen in commodities, particularly gold. Gold volatility (GVZ) is running materially higher than the S&P’s volatility index, which reflects where the real action is happening. Wide price swings in gold and silver are becoming normal in this environment, with moves of several hundred dollars in gold and double-digit moves in silver occurring within short windows.
Economic growth has slowed from the stronger prints seen late last year but remains positive, while inflation — which had been moderating — is beginning to tick higher again largely due to energy prices. That change in the rate of change between growth and inflation is creating short-term market friction, but the larger commodity cycle remains intact.
Market Takes - The sector rotation theme continues to play out as capital flows toward real assets and commodity exposure. Energy has taken the leadership position within the S&P sector framework, a signal that the market was anticipating geopolitical tensions and tightening supply conditions well before the latest headlines. Higher oil prices are already showing up at the pump, with diesel and gasoline prices moving rapidly higher across the country. This reinforces the inflationary pressures that had temporarily cooled earlier in the year.
At the same time, the commodity complex continues to exhibit structural strength. Precious metals remain in a powerful bull trend despite near-term volatility, and the broader resources space — including energy, base metals, and critical minerals — is benefiting from capital flows as investors increasingly look for exposure outside of traditional growth sectors. The opportunity set across resource equities remains compelling as this rotation expands.
Bizarro Banter - This week’s episode featured special guest Rudy Havenstein, and the conversation leaned heavily into the political and geopolitical backdrop shaping markets. We discussed the rapidly escalating conflict involving Iran and the broader implications of another potential long-duration conflict in the Middle East. Rudy laid out a deeply skeptical view of U.S. foreign policy, arguing that the pattern of “forever wars” driven by political and defense establishment incentives continues to repeat itself. The discussion touched on the role of the military-industrial complex, government credibility, and the growing distrust many Americans feel toward institutions and media narratives.
From there, the conversation shifted into one of the most controversial topics currently dominating political discourse: the Epstein files. Rudy walked through why he believes the Jeffrey Epstein scandal represents one of the most consequential corruption stories in modern political history, involving global elites across politics, finance, academia, and intelligence services.
The release of partial files in recent weeks has only intensified public scrutiny. With large portions still redacted and thousands of files reportedly deleted or withheld, the debate continues over what is real, what is disinformation, and whether meaningful accountability will ever occur. Rudy argued that intelligence agencies often seed false information alongside real material to muddy the waters — a tactic that makes separating fact from fiction extremely difficult for the public.
The broader takeaway from the discussion was that we are living through a period of institutional credibility breakdown. When trust in governments, media, and financial systems erodes, investors historically gravitate toward assets outside institutional control — including precious metals and other hard assets.
Premium Portfolio Picks - We covered several actionable opportunities in the premium portion of the episode.
Gerardo highlighted Sirios Resources (TSX-V: SOI)(OTC: SIREF), a junior exploration company advancing gold projects in Quebec’s prolific James Bay region. Sirios controls a large land position in a district that has attracted increasing exploration attention in recent years. With multiple targets and ongoing exploration work, the company offers asymmetric upside if drilling confirms the scale potential of the system.
We also discussed Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), which recently released its first lithium-focused drill results confirming near-surface mineralization with grades around the 1% to 1.6% range over meaningful widths. Importantly, these were lithium-only holes designed to establish continuity. Additional lithium-plus-gold and gold-only results are still pending, which could materially change the market’s perception of the project. With a relatively modest market capitalization, Lion Rock offers compelling leverage to positive exploration outcomes.
Nick highlighted Headwater Gold (CSE: HWG)(OTC: HWAUF), which continues executing its prospect generator model in Nevada and other mining-friendly jurisdictions. By partnering with major mining companies to fund exploration across multiple projects, Headwater maintains exposure to discovery upside while preserving capital. This model has proven effective in generating new targets and provides investors with diversified exploration exposure.
Finally, we discussed the Alps CoreCommodity Natural Resources ETF (NASDAQ: CCNR) as a way to gain diversified exposure to the broader commodity complex. The ETF holds a basket of global resource producers across energy, metals, and mining, providing investors with a liquid vehicle to participate in the structural commodity bull market without relying solely on individual equities.
March 5, 2026
Here’s what was covered in episode 355:
Macro Musings - Markets are navigating a volatile geopolitical backdrop after the latest escalation in the Middle East. Oil has surged roughly 20% in recent days as tensions involving Iran intensified, while broader equity markets have shown notable swings without a full-blown volatility spike. The VIX remains relatively muted compared to the volatility seen in commodities, particularly gold. Gold volatility (GVZ) is running materially higher than the S&P’s volatility index, which reflects where the real action is happening. Wide price swings in gold and silver are becoming normal in this environment, with moves of several hundred dollars in gold and double-digit moves in silver occurring within short windows.
Economic growth has slowed from the stronger prints seen late last year but remains positive, while inflation — which had been moderating — is beginning to tick higher again largely due to energy prices. That change in the rate of change between growth and inflation is creating short-term market friction, but the larger commodity cycle remains intact.
Market Takes - The sector rotation theme continues to play out as capital flows toward real assets and commodity exposure. Energy has taken the leadership position within the S&P sector framework, a signal that the market was anticipating geopolitical tensions and tightening supply conditions well before the latest headlines. Higher oil prices are already showing up at the pump, with diesel and gasoline prices moving rapidly higher across the country. This reinforces the inflationary pressures that had temporarily cooled earlier in the year.
At the same time, the commodity complex continues to exhibit structural strength. Precious metals remain in a powerful bull trend despite near-term volatility, and the broader resources space — including energy, base metals, and critical minerals — is benefiting from capital flows as investors increasingly look for exposure outside of traditional growth sectors. The opportunity set across resource equities remains compelling as this rotation expands.
Bizarro Banter - This week’s episode featured special guest Rudy Havenstein, and the conversation leaned heavily into the political and geopolitical backdrop shaping markets. We discussed the rapidly escalating conflict involving Iran and the broader implications of another potential long-duration conflict in the Middle East. Rudy laid out a deeply skeptical view of U.S. foreign policy, arguing that the pattern of “forever wars” driven by political and defense establishment incentives continues to repeat itself. The discussion touched on the role of the military-industrial complex, government credibility, and the growing distrust many Americans feel toward institutions and media narratives.
From there, the conversation shifted into one of the most controversial topics currently dominating political discourse: the Epstein files. Rudy walked through why he believes the Jeffrey Epstein scandal represents one of the most consequential corruption stories in modern political history, involving global elites across politics, finance, academia, and intelligence services.
The release of partial files in recent weeks has only intensified public scrutiny. With large portions still redacted and thousands of files reportedly deleted or withheld, the debate continues over what is real, what is disinformation, and whether meaningful accountability will ever occur. Rudy argued that intelligence agencies often seed false information alongside real material to muddy the waters — a tactic that makes separating fact from fiction extremely difficult for the public.
The broader takeaway from the discussion was that we are living through a period of institutional credibility breakdown. When trust in governments, media, and financial systems erodes, investors historically gravitate toward assets outside institutional control — including precious metals and other hard assets.
Premium Portfolio Picks - We covered several actionable opportunities in the premium portion of the episode.
Gerardo highlighted Sirios Resources (TSX-V: SOI)(OTC: SIREF), a junior exploration company advancing gold projects in Quebec’s prolific James Bay region. Sirios controls a large land position in a district that has attracted increasing exploration attention in recent years. With multiple targets and ongoing exploration work, the company offers asymmetric upside if drilling confirms the scale potential of the system.
We also discussed Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), which recently released its first lithium-focused drill results confirming near-surface mineralization with grades around the 1% to 1.6% range over meaningful widths. Importantly, these were lithium-only holes designed to establish continuity. Additional lithium-plus-gold and gold-only results are still pending, which could materially change the market’s perception of the project. With a relatively modest market capitalization, Lion Rock offers compelling leverage to positive exploration outcomes.
Nick highlighted Headwater Gold (CSE: HWG)(OTC: HWAUF), which continues executing its prospect generator model in Nevada and other mining-friendly jurisdictions. By partnering with major mining companies to fund exploration across multiple projects, Headwater maintains exposure to discovery upside while preserving capital. This model has proven effective in generating new targets and provides investors with diversified exploration exposure.
Finally, we discussed the Alps CoreCommodity Natural Resources ETF (NASDAQ: CCNR) as a way to gain diversified exposure to the broader commodity complex. The ETF holds a basket of global resource producers across energy, metals, and mining, providing investors with a liquid vehicle to participate in the structural commodity bull market without relying solely on individual equities.
March 5, 2026
Here’s what was covered in episode 355:
Macro Musings - Markets are navigating a volatile geopolitical backdrop after the latest escalation in the Middle East. Oil has surged roughly 20% in recent days as tensions involving Iran intensified, while broader equity markets have shown notable swings without a full-blown volatility spike. The VIX remains relatively muted compared to the volatility seen in commodities, particularly gold. Gold volatility (GVZ) is running materially higher than the S&P’s volatility index, which reflects where the real action is happening. Wide price swings in gold and silver are becoming normal in this environment, with moves of several hundred dollars in gold and double-digit moves in silver occurring within short windows.
Economic growth has slowed from the stronger prints seen late last year but remains positive, while inflation — which had been moderating — is beginning to tick higher again largely due to energy prices. That change in the rate of change between growth and inflation is creating short-term market friction, but the larger commodity cycle remains intact.
Market Takes - The sector rotation theme continues to play out as capital flows toward real assets and commodity exposure. Energy has taken the leadership position within the S&P sector framework, a signal that the market was anticipating geopolitical tensions and tightening supply conditions well before the latest headlines. Higher oil prices are already showing up at the pump, with diesel and gasoline prices moving rapidly higher across the country. This reinforces the inflationary pressures that had temporarily cooled earlier in the year.
At the same time, the commodity complex continues to exhibit structural strength. Precious metals remain in a powerful bull trend despite near-term volatility, and the broader resources space — including energy, base metals, and critical minerals — is benefiting from capital flows as investors increasingly look for exposure outside of traditional growth sectors. The opportunity set across resource equities remains compelling as this rotation expands.
Bizarro Banter - This week’s episode featured special guest Rudy Havenstein, and the conversation leaned heavily into the political and geopolitical backdrop shaping markets. We discussed the rapidly escalating conflict involving Iran and the broader implications of another potential long-duration conflict in the Middle East. Rudy laid out a deeply skeptical view of U.S. foreign policy, arguing that the pattern of “forever wars” driven by political and defense establishment incentives continues to repeat itself. The discussion touched on the role of the military-industrial complex, government credibility, and the growing distrust many Americans feel toward institutions and media narratives.
From there, the conversation shifted into one of the most controversial topics currently dominating political discourse: the Epstein files. Rudy walked through why he believes the Jeffrey Epstein scandal represents one of the most consequential corruption stories in modern political history, involving global elites across politics, finance, academia, and intelligence services.
The release of partial files in recent weeks has only intensified public scrutiny. With large portions still redacted and thousands of files reportedly deleted or withheld, the debate continues over what is real, what is disinformation, and whether meaningful accountability will ever occur. Rudy argued that intelligence agencies often seed false information alongside real material to muddy the waters — a tactic that makes separating fact from fiction extremely difficult for the public.
The broader takeaway from the discussion was that we are living through a period of institutional credibility breakdown. When trust in governments, media, and financial systems erodes, investors historically gravitate toward assets outside institutional control — including precious metals and other hard assets.
Premium Portfolio Picks - We covered several actionable opportunities in the premium portion of the episode.
Gerardo highlighted Sirios Resources (TSX-V: SOI)(OTC: SIREF), a junior exploration company advancing gold projects in Quebec’s prolific James Bay region. Sirios controls a large land position in a district that has attracted increasing exploration attention in recent years. With multiple targets and ongoing exploration work, the company offers asymmetric upside if drilling confirms the scale potential of the system.
We also discussed Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), which recently released its first lithium-focused drill results confirming near-surface mineralization with grades around the 1% to 1.6% range over meaningful widths. Importantly, these were lithium-only holes designed to establish continuity. Additional lithium-plus-gold and gold-only results are still pending, which could materially change the market’s perception of the project. With a relatively modest market capitalization, Lion Rock offers compelling leverage to positive exploration outcomes.
Nick highlighted Headwater Gold (CSE: HWG)(OTC: HWAUF), which continues executing its prospect generator model in Nevada and other mining-friendly jurisdictions. By partnering with major mining companies to fund exploration across multiple projects, Headwater maintains exposure to discovery upside while preserving capital. This model has proven effective in generating new targets and provides investors with diversified exploration exposure.
Finally, we discussed the Alps CoreCommodity Natural Resources ETF (NASDAQ: CCNR) as a way to gain diversified exposure to the broader commodity complex. The ETF holds a basket of global resource producers across energy, metals, and mining, providing investors with a liquid vehicle to participate in the structural commodity bull market without relying solely on individual equities.