March 19, 2026
Here’s what was covered in episode 357:
Macro Musings - The commodity complex is going through one of its sharpest pullbacks in months, but the broader bull-market structure remains intact. Gold briefly fell to near $4,500 before recovering toward $4,650, silver was hit hard before reclaiming the $70 level, and copper suffered a violent correction of its own. None of that feels good in real time, especially in the junior resource space where many stocks were down 30–50% in a matter of days, but from a technical standpoint the long-term trends in gold, silver, and copper are still bullish.
The bigger issue is volatility. Gold volatility remains elevated, and oil volatility has exploded to levels rarely seen outside major crises. In environments like this, wide swings become normal. A $200–$300 move in gold in either direction is not unusual, and that kind of action filters down into the mining equities with exaggerated force. The result is panic, forced selling, and margin-call behavior that has more to do with market stress than with broken fundamentals.
That’s why we emphasized the same point repeatedly: know what you own, know why you own it, and don’t let a violent short-term washout convince you that a long-term thesis has suddenly disappeared. In many cases, the best course of action is not to chase, not to panic, and not to do much of anything unless the underlying reason you bought the position has actually changed.
Market Takes - The selloff in resources is being driven in large part by geopolitical chaos and the knock-on effects of a war that clearly is not ending anytime soon. Oil prices remain elevated, the dollar is still firm, and broader market action suggests that traders are not buying the “short excursion” narrative. The war may have started as a limited operation on paper, but markets are increasingly pricing in a longer, more destabilizing conflict with wider supply-chain consequences.
That matters well beyond crude. The longer this drags on, the more it reinforces the need for North American critical-metals independence. Copper, tin, cesium, tantalum, gallium, antimony, lithium, uranium, fertilizer inputs, and energy infrastructure all become more strategic in a world where governments are burning through munitions, blowing up supply chains, and scrambling for industrial inputs. Short-term market action may be ugly, but the long-term fundamental case for critical minerals is arguably stronger now than it was before the bombs started flying.
The same logic applies to rates and inflation. Higher energy costs are already feeding into the inflation outlook, which pushes rate-cut expectations further out. The two-year yield has repriced accordingly, the yield curve is shifting again, and the market is having to digest the reality that slower growth and stickier inflation can coexist. That backdrop is rough in the short term, but it still supports the broader hard-asset thesis.
Bizarro Banter - Outside the markets, the institutional rot continues. Gerardo highlighted the latest settlement involving Bank of America and Jeffrey Epstein-related payments, noting again that misconduct of this magnitude continues to get handled as a civil matter rather than a criminal one. The broader frustration remains the same: the public is told to move on, the files remain redacted, and meaningful accountability still seems reserved for almost no one.
The conversation also turned to the allegations surrounding Cesar Chavez and the broader principle that there should be no exceptions when it comes to sexual abuse and exploitation. If the accusations are real, then the statues come down, the schools get renamed, and there is no protection simply because a figure was politically useful or historically admired. That standard should apply across the board, not only when it is convenient.
From there, Nick and Gerardo discussed the resignation of former senior intelligence official Joe Kent and the retaliatory feel of the administration’s response. The pattern is becoming harder to ignore: those who challenge the line are investigated, smeared, or discredited, while far more serious crimes tied to politically connected figures remain untouched. That is not law and order. That is selective enforcement in a country that increasingly seems to reserve accountability for the wrong people.
Premium Portfolio Picks - The premium portion of this week’s episode was largely about conviction, selectivity, and how to behave when everything feels like it is falling apart. Gerardo walked through four of his largest personal holdings — PMET Resources (TSX: PMET)(OTC: PMETF), Hannan Metals (TSX-V: HAN)(OTC: HANNF), Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), and Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) — and explained why sharp pullbacks do not change the underlying thesis when those companies are still funded, still drilling, and still positioned in favorable commodity trends.
Kingsmen now has approximately $17 million in the treasury after raising at much higher prices, giving it the ability to continue drilling two precious-metals districts without returning to the market anytime soon. Hannan recently raised $9 million at $0.75 without a warrant and remains focused on adding value while the permitting process at Previsto Central moves forward. Lion Rock still has more than $2 million in the bank, with additional gold and lithium assay results pending and a Phase 2 program ahead. PMET, meanwhile, has more than $100 million in treasury and just reported the widest cesium intercept in company history from a new discovery area.
Nick echoed the same broader message and pointed to several names he has been adding during the selloff. Among them were Daura Gold (TSX-V: DGC)(OTC: DGCOF), which continues to offer a compelling valuation relative to the nearby Highlander Silver system while drilling its Cerro Bayo project; Almadex Minerals (TSX-V: DEX)(OTC: AAMMF), where his standing limit order finally filled after months of waiting; and Headwater Gold (CSE: HWG)(OTC: HWAUF), which recently raised additional capital and continues to advance its hybrid prospect-generator model in the American Southwest with backing from major partners.
The discussion closed with one more reminder that physical gold remains an important part of the broader picture. For listeners looking to build or expand their physical exposure, both Nick and Gerardo recommended Van Simmons at David Hall Rare Coins as a trusted resource for bullion, collectible coins, and other precious-metals holdings. Whether the entry point is a few hundred dollars or several million, the point remains the same: this is a precious-metals bull market, and pullbacks like this one should be viewed as opportunities, not as the end of the story.
March 19, 2026
Here’s what was covered in episode 357:
Macro Musings - The commodity complex is going through one of its sharpest pullbacks in months, but the broader bull-market structure remains intact. Gold briefly fell to near $4,500 before recovering toward $4,650, silver was hit hard before reclaiming the $70 level, and copper suffered a violent correction of its own. None of that feels good in real time, especially in the junior resource space where many stocks were down 30–50% in a matter of days, but from a technical standpoint the long-term trends in gold, silver, and copper are still bullish.
The bigger issue is volatility. Gold volatility remains elevated, and oil volatility has exploded to levels rarely seen outside major crises. In environments like this, wide swings become normal. A $200–$300 move in gold in either direction is not unusual, and that kind of action filters down into the mining equities with exaggerated force. The result is panic, forced selling, and margin-call behavior that has more to do with market stress than with broken fundamentals.
That’s why we emphasized the same point repeatedly: know what you own, know why you own it, and don’t let a violent short-term washout convince you that a long-term thesis has suddenly disappeared. In many cases, the best course of action is not to chase, not to panic, and not to do much of anything unless the underlying reason you bought the position has actually changed.
Market Takes - The selloff in resources is being driven in large part by geopolitical chaos and the knock-on effects of a war that clearly is not ending anytime soon. Oil prices remain elevated, the dollar is still firm, and broader market action suggests that traders are not buying the “short excursion” narrative. The war may have started as a limited operation on paper, but markets are increasingly pricing in a longer, more destabilizing conflict with wider supply-chain consequences.
That matters well beyond crude. The longer this drags on, the more it reinforces the need for North American critical-metals independence. Copper, tin, cesium, tantalum, gallium, antimony, lithium, uranium, fertilizer inputs, and energy infrastructure all become more strategic in a world where governments are burning through munitions, blowing up supply chains, and scrambling for industrial inputs. Short-term market action may be ugly, but the long-term fundamental case for critical minerals is arguably stronger now than it was before the bombs started flying.
The same logic applies to rates and inflation. Higher energy costs are already feeding into the inflation outlook, which pushes rate-cut expectations further out. The two-year yield has repriced accordingly, the yield curve is shifting again, and the market is having to digest the reality that slower growth and stickier inflation can coexist. That backdrop is rough in the short term, but it still supports the broader hard-asset thesis.
Bizarro Banter - Outside the markets, the institutional rot continues. Gerardo highlighted the latest settlement involving Bank of America and Jeffrey Epstein-related payments, noting again that misconduct of this magnitude continues to get handled as a civil matter rather than a criminal one. The broader frustration remains the same: the public is told to move on, the files remain redacted, and meaningful accountability still seems reserved for almost no one.
The conversation also turned to the allegations surrounding Cesar Chavez and the broader principle that there should be no exceptions when it comes to sexual abuse and exploitation. If the accusations are real, then the statues come down, the schools get renamed, and there is no protection simply because a figure was politically useful or historically admired. That standard should apply across the board, not only when it is convenient.
From there, Nick and Gerardo discussed the resignation of former senior intelligence official Joe Kent and the retaliatory feel of the administration’s response. The pattern is becoming harder to ignore: those who challenge the line are investigated, smeared, or discredited, while far more serious crimes tied to politically connected figures remain untouched. That is not law and order. That is selective enforcement in a country that increasingly seems to reserve accountability for the wrong people.
Premium Portfolio Picks - The premium portion of this week’s episode was largely about conviction, selectivity, and how to behave when everything feels like it is falling apart. Gerardo walked through four of his largest personal holdings — PMET Resources (TSX: PMET)(OTC: PMETF), Hannan Metals (TSX-V: HAN)(OTC: HANNF), Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), and Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) — and explained why sharp pullbacks do not change the underlying thesis when those companies are still funded, still drilling, and still positioned in favorable commodity trends.
Kingsmen now has approximately $17 million in the treasury after raising at much higher prices, giving it the ability to continue drilling two precious-metals districts without returning to the market anytime soon. Hannan recently raised $9 million at $0.75 without a warrant and remains focused on adding value while the permitting process at Previsto Central moves forward. Lion Rock still has more than $2 million in the bank, with additional gold and lithium assay results pending and a Phase 2 program ahead. PMET, meanwhile, has more than $100 million in treasury and just reported the widest cesium intercept in company history from a new discovery area.
Nick echoed the same broader message and pointed to several names he has been adding during the selloff. Among them were Daura Gold (TSX-V: DGC)(OTC: DGCOF), which continues to offer a compelling valuation relative to the nearby Highlander Silver system while drilling its Cerro Bayo project; Almadex Minerals (TSX-V: DEX)(OTC: AAMMF), where his standing limit order finally filled after months of waiting; and Headwater Gold (CSE: HWG)(OTC: HWAUF), which recently raised additional capital and continues to advance its hybrid prospect-generator model in the American Southwest with backing from major partners.
The discussion closed with one more reminder that physical gold remains an important part of the broader picture. For listeners looking to build or expand their physical exposure, both Nick and Gerardo recommended Van Simmons at David Hall Rare Coins as a trusted resource for bullion, collectible coins, and other precious-metals holdings. Whether the entry point is a few hundred dollars or several million, the point remains the same: this is a precious-metals bull market, and pullbacks like this one should be viewed as opportunities, not as the end of the story.
March 19, 2026
Here’s what was covered in episode 357:
Macro Musings - The commodity complex is going through one of its sharpest pullbacks in months, but the broader bull-market structure remains intact. Gold briefly fell to near $4,500 before recovering toward $4,650, silver was hit hard before reclaiming the $70 level, and copper suffered a violent correction of its own. None of that feels good in real time, especially in the junior resource space where many stocks were down 30–50% in a matter of days, but from a technical standpoint the long-term trends in gold, silver, and copper are still bullish.
The bigger issue is volatility. Gold volatility remains elevated, and oil volatility has exploded to levels rarely seen outside major crises. In environments like this, wide swings become normal. A $200–$300 move in gold in either direction is not unusual, and that kind of action filters down into the mining equities with exaggerated force. The result is panic, forced selling, and margin-call behavior that has more to do with market stress than with broken fundamentals.
That’s why we emphasized the same point repeatedly: know what you own, know why you own it, and don’t let a violent short-term washout convince you that a long-term thesis has suddenly disappeared. In many cases, the best course of action is not to chase, not to panic, and not to do much of anything unless the underlying reason you bought the position has actually changed.
Market Takes - The selloff in resources is being driven in large part by geopolitical chaos and the knock-on effects of a war that clearly is not ending anytime soon. Oil prices remain elevated, the dollar is still firm, and broader market action suggests that traders are not buying the “short excursion” narrative. The war may have started as a limited operation on paper, but markets are increasingly pricing in a longer, more destabilizing conflict with wider supply-chain consequences.
That matters well beyond crude. The longer this drags on, the more it reinforces the need for North American critical-metals independence. Copper, tin, cesium, tantalum, gallium, antimony, lithium, uranium, fertilizer inputs, and energy infrastructure all become more strategic in a world where governments are burning through munitions, blowing up supply chains, and scrambling for industrial inputs. Short-term market action may be ugly, but the long-term fundamental case for critical minerals is arguably stronger now than it was before the bombs started flying.
The same logic applies to rates and inflation. Higher energy costs are already feeding into the inflation outlook, which pushes rate-cut expectations further out. The two-year yield has repriced accordingly, the yield curve is shifting again, and the market is having to digest the reality that slower growth and stickier inflation can coexist. That backdrop is rough in the short term, but it still supports the broader hard-asset thesis.
Bizarro Banter - Outside the markets, the institutional rot continues. Gerardo highlighted the latest settlement involving Bank of America and Jeffrey Epstein-related payments, noting again that misconduct of this magnitude continues to get handled as a civil matter rather than a criminal one. The broader frustration remains the same: the public is told to move on, the files remain redacted, and meaningful accountability still seems reserved for almost no one.
The conversation also turned to the allegations surrounding Cesar Chavez and the broader principle that there should be no exceptions when it comes to sexual abuse and exploitation. If the accusations are real, then the statues come down, the schools get renamed, and there is no protection simply because a figure was politically useful or historically admired. That standard should apply across the board, not only when it is convenient.
From there, Nick and Gerardo discussed the resignation of former senior intelligence official Joe Kent and the retaliatory feel of the administration’s response. The pattern is becoming harder to ignore: those who challenge the line are investigated, smeared, or discredited, while far more serious crimes tied to politically connected figures remain untouched. That is not law and order. That is selective enforcement in a country that increasingly seems to reserve accountability for the wrong people.
Premium Portfolio Picks - The premium portion of this week’s episode was largely about conviction, selectivity, and how to behave when everything feels like it is falling apart. Gerardo walked through four of his largest personal holdings — PMET Resources (TSX: PMET)(OTC: PMETF), Hannan Metals (TSX-V: HAN)(OTC: HANNF), Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF), and Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF) — and explained why sharp pullbacks do not change the underlying thesis when those companies are still funded, still drilling, and still positioned in favorable commodity trends.
Kingsmen now has approximately $17 million in the treasury after raising at much higher prices, giving it the ability to continue drilling two precious-metals districts without returning to the market anytime soon. Hannan recently raised $9 million at $0.75 without a warrant and remains focused on adding value while the permitting process at Previsto Central moves forward. Lion Rock still has more than $2 million in the bank, with additional gold and lithium assay results pending and a Phase 2 program ahead. PMET, meanwhile, has more than $100 million in treasury and just reported the widest cesium intercept in company history from a new discovery area.
Nick echoed the same broader message and pointed to several names he has been adding during the selloff. Among them were Daura Gold (TSX-V: DGC)(OTC: DGCOF), which continues to offer a compelling valuation relative to the nearby Highlander Silver system while drilling its Cerro Bayo project; Almadex Minerals (TSX-V: DEX)(OTC: AAMMF), where his standing limit order finally filled after months of waiting; and Headwater Gold (CSE: HWG)(OTC: HWAUF), which recently raised additional capital and continues to advance its hybrid prospect-generator model in the American Southwest with backing from major partners.
The discussion closed with one more reminder that physical gold remains an important part of the broader picture. For listeners looking to build or expand their physical exposure, both Nick and Gerardo recommended Van Simmons at David Hall Rare Coins as a trusted resource for bullion, collectible coins, and other precious-metals holdings. Whether the entry point is a few hundred dollars or several million, the point remains the same: this is a precious-metals bull market, and pullbacks like this one should be viewed as opportunities, not as the end of the story.