May 14, 2026
Here’s what was covered in episode 364:
Macro Musings - The episode opened with a reminder to keep perspective. Gerardo noted the passing of someone close to a friend’s family and used it as a moment to step back from the usual noise — wars, debt, politics, markets, and absurd headlines — and remember that life can change quickly. Nick echoed the point by referencing Eric Church’s commencement speech and the importance of family, setting a more reflective tone before turning back to markets.
From there, the conversation moved into gold, silver, bond yields, and the broader commodity setup. Gold was back below $4,700, with Nick noting that rising bond yields — especially the 30-year near levels not seen since 2007 — have been putting a lid on the metal in the short term. Even so, gold remains bullish above roughly $4,530 in the near term and can fall below $4,000 while still preserving its longer-term bull market structure. Silver, meanwhile, continues to act better than gold because of its industrial component and could still trade in a wide range from the low $70s into the high $90s.
Both hosts emphasized that mainstream investors still do not fully understand the gold trade. Gerardo highlighted a recent CNBC segment on Agnico Eagle as evidence that the broader financial media remains largely clueless about how much cash major gold producers are generating in this environment. That fits with Rick Rule’s point that U.S. household gold ownership remains far below historical levels, reinforcing the idea that gold is still a contrarian trade despite its major move higher.
Copper was another major focus. Nick explained that the copper market continues to strengthen due to multiple forces: sulfuric acid shortages tied to the closure of the Strait, supply issues in Chile, U.S. stockpiling ahead of a Section 232 investigation, tariff-related COMEX versus London Metals Exchange price divergence, and accelerating AI data center demand. With forecasts now pointing to copper deficits of 100,000 to 500,000 tonnes this year and next, the bull case remains intact.
Market Takes - Inflation and household stress were central themes this week. Gerardo noted that inflation just came in at 3.8%, above wage growth, while U.S. household debt has reached $18.8 trillion. Mortgage debt now accounts for $13.2 trillion of that total, while credit card debt and student loan debt remain near record highs. His concern is that many households have been tapping credit cards and home equity just to keep up with rising prices, and that higher mortgage rates make the math increasingly painful.
That led into the bigger question: how does the Federal Reserve cut rates into rising inflation? Nick pointed out that Kevin Warsh has now been confirmed as the new Fed chair, but the Fed chair cannot cut rates unilaterally. Recent votes suggest very little support for rate cuts, even though the administration clearly wants them. With inflation already near 4% and potentially heading higher, cutting rates would be hard to justify on the math — though both hosts acknowledged that markets and policy have not exactly been governed by clean math lately.
Gerardo argued that the administration is likely trying to talk down rates every time the 10-year approaches 4.5%, tying market jawboning and geopolitical “deal” headlines to the need to keep financing costs under control. Nick agreed that the broader setup remains bizarre: the stock market is at record highs, Nvidia has reached a $5.5 trillion market cap, liquidity remains abundant, and yet everyday household economics continue to deteriorate. The lesson remains the same: investors need to own assets that benefit from inflation and liquidity rather than relying on political promises.
The discussion also touched on BizarroWorld.com, which is now up as the home for the daily editorial transition away from Daily Profit Cycle. Nick used that to make a broader case for self-directed investing, explaining that traditional advisers are unlikely to put investors into the South Korea ETF, Bitcoin, junior mining stocks, copper exposure, or other contrarian assets that have been working. His point was that investors need to think beyond standard allocations if they want to be on the right side of the current cycle.
Bizarro Banter - This week’s banter centered on debt, politics, foreign influence, and the contradictions of the current administration. Gerardo criticized the idea of welcoming up to $1 trillion in Chinese-owned factories into the United States while simultaneously claiming to rebuild American sovereignty. He tied that back to the loss of manufacturing jobs he saw growing up in Chicago and argued that letting China build large-scale industrial capacity inside the U.S. creates serious long-term sovereignty questions.
Thomas Massie was another major focus. Gerardo praised Massie’s consistent voting record on the First, Second, and Fourth Amendments, immigration policy, and his push to release the Epstein files. He framed the campaign against Massie — including outside money, opposition research, and allegations involving a consensual relationship after his wife’s death — as a political hit job designed to remove one of the few principled Republican voters in Congress. Nick added that the betting markets still show Massie favored, but the amount of outside money being used against him shows how aggressively the political machine protects itself.
The conversation also touched on Trump’s pardoning of Indian billionaire Gautam Adani, who had been accused of orchestrating a $265 million bribery scheme involving Indian government officials. Gerardo contrasted that with J.D. Vance publicly talking about a “war on fraud,” calling out the obvious contradiction. Nick added that Adani was represented by Sullivan & Cromwell, the same law firm previously caught submitting AI-generated hallucinations in court filings, adding yet another layer to the episode’s Bizarro World theme.
Uranium closed out the non-premium side. Nick highlighted a Cameco press release about flooding affecting infrastructure tied to the Key Lake Mill and McArthur River operations, noting that any extended disruption could matter in an already tight uranium market. He connected that to the last uranium bull market, which was also sparked by a flood in Saskatchewan, and pointed to growing nuclear demand, reactor life extensions, Three Mile Island restart plans, and broader uranium supply deficits as reasons the sector still looks attractive.
Premium Portfolio Picks - Gerardo highlighted URZ3 Energy (TSX-V: URZ)(OTC: URZEF) and North Shore Uranium (TSX-V: NSU)(OTC: NSURF) as two early-stage uranium names he personally owns and views as extremely cheap. URZ3 continues quietly staking land in Wyoming’s Powder River Basin, has added notable board members, and trades with a market cap around $11.5 million. North Shore Uranium has a historic resource and is likely close to receiving permits to begin drilling in New Mexico, with a market cap around $16 million to $17 million. Gerardo emphasized that uranium’s next move could come quickly, and these names represent the “lowish” part of the cycle if the thesis is right.
Nick added that North Shore Uranium is one of his largest personal holdings and described the asset as essentially an entire uranium mine that was built in the 1970s but never mined due to the cyclicality of the uranium market. He also discussed Daura Gold (TSX-V: DGC)(OTC: DGCOF), noting that he has continued buying shares near the C$0.35 price while awaiting assays from Cerro Bayo in Argentina. The company has already extended its option agreement and is preparing for a Phase 2 drill program, which suggests it likes what it has seen so far. Nick also highlighted Daura’s land position in Peru, adjacent to Highlander Silver’s much larger project. The implication was clear: mineralization continues onto Daura’s ground and the valuation gap is substantial.
Finally, Nick discussed adding to MineHub Technologies (TSX-V: MHUB)(OTC: MHUBF). The stock has been weak after years of development, but he sees the company as a flywheel story that has taken time to position itself inside the mining supply chain. MineHub already has major customers and partners including Codelco, Sumitomo Corp., Sumitomo Metals, and ABAXX, and its platform helps track everything from assays to ore shipments to concentrate logistics, letters of credit, and financing transparency. Gerardo added that MineHub could likely receive an offer from ABAXX, but believes the company is holding out for a much higher valuation as execution improves.
May 14, 2026
Here’s what was covered in episode 364:
Macro Musings - The episode opened with a reminder to keep perspective. Gerardo noted the passing of someone close to a friend’s family and used it as a moment to step back from the usual noise — wars, debt, politics, markets, and absurd headlines — and remember that life can change quickly. Nick echoed the point by referencing Eric Church’s commencement speech and the importance of family, setting a more reflective tone before turning back to markets.
From there, the conversation moved into gold, silver, bond yields, and the broader commodity setup. Gold was back below $4,700, with Nick noting that rising bond yields — especially the 30-year near levels not seen since 2007 — have been putting a lid on the metal in the short term. Even so, gold remains bullish above roughly $4,530 in the near term and can fall below $4,000 while still preserving its longer-term bull market structure. Silver, meanwhile, continues to act better than gold because of its industrial component and could still trade in a wide range from the low $70s into the high $90s.
Both hosts emphasized that mainstream investors still do not fully understand the gold trade. Gerardo highlighted a recent CNBC segment on Agnico Eagle as evidence that the broader financial media remains largely clueless about how much cash major gold producers are generating in this environment. That fits with Rick Rule’s point that U.S. household gold ownership remains far below historical levels, reinforcing the idea that gold is still a contrarian trade despite its major move higher.
Copper was another major focus. Nick explained that the copper market continues to strengthen due to multiple forces: sulfuric acid shortages tied to the closure of the Strait, supply issues in Chile, U.S. stockpiling ahead of a Section 232 investigation, tariff-related COMEX versus London Metals Exchange price divergence, and accelerating AI data center demand. With forecasts now pointing to copper deficits of 100,000 to 500,000 tonnes this year and next, the bull case remains intact.
Market Takes - Inflation and household stress were central themes this week. Gerardo noted that inflation just came in at 3.8%, above wage growth, while U.S. household debt has reached $18.8 trillion. Mortgage debt now accounts for $13.2 trillion of that total, while credit card debt and student loan debt remain near record highs. His concern is that many households have been tapping credit cards and home equity just to keep up with rising prices, and that higher mortgage rates make the math increasingly painful.
That led into the bigger question: how does the Federal Reserve cut rates into rising inflation? Nick pointed out that Kevin Warsh has now been confirmed as the new Fed chair, but the Fed chair cannot cut rates unilaterally. Recent votes suggest very little support for rate cuts, even though the administration clearly wants them. With inflation already near 4% and potentially heading higher, cutting rates would be hard to justify on the math — though both hosts acknowledged that markets and policy have not exactly been governed by clean math lately.
Gerardo argued that the administration is likely trying to talk down rates every time the 10-year approaches 4.5%, tying market jawboning and geopolitical “deal” headlines to the need to keep financing costs under control. Nick agreed that the broader setup remains bizarre: the stock market is at record highs, Nvidia has reached a $5.5 trillion market cap, liquidity remains abundant, and yet everyday household economics continue to deteriorate. The lesson remains the same: investors need to own assets that benefit from inflation and liquidity rather than relying on political promises.
The discussion also touched on BizarroWorld.com, which is now up as the home for the daily editorial transition away from Daily Profit Cycle. Nick used that to make a broader case for self-directed investing, explaining that traditional advisers are unlikely to put investors into the South Korea ETF, Bitcoin, junior mining stocks, copper exposure, or other contrarian assets that have been working. His point was that investors need to think beyond standard allocations if they want to be on the right side of the current cycle.
Bizarro Banter - This week’s banter centered on debt, politics, foreign influence, and the contradictions of the current administration. Gerardo criticized the idea of welcoming up to $1 trillion in Chinese-owned factories into the United States while simultaneously claiming to rebuild American sovereignty. He tied that back to the loss of manufacturing jobs he saw growing up in Chicago and argued that letting China build large-scale industrial capacity inside the U.S. creates serious long-term sovereignty questions.
Thomas Massie was another major focus. Gerardo praised Massie’s consistent voting record on the First, Second, and Fourth Amendments, immigration policy, and his push to release the Epstein files. He framed the campaign against Massie — including outside money, opposition research, and allegations involving a consensual relationship after his wife’s death — as a political hit job designed to remove one of the few principled Republican voters in Congress. Nick added that the betting markets still show Massie favored, but the amount of outside money being used against him shows how aggressively the political machine protects itself.
The conversation also touched on Trump’s pardoning of Indian billionaire Gautam Adani, who had been accused of orchestrating a $265 million bribery scheme involving Indian government officials. Gerardo contrasted that with J.D. Vance publicly talking about a “war on fraud,” calling out the obvious contradiction. Nick added that Adani was represented by Sullivan & Cromwell, the same law firm previously caught submitting AI-generated hallucinations in court filings, adding yet another layer to the episode’s Bizarro World theme.
Uranium closed out the non-premium side. Nick highlighted a Cameco press release about flooding affecting infrastructure tied to the Key Lake Mill and McArthur River operations, noting that any extended disruption could matter in an already tight uranium market. He connected that to the last uranium bull market, which was also sparked by a flood in Saskatchewan, and pointed to growing nuclear demand, reactor life extensions, Three Mile Island restart plans, and broader uranium supply deficits as reasons the sector still looks attractive.
Premium Portfolio Picks - Gerardo highlighted URZ3 Energy (TSX-V: URZ)(OTC: URZEF) and North Shore Uranium (TSX-V: NSU)(OTC: NSURF) as two early-stage uranium names he personally owns and views as extremely cheap. URZ3 continues quietly staking land in Wyoming’s Powder River Basin, has added notable board members, and trades with a market cap around $11.5 million. North Shore Uranium has a historic resource and is likely close to receiving permits to begin drilling in New Mexico, with a market cap around $16 million to $17 million. Gerardo emphasized that uranium’s next move could come quickly, and these names represent the “lowish” part of the cycle if the thesis is right.
Nick added that North Shore Uranium is one of his largest personal holdings and described the asset as essentially an entire uranium mine that was built in the 1970s but never mined due to the cyclicality of the uranium market. He also discussed Daura Gold (TSX-V: DGC)(OTC: DGCOF), noting that he has continued buying shares near the C$0.35 price while awaiting assays from Cerro Bayo in Argentina. The company has already extended its option agreement and is preparing for a Phase 2 drill program, which suggests it likes what it has seen so far. Nick also highlighted Daura’s land position in Peru, adjacent to Highlander Silver’s much larger project. The implication was clear: mineralization continues onto Daura’s ground and the valuation gap is substantial.
Finally, Nick discussed adding to MineHub Technologies (TSX-V: MHUB)(OTC: MHUBF). The stock has been weak after years of development, but he sees the company as a flywheel story that has taken time to position itself inside the mining supply chain. MineHub already has major customers and partners including Codelco, Sumitomo Corp., Sumitomo Metals, and ABAXX, and its platform helps track everything from assays to ore shipments to concentrate logistics, letters of credit, and financing transparency. Gerardo added that MineHub could likely receive an offer from ABAXX, but believes the company is holding out for a much higher valuation as execution improves.
May 14, 2026
Here’s what was covered in episode 364:
Macro Musings - The episode opened with a reminder to keep perspective. Gerardo noted the passing of someone close to a friend’s family and used it as a moment to step back from the usual noise — wars, debt, politics, markets, and absurd headlines — and remember that life can change quickly. Nick echoed the point by referencing Eric Church’s commencement speech and the importance of family, setting a more reflective tone before turning back to markets.
From there, the conversation moved into gold, silver, bond yields, and the broader commodity setup. Gold was back below $4,700, with Nick noting that rising bond yields — especially the 30-year near levels not seen since 2007 — have been putting a lid on the metal in the short term. Even so, gold remains bullish above roughly $4,530 in the near term and can fall below $4,000 while still preserving its longer-term bull market structure. Silver, meanwhile, continues to act better than gold because of its industrial component and could still trade in a wide range from the low $70s into the high $90s.
Both hosts emphasized that mainstream investors still do not fully understand the gold trade. Gerardo highlighted a recent CNBC segment on Agnico Eagle as evidence that the broader financial media remains largely clueless about how much cash major gold producers are generating in this environment. That fits with Rick Rule’s point that U.S. household gold ownership remains far below historical levels, reinforcing the idea that gold is still a contrarian trade despite its major move higher.
Copper was another major focus. Nick explained that the copper market continues to strengthen due to multiple forces: sulfuric acid shortages tied to the closure of the Strait, supply issues in Chile, U.S. stockpiling ahead of a Section 232 investigation, tariff-related COMEX versus London Metals Exchange price divergence, and accelerating AI data center demand. With forecasts now pointing to copper deficits of 100,000 to 500,000 tonnes this year and next, the bull case remains intact.
Market Takes - Inflation and household stress were central themes this week. Gerardo noted that inflation just came in at 3.8%, above wage growth, while U.S. household debt has reached $18.8 trillion. Mortgage debt now accounts for $13.2 trillion of that total, while credit card debt and student loan debt remain near record highs. His concern is that many households have been tapping credit cards and home equity just to keep up with rising prices, and that higher mortgage rates make the math increasingly painful.
That led into the bigger question: how does the Federal Reserve cut rates into rising inflation? Nick pointed out that Kevin Warsh has now been confirmed as the new Fed chair, but the Fed chair cannot cut rates unilaterally. Recent votes suggest very little support for rate cuts, even though the administration clearly wants them. With inflation already near 4% and potentially heading higher, cutting rates would be hard to justify on the math — though both hosts acknowledged that markets and policy have not exactly been governed by clean math lately.
Gerardo argued that the administration is likely trying to talk down rates every time the 10-year approaches 4.5%, tying market jawboning and geopolitical “deal” headlines to the need to keep financing costs under control. Nick agreed that the broader setup remains bizarre: the stock market is at record highs, Nvidia has reached a $5.5 trillion market cap, liquidity remains abundant, and yet everyday household economics continue to deteriorate. The lesson remains the same: investors need to own assets that benefit from inflation and liquidity rather than relying on political promises.
The discussion also touched on BizarroWorld.com, which is now up as the home for the daily editorial transition away from Daily Profit Cycle. Nick used that to make a broader case for self-directed investing, explaining that traditional advisers are unlikely to put investors into the South Korea ETF, Bitcoin, junior mining stocks, copper exposure, or other contrarian assets that have been working. His point was that investors need to think beyond standard allocations if they want to be on the right side of the current cycle.
Bizarro Banter - This week’s banter centered on debt, politics, foreign influence, and the contradictions of the current administration. Gerardo criticized the idea of welcoming up to $1 trillion in Chinese-owned factories into the United States while simultaneously claiming to rebuild American sovereignty. He tied that back to the loss of manufacturing jobs he saw growing up in Chicago and argued that letting China build large-scale industrial capacity inside the U.S. creates serious long-term sovereignty questions.
Thomas Massie was another major focus. Gerardo praised Massie’s consistent voting record on the First, Second, and Fourth Amendments, immigration policy, and his push to release the Epstein files. He framed the campaign against Massie — including outside money, opposition research, and allegations involving a consensual relationship after his wife’s death — as a political hit job designed to remove one of the few principled Republican voters in Congress. Nick added that the betting markets still show Massie favored, but the amount of outside money being used against him shows how aggressively the political machine protects itself.
The conversation also touched on Trump’s pardoning of Indian billionaire Gautam Adani, who had been accused of orchestrating a $265 million bribery scheme involving Indian government officials. Gerardo contrasted that with J.D. Vance publicly talking about a “war on fraud,” calling out the obvious contradiction. Nick added that Adani was represented by Sullivan & Cromwell, the same law firm previously caught submitting AI-generated hallucinations in court filings, adding yet another layer to the episode’s Bizarro World theme.
Uranium closed out the non-premium side. Nick highlighted a Cameco press release about flooding affecting infrastructure tied to the Key Lake Mill and McArthur River operations, noting that any extended disruption could matter in an already tight uranium market. He connected that to the last uranium bull market, which was also sparked by a flood in Saskatchewan, and pointed to growing nuclear demand, reactor life extensions, Three Mile Island restart plans, and broader uranium supply deficits as reasons the sector still looks attractive.
Premium Portfolio Picks - Gerardo highlighted URZ3 Energy (TSX-V: URZ)(OTC: URZEF) and North Shore Uranium (TSX-V: NSU)(OTC: NSURF) as two early-stage uranium names he personally owns and views as extremely cheap. URZ3 continues quietly staking land in Wyoming’s Powder River Basin, has added notable board members, and trades with a market cap around $11.5 million. North Shore Uranium has a historic resource and is likely close to receiving permits to begin drilling in New Mexico, with a market cap around $16 million to $17 million. Gerardo emphasized that uranium’s next move could come quickly, and these names represent the “lowish” part of the cycle if the thesis is right.
Nick added that North Shore Uranium is one of his largest personal holdings and described the asset as essentially an entire uranium mine that was built in the 1970s but never mined due to the cyclicality of the uranium market. He also discussed Daura Gold (TSX-V: DGC)(OTC: DGCOF), noting that he has continued buying shares near the C$0.35 price while awaiting assays from Cerro Bayo in Argentina. The company has already extended its option agreement and is preparing for a Phase 2 drill program, which suggests it likes what it has seen so far. Nick also highlighted Daura’s land position in Peru, adjacent to Highlander Silver’s much larger project. The implication was clear: mineralization continues onto Daura’s ground and the valuation gap is substantial.
Finally, Nick discussed adding to MineHub Technologies (TSX-V: MHUB)(OTC: MHUBF). The stock has been weak after years of development, but he sees the company as a flywheel story that has taken time to position itself inside the mining supply chain. MineHub already has major customers and partners including Codelco, Sumitomo Corp., Sumitomo Metals, and ABAXX, and its platform helps track everything from assays to ore shipments to concentrate logistics, letters of credit, and financing transparency. Gerardo added that MineHub could likely receive an offer from ABAXX, but believes the company is holding out for a much higher valuation as execution improves.