June 4, 2026
Here’s what was covered in episode 367:
Macro Musings - The conversation started with what Gerardo called another “Groundhog Day” market, with Iran headlines changing by the hour, oil up and down, and markets continuing to climb anyway.
Gerardo gave the commodity setup right away: gold was back near the $4,500 level at roughly $4,480, silver was around $74, copper was near $6.30, the U.S. Dollar Index was closer to 100 than 99, and crude had pulled back to the $93 level. The 10-year Treasury yield remains the key pressure point. With the 10-year below the critical 4.50% threshold, broader indices have once again had room to push to new all-time highs.
Nick agreed that not much has changed over the last few weeks. Copper still looks better than gold, gold looks better than silver, and the dollar and 10-year yield have been oscillating in the same general range. The most interesting macro move has been oil’s weakness, which Nick said could reflect either a real easing of war risk and possible reopening of the Strait, or the market beginning to price in slower demand. He also noted the House vote under the War Powers Act to end the Iran war, though the Senate still has to weigh in.
The bigger picture remains a market driven by headlines rather than fundamentals. Copper, gold, oil, and broader equities continue to react to every “truce” or “no truce” headline. Growth is still stronger than many expected, with first-quarter GDP around 1.6% and the current-quarter forecast near 3%, while inflation remains around 4%. The new Fed chair will have to deal with that setup soon, but for now, the summer slowdown is visible: people are away from desks, phones are not getting answered, and the market is still drifting higher.
Market Takes - Gerardo framed the current junior resource market with one simple phrase: boring is the opportunity. A lot of people are outside, away from their screens, and checked out for summer, but a lot of important exploration work is happening beneath the surface. The companies being rewarded right now are the ones delivering high-grade drill results, whether that is copper, gold, or silver. Rangebound trading continues in many of Gerardo’s top holdings, but he sees real money to be made by paying attention to catalysts, assays, and the companies doing quality work while the broader market is quiet.
Nick pointed to Gerardo’s recent interview with Jeff Phillips, noting that the same theme came through there: some companies are reporting solid work and good results but still being overlooked by the market. Neither Nick nor Gerardo believes the commodity supercycle is close to over, and they expect these themes to be front and center at the Rule Symposium in the coming weeks. The current market may be dull, but the setup remains highly constructive for the right exploration names.
Gerardo also highlighted gold overtaking bonds as a larger reserve asset on central bank balance sheets, calling it a sign of the times. That led into discussion of Jeff Currie’s call for gold to potentially see $4,000 before eventually reaching $10,000, as well as continued buying from central banks and players like Tether. Nick referenced a Financial Times article that outlined central banks have stepped up gold purchases dramatically over the last several years, with gold now larger than U.S. Treasury bills on reserve balance sheets, in part because of de-dollarization concerns and in part because gold’s price has risen so much.
The conversation then moved into debt and taxation. Nick referenced a Penn Wharton study suggesting U.S. debt could eventually approach a 210% debt-to-GDP threshold where the problem becomes essentially uncontrollable. In order to address that, the study suggested an additional 15 percentage points of taxation on income. Nick tied that into Fourth Turning dynamics, class tension, Washington state’s new income tax, and the reality that governments almost never talk about spending less — only about raising more revenue.
Bizarro Banter - Gerardo tied the tax and debt discussion into his frustration over U.S. tax dollars funding foreign wars, Epstein file coverups, and institutional corruption. He focused on Section 224 of the 2027 National Defense Authorization Act, which he said would further integrate U.S. and Israeli military infrastructure, defense supply chains, and technology. His broader point was that U.S. leadership looks increasingly compromised, with both parties largely on board and only a handful of figures on the right and left willing to question the direction of policy.
Nick noted that there is at least some pushback forming. He cited the House vote to end the Iran war, Republican senators pushing back against Trump’s proposed fund for January 6 defendants and others claiming persecution, and Mike Pence speaking out against the direction of the party. Both hosts agreed that distrust in government is building, and Nick tied that back to the gold discussion: global central banks are increasing gold holdings because trust in government, debt, and political leadership is eroding.
From there, Gerardo handed the floor to Hunter Biden’s return to X. Hunter’s posts became a running theme, including his line that Americans are being divided on purpose by the “Epstein elite oligarch class” and his attacks on Jake Tapper, Jared and Ivanka, Don Jr., Eric Trump, and the broader Trump family business universe. Gerardo also highlighted Hunter joking about his past addiction, including the line that he would not have forgotten cocaine in the White House if it had been his. The larger point was that in 2026, Hunter Biden somehow sounds like one of the more honest and self-aware political voices in the room.
The hosts also discussed the coming SpaceX IPO. Gerardo noted that Fidelity had reportedly lowered the minimum account requirement to participate from as much as $500,000 to $2,000, framing it as a kind of crowdsourced mega-IPO. Nick said he is not a SpaceX expert, but the event itself is enormous, with pricing around $135 per share and a raise far larger than prior IPO giants like Saudi Aramco, Alibaba, and SoftBank. He tied the enthusiasm around SpaceX into broader market flows, index buying, and the fact that fund flows may matter more than traditional fundamentals in this market.
Nick also pointed out that there are now more ETFs listed than actual public companies, with single-stock, leveraged, inverse, covered-call, and other specialized ETFs all feeding into the flow-of-funds dynamic. He contrasted today’s market with 1999 by noting that AI and space-related spending involve real buildouts, real jobs, real data centers, and real infrastructure — not just websites with no brick-and-mortar reality. The segment ended on the “F-shaped economy” idea, where wealthy boomers are helping younger generations financially, and on a lighter note, the viral Kool-Aid pineapple trend that both hosts found ridiculous but entertaining.
Premium Portfolio Picks - Gerardo opened the premium section with PMET Resources (TSX: PMET)(OTC: PMETF), arguing that banks, governments, and corporations are now lining up around the project. In his view, PMET is no longer just a premier lithium story but one of the most important future critical-metals suppliers in North America, with lithium, cesium, tantalum, and other strategic metals. The company recently received a letter of interest from Societe Generale, following earlier government-backed financing support, and Gerardo sees the same strategic funding path that helped transform Perpetua Resources.
Gerardo compared PMET to the old Midas Gold / Perpetua setup, where the value was always visible but took years of permitting, financing, and execution before the market fully recognized it. He noted that PMET has also followed up its financing momentum with new high-grade lithium, cesium, and tantalum pegmatite discoveries from surface exploration across satellite projects. Nick added that some of the cesium grades were around 16% from surface work, underscoring how remarkable the system continues to look. Gerardo believes PMET needs to break cleanly above the $7–$8 range, after which he expects it to move back into double digits and eventually much higher.
Nick then highlighted Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which continues to deliver the kind of high-grade copper results the market is rewarding. Gladiator recently reported 22 meters of 4.24% copper inside 36 meters of 2.68% copper, with gold also present in the higher-grade interval. The company is drilling the Whitehorse copper project in Yukon and appears to have developed a strong understanding of the mineralization controls away from the main Cowley deposit, especially along the Cub trend and Cub East area. Nick noted that the stock has performed strongly since being added to Underground Alpha and remains fully funded for its current drilling program.
Nick also mentioned Blue Jay Gold (TSX-V: JAY), which began trading after being financed through Private Placement Intel at $0.60 with a half warrant at $0.90. The stock touched $1.00 on its first trading day before settling around $0.78, with nearly two million shares traded. The company is fully funded, actively drilling, and may have assays to report soon, making it another new story to watch closely.
Gerardo closed with FinEx Metals (TSX-V: FINX)(OTC: FNXMF), a Junior Resource Speculator name exploring in Finland’s Central Lapland Greenstone Belt near Agnico Eagle. The company previously hit smoke but not meaningful gold in its first-pass program, causing the stock to pull back to a small market cap. Now it has announced a new exploration program and has permits for another 100%-owned project. Gerardo emphasized that smoke alone is not enough in this market — companies have to deliver with the drill bit — but FinEx remains a pure exploration swing with a small valuation and meaningful upside if the next phase delivers.
June 4, 2026
Here’s what was covered in episode 367:
Macro Musings - The conversation started with what Gerardo called another “Groundhog Day” market, with Iran headlines changing by the hour, oil up and down, and markets continuing to climb anyway.
Gerardo gave the commodity setup right away: gold was back near the $4,500 level at roughly $4,480, silver was around $74, copper was near $6.30, the U.S. Dollar Index was closer to 100 than 99, and crude had pulled back to the $93 level. The 10-year Treasury yield remains the key pressure point. With the 10-year below the critical 4.50% threshold, broader indices have once again had room to push to new all-time highs.
Nick agreed that not much has changed over the last few weeks. Copper still looks better than gold, gold looks better than silver, and the dollar and 10-year yield have been oscillating in the same general range. The most interesting macro move has been oil’s weakness, which Nick said could reflect either a real easing of war risk and possible reopening of the Strait, or the market beginning to price in slower demand. He also noted the House vote under the War Powers Act to end the Iran war, though the Senate still has to weigh in.
The bigger picture remains a market driven by headlines rather than fundamentals. Copper, gold, oil, and broader equities continue to react to every “truce” or “no truce” headline. Growth is still stronger than many expected, with first-quarter GDP around 1.6% and the current-quarter forecast near 3%, while inflation remains around 4%. The new Fed chair will have to deal with that setup soon, but for now, the summer slowdown is visible: people are away from desks, phones are not getting answered, and the market is still drifting higher.
Market Takes - Gerardo framed the current junior resource market with one simple phrase: boring is the opportunity. A lot of people are outside, away from their screens, and checked out for summer, but a lot of important exploration work is happening beneath the surface. The companies being rewarded right now are the ones delivering high-grade drill results, whether that is copper, gold, or silver. Rangebound trading continues in many of Gerardo’s top holdings, but he sees real money to be made by paying attention to catalysts, assays, and the companies doing quality work while the broader market is quiet.
Nick pointed to Gerardo’s recent interview with Jeff Phillips, noting that the same theme came through there: some companies are reporting solid work and good results but still being overlooked by the market. Neither Nick nor Gerardo believes the commodity supercycle is close to over, and they expect these themes to be front and center at the Rule Symposium in the coming weeks. The current market may be dull, but the setup remains highly constructive for the right exploration names.
Gerardo also highlighted gold overtaking bonds as a larger reserve asset on central bank balance sheets, calling it a sign of the times. That led into discussion of Jeff Currie’s call for gold to potentially see $4,000 before eventually reaching $10,000, as well as continued buying from central banks and players like Tether. Nick referenced a Financial Times article that outlined central banks have stepped up gold purchases dramatically over the last several years, with gold now larger than U.S. Treasury bills on reserve balance sheets, in part because of de-dollarization concerns and in part because gold’s price has risen so much.
The conversation then moved into debt and taxation. Nick referenced a Penn Wharton study suggesting U.S. debt could eventually approach a 210% debt-to-GDP threshold where the problem becomes essentially uncontrollable. In order to address that, the study suggested an additional 15 percentage points of taxation on income. Nick tied that into Fourth Turning dynamics, class tension, Washington state’s new income tax, and the reality that governments almost never talk about spending less — only about raising more revenue.
Bizarro Banter - Gerardo tied the tax and debt discussion into his frustration over U.S. tax dollars funding foreign wars, Epstein file coverups, and institutional corruption. He focused on Section 224 of the 2027 National Defense Authorization Act, which he said would further integrate U.S. and Israeli military infrastructure, defense supply chains, and technology. His broader point was that U.S. leadership looks increasingly compromised, with both parties largely on board and only a handful of figures on the right and left willing to question the direction of policy.
Nick noted that there is at least some pushback forming. He cited the House vote to end the Iran war, Republican senators pushing back against Trump’s proposed fund for January 6 defendants and others claiming persecution, and Mike Pence speaking out against the direction of the party. Both hosts agreed that distrust in government is building, and Nick tied that back to the gold discussion: global central banks are increasing gold holdings because trust in government, debt, and political leadership is eroding.
From there, Gerardo handed the floor to Hunter Biden’s return to X. Hunter’s posts became a running theme, including his line that Americans are being divided on purpose by the “Epstein elite oligarch class” and his attacks on Jake Tapper, Jared and Ivanka, Don Jr., Eric Trump, and the broader Trump family business universe. Gerardo also highlighted Hunter joking about his past addiction, including the line that he would not have forgotten cocaine in the White House if it had been his. The larger point was that in 2026, Hunter Biden somehow sounds like one of the more honest and self-aware political voices in the room.
The hosts also discussed the coming SpaceX IPO. Gerardo noted that Fidelity had reportedly lowered the minimum account requirement to participate from as much as $500,000 to $2,000, framing it as a kind of crowdsourced mega-IPO. Nick said he is not a SpaceX expert, but the event itself is enormous, with pricing around $135 per share and a raise far larger than prior IPO giants like Saudi Aramco, Alibaba, and SoftBank. He tied the enthusiasm around SpaceX into broader market flows, index buying, and the fact that fund flows may matter more than traditional fundamentals in this market.
Nick also pointed out that there are now more ETFs listed than actual public companies, with single-stock, leveraged, inverse, covered-call, and other specialized ETFs all feeding into the flow-of-funds dynamic. He contrasted today’s market with 1999 by noting that AI and space-related spending involve real buildouts, real jobs, real data centers, and real infrastructure — not just websites with no brick-and-mortar reality. The segment ended on the “F-shaped economy” idea, where wealthy boomers are helping younger generations financially, and on a lighter note, the viral Kool-Aid pineapple trend that both hosts found ridiculous but entertaining.
Premium Portfolio Picks - Gerardo opened the premium section with PMET Resources (TSX: PMET)(OTC: PMETF), arguing that banks, governments, and corporations are now lining up around the project. In his view, PMET is no longer just a premier lithium story but one of the most important future critical-metals suppliers in North America, with lithium, cesium, tantalum, and other strategic metals. The company recently received a letter of interest from Societe Generale, following earlier government-backed financing support, and Gerardo sees the same strategic funding path that helped transform Perpetua Resources.
Gerardo compared PMET to the old Midas Gold / Perpetua setup, where the value was always visible but took years of permitting, financing, and execution before the market fully recognized it. He noted that PMET has also followed up its financing momentum with new high-grade lithium, cesium, and tantalum pegmatite discoveries from surface exploration across satellite projects. Nick added that some of the cesium grades were around 16% from surface work, underscoring how remarkable the system continues to look. Gerardo believes PMET needs to break cleanly above the $7–$8 range, after which he expects it to move back into double digits and eventually much higher.
Nick then highlighted Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which continues to deliver the kind of high-grade copper results the market is rewarding. Gladiator recently reported 22 meters of 4.24% copper inside 36 meters of 2.68% copper, with gold also present in the higher-grade interval. The company is drilling the Whitehorse copper project in Yukon and appears to have developed a strong understanding of the mineralization controls away from the main Cowley deposit, especially along the Cub trend and Cub East area. Nick noted that the stock has performed strongly since being added to Underground Alpha and remains fully funded for its current drilling program.
Nick also mentioned Blue Jay Gold (TSX-V: JAY), which began trading after being financed through Private Placement Intel at $0.60 with a half warrant at $0.90. The stock touched $1.00 on its first trading day before settling around $0.78, with nearly two million shares traded. The company is fully funded, actively drilling, and may have assays to report soon, making it another new story to watch closely.
Gerardo closed with FinEx Metals (TSX-V: FINX)(OTC: FNXMF), a Junior Resource Speculator name exploring in Finland’s Central Lapland Greenstone Belt near Agnico Eagle. The company previously hit smoke but not meaningful gold in its first-pass program, causing the stock to pull back to a small market cap. Now it has announced a new exploration program and has permits for another 100%-owned project. Gerardo emphasized that smoke alone is not enough in this market — companies have to deliver with the drill bit — but FinEx remains a pure exploration swing with a small valuation and meaningful upside if the next phase delivers.
June 4, 2026
Here’s what was covered in episode 367:
Macro Musings - The conversation started with what Gerardo called another “Groundhog Day” market, with Iran headlines changing by the hour, oil up and down, and markets continuing to climb anyway.
Gerardo gave the commodity setup right away: gold was back near the $4,500 level at roughly $4,480, silver was around $74, copper was near $6.30, the U.S. Dollar Index was closer to 100 than 99, and crude had pulled back to the $93 level. The 10-year Treasury yield remains the key pressure point. With the 10-year below the critical 4.50% threshold, broader indices have once again had room to push to new all-time highs.
Nick agreed that not much has changed over the last few weeks. Copper still looks better than gold, gold looks better than silver, and the dollar and 10-year yield have been oscillating in the same general range. The most interesting macro move has been oil’s weakness, which Nick said could reflect either a real easing of war risk and possible reopening of the Strait, or the market beginning to price in slower demand. He also noted the House vote under the War Powers Act to end the Iran war, though the Senate still has to weigh in.
The bigger picture remains a market driven by headlines rather than fundamentals. Copper, gold, oil, and broader equities continue to react to every “truce” or “no truce” headline. Growth is still stronger than many expected, with first-quarter GDP around 1.6% and the current-quarter forecast near 3%, while inflation remains around 4%. The new Fed chair will have to deal with that setup soon, but for now, the summer slowdown is visible: people are away from desks, phones are not getting answered, and the market is still drifting higher.
Market Takes - Gerardo framed the current junior resource market with one simple phrase: boring is the opportunity. A lot of people are outside, away from their screens, and checked out for summer, but a lot of important exploration work is happening beneath the surface. The companies being rewarded right now are the ones delivering high-grade drill results, whether that is copper, gold, or silver. Rangebound trading continues in many of Gerardo’s top holdings, but he sees real money to be made by paying attention to catalysts, assays, and the companies doing quality work while the broader market is quiet.
Nick pointed to Gerardo’s recent interview with Jeff Phillips, noting that the same theme came through there: some companies are reporting solid work and good results but still being overlooked by the market. Neither Nick nor Gerardo believes the commodity supercycle is close to over, and they expect these themes to be front and center at the Rule Symposium in the coming weeks. The current market may be dull, but the setup remains highly constructive for the right exploration names.
Gerardo also highlighted gold overtaking bonds as a larger reserve asset on central bank balance sheets, calling it a sign of the times. That led into discussion of Jeff Currie’s call for gold to potentially see $4,000 before eventually reaching $10,000, as well as continued buying from central banks and players like Tether. Nick referenced a Financial Times article that outlined central banks have stepped up gold purchases dramatically over the last several years, with gold now larger than U.S. Treasury bills on reserve balance sheets, in part because of de-dollarization concerns and in part because gold’s price has risen so much.
The conversation then moved into debt and taxation. Nick referenced a Penn Wharton study suggesting U.S. debt could eventually approach a 210% debt-to-GDP threshold where the problem becomes essentially uncontrollable. In order to address that, the study suggested an additional 15 percentage points of taxation on income. Nick tied that into Fourth Turning dynamics, class tension, Washington state’s new income tax, and the reality that governments almost never talk about spending less — only about raising more revenue.
Bizarro Banter - Gerardo tied the tax and debt discussion into his frustration over U.S. tax dollars funding foreign wars, Epstein file coverups, and institutional corruption. He focused on Section 224 of the 2027 National Defense Authorization Act, which he said would further integrate U.S. and Israeli military infrastructure, defense supply chains, and technology. His broader point was that U.S. leadership looks increasingly compromised, with both parties largely on board and only a handful of figures on the right and left willing to question the direction of policy.
Nick noted that there is at least some pushback forming. He cited the House vote to end the Iran war, Republican senators pushing back against Trump’s proposed fund for January 6 defendants and others claiming persecution, and Mike Pence speaking out against the direction of the party. Both hosts agreed that distrust in government is building, and Nick tied that back to the gold discussion: global central banks are increasing gold holdings because trust in government, debt, and political leadership is eroding.
From there, Gerardo handed the floor to Hunter Biden’s return to X. Hunter’s posts became a running theme, including his line that Americans are being divided on purpose by the “Epstein elite oligarch class” and his attacks on Jake Tapper, Jared and Ivanka, Don Jr., Eric Trump, and the broader Trump family business universe. Gerardo also highlighted Hunter joking about his past addiction, including the line that he would not have forgotten cocaine in the White House if it had been his. The larger point was that in 2026, Hunter Biden somehow sounds like one of the more honest and self-aware political voices in the room.
The hosts also discussed the coming SpaceX IPO. Gerardo noted that Fidelity had reportedly lowered the minimum account requirement to participate from as much as $500,000 to $2,000, framing it as a kind of crowdsourced mega-IPO. Nick said he is not a SpaceX expert, but the event itself is enormous, with pricing around $135 per share and a raise far larger than prior IPO giants like Saudi Aramco, Alibaba, and SoftBank. He tied the enthusiasm around SpaceX into broader market flows, index buying, and the fact that fund flows may matter more than traditional fundamentals in this market.
Nick also pointed out that there are now more ETFs listed than actual public companies, with single-stock, leveraged, inverse, covered-call, and other specialized ETFs all feeding into the flow-of-funds dynamic. He contrasted today’s market with 1999 by noting that AI and space-related spending involve real buildouts, real jobs, real data centers, and real infrastructure — not just websites with no brick-and-mortar reality. The segment ended on the “F-shaped economy” idea, where wealthy boomers are helping younger generations financially, and on a lighter note, the viral Kool-Aid pineapple trend that both hosts found ridiculous but entertaining.
Premium Portfolio Picks - Gerardo opened the premium section with PMET Resources (TSX: PMET)(OTC: PMETF), arguing that banks, governments, and corporations are now lining up around the project. In his view, PMET is no longer just a premier lithium story but one of the most important future critical-metals suppliers in North America, with lithium, cesium, tantalum, and other strategic metals. The company recently received a letter of interest from Societe Generale, following earlier government-backed financing support, and Gerardo sees the same strategic funding path that helped transform Perpetua Resources.
Gerardo compared PMET to the old Midas Gold / Perpetua setup, where the value was always visible but took years of permitting, financing, and execution before the market fully recognized it. He noted that PMET has also followed up its financing momentum with new high-grade lithium, cesium, and tantalum pegmatite discoveries from surface exploration across satellite projects. Nick added that some of the cesium grades were around 16% from surface work, underscoring how remarkable the system continues to look. Gerardo believes PMET needs to break cleanly above the $7–$8 range, after which he expects it to move back into double digits and eventually much higher.
Nick then highlighted Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which continues to deliver the kind of high-grade copper results the market is rewarding. Gladiator recently reported 22 meters of 4.24% copper inside 36 meters of 2.68% copper, with gold also present in the higher-grade interval. The company is drilling the Whitehorse copper project in Yukon and appears to have developed a strong understanding of the mineralization controls away from the main Cowley deposit, especially along the Cub trend and Cub East area. Nick noted that the stock has performed strongly since being added to Underground Alpha and remains fully funded for its current drilling program.
Nick also mentioned Blue Jay Gold (TSX-V: JAY), which began trading after being financed through Private Placement Intel at $0.60 with a half warrant at $0.90. The stock touched $1.00 on its first trading day before settling around $0.78, with nearly two million shares traded. The company is fully funded, actively drilling, and may have assays to report soon, making it another new story to watch closely.
Gerardo closed with FinEx Metals (TSX-V: FINX)(OTC: FNXMF), a Junior Resource Speculator name exploring in Finland’s Central Lapland Greenstone Belt near Agnico Eagle. The company previously hit smoke but not meaningful gold in its first-pass program, causing the stock to pull back to a small market cap. Now it has announced a new exploration program and has permits for another 100%-owned project. Gerardo emphasized that smoke alone is not enough in this market — companies have to deliver with the drill bit — but FinEx remains a pure exploration swing with a small valuation and meaningful upside if the next phase delivers.