June 11, 2026
Here’s what was covered in episode 368:
Macro Musings - The episode opened with the summer doldrums finally arriving in markets, but not without plenty of volatility. Gerardo noted the latest on-again, off-again Iran headlines, with Trump first saying the U.S. was going to “bomb” Iran, followed only hours later by another statement that a deal was back on and bombing was off. Markets reacted the way they have throughout this cycle: sell first on escalation, then rip higher when the administration walks the rhetoric back. Gold had dropped to roughly $4,080 before reversing sharply back above $4,200, silver bounced back toward the high-$60s, the dollar slipped back below 100, and the broader indices rallied ahead of the SpaceX IPO.
Nick walked through the macro setup behind the selloff. A strong jobs number had pushed bond yields higher, the VIX spiked toward 20, CPI came in at 4.2%, and the dollar strengthened toward the 100 level. Higher rates, higher inflation, and a stronger dollar pressured gold, silver, copper, and equities, though copper continued to hold up better than the precious metals. Nick also noted that the yield curve has compressed, with the 10-year coming down while the 2-year remains elevated — a setup that points toward slower growth ahead and a market struggling to price slowing growth, elevated inflation, and coming disinflation all at once.
The Fed remains trapped. Gerardo asked whether the incoming Fed chair could use slowing inflation and slower growth as cover to talk more dovishly, especially with Trump clearly demanding lower rates. Nick said he can certainly jawbone, but he cannot cut rates unilaterally. The Fed still needs votes, and the current vote mix does not appear close to supporting cuts while inflation remains well above the 2% target. The market itself is confused, with no change largely priced in until December and even some probability still leaning toward a possible hike.
The broader conclusion was that the next few months could remain volatile. GDP growth was strong in the current quarter, earnings were strong in areas like IT and communications services, and Nvidia helped fuel the melt-up. But earnings growth may slow in the next quarter, inflation may cool from current levels, and growth could decelerate in the second half. That combination may not be friendly for the S&P in the short term, even if the longer-term resource thesis remains intact.
Market Takes - Gerardo emphasized that while the short-term charts matter, the long-term resource setup has not changed. Whether gold goes back to $4,000 or retests $5,000 in the near term, the structural reasons for owning resources remain intact: $39 trillion in U.S. debt, massive refinancing needs, continued demand for uranium, copper, silver, lithium, rare earths, tungsten, and other critical inputs, and no realistic path for governments to resolve the underlying fiscal problem without inflation, higher taxes, or both.
The hosts spent time on portfolio construction and risk tolerance. Gerardo reiterated that he runs a concentrated portfolio, often heavily weighted toward three or four names, then another three or four smaller positions after that. That can produce huge wins but also painful drawdowns. His key point was that investors need to know what they own, why they own it, whether the company is adding value, and whether the thesis is still intact. A 50% drawdown in a junior resource stock is not automatically a broken thesis; sometimes it is simply a weak tape, forced liquidation, or a sector-wide selloff.
Nick contrasted that with his more rules-based portfolio approach in Foundational Profits and Underground Alpha. He trims positions when they become too large, keeps published position sizes, and has recently taken profits in GLD and GDXJ before buying back into GDXJ and URNJ after the selloff. He noted that he entered the month with roughly 26% cash, which gave him flexibility to buy when junior gold and uranium equities became more attractive again.
On the charts, gold broke below near-term support around $4,380–$4,400 and touched its broader bull-market trend line near the low-$4,000s before bouncing. Nick said the key now is whether gold holds that trend. A failure could open the door to a move toward the high-$3,000s, while holding the line keeps the bull market structure intact. Silver looks similar but more volatile and may have more room to weaken before testing its own longer-term trend. Copper remains the healthiest of the three, holding above $6 and staying well above its long-term trend line.
Critical metals remain the bigger secular theme. Nick pointed to the pending Section 232 copper report due out this month from the Commerce Department, and the uncertainty around whether Trump will follow through with tariffs, threaten them, or reverse course again. Gerardo highlighted a joint statement from the G7 Critical Minerals Investment Forum in Paris, along with a U.S. critical metals defense bill, as further evidence that governments are finally mobilizing around supply security. He also pointed to Japan’s 15-year effort to reduce rare earth dependence on China and noted that even after all that work, China was still able to cut exports dramatically. The problem is not just finding deposits; it is refining, processing, infrastructure, and specialized human capital.
Bizarro Banter - Gerardo called the Epstein cover-up the biggest scandal of the modern era, bigger even than Watergate in his view. He referenced a detailed New York Times article that described how multiple institutions and officials — including the White House, Department of Justice, FBI, attorney general, vice president, chief of staff, and president — allegedly worked to manage, contain, and confuse the public around the files rather than pursue accountability for the victims. His core point was not partisan; it was that the very institutions supposed to provide checks, balances, transparency, and justice appeared to be coordinating around damage control instead.
Nick added that the rot appears to reach the highest levels of finance, law, politics, and law enforcement. He brought up Kathy Ruemmler, the former Obama White House counsel and Goldman Sachs top lawyer, who had been connected in prior Epstein-related reporting and was expected to step down from Goldman, only for the CEO to reportedly ask her to stay on as an adviser. Nick tied that into the broader collapse in institutional trust — from banks to the DOJ, FBI, CIA, Congress, and the executive branch.
The broader Fourth Turning theme remained front and center. Both hosts argued that distrust in institutions is worsening because accountability rarely reaches the people with the most power. Gerardo said that sometimes institutions have to be burned down before they can be rebuilt better, while still emphasizing that he remains optimistic about what individuals can do locally — in their communities, families, and daily lives — to be more decent, less partisan, and more accountable.
The banter closed on a lighter note with World Cup talk, Mexico, Team USA, the Cubs, and the NBA Finals. Gerardo used the sports discussion as another reminder that there are still things capable of bringing people together, even while the political and institutional backdrop remains deeply broken.
Premium Portfolio Picks - Gerardo opened the premium section with Hannan Metals (TSX-V: HAN)(OTC: HANNF), one of his largest and longest-held positions. He acknowledged that the stock has been beaten down to 52-week lows after the market grew impatient with early-stage targets in Peru and the long wait to drill the massive Previsto target. But he remains highly bullish, arguing that Previsto could eventually become a 10–25 million ounce gold system with many billions of pounds of copper. The permitting process for Previsto formally begins this month and could take four to six months, but drilling likely waits until after the wet season in 2027.
The reason Gerardo is excited now is that Hannan appears to be running the Southern Cross Gold playbook. Michael Hudson is bringing in Swedish gold projects he knows well, including Sweden’s oldest gold mine, which has never been drilled, and a project roughly 20 kilometers from Boliden-style mineralization. One of the projects is permitted, drill-ready, and expected to begin drilling next week. Gerardo sees this as a smart capital markets move that gives Hannan a near-term high-grade gold catalyst while the company advances the larger prize in Peru. He believes the stock is a steal near current levels and expects it could recover sharply if drilling delivers.
Gerardo also highlighted Sirios Resources (TSX-V: SOI)(OTC: SIREF) and its Cheechoo gold deposit in James Bay. The company already has a roughly three-million-ounce gold deposit, around $27 million in cash, two rigs turning, and an exploration target that could take the project toward five million ounces. One rig is focused on infill drilling to upgrade ounces, while the other is drilling more aggressively to add ounces. Gerardo argued that the company trades at a major valuation discount, around $24 per ounce, while comparable regional peers trade closer to $100–$150 per ounce. With Osisko Development people now on the board, including Sean Roosen and Laurence Farmer, Gerardo sees a strong path to a rerate.
Nick then discussed larger vehicles he has been buying into the selloff. He bought a lot of the Sprott Junior Uranium Miners ETF (NASDAQ: URNJ) after it fell well below his buy-under price. He continues to like the uranium backdrop, citing structural deficit calls from Goldman out to 2045, U.S. small modular reactor progress, Japan accelerating restarts, and massive data center power demand that is increasingly being tied to nuclear utilities.
Nick also added to his holdings in the VanEck Junior Gold Miners ETF (NYSE: GDXJ), in multiple tranches over the past week and alerted Foundational Profits members that he was buying both GDXJ and URNJ. He pointed to a Scotiabank report showing gold equities are trading at attractive valuations across free cash flow yield, enterprise value to EBITDA, price to cash flow, and price to NAV compared with historical levels back to the 1970s. Combined with extreme bearish sentiment in the gold sector, Nick sees the pullback as an opportunity rather than a reason to panic.
June 11, 2026
Here’s what was covered in episode 368:
Macro Musings - The episode opened with the summer doldrums finally arriving in markets, but not without plenty of volatility. Gerardo noted the latest on-again, off-again Iran headlines, with Trump first saying the U.S. was going to “bomb” Iran, followed only hours later by another statement that a deal was back on and bombing was off. Markets reacted the way they have throughout this cycle: sell first on escalation, then rip higher when the administration walks the rhetoric back. Gold had dropped to roughly $4,080 before reversing sharply back above $4,200, silver bounced back toward the high-$60s, the dollar slipped back below 100, and the broader indices rallied ahead of the SpaceX IPO.
Nick walked through the macro setup behind the selloff. A strong jobs number had pushed bond yields higher, the VIX spiked toward 20, CPI came in at 4.2%, and the dollar strengthened toward the 100 level. Higher rates, higher inflation, and a stronger dollar pressured gold, silver, copper, and equities, though copper continued to hold up better than the precious metals. Nick also noted that the yield curve has compressed, with the 10-year coming down while the 2-year remains elevated — a setup that points toward slower growth ahead and a market struggling to price slowing growth, elevated inflation, and coming disinflation all at once.
The Fed remains trapped. Gerardo asked whether the incoming Fed chair could use slowing inflation and slower growth as cover to talk more dovishly, especially with Trump clearly demanding lower rates. Nick said he can certainly jawbone, but he cannot cut rates unilaterally. The Fed still needs votes, and the current vote mix does not appear close to supporting cuts while inflation remains well above the 2% target. The market itself is confused, with no change largely priced in until December and even some probability still leaning toward a possible hike.
The broader conclusion was that the next few months could remain volatile. GDP growth was strong in the current quarter, earnings were strong in areas like IT and communications services, and Nvidia helped fuel the melt-up. But earnings growth may slow in the next quarter, inflation may cool from current levels, and growth could decelerate in the second half. That combination may not be friendly for the S&P in the short term, even if the longer-term resource thesis remains intact.
Market Takes - Gerardo emphasized that while the short-term charts matter, the long-term resource setup has not changed. Whether gold goes back to $4,000 or retests $5,000 in the near term, the structural reasons for owning resources remain intact: $39 trillion in U.S. debt, massive refinancing needs, continued demand for uranium, copper, silver, lithium, rare earths, tungsten, and other critical inputs, and no realistic path for governments to resolve the underlying fiscal problem without inflation, higher taxes, or both.
The hosts spent time on portfolio construction and risk tolerance. Gerardo reiterated that he runs a concentrated portfolio, often heavily weighted toward three or four names, then another three or four smaller positions after that. That can produce huge wins but also painful drawdowns. His key point was that investors need to know what they own, why they own it, whether the company is adding value, and whether the thesis is still intact. A 50% drawdown in a junior resource stock is not automatically a broken thesis; sometimes it is simply a weak tape, forced liquidation, or a sector-wide selloff.
Nick contrasted that with his more rules-based portfolio approach in Foundational Profits and Underground Alpha. He trims positions when they become too large, keeps published position sizes, and has recently taken profits in GLD and GDXJ before buying back into GDXJ and URNJ after the selloff. He noted that he entered the month with roughly 26% cash, which gave him flexibility to buy when junior gold and uranium equities became more attractive again.
On the charts, gold broke below near-term support around $4,380–$4,400 and touched its broader bull-market trend line near the low-$4,000s before bouncing. Nick said the key now is whether gold holds that trend. A failure could open the door to a move toward the high-$3,000s, while holding the line keeps the bull market structure intact. Silver looks similar but more volatile and may have more room to weaken before testing its own longer-term trend. Copper remains the healthiest of the three, holding above $6 and staying well above its long-term trend line.
Critical metals remain the bigger secular theme. Nick pointed to the pending Section 232 copper report due out this month from the Commerce Department, and the uncertainty around whether Trump will follow through with tariffs, threaten them, or reverse course again. Gerardo highlighted a joint statement from the G7 Critical Minerals Investment Forum in Paris, along with a U.S. critical metals defense bill, as further evidence that governments are finally mobilizing around supply security. He also pointed to Japan’s 15-year effort to reduce rare earth dependence on China and noted that even after all that work, China was still able to cut exports dramatically. The problem is not just finding deposits; it is refining, processing, infrastructure, and specialized human capital.
Bizarro Banter - Gerardo called the Epstein cover-up the biggest scandal of the modern era, bigger even than Watergate in his view. He referenced a detailed New York Times article that described how multiple institutions and officials — including the White House, Department of Justice, FBI, attorney general, vice president, chief of staff, and president — allegedly worked to manage, contain, and confuse the public around the files rather than pursue accountability for the victims. His core point was not partisan; it was that the very institutions supposed to provide checks, balances, transparency, and justice appeared to be coordinating around damage control instead.
Nick added that the rot appears to reach the highest levels of finance, law, politics, and law enforcement. He brought up Kathy Ruemmler, the former Obama White House counsel and Goldman Sachs top lawyer, who had been connected in prior Epstein-related reporting and was expected to step down from Goldman, only for the CEO to reportedly ask her to stay on as an adviser. Nick tied that into the broader collapse in institutional trust — from banks to the DOJ, FBI, CIA, Congress, and the executive branch.
The broader Fourth Turning theme remained front and center. Both hosts argued that distrust in institutions is worsening because accountability rarely reaches the people with the most power. Gerardo said that sometimes institutions have to be burned down before they can be rebuilt better, while still emphasizing that he remains optimistic about what individuals can do locally — in their communities, families, and daily lives — to be more decent, less partisan, and more accountable.
The banter closed on a lighter note with World Cup talk, Mexico, Team USA, the Cubs, and the NBA Finals. Gerardo used the sports discussion as another reminder that there are still things capable of bringing people together, even while the political and institutional backdrop remains deeply broken.
Premium Portfolio Picks - Gerardo opened the premium section with Hannan Metals (TSX-V: HAN)(OTC: HANNF), one of his largest and longest-held positions. He acknowledged that the stock has been beaten down to 52-week lows after the market grew impatient with early-stage targets in Peru and the long wait to drill the massive Previsto target. But he remains highly bullish, arguing that Previsto could eventually become a 10–25 million ounce gold system with many billions of pounds of copper. The permitting process for Previsto formally begins this month and could take four to six months, but drilling likely waits until after the wet season in 2027.
The reason Gerardo is excited now is that Hannan appears to be running the Southern Cross Gold playbook. Michael Hudson is bringing in Swedish gold projects he knows well, including Sweden’s oldest gold mine, which has never been drilled, and a project roughly 20 kilometers from Boliden-style mineralization. One of the projects is permitted, drill-ready, and expected to begin drilling next week. Gerardo sees this as a smart capital markets move that gives Hannan a near-term high-grade gold catalyst while the company advances the larger prize in Peru. He believes the stock is a steal near current levels and expects it could recover sharply if drilling delivers.
Gerardo also highlighted Sirios Resources (TSX-V: SOI)(OTC: SIREF) and its Cheechoo gold deposit in James Bay. The company already has a roughly three-million-ounce gold deposit, around $27 million in cash, two rigs turning, and an exploration target that could take the project toward five million ounces. One rig is focused on infill drilling to upgrade ounces, while the other is drilling more aggressively to add ounces. Gerardo argued that the company trades at a major valuation discount, around $24 per ounce, while comparable regional peers trade closer to $100–$150 per ounce. With Osisko Development people now on the board, including Sean Roosen and Laurence Farmer, Gerardo sees a strong path to a rerate.
Nick then discussed larger vehicles he has been buying into the selloff. He bought a lot of the Sprott Junior Uranium Miners ETF (NASDAQ: URNJ) after it fell well below his buy-under price. He continues to like the uranium backdrop, citing structural deficit calls from Goldman out to 2045, U.S. small modular reactor progress, Japan accelerating restarts, and massive data center power demand that is increasingly being tied to nuclear utilities.
Nick also added to his holdings in the VanEck Junior Gold Miners ETF (NYSE: GDXJ), in multiple tranches over the past week and alerted Foundational Profits members that he was buying both GDXJ and URNJ. He pointed to a Scotiabank report showing gold equities are trading at attractive valuations across free cash flow yield, enterprise value to EBITDA, price to cash flow, and price to NAV compared with historical levels back to the 1970s. Combined with extreme bearish sentiment in the gold sector, Nick sees the pullback as an opportunity rather than a reason to panic.
June 11, 2026
Here’s what was covered in episode 368:
Macro Musings - The episode opened with the summer doldrums finally arriving in markets, but not without plenty of volatility. Gerardo noted the latest on-again, off-again Iran headlines, with Trump first saying the U.S. was going to “bomb” Iran, followed only hours later by another statement that a deal was back on and bombing was off. Markets reacted the way they have throughout this cycle: sell first on escalation, then rip higher when the administration walks the rhetoric back. Gold had dropped to roughly $4,080 before reversing sharply back above $4,200, silver bounced back toward the high-$60s, the dollar slipped back below 100, and the broader indices rallied ahead of the SpaceX IPO.
Nick walked through the macro setup behind the selloff. A strong jobs number had pushed bond yields higher, the VIX spiked toward 20, CPI came in at 4.2%, and the dollar strengthened toward the 100 level. Higher rates, higher inflation, and a stronger dollar pressured gold, silver, copper, and equities, though copper continued to hold up better than the precious metals. Nick also noted that the yield curve has compressed, with the 10-year coming down while the 2-year remains elevated — a setup that points toward slower growth ahead and a market struggling to price slowing growth, elevated inflation, and coming disinflation all at once.
The Fed remains trapped. Gerardo asked whether the incoming Fed chair could use slowing inflation and slower growth as cover to talk more dovishly, especially with Trump clearly demanding lower rates. Nick said he can certainly jawbone, but he cannot cut rates unilaterally. The Fed still needs votes, and the current vote mix does not appear close to supporting cuts while inflation remains well above the 2% target. The market itself is confused, with no change largely priced in until December and even some probability still leaning toward a possible hike.
The broader conclusion was that the next few months could remain volatile. GDP growth was strong in the current quarter, earnings were strong in areas like IT and communications services, and Nvidia helped fuel the melt-up. But earnings growth may slow in the next quarter, inflation may cool from current levels, and growth could decelerate in the second half. That combination may not be friendly for the S&P in the short term, even if the longer-term resource thesis remains intact.
Market Takes - Gerardo emphasized that while the short-term charts matter, the long-term resource setup has not changed. Whether gold goes back to $4,000 or retests $5,000 in the near term, the structural reasons for owning resources remain intact: $39 trillion in U.S. debt, massive refinancing needs, continued demand for uranium, copper, silver, lithium, rare earths, tungsten, and other critical inputs, and no realistic path for governments to resolve the underlying fiscal problem without inflation, higher taxes, or both.
The hosts spent time on portfolio construction and risk tolerance. Gerardo reiterated that he runs a concentrated portfolio, often heavily weighted toward three or four names, then another three or four smaller positions after that. That can produce huge wins but also painful drawdowns. His key point was that investors need to know what they own, why they own it, whether the company is adding value, and whether the thesis is still intact. A 50% drawdown in a junior resource stock is not automatically a broken thesis; sometimes it is simply a weak tape, forced liquidation, or a sector-wide selloff.
Nick contrasted that with his more rules-based portfolio approach in Foundational Profits and Underground Alpha. He trims positions when they become too large, keeps published position sizes, and has recently taken profits in GLD and GDXJ before buying back into GDXJ and URNJ after the selloff. He noted that he entered the month with roughly 26% cash, which gave him flexibility to buy when junior gold and uranium equities became more attractive again.
On the charts, gold broke below near-term support around $4,380–$4,400 and touched its broader bull-market trend line near the low-$4,000s before bouncing. Nick said the key now is whether gold holds that trend. A failure could open the door to a move toward the high-$3,000s, while holding the line keeps the bull market structure intact. Silver looks similar but more volatile and may have more room to weaken before testing its own longer-term trend. Copper remains the healthiest of the three, holding above $6 and staying well above its long-term trend line.
Critical metals remain the bigger secular theme. Nick pointed to the pending Section 232 copper report due out this month from the Commerce Department, and the uncertainty around whether Trump will follow through with tariffs, threaten them, or reverse course again. Gerardo highlighted a joint statement from the G7 Critical Minerals Investment Forum in Paris, along with a U.S. critical metals defense bill, as further evidence that governments are finally mobilizing around supply security. He also pointed to Japan’s 15-year effort to reduce rare earth dependence on China and noted that even after all that work, China was still able to cut exports dramatically. The problem is not just finding deposits; it is refining, processing, infrastructure, and specialized human capital.
Bizarro Banter - Gerardo called the Epstein cover-up the biggest scandal of the modern era, bigger even than Watergate in his view. He referenced a detailed New York Times article that described how multiple institutions and officials — including the White House, Department of Justice, FBI, attorney general, vice president, chief of staff, and president — allegedly worked to manage, contain, and confuse the public around the files rather than pursue accountability for the victims. His core point was not partisan; it was that the very institutions supposed to provide checks, balances, transparency, and justice appeared to be coordinating around damage control instead.
Nick added that the rot appears to reach the highest levels of finance, law, politics, and law enforcement. He brought up Kathy Ruemmler, the former Obama White House counsel and Goldman Sachs top lawyer, who had been connected in prior Epstein-related reporting and was expected to step down from Goldman, only for the CEO to reportedly ask her to stay on as an adviser. Nick tied that into the broader collapse in institutional trust — from banks to the DOJ, FBI, CIA, Congress, and the executive branch.
The broader Fourth Turning theme remained front and center. Both hosts argued that distrust in institutions is worsening because accountability rarely reaches the people with the most power. Gerardo said that sometimes institutions have to be burned down before they can be rebuilt better, while still emphasizing that he remains optimistic about what individuals can do locally — in their communities, families, and daily lives — to be more decent, less partisan, and more accountable.
The banter closed on a lighter note with World Cup talk, Mexico, Team USA, the Cubs, and the NBA Finals. Gerardo used the sports discussion as another reminder that there are still things capable of bringing people together, even while the political and institutional backdrop remains deeply broken.
Premium Portfolio Picks - Gerardo opened the premium section with Hannan Metals (TSX-V: HAN)(OTC: HANNF), one of his largest and longest-held positions. He acknowledged that the stock has been beaten down to 52-week lows after the market grew impatient with early-stage targets in Peru and the long wait to drill the massive Previsto target. But he remains highly bullish, arguing that Previsto could eventually become a 10–25 million ounce gold system with many billions of pounds of copper. The permitting process for Previsto formally begins this month and could take four to six months, but drilling likely waits until after the wet season in 2027.
The reason Gerardo is excited now is that Hannan appears to be running the Southern Cross Gold playbook. Michael Hudson is bringing in Swedish gold projects he knows well, including Sweden’s oldest gold mine, which has never been drilled, and a project roughly 20 kilometers from Boliden-style mineralization. One of the projects is permitted, drill-ready, and expected to begin drilling next week. Gerardo sees this as a smart capital markets move that gives Hannan a near-term high-grade gold catalyst while the company advances the larger prize in Peru. He believes the stock is a steal near current levels and expects it could recover sharply if drilling delivers.
Gerardo also highlighted Sirios Resources (TSX-V: SOI)(OTC: SIREF) and its Cheechoo gold deposit in James Bay. The company already has a roughly three-million-ounce gold deposit, around $27 million in cash, two rigs turning, and an exploration target that could take the project toward five million ounces. One rig is focused on infill drilling to upgrade ounces, while the other is drilling more aggressively to add ounces. Gerardo argued that the company trades at a major valuation discount, around $24 per ounce, while comparable regional peers trade closer to $100–$150 per ounce. With Osisko Development people now on the board, including Sean Roosen and Laurence Farmer, Gerardo sees a strong path to a rerate.
Nick then discussed larger vehicles he has been buying into the selloff. He bought a lot of the Sprott Junior Uranium Miners ETF (NASDAQ: URNJ) after it fell well below his buy-under price. He continues to like the uranium backdrop, citing structural deficit calls from Goldman out to 2045, U.S. small modular reactor progress, Japan accelerating restarts, and massive data center power demand that is increasingly being tied to nuclear utilities.
Nick also added to his holdings in the VanEck Junior Gold Miners ETF (NYSE: GDXJ), in multiple tranches over the past week and alerted Foundational Profits members that he was buying both GDXJ and URNJ. He pointed to a Scotiabank report showing gold equities are trading at attractive valuations across free cash flow yield, enterprise value to EBITDA, price to cash flow, and price to NAV compared with historical levels back to the 1970s. Combined with extreme bearish sentiment in the gold sector, Nick sees the pullback as an opportunity rather than a reason to panic.