thank you I'm Charlotte McLeod with the investing youth Network and here today with me is Chris Temple founder editor and publisher of the national investor thank you so much for joining me online today great to have you here hey it's my privilege Good To Be With You Charlotte I've followed you guys in your work particularly for a while so I'm happy to be part of it today oh well I'm so glad that we can connect and you know you mentioned it's our first time talking so where I thought we
could begin with is getting kind of a macro view from you on the market I know that you see us heading toward a stagflationary period that could even bring us into a 2008 like scenario so what are the flags that you're seeing there well I'll tell you right now everybody has just been the case for a lot of years now is all a gag over among other things what the Federal Reserve is going to do a week from actually a week from next Tuesday or Wednesday I should say after next meeting will they raise rates
again won't they raise rates again and in my view Charlotte there's a lot of misunderstanding about what the FED is doing I want to share a couple of things with you here in just a second you and I have talked off Mike about how uh I I can barely draw stick figures so once in a while I like to have my cartoonist Jerry King who I've used for a lot of years these great nationally syndicated here in the U.S I'll come up with an ID and say hey Jerry I want to see this this and this and this because this is
what I'm trying to convey about the fed or about whatever the case may be so what we have and I'm going to share my screen real quick um these days people say was the FED inflating or deflating are they loosening or tightening if you go back to late 2019 and this was before the FED did its more epic inflation of the money supply and the you know the covid time frame that came a little bit later uh you had Powell in the fall of 2019 discover what he euphemistically referred to at the time as a plumbing
problem in the system specifically in repo markets so after trying and failing to tighten monetary policy for a while back in 2018 and of course the markets famously rebelled uh cargo plane J as I called him here took over from helicopter Ben yeah who printed a lot of money to save us from the um uh crisis back in 2008 and then afterwards all I got ahead of myself when covid came he decided he was really going to go nuts and a lot of people possibly heard the statistic and maybe yourself Charlotte but
anyway in a little over two years time Powell and his merry band at the FED created 30 percent of all of the dollars ever brought into existence in the history of the United States of America and as that started gets some traction inflation rates started going up for the first time in a very long time everybody but the feds seemed to think they were sustainable of course there's that famous word when everybody is yelling help my house is on fire of course there's inflation uh don't worry those
Flames are transitory well now we've learned that they aren't transitorian work transitory so now instead of the arsonist uh we have fire marshal Jay and some folks in our audience might be old enough to remember a great comedy that was on years ago called In Living Color and among other things it's for the comic Jim Carrey got his start he played Fire Marshal Bill and he was always a reckless guy and he you knew something bad was coming when he'd say let me show you something and while Jerome Powell is
going to show us how he's going to extinguish the inflation that he was the main the approximate cause of to begin with but he might take eventually the economy and the housing market and everything with it because what we have now is this game of what I've called monetary Jenga where and I'll tell you honestly Charlotte looking back 14 15 months ago whenever it was that the FED started all this um a lot of us would never have believed that the FED could get 500 basis points of rate hikes in without blowing
everything up and they haven't done it at least not yet there's been a few banks that have gone under there are going to be more to come the FED has already shown along with the treasury and the rest of the government what the response is going to be they are unlike 2008 going to require a lot of big investors to take a hit even as they backstop individual investor investors and depositors so anyway that's where we're at today you know we've got a Fed that is still on the tightening course they have promised uh
higher for longer is what we're going to be living with even though parts of the markets certainly the stock market still aren't taking them that seriously so my view is that the FED is going to continue to try and and put some of this toothpick you know inflation toothpaste back in a tube it will start to have incrementally a more detrimental effect on the economy it already is in some areas not everywhere but some but there's still a lot of that liquidity out there you know you don't create uh
eight or ten trillion dollars in two years and have it all go away overnight this is going to be a process you know and we'll talk about a little bit of prognostication toward the end of our talk you you mentioned 2008 I think we're we've already started and these bank failures recently are an example we've already started what's going to be very prolonged period of the leveraging there will be inflation with it we're going to have some of the worst aspects of both inflation and stagflation there
will be deflation of some asset prices it's not going to be a pretty picture and it's going to be one more than likely barring some crazy event that ex that speeds everything up unlike 2008 this is going to go on over a period of years or so we're going to have to get used to a very very different world a different macro backdrop than most investors have ever lived through okay I think that's a really good overview of how you see the market right now and one thing I want to pull on is
this disbelief in some of the cygnus that we're getting so we have the FED basically telling us know where we're not going to stop pushing and we've heard that there could be a recession coming and yet we do see a lot of hope that there's still going to be a soft Landing so where do you think that disconnect may be coming from well I think there's a lot of muscle memory for lack of a better term Charlotte you've got investors who got used to the so-called fed hook for so
long that as soon as things get bad uh the federal turntail run up the White Flag sorry we didn't mean it you know we'll start the printing presses again and so forth and they don't realize that there are a number of reasons why the FED really is compelled to stick to its guns this time Jerome Powell himself you know gave us early in his tenure as fed chairman some cause to believe that he would blink and turn tail you know at the end of 2018 famously when he suggested that we could see interest
rate hikes continue in the 2019 the markets rebelled and he did a 180. you know forgive me I I you know Maya culpa kind of thing but back then inflation was not chronically High the markets internally were weaker than they are right now and so I think that he's going to stick to it for a while you know the the feds told us two things over and over again and look we can fall Powell uh for an awful lot of things as I've showed in those earlier cartoons Charlotte uh he was insane to go as far as he did and printing as
much money as the FED did when all it was going to do was drive up prices for everything now he's possibly going to over correct in the other direction but the one thing we can't fault him and the rest of the FED heads for by and large is they've been very consistent for many months now of where they're going and what their plans are yes they realize they could cause a recession no it's not our base case you know we think we can avoid one we but but they know they can do it they know that in the end they're
going to raise unemployment they know in the end that last but not least asset prices will at least stagnate if not come down further but they've told us that's what they want you know you know it's a whole other discussion Charlotte to have over the nature of our monetary system to begin with in my view we should not have a Federal Reserve to begin with we should not be paying interest to borrow on our own money and Our Own Credit as a society the system itself is where the flaw is but that's a discussion for
another day it's the hand that we've been dealt and it's the hand that these guys are dealing with because they're not compelled to play another so in their world in order to bring inflation down they need to quote reduce demand you hear that phrase constantly from Powell especially but from others how do you reduce demand you take money and new credit out of people's pockets that's all they know to do you know and it's like the old saying when all you have is a hammer everything looks like a
nail there's a lot of other moving parts that the FED doesn't have control over when it comes to inflation but the main one the supply of money is what they have control over and belatedly they figure that out so they realize and they've told us that this is where we're headed and you know what it's going to take for the market slick up to it I don't know as I said that everybody is so used to the opposite that they just don't believe that the FED is going to stick to this and even now after
we've had some stronger economic numbers we've had some you know inflation core inflation has ticked back up again the last couple of months um you know there's still the The View that we're going to see rate cuts by either December or by next January and and the FEDS keep saying a novel we'll see what they say in about 12 more days we will see we'll be watching very closely to see what happens at that June meeting I think the one final macro thing that I hoped we could touch on is
the banking crisis and it's another thing that I think we we heard so much about and now it seems to be kind of fading away and people are maybe looking at that as an isolated incident maybe it's just these Regional Banks I know you just briefly mentioned that you don't think that this is all we're going to see there so what are your thoughts on on that note the FED wants to see a the leveraging go on and I started this and to this to my comments a minute ago and their litmus test is are the markets orderly okay you
don't want to see a situation developed like in 2008 I remember way back in 1987 when the stock market crashed on that Monday in October of that year uh the the market gave up a fifth of its value were a little bit better in one day but worse you had certain companies that have you had no bids at all you know you couldn't sell IBM stock at any price not just half off of what it was yesterday nothing nobody and when you have a situation like that especially in a banking system and a credit markets that's where the FED does
have a gun to its head and they do have to intervene short of that they want to let finally and belatedly after they've made a mess of things on the other side they want to let nature take its course somewhat so they fully realized whatever they say publicly to the contrary and notwithstanding that there are going to be other banks that go under if the last fomc meeting Powell pointed out I think he was going back 20 years 20 years ago in the U.S there were 14 000 total commercial and investment
Banks today there are four thousand it distresses me to say but we are going to catch up to your country inevitably and there will only be a relative handful of banks left all right the big ones will gobble up the small ones as the small ones go under that will help take some of the steam out of demand for credit in some ways and all else being equal help to Fed in its crazy job of inflation Fighting by you know killing economic activity now but that's where their brain is at okay so they they know that
other banks are going to go under um but they've shown their hand as well and this is this is a key thing right now and it's also key thing in this so-called inflation fight you know things have changed Charlotte from when everybody criticized the fed and the elected officials after 2008 because was Wall Street that got bailed out and it was homeowners and investors and stuff that that got to short into the stick they know that they can't get away with that politically any longer and so
this is why what the first few banks that have gone under recently you have seen the new model emerge where if you're a stockholder you know in a Silicon Valley Bank you're wiped out even if you're a bondholder you're at the least going to take a haircut but if you're a depositor the FDIC now is meaningless because whatever the amount of money is that's in there we're gonna backstop it so you know one of my mentors going back almost 40 years used to say the FDIC stood for the fraudulent
and deceptive instillers of confidence response to everybody is comfortable with a banking system uh but even that now that's an anachronism I mean the treasury and the FED they're going to backstop everything they'll find accounting gimmicks to cover up for um and that's key uh that's key because they don't want the society to Rebel if too many banks do start going under okay I think this this context is pretty important because it helps us understand your background and this is part of
what's making you bullish on a lot of Commodities so we're going to talk about that and where I'm hoping we can start is with gold which is of great interest to our audience I'm hoping that we can talk first about the drivers that have taken gold above 2000 for a good chunk of this year because I think if we look at what it took it there even though it has pulled back a little bit more recently that'll help us understand what it's doing right now so what are your thoughts there well I'm going to share a
couple of slides additionally in a minute Charlotte but you know what what's happened with gold in recent years is that there are fewer and fewer natural investors in the gold space okay when I first got in this industry over 40 years ago I started going to Gold conferences there was way more people there the people who were there were more conservative they were wealthy but a lot of them directly or indirectly you could trace their lives back to the Great Depression and so they understood what sound money was about they
understood the investment role that gold plays and what's been strange to see in a way in recent uh years is that as Central Bank demand for gold is a reserve asset has rebounded substantially for some years now and and hit new records in a recent past as some individuals have bought physical gold coins and silver for that matter is mad money to have the barter with in case the economy really really went kablooey there's been a a cavern or Chasm left between those two elements of demand for
invest from investors who in for a while now have had a lot of other things to play with besides gold okay so it's the reason why and I'm going to share a couple of these charts having said that right now quickly so here you mentioned gold I mean three or four times going back to the first time in 2011 when we peaked it over nineteen hundred dollars an ounce U.S we've been up in that same area twice in the last year as you see here and the latest Peak was a bit more sustainable up around 2000 we're still flitting with
that right now because Gold's Advantage compared to all the other metals is that there is still a reserve and monetary aspect to it it's not just a commodity so it is done very very well as a commodity but you look at this and this is one of the more charitable charts I could have used this is the ETF gdxj it's down by about a fifth from a year ago at the same time that gold is the same price I'll I'll be charitable not to pull up charts of Juniors that you or I or followers may
be in because that's a that's a worse situation you look at gdxj compared to Gold's first peak in 2011. and it's down by 40 percent or something like that you look at the Toronto Venture exchange it's down by more than half an hour slightly more than half since 2011. and it's because the investment case for gold has changed in a variety of different ways in fact late last year here's the cover of it um anybody that wants it this is available if you just asked me for it I
did the latest rendition of a special issue this is not your father's gold market and it most certainly isn't one of the things in my opinion that has hurt the cause of gold and gold equities as Investments are the salesmen of those things um and look I'm not saying that because I'm perfect or I'm right all the time I'm far from it but there's a terrible misunderstanding out there as to what drives gold in the year 2023 I continually am hearing talk about for example the death of the U.S dollar that
look at the federal debt and so forth well one of many things I cover in that special issue is this if you go back to when President Nixon's so-called closed the gold window in 1971. and the price of gold from that point to today has no longer been fixed it was fixed at 35 dollars an ounce what caused the first massive run in gold in those days where it peaked a bit over 800 an ounce briefly uh within a decade was that it was uniquely the United States of America in those years that was debauching its currency
it wasn't everybody else doing it and the U.S was being vilified for it uh Charles de Gaulle when he was president of France famously threatened to you know start a run on the U.S and that's one of the things that caused Nixon to do what he did today when you look in relative terms the U.S frankly is the cleanest shirt in the dirty laundry pile uh everybody else has long since joined this race to the bottom for Fiat currencies and so this you need to look at things not in isolation and say what the US is doing
but globally what are the drivers now look as I said a few minutes ago a lot of the world of central banks are buying gold hand over fist uh because they see a different world coming that is not revolving around the U.S yes the U.S dollars roll is going to diminish as it has started to do in a recent past doesn't mean it's going to go to the ash heap of History right away necessarily but that's just one of many things so look the investors need to have the case made to them and I'm not just talking about
gold bucks okay philosophically I'm more of a gold bug than most people there's a practical matter I understand that there are times that you have to stand aside and at least limit your exposure to the space no matter what you think should be happening if everybody else is buying cryptocurrencies and Nvidia and houses and meme stocks and they don't have an interest in Gold well then there's nobody else that's going to follow you and buy the same stock you did and push it higher without
a darn good reason now I think that we will see inevitably a Time come when we get the next significant move higher in Gold secular bull market that did start my opinion way back in 1971 but we aren't quite there yet there's a few things have to happen first all right and maybe we can talk a little bit more about what those things that need to happen are because I think a lot of people are curious about what's going to take gold through that that all-time high that it is getting stuck at and of
course they want to know all right so when will those generalists come back in and hopefully push up my gold stocks okay um gold itself first of all I think will be one of the better performers of all Commodities again because as I said a moment ago it still has those aspects that nothing else has of being a monetary in a reserve asset and being recognized as such you know the central banks of Russia and India and China and turkey and Iran and all Saudi Arabia and all the rest of them they aren't buying
silver or copper or lithium as reserved assets they're buying gold as Reserve assets so that's always going to have an underpinning there especially now when the world is fraught with Peril I mean we had we really didn't see a significant response in gold as we did in for example oil and gas and uranium which we'll talk about shortly um when Russia invaded Ukraine but you look at the handwriting on the wall and that conflict let alone one that is brewing between the U.S and China are going to get worse before they
get better and I do for gold not gold stocks initially but to gold as as a safe haven asset you know so I uh you know I don't I'm not being called bearish on gold necessarily when it first got above 2000 back the first of February we got stopped out of all of our trading positions we still have some long-term companies that I like that I'm not going to Advocate trading out of at any price those three or five years now I think I'm going to be real happy with them no matter how much you know a little bit of pain we
need to go through right now but aside from that aspect Charlotte I like to make the distinct the comparison and it won't be perfect but I think it'll be close between now and the immediate aftermath of the financial crisis in 2008 because if you remember gold which that summer had finally managed to get above a thousand dollars and out so you asked for the first time dropped to 670 an ounce at the bottom because everything got sold off when people had to get liquid when it all fell apart in the summer
but gold was one of the first things to start recovering sustainably and it took less than three years for the gold price to Triple okay I you know it wasn't because these imaginary conspirators who suppressed a gold price got kidnapped and and couldn't do their their Dirty Deeds back then the reason why gold tripled was because people other than gold bugs saw a set of circumstances in front of them and said Gee maybe these guys are right look at what Ben bernanke's doing who whoever heard a quantitative easing
before look at all of this money that they're printing now uh and it's not going to have any traction so there's three things that have to happen similarly to 2008 in my view were there to be a sustained move up in gold which will also finally take the gold stocks with them and because people will see the momentum going and of course you know even though it's backwards and it doesn't happen just with gold uh the masses of investors always wait for stuff to start flying and then they're afraid to miss out
they're not smart enough to get in most of them at the bottom number one the FED must pivot not just in people's fantasies but in reality okay you need to get to the place where the FED doesn't just pause for a meeting which they may or may not do in June but keeps possible added rate hikes on the table if core inflation keeps going up but something needs to make them come out and say we're done and not only are we done but we stand ready to support the economy the system or whatever if a
couple of more you know if that Jenga Tower starts to wobble a lot okay that's what we need to hear from the FED number one we're not close to that I don't think very close yet number two you need to have the economy bogged down significantly more as the FED pivots and starts printing money all right because if you go back to 2008 9 and 10 for all of the quantitative easing for taking interest rates to nothing that Bernanke did back then and all the rest there is no traction in the economy
so that was why a lot of people correctly looked at the situation and then said all right um we're they're printing all this money it's not resurrecting real estate yet you know didn't for quite a while uh we're helping the economy out it's just a lot of extra money out there the man still stinks so by the process of elimination gold is going to benefit from this type of thing and it did and number three and it's kind of part of number two you need to close off other avenues for investors
all right because investors basically have had other things to play with last year gold had a decent year because except for for a couple other Commodities stocks generally had a lousy year I mean the s p was down 20 percent the NASDAQ was down by a third you know they both had big rallies this year uh so to me the fact that gold has not collapsed is a glass half full story still even if it's not quite ready to take off so you need to see those three things I think they're coming they're not going
to all come on the same day or the same week and I think we're talking months rather than years before we see that okay so you've laid it out really clearly and now I'm going to ask my last question on gold which is maybe a little bit tricky but if we look forward to when we're getting all of these scenarios lining up what is the price potential for quoting this cycle what are you seeing because I hear so many different predictions of How High we could go wow look there's been people around for
years and years and years that are the gold Center for gold only sales people I mean I remember five and ten thousand announced predictions 20 years ago okay it hasn't happened yet it's not going to happen anytime real soon I don't put a number on things Charlotte um because I like to look at factors I do the same thing when it comes to individual stocks just just a quick little digression here you know a lot of people when they buy a stock maybe a Mining stock a biotech stock or whatever
there's a standard rule of you know when you buy a stock if it doubles sell half to lock in you know the fact that you can't lose now and keep the other half on a table well I don't want to sell any of it I want to keep it all on the table if the same circumstances that caused the stock that double are there if not stronger so I choose to look at it from the standpoint of once we get those factors that I just laid out in place and gold starts to run and believe you me when it does and you
see a decisive break I mean it goes through the right now you've had two or three times that the gold price is tagged 2070 an ounce or so us and it falters and comes back down stayed there a little bit longer this time around than it did early last year which is good all right uh but when we get that point when you see it go through that 2070 like a hot knife through butter and it keeps going and the momentum stops you don't want to be a seller you want to have taken your positions and you want
to ride that momentum um of course nobody knows what the future is going to bring after that but once we get all of those things in place um and this is how I advise people to manage a portfolio anyway you're always reassessing your positions good bad or indifferent you know if you like something you add more to it whether it's gone up or down uh Etc but I think as long as the circumstances that cause gold to break out stay I don't want to put a limit on it I want to put a price Target on I have no idea will it be 3
000 this time around that's that's a realistic number 2500 to 3 000. uh could it be more who knows you know there's a lot of other things that may come into play as well um you know the the dollar is not going to lose its statuses the chief Global Reserve currency anytime real soon probably not even in my lifetime and I regret to say that because if the dollar was not the global Reserve currency the world will be a safer place which is a whole other subject like the FED itself that I said earlier
um but you know that's going to enter into it in a bigger way at some point as well when the U.S is having a harder and harder time getting the rest of the world to buy its paper and there's going to be more of a you know home spun inflation here that's going to be a dynamic so we'll see what happens but I'll worry about it when the circumstances that caused Gold's breakout eventually changed then I'll worry about okay well do we do we get out here or here so I'm not going to be
like everybody else and pick a number today that's fair so constantly reassessing if and when we get there and we'll see how it goes okay so we made it through gold and you know I did mention of course this is not the only part of the resource sector that you're bullish on and you've written a lot about the new things this was a term that I hadn't heard before gold is part of it but I wondered if you could give us just a brief overview of what that encompasses because it's pretty interesting well I
have said in a couple of things which I've shared with you I've got videos on this I did another new issue just back in April on a new fangs theme to me it is one of the single most important themes that investors need to get their heads around today um the old fangs of course that everybody Made Easy passive money on for years were Facebook Apple Amazon Netflix and Google the new fangs and that term was not coined by me but it was coined by an analyst report out of Bank of America early last year the new fangs
are fuel agriculture Aerospace n is for nuclear energy and other zero carbon emitting sources of energy and the g is for gold and other metals and minerals and when it comes to the substances in these things particularly the metals minerals really almost all the way across the board with all of this stuff what you've got in varying degrees but with virtually all of these materials Charlotte is years of under investment under development at the same time that the world is growing population wise GDP wise and
otherwise and needs ever more of these things and that was before policy makers decided they wanted to come up with this green economy of the future which I support generally speaking uh and now that has added to the long-term structural deficits of these things so some people are familiar with um Jeff Curry who is the chief commodity strategist at Goldman Sachs and he has repeatedly said uh for the last couple or three years now as long as anybody me or anybody who is out especially on uranium early on in this
stuff saying that this inflation during this period of time this period of History this developing bull market secular bull market for Commodities is not dependent on a cheap dollar as has happened in the past it's really not even that dependent anymore even though the market gyrates a lot on China news so what China is or isn't doing is China you know recently if for example a lot of the weakness and energy and copper has been people second guessing how much China really is rebounding after opening their economy back up and
according to Curry that's not even the biggest driver the biggest driver is it's a stuff isn't there you look at the average age you and I were talking recently about this you look at average age of people in the oil patch in North America it's pushing 60 years old it's not a whole lot different in mining and other extractive Industries and in in the different Industries and skill sets required to support all of those things who wanted to go to school for the last 30 or 40 years
with the secular bear market for most commodities for a variety of reasons um with with all of the encroachment of of radical environmentalism I'm an environmentalist but I'm sensible about it and realize what Mankind's needs still are but you look at all of these things that that have been part of the political discourse of societal discourse it's discouraged every aspect of continuing to develop the things that we need the only place where it hasn't happened is in a lot of developing
countries which frankly the West still tries to exploit as much as it can to get cheap resources so the people at home can feel good about being green and environmentally friendly will just screw up somebody else's environment okay to get the things that we want and and that hypocrisy is ending because a lot of these developing nations now have had enough they want to get their share of their wealth they don't just want Europe or the U.S or China to come in and take stuff and lead with some crumbs so you know every
aspect of the whole Commodities thing is just extraordinarily bullish and this would be a good segue I know you guys some questions but this will be a good segue for my last few slides that I want to share now there's an old saying that you know that an investment craze real or imagined you know you know fed or not you know fundamentally sound or not you can judge it by your shoe shine boy your taxi driver and whoever all right telling you about it so in the recent past your taxi driver Uber driver
might have been telling you hey did I tell you about the meme stock I bought did I tell you about buying game stock or GameStop rather and that kind of thing you know I don't know exactly when but you know after several more years that same guy is going to be telling you hey did I tell you about the critical materials stocks I bought did I tell you about the uranium stocks I bought and that's one more I want to share with you this was actually uh commissioned intellectually a good friend of mine who's a CEO of a
junior Resource company part of which has as its focus uranium I have said many times that and and this is in context of the gold market that when from time to time generalist investors wake up and realize that they want to get in on gold as well it's like a 300 pound man jumping into a kitty-sized wading pool but when uranium becomes part of that some of the other battery Metals so to speak and so forth is this is going to be an elephant jumping into a kitty-sized wading pool in the years to come we've seen some of
the initial taste of that for the last two two and a half years with uranium stocks that have done well you go back to the bottom three years ago and the uranium sector is up four or five-fold just generally you look at some of the other energy stocks you know uh lithium has done well you know we've had a couple 10 Baggers just in lithium stocks in the recent past but it's going to broaden out and become the story I believe that people are going to talk about in years to come as this massive
disconnect between the the fundamental strength and value of a lot of commodity stories and the lingering idiocy because of that muscle memory with people chasing the old fangs Anew and with the broad stock market and so forth we have I believe and it's not been all in a straight line clearly yet we have started uh almost imperceptibly that period that a lot of people have pine for and prayed for and predicted for years where we were going to have a sustained time where Commodities do outperform Financial assets and become
the big broad investment story so that's why it's the new Fast yeah and you know new fangs that could be an entire conversation on its own and yeah in fact you've done an entire presentation on it that I did watch so maybe we could link to that for everybody sure the one yeah the one I went out on in on just briefly is uranium because that's another strong area of interest for our audience and there's so much that we could talk about there I think I'm just gonna leave it at
you know for this Market it's something that we've been waiting a really long time to see it move and actually today is as we were talking about before we turn the camera on today is a good day for Uranium investors but what are the main factors that you're watching there what should people pay attention to as they kind of wait for that momentum to continue on upward well I think this is just the first fruits that we've seen over the last two to three years uh this is going to get a lot bigger than this
Charlotte um of all of the areas that we could discuss of trying to reduce carbon emissions globally all the different targets that governments have set some of them just pull the number out of the air with no idea how they're going to get there of course that's been one unfortunate part of very poor planning at the same time we've seen policy makers that have really hamstrung the type of things they claim to support you look at how slow permitting is uh you look at how many roadblocks are
put in front of projects I remembered I'm just going to give one quick example it's been nearly a quarter of a century since the first time that I set put on a North met project in Minnesota's Arrowhead that's a project owned by a company called polymath well I should say owned by they're down at an 18 percent interest now because over so many years of Court fights and everything else they've had to continually go to their big brother glencore which now owns a majority of North Mountain that's a
tragic thing for the early investors in polymet as well as for the communities involved but for 25 years you've had a situation where that project and many others in the U.S have been slowed down or stopped that would give us the type of critical materials that we need um two of the 10 largest nickel resources in the world are in that Iron Range you've got the polymets and you've got the one the twin Metals has that's owned by Ansel fagasta from Chile um so there's been a lot of stupid stuff
that has happened where our policy makers um have given us these goals but taking away the tools one the cartoon I should have uh had on here on this subject I'll just describe it real quick Charlotte is we've all watched The Ten Commandments you know uh at one time or another the great Epic movie and when um uh Charles Heston pissed off the Pharaoh the Pharaoh said well I'll fix you and your people you're gonna have to make your tally at brixture I'm not going to give you straw
we'll see how you try that one on for size so the cartoon that I had shows Joe Biden is feral behind the podium a bunch of Secret Service agents with sunglasses in front of them the audience is a bunch of minors and Engineers says you can't have a lot you can't have critical medals but your tally of electric vehicles shall not diminish so that's where we have but I I got off on that to make the point that the least bad story of all of the critical materials has been uranium and nuclear energy because the light bulb
went off what were everybody's head except for Germany which still doesn't get it and still thinks it's going back to strip mining for coal is better than keeping their nuclear Fleet which they've been a laughing stock of the world on this recently but a save for Germany everybody now gets the fact that there is no single better way to provide 24 7 juice for power grids with zero emissions except for water vapor all right everybody finally figured that out again and when Greta tunberg
the scold of the world that says yes we need to use nuclear energy you know that that nuclear energy ship to sailing so but at the same time and especially here in the US where we've got a couple billion pounds of uranium in reserve and haven't produced any in quite a while um this is a great bull market getting ready to really take off because policy wise even though it's far from perfect at least there's some effort here in the U.S to set up a strategic uranium Reserve to get us off of Russian uranium
and especially enriched uranium so we've got you've got a whole menu of investment opportunities out there uranium miners the companies that make small modular reactors and all the technology that goes with that the the companies that have um all of the building blocks right down to you know or up you might say to the utility infrastructure itself why do you think chemical uh joined forces with I think it was a Black Rock to buy Westinghouse uh a year or so ago so this is of all the stories and they're all good in
their own way long term when you look at supply and demand fundamentals and whatnot but there's not a single better story than uranium in in my view right now and even after the move that we've seen from you know the spot price bottomed at 17 or 18 dollars a pound we're now getting back up to the mid 50s I think the peak you remember what the peak was Charlotte last year 62 or something like that a pound something like that yeah we're going in the next one to two years and this I will put a
number on because I've got a much better idea of this we're going to see a hundred dollars a pound again for Uranium inside of two years okay thank you for going into that we we've covered in addition to uranium really a lot of ground today so really glad that you could take the time to go through as we are finishing up here I'm wondering if you have any final words of advice that you would leave investors with as they're taking in all of this information well my model for my newsletter is that
you can get information Anywhere But Here you get knowledge so I try and dispense that knowledge and that comes in two two key themes right now number one we are in what I have called the Great stagflation we are not going barring a global depression that temporarily brings price increases down to these levels we are not going back to the disinflation uh sustained two percent or less inflation days anymore there's so many structural things that have changed we need to get used to chronically
higher inflation and interest rates to go along with that so people need to understand that and realize that we've got a much different investment investing landscape than we ever have so understand that macro thing and the other which kind of ties That in with the new fangs theme Charlotte is that nobody listening to the sounds of our voices today has ever lived in a world that that did not re-evolve chiefly around the United States of America our currency our military might our will um our dirty tricks that's when it comes
to that anything the US and the post-world War II era has been the anchor in virtually every respect of everything that's gone on in the world uh economically commercially markets the whole deal and again that's not going to go away overnight but we have started down the road forward ending this globalization regimen toward the U.S getting its way every time we we say jump and we expect everybody else to respond how high those days are ending and alliances are shifting we're seeing a situation where even
former friends are saying well we want to join the new bricks we you know the bricks uh block you know we we you know we'll still trade with the us we'll still sell you oil but we're not going to maybe do everything the way you want it done um as that evolves it's going to dramatically reorder Our Lives as consumers uh as investors as Citizens and that's something else people need to come to the understanding of you know this uh and I hate to say this being an American citizen but this kind of
jingoistic attitude that we've had for so many years that are you know you know what doesn't stink and everything in the end benefits us we got to get used to the a different world as the years go by and that will especially when it comes to Commodities and currencies where I believe a form of World War III has already started over Commodities and currencies that's going to change things a lot too and there are ways we need to respond as consumers as Citizens and as investors okay I think that sounds like a good
place to wrap up you've left us with as you said a lot of knowledge not information so thank you so much for coming on to share it was really great to have you my privilege anytime Charlotte of course and once again I'm Charlotte McLeod with the invest in his Network and this is Chris temple with the national investor [Music] foreign
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