Stansberry Investor Hour

⚠️ Ron Paul's Warning: Prepare for the Next Market Crisis Dan Ferris and former Congressman Ron Paul examine the risks that could emerge when the bull market breaks—and how investors can prepare. 👉 Learn more: https://ronpaulwarning.com/ 🔔 Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. 👉 Learn more: https://stansberrydigest.com/ Could America's mounting debt, rising interest rates, and a weakening U.S. dollar send gold to $18,000 an ounce? This week on Stansberry Investor Hour, Dan Ferris sits down with Luke Gromen, founder of FFTT (Forest for the Trees), to examine the growing pressures on the U.S. financial system—and why Luke believes they could lead to a dramatic monetary reset. Luke argues that federal debt obligations, foreign capital flows, and instability in the Treasury market are pushing policymakers toward difficult choices. If the Federal Reserve is forced to intervene repeatedly to keep markets functioning, he believes the purchasing power of the dollar could suffer—and gold could be a major beneficiary. What happens when higher interest rates make the financial system less stable? Luke explains how a stronger dollar can strain foreign borrowers, drive sales of U.S. bonds and stocks, and push Treasury yields even higher. He and Dan explore why this feedback loop could leave the Fed with limited options. In this episode: - Why rising real interest rates could threaten Treasury-market stability - What fiscal dominance means for the Fed and investors - How foreign capital flows could amplify a market selloff - Why China and other countries are exploring alternatives to dollar reserves - How gold-backed Treasurys and a monetary reset might work - Why Luke sees a potential path to $16,000–$18,000 gold - What federal obligations versus tax receipts reveal about America's finances Luke also makes the case that gold could become a neutral reserve asset in a changing global monetary system. His striking price projection is based on a potential revaluation of U.S. gold reserves relative to foreign-held Treasurys—not a conventional short-term price forecast. Dan challenges the thesis: Can the dollar remain dominant? Would Washington ever accept greater financial discipline? And what would a reset mean for stocks, bonds, and ordinary investors? Luke's takeaway: Reduce leverage, avoid overconcentration, consider the role of real assets, and stay flexible. Whether or not his scenario unfolds, understanding the connections between debt, rates, currencies, and gold may be essential to navigating the years ahead. CAN'T WATCH THE FULL EPISODE? START HERE: 00:00 – Why Dan Says Investors Must Own Gold 01:12 – Meet Luke Gromen 03:29 – Geopolitics and Financial Fragility 05:21 – Lessons From the 2008 Crisis 08:15 – Real Interest Rates and Fiscal Dominance 10:00 – America's Changing Financial Relationships 13:23 – Could a Strong Dollar Trigger a Treasury Selloff? 15:08 – The Bonds, Stocks, and Dollar Feedback Loop 16:54 – Is the Fed Losing Control? 20:46 – Are We Already in Fiscal Dominance? 23:13 – Measuring Stocks Against Gold 25:36 – Gold as a Neutral Reserve Asset 29:34 – Judy Shelton and Gold-Backed Treasurys 32:44 – Gold Reserves vs. Foreign Treasury Holdings 34:36 – Luke's $16,000–$18,000 Gold Case 36:28 – China's Gold Strategy 39:55 – Why Monetary Changes Can Happen Suddenly 42:44 – Is a Monetary Reset Unavoidable? 44:27 – America's Hidden Federal Obligations 46:40 – Government Spending vs. Tax Receipts 48:20 – The Fed's Difficult Choice 51:55 – Consequences of a Dollar Reset 55:09 – Where to Follow Luke Gromen 56:23 – Luke's Investing Advice 59:48 – Dan's Final Takeaways Disclaimer: Views, projections, and financial scenarios expressed by guests and hosts are not guaranteed outcomes or personalized investment advice. #StansberryInvestorHour #DanFerris #LukeGromen #Gold #GoldInvesting #GoldPrice #USDollar #USDebt #FederalReserve #TreasuryBonds #FiscalDominance #MonetaryPolicy #Investing

⚠️ Ron Paul's Warning: Prepare for the Next Market Crisis Dan Ferris and former Congressman Ron Paul examine the risks that could emerge when the bull market breaks—and how investors can prepare before a crisis hits. 👉 Learn more: https://ronpaulwarning.com/ Could rising Treasury yields and the AI spending boom be creating hidden risks in your stock portfolio? In this week's Stansberry Investor Hour, Dan Ferris welcomes Paul Podolsky of Kate Capital, a global macro investor who spent 16 years working with Ray Dalio at Bridgewater Associates. Paul offers a different way to understand markets: follow the money, examine the mechanics, and question the assumptions behind every investment. While headlines focus on interest rates, artificial intelligence, and record corporate spending, Paul connects the dots between government deficits, borrowing costs, stock valuations, and global capital flows. There's a bond hiding inside every stock. Paul explains why investors can't evaluate equities without understanding the bond market. When yields rise, borrowing becomes more expensive, future cash flows become less valuable, and stock price-to-earnings ratios can come under pressure—even when companies are profitable. Paul and Dan explore: • Why government borrowing and AI data-center spending can push bond yields higher • What real interest rates reveal about the true cost of money • How Treasury yields compete with stock earnings and dividends • Why falling P/E ratios don't automatically mean stocks are cheap • How strong earnings could offset pressure from higher rates But the AI boom presents an even bigger question. Meta, Alphabet, and their competitors are pouring enormous sums into AI infrastructure. Paul describes a fierce battle for market leadership, where companies borrow and spend today in pursuit of profits years from now. Dan also questions the pressure on Meta and Alphabet's free cash flow. But what if future demand doesn't last long enough to justify today's investments? The conversation also covers: • Why AI spending can temporarily boost other companies' earnings • The lessons of the dot-com bubble—and the dangers of financing a boom with debt • Why picking the winners of a technological revolution can be harder than spotting the revolution itself • Energy markets, Brazil, and potential opportunities in Latin America • How Paul combines data, market frameworks, and portfolio risk management And Paul shares one of the most surprising investing rules Dan has heard. In a hypothetical trade, Paul says he might sell an oil position even after it rises 10%—if the price move makes no sense given the news. Being profitable isn't proof that the investment thesis is right. If he can't explain a market move, he'd rather reduce risk than keep guessing. Paul also discusses lessons from Ray Dalio, the role of emotion and intuition in trading, and why he recently reassessed a gold position. The biggest takeaway? Good investing takes more than collecting data or watching prices move. You need a framework that explains why markets behave as they do—and the discipline to revisit it when reality disagrees. As Paul reminds listeners in his final advice, there's also value in making room for awe, art, and perspective beyond the markets. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Introduction and Ron Paul's Market Warning 1:24 – Meet Paul Podolsky: Understanding Capital Flows 3:59 – Why Treasury Yields Are Rising 7:37 – The Real Cost of Money and Inflation 10:48 – Why There Are Bonds in Your Stocks 17:45 – What Ray Dalio Taught Paul About Markets 21:39 – Can Stocks Rise When Interest Rates Rise? 23:49 – Big Tech's Cash Flow and the AI Spending Race 30:01 – The Dot-Com Bubble, Debt, and AI Risk 35:21 – Oil, Energy, and Latin American Opportunities 38:29 – Inside Paul's Global Macro Investing Process 41:27 – How to Know When an Investment Thesis Is Wrong 45:53 – Why Paul Might Sell a Winner Up 10% 49:41 – Emotions, Intuition, and a Gold Trade 52:32 – Paul's Final Advice: Make Room for Awe 55:07 – Dan's Biggest Takeaways #StansberryInvestorHour #DanFerris #PaulPodolsky #Investing #StockMarket #TreasuryYields #InterestRates #Bonds #AIBubble #ArtificialIntelligence #GlobalMacro #RayDalio #MarketRisk #PortfolioManagement

⛏️ Discover the Rare Earth Rush Join mining experts Nick Hodge and Rick Rule as they explore the potential for a new American mining boom. 👉 Learn more: https://rareearthrush.com/ Is the world heading toward a massive copper shortage—and could mining stocks be one of the biggest investment opportunities of the next decade? According to mining expert Nick Hodge, the opportunity may be bigger than most investors realize. In this week's Stansberry Investor Hour, Dan Ferris welcomes Nick Hodge, publisher of Underground Alpha, to discuss the coming copper supply crunch, the future of gold, America's mining industry, and two speculative mining stocks investors should be watching. While Wall Street focuses on interest rates, inflation, and technology stocks, Nick argues that a much bigger story is unfolding in commodities. The world needs more copper. But bringing new supplies online is becoming increasingly difficult. Nick explains: • Why copper could be an even better investment than gold • How AI data centers and electrical infrastructure are driving demand • Why major copper mines are aging and new discoveries are declining • Why developing a new mine can take 20 to 30 years • How supply shortages could fuel the next commodity supercycle But the conversation goes far beyond copper. Dan and Nick explore why gold remains an essential investment, how central banks are changing their approach to hard assets, and why government debt and currency devaluation could create major opportunities in precious metals. They also discuss the challenges facing American mining, from lost technical expertise to government intervention, and why selecting the right management teams is critical when investing in smaller mining companies. The discussion covers: • Why Nick remains bullish on gold despite recent volatility • How copper tariffs and supply disruptions affect prices • Why declining gold discoveries could trigger mining acquisitions • How government investment is reshaping critical minerals • Why some junior mining companies are dangerous investments • Why gold could become increasingly important to the global monetary system • What investors should look for before buying speculative mining stocks And Nick reveals TWO mining stocks worth watching. 1. Gladiator Metals A copper exploration company operating near Whitehorse in Canada's Yukon Territory. Nick discusses its promising exploration results, institutional backing, and ambitious drilling program as potential drivers of future growth. 2. Aldebaran Resources A copper exploration company advancing a massive undeveloped deposit in Argentina. Nick explains why its resource potential, experienced management, and current valuation make it an interesting speculative opportunity. Both companies carry significant exploration and investment risks. The biggest takeaway? The next major investment opportunity might not come from the companies building tomorrow's technology. It could come from the companies supplying the raw materials that make that technology possible. As Nick explains, you can't simply print more copper or instantly build a new mine. And with demand growing while major discoveries become harder to find, the supply imbalance could create opportunities for years to come. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – The Coming Mining Boom: Meet Nick Hodge 1:09 – Is Gold Still Headed Higher? 3:31 – Why Gold Discoveries Are Declining 6:22 – Why Copper Could Outperform Gold 9:58 – The Copper Mining Buyout Opportunity 11:27 – Why New Copper Mines Take Decades 13:03 – America's Mining Expertise Problem 18:40 – Is Government Investment Helping Mining? 23:41 – How to Avoid Bad Mining Stocks 27:43 – Why Copper's Supply Deficit Matters 28:29 – Why Gold Is Becoming Essential Again 34:20 – Could Governments Revalue Gold? 39:44 – Why Tether Is Buying Gold 45:29 – Mining Stock #1: Gladiator Metals 48:50 – Mining Stock #2: Aldebaran Resources 50:35 – Nick's Final Advice for Investors 52:57 – Dan's Takeaways: Why Copper and Gold Matter #Copper #CopperStocks #CopperShortage #MiningStocks #Gold #GoldInvesting #NickHodge #DanFerris #StansberryInvestorHour #StansberryResearch #Commodities #Investing #StockMarket #RareEarths #JuniorMining

⚡ Discover Whitney Tilson’s New AI-Powered Stock-Picking System Whitney Tilson has developed a new AI-powered system designed to identify potential big winners while avoiding stocks at risk of major losses. The former hedge fund manager, who once oversaw as much as $200 million, believes this system could help investors find opportunities while managing downside risk. 👉 Discover how it works: https://RippingPoint2026.com/ 🔔 Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. 👉 Learn more: https://stansberrydigest.com/ What if the AI boom is creating the conditions for the next financial crisis? And what if the biggest technology companies in the world are becoming so important that the government simply CAN'T let them fail? Microsoft. Google. Nvidia. Oracle. These companies are spending hundreds of billions of dollars building the infrastructure needed to power artificial intelligence. But according to Ben Hunt, there's a dangerous side to this massive investment boom that most investors aren't paying enough attention to. Big Tech could become the next "too big to fail." In this week's Stansberry Investor Hour, Dan Ferris sits down with returning guest Ben Hunt, co-founder of Epsilon Theory and an expert in financial market narratives, for a fascinating conversation about AI, rising interest rates, hidden financial risks, and the possibility of another government bailout. And Ben's warning is clear: The AI boom could end up looking a lot more like the 2008 financial crisis than investors realize. He starts with the bond market. Interest rates are rising, and many investors believe the increase is temporary. But Ben argues that something much bigger is happening. The U.S. government is borrowing trillions of dollars while AI companies are simultaneously borrowing hundreds of billions to finance data centers and infrastructure. That means more competition for capital. And potentially much higher borrowing costs for everyone. Even some of the world's most profitable technology companies are spending so aggressively that their free cash flow is coming under pressure. Ben calls these "bet the company" decisions. And he believes the consequences could be enormous. His prediction? The government may eventually step in to guarantee the debt of major AI companies, just as it supported the banking system during the 2008 financial crisis. But there's a catch. The profits could remain private while the losses get passed on to taxpayers. Ben argues that this would create a dangerous situation where the largest technology companies receive government protection while ordinary Americans bear the financial consequences. And that's only the beginning. He also identifies another potential source of financial instability that few investors are discussing: The insurance industry and private credit markets. Ben explains why rapidly rising interest rates could create serious problems for annuity reinsurers and alternative asset managers. The danger isn't necessarily how HIGH interest rates rise. It's how FAST they get there. A sudden increase could create liquidity problems, expose hidden vulnerabilities, and trigger financial disruptions in unexpected places. But Ben isn't simply bearish on artificial intelligence. In fact, he believes AI could be even more transformative than the internet or the printing press. CAN'T WATCH THE FULL EPISODE? START HERE: 2:10 – The Treasury Secretary's Warning to Bond Investors 3:45 – Why Interest Rates Are Rising So Quickly 5:05 – How Government Debt and AI Spending Are Driving Rates Higher 7:09 – Why Big Tech Is Burning Through Its Cash Flow 8:03 – The Massive "Bet the Company" AI Gamble 9:21 – Why Big Tech Could Become Too Big to Fail 10:08 – Could Taxpayers End Up Bailing Out AI Companies? 11:10 – What the 2008 Financial Crisis Can Teach Us 13:36 – What Happens if the AI Bubble Bursts? 15:52 – Are AI Companies Manipulating the Narrative? 17:05 – How Fear Could Help Big Tech Win Government Protection 21:07 – The Hidden Financial Risk Few Investors Are Watching 21:40 – Why Rising Interest Rates Could Break the Insurance Market 24:01 – How Annuity Investors Could Trigger a Liquidity Crisis 27:31 – Who's Really Holding the Financial Risk? 29:00 – The Growing Dangers in Private Credit 31:38 – Will There Be More Than One AI Winner? 33:33 – How Debt Can Turn a Boom Into a Crisis 36:31 – Why Big Tech May Never Be Allowed to Fail 37:40 – Is AI Bigger Than the Internet? 47:23 – The Biggest Narrative Driving Markets Today

⚡ Discover Whitney Tilson’s “Greatest Retirement Stock in America” Whitney Tilson has identified a little-known company at the intersection of AI, energy, and America’s data center boom—and he believes it could be one of America’s greatest retirement stocks. ? Discover the name and ticker: https://EnergyBoom2026.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ What if some of the biggest investment opportunities today have nothing to do with AI stocks? What if they’re hiding in the physical resources the world simply can’t function without? Copper. Oil. Diesel. Gold. Housing. In this special episode of Stansberry Investor Hour, the tables are turned. Instead of interviewing a guest, Dan Ferris becomes the guest, as MarketBeat’s Bridget Bennett sits down with him for a wide-ranging conversation about physical scarcity, commodities, energy, interest rates, and where investors should be looking today. And Dan’s message is clear: The world isn’t investing enough in the physical resources it needs. He starts with the growing diesel crisis. Diesel prices have reached record levels, and Dan argues that banning U.S. diesel exports could actually make the problem worse—not better—potentially pushing fuel costs even higher. But energy is only the beginning. Dan believes copper could be one of the most important investments of the next five years. The world needs roughly $250 billion in investment just to maintain copper production, according to figures Dan discusses, while current commitments fall about $100 billion short. Meanwhile, demand continues to grow from housing, the electrical grid, and massive AI data centers. Dan says copper is approaching $7 per pound—and discusses forecasts that could potentially send it much higher. His conclusion? “You have to own copper.” Dan reveals the large copper companies he believes ordinary investors should consider and explains why he thinks speculative exploration stocks are too dangerous for most people. But Dan sees another opportunity that reminds him of the refinery stocks before their massive run: Offshore service vessels. He explains why Tidewater could benefit from a shortage of vessels, rising day rates, and a fleet valued at a fraction of replacement cost. Dan also explains: • Why the global diesel shortage could get worse • Why refiners could remain strong even after huge gains • The energy stock setup that reminds him of refiners 10 months ago • Why chronic underinvestment could keep oil prices elevated • Why copper could eventually reach $10, $12, or even $14 per pound • The copper stocks he prefers for long-term investors • Why most investors should avoid tiny mining exploration stocks • What government spending could mean for rare earths and critical minerals • Why the U.S. housing shortage could persist • Why he believes investors should own BOTH gold and the U.S. dollar • What rising Treasury yields could mean for stocks • And why Dan says he’d actually welcome a 50% stock market crash That last point might sound crazy. But Dan argues that lower stock prices could ultimately create something investors haven’t seen in years: Truly attractive valuations. From copper and oil to gold, the dollar, housing, and interest rates, Dan believes investors need to understand two enormous forces shaping financial markets today: Financialization and physical scarcity. Learn to recognize both—and Dan believes you’ll have a major advantage over the average investor. CAN’T WATCH THE FULL EPISODE? START HERE: 1:22 – The Tables Turn: Dan Ferris Becomes the Guest 1:58 – The Diesel Crisis Hitting America 5:31 – How High Fuel Prices Could Hit the Economy 5:51 – The Growing Copper Shortage 9:25 – Where Investors Can Profit From Scarcity 9:52 – Why Refinery Stocks Have Exploded 13:17 – Would Dan Buy Refiners Today? 16:15 – Dan’s Next Big Energy Opportunity 18:02 – Why Dan Likes Tidewater 19:06 – How Long Could High Energy Prices Last? 22:56 – The Real Problem Facing Global Oil Supply 24:01 – Why Copper Is Becoming Critically Important 26:17 – The $100 Billion Copper Investment Gap 27:15 – Could Copper Double From Here? 28:46 – Dan’s Favorite Copper Stocks 30:28 – The Danger of Small Mining Stocks 32:11 – Could Copper Reach $10–$14? 33:01 – Should Investors Buy Rare Earth Stocks? 38:42 – Dan’s Take on Rare Earth Investments 40:03 – America’s Housing Shortage 42:03 – Gold, the Dollar, and Protecting Your Wealth 45:09 – Why Dan Says You Need Gold AND Dollars 48:44 – What Rising Bond Yields Mean for Investors 50:27 – Why Dan Would Welcome a 50% Stock Market Crash 52:15 – Dan’s Biggest Takeaway for Investors

⚠️ Discover the Small Defense Stocks Positioned for the Coming Spending Boom Rob Spivey and Joel Litman have identified a group of smaller defense companies they believe could benefit as more money flows into drones, missiles, space, submarines, and other next-generation military technology. ? Watch free: https://DefenseGoldRush.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ Everyone knows defense spending is rising. But what if the biggest opportunities AREN’T the giant defense contractors everyone already knows? What if they’re much smaller companies most investors have never heard of? In this week’s Stansberry Investor Hour, Dan Ferris sits down with longtime defense investor Rob Spivey to discuss where the next wave of defense spending could actually flow. Rob says the proposed U.S. defense budget could rise from roughly $1 trillion to $1.5 trillion—and argues that much of the investable increase could flow toward areas like drones, missiles, space, submarines, R&D, and other next-generation technologies. And Rob isn’t focused on Lockheed Martin, Boeing, or the other defense giants. He and his team have been digging into companies below $2 billion in market value... And they’ve narrowed their research down to roughly half a dozen names they find particularly compelling Rob explains: • Why smaller defense companies could benefit from rising spending • Where the next wave of defense money could flow • Why drones, missiles, space, and submarine technology matter • How tiny suppliers can become critical to massive defense programs • Why M&A is so common in aerospace and defense • How his team tries to avoid dangerous microcap stocks • And why October could be an important month for the defense industry One of the most interesting parts of the opportunity? Many of these smaller companies don’t build the headline-grabbing weapons themselves. Instead, they make highly specialized components that larger defense systems depend on. And once a component is designed into a major defense program, Rob says it can remain there for decades. That can also make these companies attractive acquisition targets. Rob explains that larger contractors frequently acquire smaller companies to gain access to specialized technology, intellectual property, or important contracts. But defense isn’t the only major topic Dan and Rob tackle. They also debate the U.S. government’s $40 trillion debt load, rising Treasury yields, corporate borrowing, inflation expectations, and the massive amounts of capital flowing into AI infrastructure. And Rob has a controversial view: The hyperscalers taking on debt to fund their AI buildouts may actually be doing exactly what they SHOULD be doing—if the returns on those investments remain significantly higher than their borrowing costs. From defense stocks and microcaps to government debt and AI... This episode is about where enormous amounts of money are flowing—and where investors may want to pay attention. CAN’T WATCH THE FULL EPISODE? START HERE: 1:58 – Why Defense Spending Has Rob’s Attention 2:32 – The $1.5 Trillion Defense Opportunity 4:25 – Why October Could Be Critical for Defense 7:51 – Where the New Defense Money Could Go 9:59 – Why Small Defense Companies Could Benefit 12:17 – The Six Small Defense Stocks Rob Is Watching 15:31 – Why Defense Companies Keep Getting Acquired 17:19 – How Defense Contracts Can Last for Decades 19:51 – Why Rob Focuses on Microcap Stocks 21:46 – A “Venture Capital” Approach to Public Markets 22:08 – How Rob Avoids Dangerous Microcaps 26:49 – The Power of Small-Cap Defense Investing 29:07 – Why Rob Is So Bullish on Defense 32:38 – Inside the Defense Gold Rush Presentation 35:47 – Can the U.S. Handle $40 Trillion in Debt? 38:12 – Why Government Spending Can Boost the Economy 42:35 – What’s Really Driving Treasury Yields Higher? 47:51 – Why Big Tech Is Taking On More Debt 48:22 – Why Rob Still Likes the AI Infrastructure Buildout 53:55 – Rob’s Biggest Takeaway for Investors