Episode Details

Top gold miners are earning margins above $3,000 an ounce, yet Jonathan Wellum says their stocks are still priced as if gold were far lower. Why he sees a rare gap between commodity cash flow and mining stock prices. Jonathan Wellum, CEO and CIO of RockLinc, joins Maggie Lake to explain why commodities and mining may be one of the most overlooked opportunities in the market. He connects Trump's push to revive US mining, deglobalization, and Western dependence on China for critical minerals to a simple imbalance: the world is demanding more copper, silver, uranium and gold than it produces, while capital keeps flooding into AI. He also lays out why mining equities lag their own cash flow, how he separates precious metals from critical minerals, and where he is cautious on the AI build-out. What Wellum covers: - What Trump's mining roundtable and the reshoring push mean for critical minerals - Why mining stocks lag despite record free cash flow and expanding margins - The debasement trade, record central bank gold buying, and a debt-driven case for hard assets - Precious metals versus critical and industrial minerals, and how RockLinc chooses among copper, uranium, silver, gold and potash - Charlie Munger's circle of competence, and why an ETF can beat picking junior miners - Reshoring beyond the miners, and why he is cautious on the AI CapEx story 💡 From years of underinvestment in critical commodities to mounting debt and an AI spending boom with uncertain returns, Jonathan Wellum explains why gold, silver, copper, uranium, and other real assets could matter more in the years ahead. Join the Wealthion community for more conversations on the forces shaping markets — and how to protect and grow your wealth: https://bit.ly/4bOwJTI 💡 Jonathan Wellum explains why debt, commodity shortages, and uncertainty around the AI boom could create both risks and opportunities for investors. Sign up for a free portfolio review with one of Wealthion’s trusted advisors to see how your portfolio is positioned: https://bit.ly/4xyF7PI Chapters: 00:00 Gold, Commodities & AI: What Investors Need to Know 00:58 Trump’s Push to Revive U.S. Mining 03:14 Silver & Copper Shortages Are Growing 04:29 Are Mining Stocks Still Undervalued? 06:20 Gold & Silver as Protection Against Financial Risk 06:44 Why Investors Are Still Missing the Commodity Trade 07:43 Debt, AI Spending & Stress on the Financial System 08:55 Mining Investing: Why the Story Isn’t Enough 09:57 The Reshoring & Infrastructure Investment Opportunity 10:38 Finding AI Winners Beyond Nvidia 13:41 The Big Risk Behind the AI CapEx Boom 16:27 Why Some AI Companies Could Go Bankrupt Connect with us online: Website: https://www.wealthion.com X: https://www.x.com/wealthion Instagram: https://www.instagram.com/wealthionofficial/ LinkedIn: https://www.linkedin.com/company/wealthion/ #Gold #Silver #Commodities #MiningStocks #Investing #AI #StockMarket #PreciousMetals #Copper #Uranium #Wealthion ________________________________________________________________________ IMPORTANT NOTE: The information, opinions, and insights expressed by our guests and our hosts do not necessarily reflect the views of Wealthion or the views of their respective employers. They are intended to provide a diverse perspective on the economy, investing, and other relevant topics to enrich your understanding of these complex fields.   While we value and appreciate the insights shared by our esteemed guests and hosts, they are to be viewed as personal opinions and not as investment advice or recommendations from Wealthion or their respective employers. These opinions should not replace your own due diligence or the advice of a professional financial advisor.   We strongly encourage all of our audience members to seek out the guidance of a financial advisor who can provide advice based on your individual circumstances and financial goals. Wealthion has a distinguished network of advisors who are available to guide you on your f