Commodity University

Dave Collum joins Darrell for a macro discussion covering fragile markets, geopolitical risk, and the structural imbalances building beneath the global economy. Collum breaks down why he believes equities are dangerously overvalued, how private credit and carry trades could unravel, and why the real risks may already be locked in. The conversation explores gold, energy, real estate, and liquidity positioning, alongside a blunt assessment of U.S. policy, global conflict, and what a potential “fourth turning” could mean for investors navigating uncertainty. Follow Dave: https://peakprosperity.com/dave-collums-2025-year-in-review/ https://x.com/DavidBCollum Brought to you by US Gold Corp (NASDAQ: USAU) https://www.usgoldcorp.com/ Learn to invest alongside the top minds in commodities. Join The Commodity University today. CLICK: https://linkly.link/26yH9 Sign up for Jay’s newsletter at https://2ly.link/211gx 00:00 Intro 00:54 Fragile Markets, Carry Trade & Systemic Risk 03:09 Buffett’s Cash Position & Valuation Concerns 04:03 Gold, Mining Stocks & Investor Positioning 07:14 Geopolitics, Iran & Market Reactions 12:40 War, Economic Damage & Global Consequences 16:07 Fourth Turning & Institutional Breakdown 17:35 Defensive Investing & Capital Preservation 20:01 Strait of Hormuz & Global Supply Fragility 24:05 Rare Earths, Supply Chains & Manufacturing Reality 28:21 Energy Investing Strategy & Market Risk 32:17 Liquidity, Gold & Portfolio Allocation 34:04 Real Estate Bubble & Interest Rate Debate 36:29 Politics, Midterms & Economic Policy 39:06 U.S. Policy, War Spending & Global Tensions 43:39 Global Depression Risk & Market Cycles Copyright © 2025 Cambridge House International Inc. All rights reserved.