Transcription
This is not the top. This is not the top. If they do go vertical, which is a possibility, then you know trees don't grow to the skies as they say. And for me, it's about not getting out too early, 'cause I always get out too early.
We're going to go into a massive economic boom. We're at the beginning of a massive, massive economic boom. It's going to be quite inflationary, but it's going to be a massive economic boom, and you really, really, really got to embrace that, otherwise you'll miss out on it.
Very pleased to welcome back to the show, regular on the program, Clem Chambers, founder of A New FN. Check out our last interview, link down below. Also, check him out on Substack and his own YouTube channel. Links down below. Clem's going to tell us about 2026, how the world may change in 2026. And one of the following assets may go to $10,000: gold or Bitcoin? We're going to find out which one that is. Clem, welcome back to the show.
>> Ah, great to be back, David.
They're both going to go to 10,000.
>> Oh, you can't spoil it right off the top.
>> Come on. Bitcoin 10,000. Let's get everybody excited. I don't actually think it will go to 10,000, but I think it could go under 40 next year, and that'll be bad enough for a lot of people.
>> Okay. Well, since you brought that up, 40,000 is already half or less than half of what it currently is. So, you think gold's going to go up and Bitcoin's going to go down? General directions. We'll get your exact price targets in just a minute, but those are the general directions.
>> What?
>> Right. Why?
>> Yeah. General directions, 40 on on Bitcoin, 10 on gold. It's going to be a a mighty heave to get to 10 for gold next year, but I think that's going to be either next year or 2027.
>> You don't you don't actually think gold's going to $10,000 in in in one year. Do you? Is that is that hyperbole?
>> Yeah, could do. Could do 'cause, you know, these things don't go in a straight line, unlike the S&P 500. They go and then they get FOMO and they go and and what people like to call a blow-off top happens. Yeah. So, you know, we've just made an all-time high this morning and, you know, FOMO is is a powerful thing, particularly in retail land. And when you've got underneath it all these governments buying, buying, buying, buying, buying, when when the retail herd gets going, the price can go non-linear and and you've seen it. It is is almost non-linear now. You're getting that power curve that you saw with crypto, you saw with with the dot com, you've seen with all sorts of assets in the modern world. You know, the everything bubble that everyone's going on about, it's not everything, but there's certainly enough assets that have gone vertical a long way. And even though gold is a very heavy asset in terms of of market cap, you know, once the um retail guys get, you know, their their teeth into an asset, it can really motor. So another a double is is is really not off the cards.
Everything bubble doesn't have to be this catastrophic 1929 style collapse, or it could be, but it could just be simply a repeat of 2022. Basically an everything bubble. Then when you think about it, we had unlimited quantitative easing pushed everything up in 2020, 2021, and then came 2022 when the Fed started raising rates for the first time in a while. We had stocks crash, Bitcoin and cryptos crash. Most cryptos got wiped out during that time. Remember that. And of course, gold and silver went down considerably during that time as well. Bonds went down. Everything inflated then deflated. That's what people were talking about.
>> Quant quantit quantitative tightening. That was QT. Did that and they overcooked the QT and then they went, "Oh, maybe we're doing this too fast." And they stopped QT. They gave it a little bit of QE, let it settle, and then started a slower QT. And and it's all about money flow. It's all about money supply. And I think they've got that taped. So, and and really, people call it an everything bubble, but it isn't. What what people are seeing is the effects of inflation, which have been, you know, 20, 30, 40% over a few years. And they're seeing bubbles in a small group, massive bubbles in a small group, the MAG seven. And, you know, there's a few more on top of that, seven. And and that's called by caused by a virtuous circle driven by ETFs and options and gamma. So there's this virtuous circle, but there's a lot of value in the American market if you want to go searching for it. So it's not like everything's gone bubble.
>> Let's just get your take on markets and learn from you. And we're not here to give financial advice, but we're here to give people your experience and people can learn from you because you've made a number of very important correct calls. I have to bring that up. Last year, exactly almost a year ago, Clem, late last year, we had you on a number of shows, including one debate um with a Bitcoiner, and you had said that Bitcoin at the time at 120, 108,000. Well, just after 100,000, you said it would peak around 120,000, something around that, something around that level. You were spot on. Actually, just a perfect call. And then you were long gold at the time. So, you saw this coming. Gold went up something like an additional 36% year to date. Bitcoin went down. So, you caught the top on Bitcoin and you called the trend in gold pretty much spot on. What motivate what motivated you to make those calls at the time? Let's review those calls first.
>> Okay.
>> And then we can apply them to today.
>> Yes. So, so gold was, you know, dibbling along sideways. And a few years before that, it dawned on me, why why do governments hold gold? It's a strategic asset, obviously, but what's the strategy? Gold is for what? And the the American, new American government at the beginning of the year came out and said, as far as I'm concerned, World War II has started. Europe, we're going to throw you under the bus. You got to sort out the Russians. We've got to sort out Asia, China, and that's a oh, that's that's sounding rather like a lot of war coming. So obviously that means gold is going to go up. And then it broke out. It broke out of its band. So it made a technical breakout and all this backdrop of war, war. It's it's a no-brainer. I'm more proud of my platinum and palladium call roughly at the same time and on your show, and they've doubled. They've done better than gold, I think. What they've done. And and that was a total orphan asset. You know, platinum, palladium, forget it. What are you talking about?
>> Yeah.
>> And and that was purely because of what was coming up is going to be an energy dynamic where where energy is incredibly important and platinum palladium in my book internal conduct the internal combustion engine was not going to go away. You know, America was going to ban it, Europe was going to ban it, end of um the internal combustion engine. And for me, with the new Trump administration coming up, and even without them, because of AI, the internal combustion engine wasn't going to go away. So, all that platinum and palladium that was stacking up because of electrification in in vehicles, that process was going to get into reverse. And therefore, then there was going to be a shortage of platinum, palladium, and up it would go. And it has. Up. It has gone. And then when I was talking about silver on your show, gold goes, silver goes. So platinum and palladium, precious metals, but the the direction of we won't need them for cars anymore turned around. Oh, we're going to need them after all. Up it goes. Gold is for war. That pathway of ever-increasing international stress was set. So that's just going to go up and up and up until people start to decide they're going to get sensible about, you know, peace.
>> Well, palladium just follows gold.
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Soon. Adding palladium's up 90% since last year, one year ago. So, yeah. Anyway, continue, please.
>> Yeah, and I'm a happy boy because, you know, these are all things that I hold. You see, I'm not a precious metal guy. I'm not someone that's going to say, "Oh, the dollar's going to die. It's the death of the dollar." Oh, I call the dollar confetti. I call paper money confetti, but it's not going to go away. It's not going to evaporate. You know, people say, "Oh, well, this, you know, it's going down. It's going down. Oh, it's gold is so much better." Gold is way way more volatile than the dollar. The dollar very predictably goes down, down, down, down, down. But gold is all over the place generally.
>> Yeah.
>> You know, there's nothing. The dollar is not going to go away. Now, what I see coming now, which will will annoy a lot of your users, a lot of your viewers, and and some of them will go, "Really? Oh, that that's kind of rather good. We're going to go into a massive economic boom. We're at the beginning of a massive, massive economic boom. It's going to be quite inflationary, but it's going to be a massive economic boom. And you really, really, really got to embrace that. Otherwise, you'll miss out on it." Like all those people that missed out on the last 10 or so years of of boom in the market that is rather than the economy. This is going to be a massive runaway economic boom, like like as Mr. Trump was saying, like no one's ever seen before. And, you know, you you really want to position yourself, get your head around it, understand what's coming up next because if you're in the right place, you'll make a hell of a lot of money and if you if you don't join in the party, you'll be very, very lowly and poor. So the big decision now is, well, first of all, you got to decide, are we into this economic apocalypse that every every pundit on YouTube keeps talking about, or are we going into a gigantic boom there? And for me, there's no middle ground. And I don't even think we're going to have a collapse and the dollar is going to go away. That's all nonsense. We're going to go into a massive economic boom. It's going to be driven by AI. People aren't going to be all thrown out of work, and you've got to position yourself for that massive economic boom. You got to be in the right place at the right time. And for me, that's copper. That's absolute copper. And so, as I was say a year ago, silver, gold, and all that, I would say now the place where it's going to happen, it's already kind of starting, but not really, is copper. And copper is going to absolutely lose its mind because there's no there's just not enough of it. There's nowhere near enough of it. And there wasn't enough of it when cars were going to be electrified. Now, it was going to be a great thing. And they're still going to be electrified. It's still going to be a great thing. But now with the demand for electricity, there's absolutely, you know, there's absolutely not enough copper to go around, not enough electrical grid, not enough um air conditioning machines, not enough cables, not enough buildings, not enough energy, not enough raw material. This we're going into a a situation with demand that's going to be driven by this boom is so great that commodities are going to stop being commodities, going to start looking like luxuries.
I'm going to come back to this massive economic boom that you're talking about. I think a lot of people in the comments would probably push back on that, but we'll get your comments, we'll get your outlook, we'll get your detailed analysis on why that's going to happen. Just on copper though, copper is part of this everything bubble narrative. It's already gone up. Let me just get the exact number for you. From exactly one year ago, it's up 37%. Year to date, it's already performed very well. I'm not saying it's in a bubble. I'm just saying it's gone up a lot already. Why are you saying you're still bullish on something that's basically at all-time highs? Wouldn't you, according to a value investor, pick something that's gone down 50% or 40%? Better value that way?
>> I don't know. Well, I do that all the time. I buy deep value all the time. I love deep value and I can sit there and, you know, suffer when it when it goes up a bit and pulls back. I mean, deep value is that I mean, I I talked to you about that on your show when it was $25. It's now $35 and hit 40. And that's deep value. And I love that. And everyone goes, "You're an idiot. You're a fool. Why does it keep going up?" I don't understand. Copper's going to go absolutely through the roof. It's going to go it's going to go vertical. When is the question, but it will because it's just it takes 5 years to make a copper mine. As long as up to 10 years to make a copper mine. And there's not enough supply of copper and there's no replacement. But yes, you can replace it with aluminum. But lots of stuff that copper does, you can't replace it. And it's going to be massive demand because there's going to be a massive demand for electricity 'cause there's going to be a massive demand from AI. Now, the thing about AI, look, you have the inter you have the com boom. Okay, that's really great. And and what does that do for productivity? It does something. AI would do such massive amounts of of uptick in productivity. That is where your economic boom's coming from. Apart from the fact that countries like America and China are going to fight over who's the smartest kid on the block. 'Cause think about it, if you're not as smart as the other country, you're toast. You're absolute toast. So AI is going to be driven by countries trying to be the smartest kid on the block. And that AI will actually go into the economy as massive boosts of productivity that they're already building it out like some kind of rash across the countryside. They're building these massive service centers. They're not doing it because they think it's a good idea. They're doing it because it's an absolute necessity for national security.
>> Do you think AI is making populations overall smarter or dumber? Just segueing here.
>> Well, I mean, okay, I have this controversial view that a lot of modern technology exposes people uh to, you know, their intelligence or lack of it. So, you know, it people and their usage of of new media can expose people for not being necessarily the sharpest tool in the box because it actually kind of exposes them. I mean, there's the old old saying that used to say that a fool that says nothing may appear a wise man, and a wise man that says too much may appear a fool. And with social media, for example, people can expose themselves, and they've always been like that. But people look at them and go, "Oh, I thought that I thought that person was was more stable or more intelligent or or more or or more normal and look what they just posted." So I I think naked humanity is exposed, but AI will make people much, much smarter. You can see it in the kids already. You can see it um in the news. But a classic way of looking at it is these chess prodigies, they're like 9 years old beating grand masters. Why is that? Well, they've been working with computers on chess for three or four years. And because they're so young, those chess computers have trained them to a level of skill the like of which we haven't seen yet. And that AI would do that for the children. So in 10 years' time, you're going to have this cohort of super brilliant children coming up. And that's just one of the impacts that AI is going to have on society. You imagine rather than half a percent of the kids being geniuses, 10% of the kids are geniuses. What does that do to your economy? It completely explodes it. So, you know, the AI is just going to change everything in the same way as a steam engine changed everything. It's just artificial brain in the same way steam engine was artificial muscle, and it's going to consume vast amounts of raw materials, and those raw materials are going to go through the roof. So that's the thought. Now, if I'm wrong, copper won't 5x. If I'm right, it will start to see that kicking off next year, and it's going to be a one-way runaway train.
Would you be adding or reducing direct exposure to AI stocks? Meaning directing uh direct exposure to things like Nvidia, uh uh Amazon, uh Google, to some Meta to some extent, even Tesla.
>> I get a nose bleed with these stocks. They're just incredibly valued already. I mean, what's it? Um Nvidia's 60 times sales, 60. I mean, Intel is three. So, you know, the market already knows it when it comes to them. So the the opportunities to find things which the market doesn't find intuitive, like, you know, people that make industrial-scaled air conditioning or and make really, really clever cables or make the sort of connectors that you you need to power AI. All these little nooks and crannies of companies that are doing quite well at the moment and quite well-run and suddenly boom, their sales are going to go through the roof. So that's where I sit. And I'm finding it easier just to go, there's not enough copper. There's nowhere near enough copper. Boy, are they going to be short of copper.
So spinning out from that, you'd be looking at the copper mines. You know, I mean, a a good indicator, Anglo-American just merged with Tech or is about to merge with Tech, and they've stripped off bits and bobs of their businesses just so they can be the gigantic copper cup. Well, what's that tell you? I mean, it tells you that one of the biggest mining companies in the world, all they want to do is copper. They don't want to care about anything else. They just want to do copper. Well, that shows you how strongly they feel about what what's coming up.
The economic boom thesis that you have. I I was watching a clip from a new Keanu Reeves movie uh earlier today, this morning. It came up, popped up on my Instagram. I don't have it here to show you right now, but basically the theme is uh the scene is he's he's working this this his main character, he's working this job. It's a low-paying job. I think he's a dishwasher. He looked at his paycheck and he says, "What's going on here? Where's all the money going?" And his coworker comes over to help and he says, "Well, that's social insurance. That's tax number one. That's federal. That's municipal taxes. All this money flowing out." And he says, "I can't live off this. Uh, what do I do?" And then his friend says, "Well, you need a second job?" A second job? I've spent all day washing dishes. What time do I have to for a second job? He says, "Personally, I valet, you know, I do this and that." So the sentiment here is, look, a lot of people maybe feel this way. Maybe the labor market report or the official data isn't purely reflecting this, but even though we we don't have a huge unemployment crisis right now, unemployment in the US is 4.4%. It is higher than where it was earlier in the year. It's not like 20%. But a lot of people feel like they're underpaid, going back to that example from that film that I just referenced. So maybe that's the sentiment a lot of people share. Why do you think the opposite is about to happen?
>> Well, there's always a divide between the well-paid and the unwell-paid. And if your only skill is the ability to rub a mop around a plate, yeah, you you're not going to get paid a lot, are you? So, you know, I I I think that um you should always skill yourself up as much as possible. And look, I I say this to people and they hate it. I say, "How much television do you watch?" They say, "Well, three or four hours a night." And I go, "Okay, so in the last year, if you studied four hours for a degree, you'd have it by now." And how long how many years have you been watching television since you were in the working world? 20. So you could have five PhDs, four MAs. You could be a master of any number of subjects. If only you didn't watch television and you studied for, you know, universities on a part-time basis. People hate that. Well, you know, I got to relax. Well, you know, the in the old cowboy days, yeah, if you didn't make money, you starved. And everybody looks back at that as being a great period. Yeah. But, you know, ultimately, you look, we we live in a society in Europe and in America where a lot of people rely on other people for their daily bread. Well, you know, you're going to rely on other people for your daily bread, and that's a hard place. Anyway, I'm not going, you know, I'm not going to diss um people that wash dishes. I think that um, you know, that might be one of those jobs that gets to be quite well paid. And, you know, if there is another way of looking at it is this. You're you're a peasant working in a field near with a castle. I'm in here. And you're sat there, you got your five kids, most of which will die before they're five, and you're going to live to 40. And these blighters have come up with a with a plow, a mechanized plow, pulled by a steam engine. And he's going, "Well, I mean, you know, they're going to replace me. What am I going to do then?" Yeah. Well, you know, 200 years later, his great great great great grandchild is living to 85 and his children aren't dying before five. Yeah. Has to. And they and they all lived to adulthood. So the only thing that happened is, you know, technology and progress happened. And if you think AI is not progress, then yeah, you're right, it will it will be bad for humanity, but it is progress. It's massive progress. And everything will change. I mean, go back 100 years, you know, how many YouTube um podcasters were there? Even 20 years ago. Yeah, that's a new job. How many hundreds of thousands of people are employed by um YouTube and the likes of that and Facebook and all those people? They've got hundreds of thousands of people working for, I mean, almost millions, isn't it? Google, and they didn't even exist 20 years ago. So that's what happens with new technology. It creates new jobs, and they tend to be higher paid. Now, if you're doing an old-fashioned job that is, you know, low-paid, low-skilled, and there's lots of people who are prepared to do it, you get badly paid. Personally, I'm all for pay. You know, they want to import poor people to keep those s sorts of jobs cheap, and I hate that. They should just pay people more money. And, you know, there'll be more people prepared to wash dishes. You'd have to bring in desperate people to do it for you. And, you know, I think the the West has this massive error of wanting to import poor people to do low-paid work when they should just pay low-paid workers more money and not import people, not import the poor. Just pay the poor more money till they're not poor anymore.
>> So, how is the world going to change by the end of 2026?
>> Oh, you will probably won't notice anything apart from they'll be building all these service centers all over the place and complaining about not having enough electricity. There's another one. There's not enough electricity. So, what are they going to do? So, anybody that builds pylons is going to be really popular. Anybody that makes crazy long cables that can take megawatts will be in in great demand. Anybody that's making transformers is going to be massively popular. So, it's opportunities like that. You see, I'm not going to wash dishes for a living. Yeah, I can avoid that because I'm thinking the thoughts about how I can make money in the markets, and when I'm right, the market pays me, and it pays me very, very well. So that's the game we're playing, and your viewers are watching that, and they're playing this game that this is a highly elevated economic activity we're talking about here, and it pays well if you get it right. If you can judge the future correctly, you'll make a lot of money. If you're scared of the future, you'll sit on your hands and watch the world go by.
So, anything in the past one or two years that you misjudged? We've talked about your successes. Anything surprised you that you missed?
>> Um, no, not really. Unfortunately, I can't tell you a story of getting something wrong. I mean, you know, you pick the odd stock that doesn't perform. Um, and I have got many of them.
>> But why why isn't why isn't crypto part of this rosy future, Clem? Why aren't you all jumping up and down about crypto?
>> Well, I I, you know, it's like a bad part of town. It's like there's a there's a there's a nice bar, but the chances of getting mugged down on the way there are quite high, or getting mugged on the way out. You know, it's like it's like a place in London where it's got full of nice bars and restaurants, but if you come out there drunk at half past 11, they steal your Rolex. And, you know, that's crypto. You can make all this money and someone sends you through a link for a fantastic offer of a of a private jet and fly it, and you click on it, but that's it. Your crypto's gone. So, you know, that's you're staying out of crypto because you're you're afraid your keys might get robbed.
>> Yeah, absolutely.
>> I don't know anybody that's a professional in the crypto market that hasn't hadn't been robbed of five, six, seven figures.
>> Okay, but just ignoring that.
>> Do you know anybody in crypto that hasn't been robbed? I I personally don't know anybody, but I've read a lot of stories that corroborate what you're saying. So, I I understand it's happening to a lot of people with a lot of cryptos. I'm not discounting that, but maybe just, it's taking a step back from the um security issue. Are there any fundamental reasons for why cryptos could do well?
>> You need any other reason?
>> It's like why don't you live in Dodge City? Well, you know, because people keep getting shot dead in the street. Okay, but apart from that.
>> Fair enough. Well, you could you could put your I mean, there there's ways to get around that. Clem. First of all, don't broadcast how much crypto you have.
>> If I had say a couple of million in crypto anymore.
>> Yeah.
>> I could talk about it on your show.
>> Yeah, exactly. Don't.
>> I'd go to a conference and they they'd have my mobile in 10 seconds.
>> Sure. But you you put put your put your stuff on a hard hard drive, you know, a cold wallet, and just leave leave it alone.
>> Cold wallet. Only a novice would think that. No such thing. There's only cool wallets. There's boiling hot wallets. There's hot wallets. There's warm wallets. There's coolish wallets. Okay. So, what am I going to do? I'm going to tattoo half of the private key on the left arm and on the right. By the way, I haven't done that. What am I going to do? Write it down on a piece of paper and uh uh roll it up into a into a ball. I'm going to carve it onto. I tell you, let me show you. I've got some of this. See this? You carve your private key on one of these. And then what? Put it in the safe so they steal the safe. Bury it in the ground so you forget where you put it. Where where do you put this safe deposit box? And then when the police bust it open 'cause there's a drug dealer in the box next door, they're asking you to explain what that is. You. I mean, I haven't actually used this because it's like, so I engrave a private key. What What do I do then? Oh, well, put it on put it on a little a electronic gadget. And then what?
>> Yeah, but a lot a lot a lot of people with a lot of cryptos use what you're holding now. I mean, not that one in particular, but, you know, wallets like that.
>> How secure is that? Where am I going to put it? It don't fit there anymore.
>> Oh, yeah.
>> I mean, where am I where am I going to put it?
>> Put it this way.
>> In the top drawer. Forget putting forget putting millions in a hard drive. Why why wouldn't you just speculate in the market with a couple thousand? No one's going to rob you then. But let's let's suppose you do and you're not afraid of losing it. Would you still do that with the crypto market?
>> Not worth the size is is it's not is not there. Why would I do that? Yes. Okay. So, you want to gamble with a few grand. Okay. But that's not an investment. That's that's just it's not I can't do it in scale. It's too risky. I can't even wear my Bitcoin socks anymore.
>> You can arguably quote unquote gamble with meme stocks. I understand that. Could you make the argument for Bitcoin anymore in 2026? Can you still say that Bitcoin is a speculative gambling asset, or has it evolved way past then that point?
>> I suppose you could. I could buy ETFs.
>> Okay. Okay.
>> If I wanted to.
>> Yeah. But I I beyond the fact that that the actual not your key is not your Bitcoin, and and if someone gets your keys, it's not your Bitcoin either. You can hold it with ETFs. But it's just it's it's had its day. I think crypto of the first generation has had its day. It's now kind of got to where it's ever going to get. There's another generation coming which is going to be um other other blockchain crypto linked things that are going to have use cases, and there's money to be made there if you're fast enough. I mean, if you there was a lot of um pump and dump stuff that happened um last year, and I did all right out of that, but it it's just it's just not it's noise. It's just noise and nonsense. And the real stuff. I mean, what is real out there? Ethereum is real, Solana's real, Bitcoin is real, and then where are you? Um, stable coins are real, but you can go long stable coins as much as you like. You won't make any money there. So, you know, there's only a handful of of new chips that are worth even looking at. The big one is is big is big enough, and the other ones are, well, you know, pretty pretty spicy. I mean, I remember going to all the conferences and all their fans when they were up like a rocket, and then when they were down like a rock, and now they're up.
>> Right?
>> Well, I mean, all all the old coins that blew up in 2020, 2021, they haven't they haven't recovered. They're they're pretty much unchanged. So, you know, where is this profit? Bitcoin had its day, and and everyone's saying it's going to go to 200, 50,000, and if it does, it'll be in four years' time, five years' time, maybe even. And, you know, you can buy you can buy copper and get 5x in that time.
>> Okay.
>> And nobody's going to steal your copper.
>> So this economic boom, what is it going to be driven by next year?
>> It's it's it's going to be the buildout of AI. Okay.
>> That's going to be the beginning of it. So there's going to be this giant buildout, $150 trillion dollars worth of buildout spread over however many two or three years. And, you know, that's going to drain a lot of liquidity out of the general market. So they're going to have to print a lot of money to make up for the liquidity hole that this drain is going to create. And obviously, the current government is is an inflationary government in its tendencies. So there just it's going to they're going to be running it hot.
You're not concerned about um these tech companies maybe um getting their funding cut off because they've already got too much debt, and finally debtors are like, "No, we're we're going to stop this." Owl Capital just dropped out of the financing for um uh Oh, shoot. What was the company? Um, blowing my mind. Oracle. Thank you. Thank you. The Oracle Owl Capital deal fell through just last week. So, that's one example. And Oracle is already down 50% year to date. I'm not saying that's going to happen next year. I'm just making one example. So, isn't isn't that a risk, Clem?
>> It's a rock and roll. It's a rock and roll situation, and there's going to be lots of rock, and there's going to be lots of roll, and huge amounts of money to be made, right? You know, it's like people say, "Oh, how can I be certain?" Well, you can't be certain, but you can be certain there's not enough copper. You can absolutely certain if they're not co If America doesn't use it all up, China will. I mean, you know, look at Europe. What are they going to be doing? They're going to be going, "Oh, AI, yeah, we should have some of that." Oh, and two years will pass, but, you know, there's going to be they're going to be running hell for leather in America and China, and they're going to take it all.
>> Okay, so I mean, the point the point this is really contrarian, and most people are preparing themselves 'cause they've been conditioned for years and years to see this incredible crash coming up that we've got a we've got a full-on NASDAQ bubble coming. And, you know, that will be part of the process.
I understand your thesis. AI buildout, it's going to drive economic boom. We should invest around that. Copper being one of them. Avoid maybe the tech stocks directly because they're overvalued. What about some other things in the periphery? One here. What about let's say real estate? Data centers need space to build out. That's one idea. Any other?
>> You build near hydroelectric power station? Yeah, sure. But I mean, I I think there's a lot of very, very smart people being very fast off the starting blocks with that. And you notice how the really good stuff is all private. It's all private equity and venture capital money. You don't get a sniff of that. It's like SpaceX when it comes out. It'll be fully priced. You know, you don't get you don't get a chance to buy SpaceX when it's 5 years ago. Yeah. So that that's one of the the the, you know, sad things about the American market is that they are quite good at finding exit liquidity from the private investor. But you can't knock the American market for spectacular returns. And you just have to look at that S&P 500, or at the moment, actually, it's the Dow, 'cause the Dow is the industrial bit. It's a slightly, you know, under, you know, not quite as busy as the NASDAQ. It's just going in a straight line. It's been going in a straight line for a long time. They're all just going. What do you more do you need to know? This this stuff. It doesn't do that. It just goes like that. It's like it's what's it telling you? Hey, jump on board. Take a ride. Great.
Anything you really don't like when it comes to assets besides cryptos? We've talked about that. Anything else?
>> Well, as you said, I'm not mad on cryptos, and I'm not I'm not attracted to soft commodities at the moment. I've got nothing against them. Um, I, you know, I think we're in one of these situations like at the end of with credit crunch, say 2009, when you you just got to be long. You got to be long and strong, and and you're not not crazy, but diversified portfolio risk is always a good thing. I'm not a fan of bonds, although obviously interest rates are going to come down, so therefore they're going to go up. So, it's it's just we're just going into a spectacular boom, and the only thing that you can do wrong is not be in it, or short, God forbid, you know, you it's just missing it. It's just going, "Oh, I'm still scared. I keep watching all these podcasts with David Lynn that says the end of the world is coming. Oh, no." Yeah. And that's what I think that is is a thing to avoid, because, you know, you've got to this is not the top. This is not the top. And this AI thing is absolutely something that everybody should I sound like an advert on YouTube now, but you should you should absolutely embrace this and and really immerse yourself in this stuff because it's eye-opening. It really is. I mean, I've been talking about this for three or four years now. It absolutely is a complete revolution, and the people who drive the bus in our economies, or certainly in America anyway, know it. And in China, they know it. Europe, you know. Oh dear. But anyway, they'll catch on. It's the biggest thing in my lifetime by a long mark. It absolutely dwarfs the dot. Absolutely dwarfs that.
>> Well, we know what happens after the dot com. Is that what you're implying, or no?
>> Well, no. Some of the biggest companies in the world were born there.
>> Yeah.
>> And those dominant companies now.
>> Gigantic titans, they came out of that. We're not necessarily heading towards a flush out of 90% of the tech companies right now to leave room for those 10% to flourish in the next 20 years. Is that what you're saying?
>> Well, no. I don't think you'll see Pet.com um flotation. Don't think you'll be seeing that. And and yes, you know, there will be a period probably next year when there'll be a load of, you know, rando um AI companies that you've never heard of that have no product coming out at billion-dollar valuations. And yeah, you can speculate and probably make good money out of those if you get out at the right time. But, you know, the big picture is, yes, pick winners. I mean, pick winners for sure. And if there is a crash, buy the bottom of the crash. But we are at the beginning of this era of of massive progress and massive. It all comes down to one simple thing: productivity. Okay? Now, the internet didn't necessarily bring us much productivity. It brought us Facebook and and zombie walking with our mobile phones and, you know, social media nonsense. AI is not like that. AI is massive productivity, and that productivity is going to go into into the economy, and that's going to be massive.
Clem, you have a fascinating life. You're currently sitting at a castle. I won't reveal where. What is your New Year's resolution? I'd like to know. We'd like to know.
>> Well, I think I think I don't do New Year's resolutions. What I think is going to happen in the new year is you're seeing the precious metals going into a a very strong phase, which is probably a bubble phase. And so it's going to be about timing an exit, frankly, because, you know, um it could move. I hope gold doesn't move really fast, but it could move really, really fast. It broke an all-time high today, and it could really, really motor. So, it's now going to be about um timing an exit for the precious metals because they are if they do go vertical, which is a possibility, then you know trees don't grow to the skies as they say. And it for me, it's about not getting out too early, 'cause I always get out too early. And and so that will be my my resolution.
>> Getting out early is better than getting out late. Don't you agree?
>> Well, not necessarily. If you think about it, because if you get out too early, it goes up and then it turns over. So, you can always get out after the high. I tend to get out before the high. I had a friend, a big trader, that always just said, "Yeah, just don't worry about getting out at the high. Just let it go over the top and come down the other side, then get out." It's the same. And it it can be the same, but I tend to go, "I've I've had enough. Thank you very much." But I, you know, that is going to be the interesting thing because I will rotate out of out of various precious metals and probably go into more basic materials 'cause that'll be pulled up next year as well. It's a question of finding out which one. Tin is interesting. I'm I'm not long tin, but tin's interesting because tin obviously is part of the electronic world, and if you're going to be going nuts on building out and server farms, tin might be a might might be a thing. But copper is a no-brainer. Absolutely no-brainer.
>> You've heard it from Clem. So, he called the gold rally and he called the Bitcoin decline last year. Now, he's calling for copper, the no-brainer. We'll see what happens in 2026. Thank you, Clem. Where can we follow you?
>> Well, um I've got this Substack, which is going very, very well. Lots of people are following all my precious metal calls there, and inspired by you and your marvelous channel, I I've got a YouTube channel now, which is Clem Chambers at Alpha, which is um doing um very, very well. It's I'm having a great time um doing stuff for private investors there. So they're the two places where you can hear me um rant and rave about this sort of thing. And um I tend to be contra controversial, contrarian. I'm a contrarian, and um it's normally much safer and much more profitable to be going the opposite direction of everybody else. And in this case, you cannot get more negative media. Every it's the end of the world as we know it. You know, some people go on holiday in the frozen north. They get so depressed about the way the economy is going. And and, you know, it it's a um it's a thing, this negativity, that that is a bad call. That is a very, very bad call. Some people some people enjoy holidaying in the north in the frozen wastelands, but uh to each their own, I guess. Anyway, it was a pleasure to have seen you again, my friend, before the end of the year. I wish you a happy end of the uh year. Merry Christmas to you and your family, and we'll see you in 2026. Thank you.
>> Yeah. Happy Christmas and and a prosperous new year to you and all your viewers.
>> Thank you, and thank you for watching. Don't forget to like, subscribe.