Mining Network, Released on 7/9/26

In this World Cup Extra episode, Peter Gadsdon sits down with macro strategist Grant Williams (Things That Make You Go Hmm…) following his updated presentation at the Rule Symposium. Grant revisits his famous 2018 “Cry Wolf” talk, using the reintroduction of wolves to Yellowstone National Park as a powerful analogy for gold’s role as the ‘apex predator’ of the financial system. When gold was removed from that position in 1971, the ecosystem beneath it exploded into unchecked financialization, debt expansion, and derivatives.

0:00 – Intro & World Cup chat
1:45 – Grant updates his “Cry Wolf” presentation
3:10 – The Yellowstone wolf reintroduction analogy
5:50 – Gold as the apex predator of the financial system
7:40 – Exter’s Pyramid and the inverted financial ecosystem
9:20 – Central bank gold buying: IMF vs World Gold Council data
12:50 – Why crisis comes before a gold standard (not the other way around)
15:30 – China’s gold strategy and positioning
17:40 – Gold price action and long-term perspective
19:10 – Why job numbers are noise compared to the debt trajectory
20:50 – Family office gold allocations and the power of small increases
22:40 – Gold as ownership/solution vs a trading vehicle
24:10 – Silver’s role compared to gold
25:00 – Physical gold vs mining equities (Grant’s current approach)
26:30 – The danger of using AI for mining due diligence
28:10 – People vs rocks in mining
29:00 – Closing thoughts & World Cup predictions

Grant Williams is a portfolio and strategy advisor to Vulpes Investment Management in Singapore and an Advisor to Matterhorn Asset Management in Switzerland and the founder and publisher of Things That Make You Go Hmmm… and the Grant Williams Podcast. Grant has decades of experience in finance on the Asian, Australian, European and US markets and has held senior positions at several international investment houses, including Robert Fleming, UBS and Credit Suisse.

  gold, investing, mining, silver