Competent Man Podcast – Tom Bodrovics, Released on 10/21/25

00:00:00 – Introduction
00:00:31 – US-China Minerals Race
00:04:28 – Semiconductor Supply Competition
00:13:30 – Rebuilding US Industry Challenges
00:18:29 – Government Mining Investments
00:23:40 – Oil Price Paradox Explained
00:27:13 – Gold as Escape Valve
00:32:38 – Bitcoin Stablecoin Dynamics
00:42:36 – Central Banks Hoarding Gold
00:46:40 – Risks to Gold Rally
00:57:43 – Banking Liquidity Concerns
01:03:19 – Sectors for Investment
01:04:32 – Concluding Thoughts

Luke Gromen, founder and president of FFTT, discusses the geopolitical and economic implications of the US and China’s competition for critical minerals and infrastructure, particularly in the context of rare earth elements and semiconductor technology. Gromen highlights the US’s recognition of the unsustainability of its current economic model, which has led to a significant reliance on China for manufacturing and industrial output. He emphasizes that the US’s high debt-to-GDP ratio and political instability necessitates a shift in policy to re-industrialize and strengthen its domestic industrial base.

Gromen argues that China’s strategic initiatives, such as the China 2025 plan, has been underestimated and that China is well-positioned to win the race for high-end semiconductor and AI capabilities. He contrasts this with the US’s challenges in rebuilding its industrial infrastructure, citing examples like the delayed repair of the Francis Scott Key Bridge in Baltimore. Gromen also discusses the potential for gold to serve as a rebalancing mechanism for the global economy, given its role as a neutral reserve asset. He suggests that central banks buying gold signals a shift towards a more stable economic system and that a significant rise in gold prices could help address the US’s debt issues.

Luke also touches on the role of Bitcoin and stablecoins in the global financial system, arguing that while stablecoins could provide short-term benefits, they may not be a sustainable solution. He expresses skepticism about the US government’s ability to implement effective economic policies without causing further disruptions. Gromen concludes by emphasizing the importance of understanding the broader economic context and being prepared for elevated market volatility. He recommends investing in physical gold, Bitcoin, and electrical infrastructure as sectors poised to benefit from the current economic environment.

Luke Gromen is a graduate of the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003. Luke provides strategic consulting services for corporate executives and is the founder of The Forest For The Trees, LLC, a macro/thematic research firm catering to institutions and individuals.

  china, gold, investing, luke gromen