The Julia La Roche Show · 2026-08-13 · 1h 1m
Jim Rickards returns for a wide-ranging macro conversation on a world where geopolitics and economics have fully merged. He lays out the US - Iran standoff as a global game of chicken - Trump betting Iran's economy breaks first, Iran betting the midterm elections break Trump first - and explains why he thinks Tehran holds the stronger hand, why regime change was always a fantasy, and how a handful of drones a week is enough to keep the Strait of Hormuz bottled up. From there he turns to gold: how he used Jim Rogers' 50% drawdown rule and fractal scale invariance to call the bottom, why central bank buying puts a floor under the market, why gold works as a deflation hedge as well as an inflation hedge, and why he stands by his $10,000 target. He also dismantles the popular "debasement trade" narrative, explains what Kevin Warsh's less transparent, market-following Fed means for investors conditioned to expect a rescue, and walks through the unwinding of the Japanese yen carry trade - which he calls the most important story in the world right now, and the one most likely to make 2027 messy.
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