Tom Bodrovics welcomes John Johnston to the show. John Johnston is a Veteran Commodities Trader & Substack Publisher. JJ discuess the current state of the markets and the looming impact of AI technology. Johnston expresses concern over the rapid advancement of AI, warning that it may render many human activities and skills irrelevant. He believes AI could create a “super creature” that is smarter than humans, making traditional measures of wealth and value obsolete.
Regarding the current market dynamics, Johnston explains that the high stock market and gold prices are not due to inflation, but rather a reflection of the declining value of fiat currencies. He notes that central banks are buying gold as a hedge against distrust in the financial system, while the general public in the US is not as compelled to own gold compared to other countries like China. Johnston also laments the declining standards of education and historical/cultural awareness among the general population, which he sees as a crisis of meaning and purpose. He contrasts this with his own upbringing, where he was exposed to a broad range of literature and knowledge by a young age.
Ultimately, Johnston expresses deep uncertainty and trepidation about the future, as the rapid technological changes outpace human understanding. He advocates for buying gold as a hedge, while acknowledging the challenges and volatility of the silver market. Johnston’s insights paint a sobering picture of the societal and existential challenges humanity may face in the years ahead.
Timestamps:
00:00:00 – Introduction
00:00:35 – AI Transformative Impact Ahead
00:05:41 – Redefining Wealth Post-AI
00:07:26 – Dollar Crash and Gold Stability
00:09:29 – Central Banks Buying Gold
00:14:12 – America’s Identity and Meaning Crisis
00:19:40 – Education and Historical Ignorance
00:28:23 – Gold vs Silver Market Dynamics
00:33:12 – Physical Selling – Supply
00:37:09 – Concluding Thoughts
Guest Links:
Substack: https://jj745.substack.com
John Johnston, known as JJ, is a veteran commodities trader with 48 years of experience. He began his career as a runner on Wall Street, became an account executive at Conti Commodities in 1976, and in 1977 purchased seats on the NYMEX and COMEX, trading from the pits for the next three decades.
Over his career, he worked for firms including Drexel Burnham Lambert, Rudolf Wolff, REFCO, Mann Financial, The Standard Bank of South Africa, and ADM Investor Services.
Through his Substack (jj745.substack.com), JJ shares a blend of old-school trading wisdom, selective technical analysis, market history, and lore. As he says, “I never try to be right. I try to be honest. I never want a reader to think what I think. I want the reader to know what I know.”
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