Tom Bodrovics welcomes back Lobo Tiggre, author and founder of the Independent Speculator, to reflect on the year’s investment landscape and a look ahead to 2026. Tiggre, known for his cautious approach, highlights that he avoids the “prediction racket” and instead focuses on strategic speculation. He notes that while he didn’t make money on certain metals like rare earths, antimony, or gallium, he successfully capitalized on copper, gold, silver, and uranium.
Tiggre emphasizes that his approach is about “hits and misses” rather than precise predictions, and he remains bullish on copper for 2026 due to structural imbalances and strong demand drivers, particularly from electric vehicles and AI infrastructure. Tiggre also discusses the risks associated with gold and silver, suggesting that while these metals have potential for significant gains, they also carry higher risk, especially if the market enters a consolidation phase. He cautioned against chasing all-time highs and advises taking profits to secure gains.
Reflecting on the 2011 peak in gold and silver, Tiggre underscores the importance of learning from past market cycles and maintaining a disciplined approach to investing. He also touches on the potential impact of a dramatic fall in the gold-to-silver ratio, suggesting it could signal the end of the bull market, but he believes current supply constraints in silver are temporary.
The conversation also delves into the broader economic context, with Tiggre discussing the influence of fiscal dominance and the Fed’s policies on commodity markets. He expresses optimism about the long-term prospects for metals like gold and silver, citing the ongoing debasement of fiat currencies. Tiggre also shares his thoughts on the AI bubble, acknowledging the potential for a short-term market correction but viewing it as a buying opportunity for real assets like metals.
Timestamps:
00:00:00 – Introduction
00:00:33 – 2025 Hits and Misses
00:03:24 – Avoiding Prediction Racket
00:06:46 – Copper Top Pick 2026
00:11:42 – Copper Supply Constraints
00:20:03 – Gold Silver Risks
00:26:51 – Lessons from 2011 Peak
00:37:55 – Taking Profits Discipline
00:45:00 – Gold Silver Ratio Concerns
00:50:07 – Fed Policy Fiscal Dominance
00:55:16 – Reshoring Job Creation
00:58:44 – AI Bubble Risks
01:01:04 – Wrap Up
Guest Links:
Website: https://independentspeculator.com
X: https://x.com/duediligenceguy
Facebook: https://www.facebook.com/louis.james.965580/
LinkedIn: https://www.linkedin.com/in/lobotiggre/
Lobo Tiggre, aka Louis James, is the founder and CEO of Louis James LLC, and the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James.” While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey.
Although frequently mistaken for one, Mr. Tiggre is not a professional geologist. However, his long tutelage under world-class geologists, writers, and investors resulted in an exceptional track record.
A fully transparent, documented, and verifiable track record is a central feature of the IndependentSpeculator. Mr. Tiggre will put his own money into the speculations he writes about, so his readers will always know he has “skin in the game” with them.
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