The Contrarian Capitalist Podcast

This Wednesday 21st October 2026 Mid-Week Macro is sponsored by Norsemont Mining.
Norsemont Mining Inc. (CSE: NOM | OTC: NRRSF | FRA: LXZ1) owns the Choquelimpie Project - a past-producing gold-silver mine in northern Chile with a current NI 43-101 mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces. Supported by established infrastructure and high-grade intercepts from surface, Choquelimpie presents a rare exploration and development opportunity in a proven jurisdiction.
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Mid-week Polymarket market
I’d recommend having a look at the excellent an interactive 2026 Midterm Elections predictions & odds on Polymarket
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DISCLAIMER: Nothing in this post/podcast/video should be construed as financial or investment advice. All content is provided for educational and informational purposes only. The views expressed are solely those of the author and do not constitute investment advice, a recommendation, or a solicitation to buy or sell any financial instruments. Always do your own research and consult with a qualified financial advisor before making investment decisions.
Posts to Read
Japan’s Electricity Prices Surge 25% As LNG And Coal Costs Soar
Bolivia’s Energy Crisis Deepens As Natural Gas Reserves Run Dry


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Today’s podcast guest is Ben Kelleran, Investor, speculator, and occasional degenerate gambler in the markets. CPA and recovering Big 4 auditor.
AUDIO IS AVAILABLE HERE
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NB - Recorded on 20th October 2026 PM U.S. Time
10 Key Points from this conversation:
* AI CapEx cycle exceeds past infrastructure booms and relies on opaque, illiquid funding that risks a sharp dry-up.
* Circular financing (e.g., Nvidia-CoreWeave ties) and growth-at-all-costs incentives create a potential financial train wreck.
* AI tools are genuinely useful but heavily subsidized; true unsubsidized prices would be far higher.
* Gold, silver and commodities are likely higher over 10 years as inflation hedges; AI persists after a major washout.
* Real inflation runs 7–15%; fiat debasement favors physical metals over current bond yields.
* Expect yield-curve control and experimentation before bonds become attractive at much higher rates.
* Western governments appear at odds with native populations via mass immigration patterns.
* France (and similar) unrest stems from non-assimilating inflows prioritizing handouts over host interests.
* US midterms risk low Republican turnout if Trump-era promises go unmet; focus shifts to local politics.
* Prioritize local impact, side businesses and mental breaks from social media over federal-level fixes.
Contact Information & Previous Recordings
Please connect with Ben Kelleran at Kontrarian Korner on Substack.
Or on X
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Thank you for being part of The Contrarian Capitalist community!
DISCLAIMER: Nothing in this post/podcast/video should be construed as financial or investment advice. All content is provided for educational and informational purposes only. The views expressed are solely those of the author and do not constitute investment advice, a recommendation, or a solicitation to buy or sell any financial instruments. Always do your own research and consult with a qualified financial advisor before making investment decisions.


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Ted J Butler is a Senior Analyst at Silver Advisor, co-founder of the Sound Money Report and also chairman at the Swiss Mining Institute.
AUDIO IS AVAILABLE HERE
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NB - Recorded on Friday 16th October PM Eastern Time.
Take control of your financial future with The Contrarian Capitalist. Paid members get commodity and market insights, exclusive macro videos, early interviews, and the tools to build, protect, and grow wealth in uncertain times.
Starting at just $9.17 per month (less than a couple of coffees), it’s exceptional value to protect your wealth, defend your freedom and outsmart the system.
Thank you for being part of The Contrarian Capitalist community!
5 Key Takeaways:
* A clear rightward political shift across Latin America (Argentina, Bolivia, Chile, Colombia, and likely Brazil) is creating a strongly pro-mining, pro-business environment that attracts foreign investment and supports commodity growth.
* Ted’s new role as Chairman of the Swiss Mining Institute positions him at the intersection of this political change and the ongoing commodity supercycle, with a major Panama conference set for April 2027.
* Solar demand for silver is falling (projected drop of ~40 million ounces), but this is being offset by rising industrial uses in data centres, drones, humanoid robots, EVs, and related electronics.
* Silver’s unmatched electrical and thermal conductivity gives it a durable “moat” in high-performance applications such as drone EMI shielding, making substitution difficult.
* Higher energy costs are squeezing mining margins somewhat, yet the sector remains highly profitable; gold’s resilience is helping insulate silver amid rate and oil pressures.
Contact Information & Previous Recordings
Ted J Butler is also a senior analyst for The Silver Advisor and a contributing writer for The Morgan Report. You can also connect with Ted J Butler on LinkedIn and please do check out the Sound Money Report.
Ted is also Chairman at Swiss Mining Institute.
If you would like to attend the SMI Conference in Zurich in March 2027 and/or Panama in April 2027, then please send a message to Ted J. Butler or Manuel Bally.Please mention that you have come from The Contrarian Capitalist.
Our previous conversations can be found below:
DISCLAIMER: Nothing in this post/podcast/video should be construed as financial or investment advice. All content is provided for educational and informational purposes only. The views expressed are solely those of the author and do not constitute investment advice, a recommendation, or a solicitation to buy or sell any financial instruments. Always do your own research and consult with a qualified financial advisor before making investment decisions.


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Today’s episode features Norsemont Mining (CSE: NOM | OTC: NRRSF | FRA: LXZ1) CEO & Chairman Marc Levy.
Norsemont Mining Inc. (CSE: NOM | OTC: NRRSF | FRA: LXZ1) owns the Choquelimpie Project - a past-producing gold-silver mine in northern Chile with a current NI 43-101 mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces. Supported by established infrastructure and high-grade intercepts from surface, Choquelimpie presents a rare exploration and development opportunity in a proven jurisdiction.
AUDIO IS AVAILABLE HERE
Please LIKE, SHARE AND SUBSCRIBE TO THE CONTRARIAN CAPITALIST
NB - Recorded on Monday 12th October 2026 AM
Disclaimer: Paid advertisement on behalf of Norsemont Mining (OTC: NRRSF | CSE: NOM). The Contrarian Capitalist was compensated by Norsemont Mining for producing this interview. Robert Smallbone (The Contrarian Capitalist) holds no securities of Norsemont Mining at the time of this post. Nothing contained in this video/podcast constitutes investment advice. Please do your own due diligence.
10 Key Takeaways:
* Chile’s recent shift to a right-leaning government is strongly positive for mining: the new president prioritises jobs, has announced tax cuts (27% → 23%), and is expected to speed up permitting and offer greater support.
* Norsemont’s Choquelimpie project sits in Northern Chile with an existing 3,000 tpd plant that can be expanded to 4,500–5,000 tpd, plus duty-free/tax-free zone benefits that allow cheaper equipment imports and a 30% tax credit on infrastructure capex.
* Strong local community and government support exists, including the Aymara indigenous community and regional authorities, with locals even protesting in favour of mining permits; the company already supplies water to a neighbouring mine and local farmers.
* The project benefits from on-site water (four wells) at ~4,500 m elevation, avoiding the costly desalination pipelines that many other Chilean miners require.
* Drilling is largely restricted to April–November because of intense Altiplano lightning storms (December–March); the camp and other work can continue year-round.
* Recent Phase 3 drilling delivered strong results, including ~3.59 g/t Au over 41 m (with the final 18 m near 10 g/t) and consistently higher grades at depth; mineralisation now extends well below the previous ~70 m resource limit.
* Higher-grade gold at depth, plus over-limit lead/zinc/silver values, support the thesis of a deeper copper porphyry system; the company has expanded its land package by ~30% both to protect mineralisation and to allow future plant expansion.
* Key near-term milestones: final environmental study by end-December 2026, PEA and updated resource (expected to grow significantly) in Q1 2027, metallurgical results this quarter, and a path to first production at ~30–40 koz AuEq/year with total capex estimated at ~$50–51 million.
* All-in sustaining costs are currently modelled around US$1,000–1,012/oz; at today’s ~US$4,000 gold price this generates substantial free cash flow that could self-fund a larger sulphide plant (targeting ~210 koz/year) with minimal further dilution.
* The share register is tightly held; Roughly a dozen investors (including the CEO’s family, a large German family office, Larry Lepard, Crestcat, and others) control ~60% of the company and are focused on long-term production and multi-bagger returns.
Norsemont Mining Inc. Latest News
Norsemont Hits 41 Meters of 4.59 g/t Gold as Phase 3 Drilling Continues to Expand the Choquelimpie System - 17th Sep 2026
Beaver Creek Presentation - 22nd Sep 2026
Norsemont Provides Choquelimpie Drilling Update - 1st Sep 2026
Corporate Presentation - 17th Sep 2026
Social Media, Previous Recording and IR Contact
Twitter: @norsemont
LinkedIn: @norsemontmining
Facebook: @norsemontmining
YouTube: @norsemontmining
For more information, please contact the Company at: psearle@norsemont.comInvestor Relations: Paul Searle (778) 240-7724
DISCLAIMER: Paid advertisement on behalf of Norsemont Mining (OTC: NRRSF | CSE: NOM). This post/podcast/video is disseminated on behalf of Norsemont Mining. The Contrarian Capitalist has received compensation from Norsemont Mining.
Robert Smallbone (The Contrarian Capitalist) holds no securities of Norsemont Mining at the time of this post/podcast/video.
Nothing in this post/podcast/video should be construed as financial or investment advice. All content is provided for educational and informational purposes only. The views expressed are solely those of the author and do not constitute investment advice, a recommendation, or a solicitation to buy or sell any financial instruments. Always do your own research and consult with a qualified financial advisor before making investment decisions.
CC is not liable for representations, warranties, or omissions in its content. By accessing CC content, users agree that CC and its affiliates bear no liability related to the information provided or the investment decisions you make.


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Welcome to Chart of the Month for October 2026 with The Contrarian Capitalist and Tom Bradshaw.
4 small bits of housekeeping
* This video was recorded on Thursday 15th October 2026 PM UK Time.
* None of this is to be constituted as investment or trading advice. We are NOT financial advisors.
* Please continue to provide feedback.
* Please subscribe to The Contrarian Capitalist and Tom Bradshaw using the buttons below.
The importance of Margin Debt (adjusted for M2 Money Supply)
5 Key Takeaways for those that don’t have time to watch the full video (done via AI)
* Margin debt (adj. for M2) at record highs — now ~7% above 2000 and ~15% above 2007 peaks.
* Danger zone breached — above $1.2T previously triggered 50% (dot-com) and 58% (2007) market crashes.
* Record time in danger zone — already 12 months (vs 9 months pre-2000, just 3 months pre-2007).
* Explosive recent surge — up 71% in the last two years, matching the momentum seen before the last two major bubbles.
* High risk of severe deleveraging — history points to a potential 50%+ market drop; time to de-risk and hold cash.


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