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Competent Man Podcast

Competent Man Podcast

De : Tom Bodrovics
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 This isn’t just another podcast—it’s a movement for thinkers, doers, and anyone ready to step up and become the best version of themselves, one skill at a time. Bringing you a wide range of content so come with an open mind and a sense of adventure!All content is owned and copyright by Tom Bodrovics, All Rights Reserved. Direction Développement personnel Economie Management et direction Réussite personnelle
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  • Steve Todoruk: Deglobalization is Creating the Next Mining Boom

    Steve Todoruk: Deglobalization is Creating the Next Mining Boom
    Apr 24 2026
    Tom welcomes Steve Todoruk, a geoscientist and investment executive with Sprott Wealth Management, to discuss his extensive experience in the junior mining sector and his current focus on identifying promising investment opportunities in gold, silver, and copper. Steve’s background in running mining companies has given him a unique perspective on the industry, enabling him to appreciate the challenges and opportunities faced by mining companies and investors alike. He highlights the strong fundamentals supporting gold prices, including central banks’ increased gold holdings and the metal’s scarcity. Steve believes that gold prices will remain robust as long as central banks continue to accumulate gold, and he sees no immediate signs of a market top. Todoruk also emphasizes the importance of cost management in mining, noting that as long as mining costs remain under $2,000 an ounce, mining companies should continue to make strong profits. The discussion touches on the impact of geopolitical tensions on gold and silver prices, with Todoruk expressing satisfaction with the metals’ performance despite recent market volatility. He also notes that higher metal prices have enabled mining companies to strengthen their balance sheets and invest in exploration, creating a positive feedback loop for the industry. Todoruk’s investment strategy focuses on identifying companies with strong catalysts for growth, such as significant new discoveries or the acquisition of non-core assets from major mining companies. He prefers to invest in tranches, gradually building positions in promising companies as they release positive drill results and grow their deposits. Todoruk is also open to investing in mid-tier producers that have acquired non-core assets from majors, as these companies can generate strong cash flow and have multiple catalysts for growth. Throughout the discussion, Todoruk emphasizes the importance of having a knowledgeable guide in the junior mining sector, as the complexities of the industry can be challenging for individual investors to navigate. Timestamps:00:00:00 – Introduction00:00:15 – Mining Company Lessons00:01:34 – Gold Bull Cycle Position00:03:24 – Identifying Market Tops00:05:44 – Higher Prices Industry Impact00:08:08 – Exploration Funding Dynamics00:10:15 – Discovery and Catalyst Stories00:12:33 – Investment Strategy Overview00:14:58 – Lassonde Curve – Timeframes00:17:48 – Majors’ Acquisition Behavior00:21:40 – De-globalization in Mining00:25:10 – Other Commodities Focus00:27:10 – Gold Price Projections00:31:02 – Lessons from Rick Rule00:35:29 – Wrap Up Guest Links:Website: https://sprott.com/E-Mail: mailto://stodoruk@sprottglobal.com Steve Todoruk is an Investment Executive at Sprott Wealth Management. He has been with the firm since 2003. A Professional Geoscientist in good standing in British Columbia, Mr. Todoruk brings more than four decades of experience across the mining and exploration industry. He earned a BS in Geology from the University of British Columbia in 1985. He began his career as a field geologist, working with both major and junior exploration companies across Canada and the southwestern United States. He also gained hands-on operational experience underground in a Canadian mine, operating heavy equipment to deepen his understanding of the industry. From 1993 to early 2003, Mr. Todoruk served as president of two Canadian-based junior exploration companies and was a principal in a mineral exploration consulting and engineering firm. Throughout his career, he has played a key role in financing the resource sector, participating in or arranging transactions that have raised hundreds of millions of dollars to advance exploration projects. In recognition of his perseverance and long-standing commitment to early-stage exploration, Mr. Todoruk was awarded the 2019 Murray Pezim Award. His efforts have contributed to the development and advancement of numerous significant metal discoveries. Investment Risks and Important Disclosure Future stock price action is purely speculative, and any discussion of differing scenarios is purely illustrative. Given the nature of the mining business, exposure to those equities may be more volatile than an investment in more diversified issuers, potentially declining rapidly in a very short period of time. Relative to other sectors, precious metals and natural resources investments have higher headline risk and are more sensitive to changes in economic data, political or regulatory events, and underlying commodity price fluctuations. Risks related to extraction, storage and liquidity should also be considered. Gold and precious metals are referred to with terms of art like “store of value,” “safe haven” and “safe asset.” These terms should not be construed to guarantee any form of investment safety. While “safe” assets like gold, Treasuries, money market funds and cash generally do not ...
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    36 min
  • Alasdair Macleod: Silver Shortage 🚨Alert🚨China’s Export Ban, Hoarding, is Squeezing Inventory

    Alasdair Macleod: Silver Shortage 🚨Alert🚨China’s Export Ban, Hoarding, is Squeezing Inventory
    Apr 23 2026

    Your host Tom Bodrovics and Alasdair Macleod, Head of Research for GoldMoney and author of the Macleod Finance Substack, discuss the significant financial stresses exacerbated by the ongoing war and pre-existing economic issues. Macleod highlights that government finances, particularly in G7 economies, are heavily reliant on deficit spending, creating an unsustainable situation. He also notes that the value of commodities priced in gold has fallen to unusually low levels, indicating an underlying bull market in commodities, which includes oil and other energy sources.



    The war in the Persian Gulf has accelerated the rise in commodity prices, leading to significant inflationary pressures and potential bond market stress. The US, with a massive debt overhang and short-term debt maturities, faces a challenging situation. Macleod emphasizes that the Fed, driven by political pressures, will likely intervene to prevent an economic slump, potentially leading to a rapid devaluation of the dollar. He compares the current situation to the 1970s UK, where high bond yields and inflation led to economic turmoil.

    Macleod also discusses the potential for Japan and China to sell US Treasuries due to their energy dependence and geopolitical tensions, further complicating the US Treasury market. The conversation touches on the petro-dollar system, with Macleod suggesting a transition to a petro-yuan system as China and other countries move away from the dollar.

    Regarding gold and silver, Macleod noted that China’s recent changes in silver exports and imports have significantly impacted global markets, with China now focusing on stockpiling silver for its own industrial needs. He predicted that rising bond yields and inflation will ultimately drive the collapse of fiat currencies, making gold and silver attractive as stores of value.

    Timestamps:
    00:00:00 – Introduction
    00:00:45 – Pre-War Financial Stresses
    00:04:33 – US Debt Rollover Challenges
    00:08:03 – Fed’s Political Dilemma
    00:11:01 – Lessons from German Hyperinflation
    00:13:30 – GDP as Misleading Metric
    00:17:46 – Japan China Treasury Sales
    00:24:15 – Petro Dollar Yuan Transition
    00:33:35 – Gold Silver Market Dynamics
    00:40:45 – Catalysts for Metals Surge
    00:44:02 – Concluding Thoughts

    Guest Links:
    X: https://x.com/MacleodFinance
    Substack: https://substack.com/@macleodfinance
    Website:: https://goldmoney.com
    Research: https://www.goldmoney.com/research/

    Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money thru demystifying finance and economics. His background includes being a stockbroker, banker, and economist.

    Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm.

    Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director.

    For most of his 40 years in the finance industry, he has been demystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.
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    46 min
  • Rory Johnston: 13 Million Barrels Per Day Missing, Why Aren’t Markets Reacting?

    Rory Johnston: 13 Million Barrels Per Day Missing, Why Aren’t Markets Reacting?
    Apr 16 2026

    Tom Bodrovics welcomes Rory Johnston, a commodity market researcher specializing in oil and gas, to discuss the current state of the global energy market. Johnston highlights the unprecedented situation where OPEC+ output reached an all-time low last month, and the significant impact of the closure of the Strait of Hormuz on global oil supplies. Johnston notes that over 90 Very Large Crude Carriers (VLCCs) are headed to the US Gulf Coast to pick up crude, a situation that has gained attention, including from former President Trump. This influx of tankers is due to the Middle East being functionally offline and China banning the export of refined products, making the US and Canada the most energy-secure areas.



    Johnston explains that the current market dynamics are driven by a significant backwardation in the futures market, where the price of oil for immediate delivery is much higher than for future delivery. This is due to the acute shortages in areas that previously relied on Middle Eastern fuel, leading to a scramble for available supplies. He emphasizes that the market is not creating new oil but rather shuffling existing supplies to areas willing to pay more.

    The discussion also touches on the potential for the US to supply the global shortfall and the implications of tapping into the Strategic Petroleum Reserve (SPR). Johnston believes that some of the SPR releases will likely be exported, given the high demand and the need to balance global supplies. He also notes the potential for resource nationalism and the political considerations that could influence oil trade policies.

    Johnston warns that if the Strait of Hormuz remains closed, the global oil market could face severe shortages, leading to significant price increases and potential demand destruction. He highlights the importance of understanding the physical market dynamics versus the futures market, which often moves much faster. The interview concludes with Johnston emphasizing the need to follow the crisis closely, as the physical impact on the oil market will continue to worsen as long as Hormuz remains closed.

    Timestamps:
    00:00:00 – Introduction
    00:01:16 – Viral Tanker Tweet/Trump
    00:03:31 – US Supply Shortfall
    00:06:47 – Sustaining Output Levels
    00:08:15 – Market Reaction Weirdness
    00:09:07 – Backwardation Explained
    00:11:45 – Pre-War Oversupply Context
    00:18:24 – Physical Market Lags
    00:21:00 – Hormuz Blockade Impact
    00:24:30 – Iran’s Negotiation Strategy
    00:28:34 – China, Chokepoints, & Russia
    00:38:06 – LPG and Product Shortages
    00:44:53 – Demand Destruction Risks
    00:50:05 – Price Shocks & Inelastic Markets

    Guest Links:
    Substack: https://www.commoditycontext.com/
    X: https://x.com/Rory_Johnston

    Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto’s Munk School of Global Affairs and Public Policy, host of the Oil Ground Up podcast, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines.

    He is a leading voice on oil market analysis, advising institutional investors, global policy makers, and corporate decision makers. His views are regularly quoted in major international media including the Financial Times, New York Times, Wall Street Journal, Bloomberg News, Reuters, BNN Bloomberg, CBC, and Financial Post, and he frequently appears on numerous market and industry podcasts (e.g., Bloomberg’s Odd Lots, Hidden Forces, etc.).

    Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank where he set the bank’s energy and metals price forecasts, advised the bank’s executives and clients, and sat on the bank’s senior credit committee for commodity-exposed sectors.
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    55 min
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