Runaway Debt & Deficits + AI Buildout = HUGE Demand For Hard Assets | Jonathan Wellum

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Oct 8, 2025

In this discussion, Jonathan Wellum, founder of Rocklinc Investment Partners, shares insights on the alarming rise of global debt-to-GDP ratios and how it's driving interest in hard assets like gold and natural resources for inflation protection. He predicts a potential surge in gold prices and highlights the underappreciated value of miners. With AI's growing demands, he anticipates significant increases in the need for silver and copper. Wellum also addresses the promising prospects in beaten-down oil and gas stocks amid ongoing resource underinvestment.

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INSIGHT

Surging Debt Fuels Hard-Asset Demand

Global debt-to-GDP ratios have risen sharply over the last five years across major economies.
Jonathan Wellum argues this trend pressures fiat currencies and supports hard-asset demand like gold.

INSIGHT

Metals Rally With Strong Miner Fundamentals

Gold and silver have delivered exceptional returns year-to-date with miners massively outperforming.
Wellum says miners' free cash flow yields remain attractive even after strong price gains.

ADVICE

Buy Quality Miners On Fiat-Pressure Thesis

Consider owning quality gold companies if you expect sustained pressure on fiat currencies.
Wellum suggests companies trading at 9–11% projected free cash flow yields remain reasonable value.

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The Debt-to-GDP ratio of the world's largest economies is rising at a frightening pace as reckless deficit spending has become the order of the day.This is increasingly pushing investors into asset classes that offer protection from the inflation/loss of fiat currency purchasing power that results.Meanwhile, the gargantuan buildout of processing power and electricity generation & transmission need for AI is unleashing a global era of "Mine, Baby, Mine".This, also, is enticing investors to own natural resources. Combined together, these two trends paint a very compelling picture of relentless demand for hard assets for the foreseeable future.So, how to take advantage of this trend?Jonathan Wellum, founder of Rocklinc Investment Partners, Thoughtful Money's endorsed Canadian financial advisor, shares how his firm is positioning.For the details, watch this video.

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