Podcast Summary: Doug Casey’s Take
Episode: Will Gold Stocks “Re-Rate” When Earnings Catch Up to $Gold?
Date: February 13, 2026
Host: Matthew Smith
Guest: Doug Casey
Episode Overview
This episode dives into a rapid-fire Q&A with legendary speculator and author Doug Casey. Drawing on questions from subscribers of Crisis Investing, the conversation explores gold and mining stock dynamics, investment strategies, political observations, risks of asset confiscation, and more. Doug’s notably candid, contrarian, and sometimes acerbic perspective shines throughout, as he offers both tactical advice and big-picture commentary on markets, geopolitics, and personal liberty.
Key Discussion Points & Insights
1. Gold Miners vs. Explorers: Who Benefits First?
[00:02–01:34]
- Doug’s Take: Larger gold producers’ stocks move first as they’re well-known and attract early buying. As earnings improve, explorers with tiny caps can “explode” but public interest is needed.
- “The big companies are always the ones that move first... But they all should benefit.” (Doug, 00:23)
- Insight: Both producers and explorers will see upside, but the rally typically starts with producers.
2. Meeting with Political Leaders: Would Doug Go?
[01:47–04:18]
- Would Doug visit the White House if invited? Yes—for the experience, but he’s skeptical about having real influence.
- “What are you going to talk to these guys about? We live in a different universe.” (Doug, 03:00)
- Would wear a suit: “I certainly wouldn't want to show the bad taste of that little creep from the Ukraine wearing a...military T shirt.” (Doug, 02:26)
- Political culture critique: He criticizes Trump’s circle for being full of “sycophants” and calls Trump “intellectually dishonest” regarding Rep. Thomas Massie.
- “One of the problems with Trump is that he’s totally intellectually dishonest.” (Doug, 04:31)
3. Private Company Investment: Risks of Minority Holdings
[06:10–08:01]
- Advice on investing in startups (e.g., new drone tech): Odds of success are slim, and as a minority holder, you lack liquidity and control.
- “Being a minority shareholder in a private company means that you really don't have anything unless you get lucky.” (Doug, 06:53)
- “It’s like buying a lottery ticket.” (Doug, 07:55)
4. Portfolio Management: How Much Cash?
[08:01–09:35]
- Cash portion (20%)—is it smart? There’s no mechanical answer; having “some” for liquidity is good, even with inflation eroding value.
- “The cost of liquidity...your dollars are losing value at 5%, maybe 10% per year. That’s probably a price you have to pay in a highly inflationary economy.” (Doug, 08:13)
- “The golden mean is where you want to be—not too much and not too little.” (Doug, 09:12)
- Personal comfort: It's subjective, dependent on what lets you “sleep at night.” (Matt & Doug, 09:30)
5. NYSE Listing for Mining Stocks: Efficacy and Impact
[09:35–10:49]
- NYSE listing (e.g., Eris Mining) increases visibility and potentially institutional buying, but effect sizes vary.
- “More people will see it...It’s a good thing.” (Doug, 09:56)
- “ERIS has been a very, very good stock to own and I think it will continue to be and get better.” (Doug, 10:37)
6. The "Great Taking": Is It Already Happening?
[10:49–12:13]
- Ongoing erosion of property rights and inflation is a slow-motion “taking”; catastrophic asset seizures remain an open question.
- “It's been going on slowly, slowly for...since the days of Roosevelt anyway. And accelerating.” (Doug, 11:06)
- “If that happens, it's going to be a really big deal. Catastrophic and not slow anymore, but all of a sudden.” (Doug, 11:31)
- Doug describes current conditions as a “greater depression” unfolding gradually.
7. Where to Park Large Amounts of Cash
[12:13–12:40]
- Short-term Treasuries: Doug sees these as the safest “cash” holding.
- “I would probably put it in short term treasury securities if you want to leave it in cash in the most secure form.” (Doug, 12:26)
8. Boquete, Panama as a Retirement Destination
[12:40–14:51]
- Doug finds Panama, and Boquete in particular, pleasant and practical for retirees.
- “Boquete is...a mountain community. Pleasant, fair number of gringos there...It's a reasonable choice.” (Doug, 12:49)
- He notes that expats often live well even under difficult regimes, referencing Nicaragua and formerly Cuba.
- “The fact that it was a dictatorship, basically meaningless to you as a rich foreigner.” (Doug, 14:17)
9. Jurisdiction Risk: Vizsla Silver in Mexico
[14:51–16:45]
- Security risks are very real—recent employee kidnappings and deaths, property confiscations.
- “Maybe Mexico is not...as stable as a lot of people would like to believe.” (Doug, 15:17)
- US military operations invited in to fight cartels shows seriousness of instability.
- “That's kind of like admitting...we can't control these people. So you gringos can come down here.” (Doug, 16:25)
10. Uruguay's Geopolitics: President Orsi’s Trip to China
[16:45–17:56]
- Not a big deal—small countries leverage great powers for advantage.
- “It makes all the sense in the world for a little country like Uruguay to get some benefits from China...perhaps he can use it as a negotiating ploy to get some benefits from the U.S.” (Doug, 16:56)
11. Gold Storage: US vs. Offshore Vaults
[17:56–19:12]
- Keeping gold offshore remains wise, in case the US ever repeats past confiscations.
- “Some physical distance can only be a good thing. So I think...you want both [gold in your possession and offshore].” (Doug, 18:12)
- Predicting legality or future government moves is impossible—“Trump is a schizophrenic. He's capable of doing anything.” (Doug, 18:52)
Notable Quotes & Memorable Moments
- “We don’t have a Magic 8 ball.” — Doug (01:18)
- “They don’t like opinions from the peanut gallery...Why should they?” — Doug on politicians (03:36)
- “It's like buying a lottery ticket. And yeah, no reason you shouldn't do it if it amuses you.” — Doug on private investing (07:55)
- “You want the golden mean—not too much and not too little [cash].” — Doug (09:12)
- “It's been going on slowly...since the days of Roosevelt anyway. And accelerating.” — Doug on slow-motion “Great Taking” (11:06)
- “The fact that it was a dictatorship, basically meaningless to you as a rich foreigner.” — Doug on expat life in troubled countries (14:17)
- “Maybe Mexico is not...as stable as a lot of people would like to believe.” — Doug on mining jurisdiction risk (15:17)
- “Trump is a schizophrenic. He's capable of doing anything for any kind of reason that he fabricates.” — Doug (18:52)
Important Timestamps
- Gold Miners vs Explorers: 00:02–01:34
- White House Visit & Political Culture: 01:47–04:18
- Private Company Investing: 06:10–08:01
- Cash Allocation: 08:01–09:35
- NYSE Listing Impact: 09:35–10:49
- “Great Taking” Discussion: 10:49–12:13
- Parking Large Cash Holdings: 12:13–12:40
- Boquete, Panama as Retirement: 12:40–14:51
- Mexico Mining Risks: 14:51–16:45
- Uruguay’s China Visit: 16:45–17:56
- Gold Storage, Confiscation Risk: 17:56–19:12
Tone & Style
Doug delivers his takes with characteristic bluntness, dry wit, and skepticism toward authority and mainstream narratives. Matt keeps things moving with quick questions, often echoing or expanding on Doug’s points with his own measured, practical insights.
Useful For Listeners Who Haven’t Tuned In
This summary captures the full content arc, Doug’s actionable investment advice, his critical view on global and domestic politics, and provides a flavor of his contrarian but deeply informed philosophy. If you’re interested in gold, global risk, or thinking independently as an investor, this episode is both practical and thought-provoking.