Steve Hanke: What Everyone Is Getting Wrong on Iran War, The Commodity Super Cycle & Gold

Stijn Schmitz welcomes back Steve Hanke back to the show. Steve Hanke is a Professor of Applied Economics at Johns Hopkins University. Hanke highlights the two major wars—the U.S.-Israel conflict with Iran and the Ukraine war—as critical disruptors of global commodity flows. He notes that the Strait of Hormuz is effectively closed, with Iran controlling it, and the Houthis threaten the Red Sea chokepoint, severely constricting crude and refined product supplies. Russia’s cutoff of diesel exports and domestic fuel shortages compound the strain. Oil markets are in backwardation, with spot prices above futures, signaling dangerously low inventories that have cushioned prices so far but are nearing depletion. Hanke warns that once physical inventories run out, oil prices could spike dramatically, potentially later this summer. Recorded on: July 17, 2026 Find Out More About Palisades Goldcorp, Canada's Leading Junior Resource Investment Company: ► Website: https://palisades.ca Palisade Radio Links: ► Website & Newsletter: https://palisadesradio.ca ► Rumble: https://rumble.com/c/c-1586024 Timestamps: 00:00:00 - Introduction 00:00:50 - Key Developments on Radar 00:04:58 - Oil Predictions vs Reality 00:07:38 - Predictions & Oil Shocks? 00:10:48 - Inventory and Flow Analysis 00:14:40 - Crack Spreads and Refining 00:16:27 - Demand Destruction Dynamics 00:20:50 - Anticipated Oil Price Spike 00:22:30 - Long Oil Opportunity 00:27:37 - Gold Bull Market Outlook 00:29:32 - Central Bank Buying Drivers 00:32:10 - Dollar Purchasing Power 00:34:20 - Trump Weakening Dollar? 00:37:12 - Commodity Supercycle? 00:39:46 - Lack of Capital in Commodities 00:41:40 - Copper & Tungsten 00:43:30 - Refined Product Shortages? 00:45:50 - Concluding Thoughts Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-W... Amazon Book: https://www.amazon.com/Capital-Intere... E-Mail: mailto:[email protected] Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal’s Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk’s Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor’s Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan’s Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. Prof. Hanke has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universität Liechtenstein, the Universidad San Francisco de Quito, the Free University of Tbilisi, Istanbul Kültür University, Varna Free University, and the D.A. Tsenov Academy of Economics in recognition of his scholarship on exchange-rate regimes. Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris. #Iran #Oil #Gold #SPR #OilReserves #EnergyOutlook #Conflict #EnergyPrices